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• Cover
• Publisher’s Notice
• Halftitle
• Title Page
• Copyright
• Dedication
• Brief Contents
• Contents
• Preface
• Acknowledgments
• About the Authors
• Part I: Introduction
• Chapter 1: Why Study Economics?
• What Is Economics?
• What Are Five Foundations of Economics?
• Conclusion
• Answering the Big Questions
• Chapter Problems
• Chapter 2: What Is an Economy, and How Do Economists Study It?
• What Is an Economic System?
• How Do Economists Study the Economy?
• How Does the Economy Work? A Simple Model
• Conclusion
• Answering the Big Questions
• Chapter Problems
• Chapter 3: Why Do We Trade?
• What Is a Production Possibilities Frontier?
• What Are the Benefits of Specialization and Trade?
• Conclusion
• Answering the Big Questions
• Chapter Problems
• Appendix 3A: Graphs in Economics
• Graphs That Consist of One Variable
• Graphs That Consist of Two Variables
• Cautions in Interpreting Numerical Graphs
• Appendix Problems
• Chapter 4: The Market at Work Supply and Demand
• What Are the Fundamentals of Markets?
• What Determines Demand?
• What Determines Supply?
• How Do Supply and Demand Interact to Create Equilibrium?
• Conclusion
• Answering the Big Questions
• Chapter Problems
• Appendix 4A: Changes in Both Demand and Supply
• Appendix Problems
• Appendix 4B: Elasticity
• Determinants of the Price Elasticity of Demand
• Computing the Price Elasticity of Demand
• Appendix Problems
• Chapter 5: Market Efficiency
• What Are Consumer Surplus and Producer Surplus?
• When Is a Market Efficient?
• When Do Price Ceilings Matter?
• What Effects Do Price Ceilings Have on Economic Activity?
• When Do Price Floors Matter?
• What Effects Do Price Floors Have on Economic Activity?
• Conclusion
• Answering the Big Questions
• Chapter Problems
• Part II: Microeconomics
• Chapter 6: The Firm: Revenue, Cost, and Profit
• How Are Profits and Losses Calculated?
• How Much Should a Firm Produce?
• Conclusion
• Answering the Big Questions
• Chapter Problems
• Chapter 7: Competitive Markets
• How Do Competitive Markets Work?
• How Do Firms Maximize Profits?
• Conclusion
• Answering the Big Questions
• Chapter Problems
• Chapter 8: Understanding Monopoly and Imperfect Markets
• How Are Monopolies Created?
• How Much Do Monopolies Charge, and How Much Do They Produce?
• What Are the Problems with Monopoly?
• What Are Monopolistic Competition and Oligopoly?
• Conclusion
• Answering the Big Questions
• Chapter Problems
• Chapter 9: The Demand and Supply of Labor
• Where Does the Demand for Labor Come From?
• Where Does the Supply of Labor Come From?
• How Does the Labor Market Achieve Equilibrium?
• What Additional Factors Determine Wages?
• Conclusion
• Answering the Big Questions
• Chapter Problems
• Appendix 9A: Wage Discrimination, Income Inequality, and Poverty
• What Causes Income Inequality?
• How Do Economists Analyze Poverty?
• Appendix Problems
• Chapter 10: Government in the Economy
• What Are Some Ways That Government Affects the Economy?
• What Are Externalities, and How Do They Affect Markets?
• What Are Private Goods and Public Goods?
• What Are the Challenges of Providing Nonexcludable Goods?
• Conclusion
• Answering the Big Questions
• Chapter Problems
• Chapter 11: Behavioral Economics and Strategic Behavior
• How Do Economists Explain Irrational Behavior?
• What Is the Role of Risk in Decision-Making?
• How Does Game Theory Explain Strategic Behavior?
• Conclusion
• Answering the Big Questions
• Chapter Problems
• Part III: Macroeconomics
• Chapter 12: Introduction to Macroeconomics and Gross Domestic Product
• How Is Macroeconomics Different from Microeconomics?
• What Does GDP Tell Us about the Economy?
• How Is GDP Computed?
• What Are Some Shortcomings of GDP Data?
• Conclusion
• Answering the Big Questions
• Chapter Problems
• Appendix 12A: What Are Classical and Keynesian Economics?
• Classical Economics
• Keynesian Economics
• Appendix Problems
• Chapter 13: Unemployment and Inflation
• What Are the Major Reasons for Unemployment?
• How Is the Official Unemployment Rate Calculated?
• How Is Inflation Measured?
• What Problems Does Inflation Bring?
• What Is the Cause of Inflation?
• Conclusion
• Answering the Big Questions
• Chapter Problems
• Chapter 14: Economic Growth and the Wealth of Nations
• Why Does Economic Growth Matter?
• How Do Resources and Technology Contribute to Economic Growth?
• What Institutions Foster Economic Growth?
• How Are Some Economists Testing New Ideas?
• Conclusion
• Answering the Big Questions
• Chapter Problems
• Chapter 15: Aggregate Demand and Aggregate Supply
• What Is the Aggregate Demand and Aggregate Supply Model?
• What Is Aggregate Demand?
• What Is Aggregate Supply?
• How Does the Aggregate Demand–Aggregate Supply Model Help Us Understand the Economy?
• Conclusion
• Answering the Big Questions
• Chapter Problems
• Chapter 16: Savings, Interest Rates, and the Market for Loanable Funds
• What Is the Loanable Funds Market?
• What Factors Shift the Supply of Loanable Funds?
• What Factors Shift the Demand for Loanable Funds?
• How Do We Apply the Loanable Funds Market Model?
• Conclusion
• Answering the Big Questions
• Chapter Problems
• Chapter 17: Money and the Federal Reserve
• What Is Money?
• What Is the Federal Reserve?
• How Is the Money Supply Measured?
• How Do Banks Create Money?
• Conclusion
• Answering the Big Questions
• Chapter Problems
• Chapter 18: Monetary Policy
• What Are the Tools of Monetary Policy?
• What Is the Effect of Monetary Policy in the Short Run?
• Why Doesn’t Monetary Policy Always Work?
• Conclusion
• Answering the Big Questions
• Chapter Problems
• Chapter 19: Fiscal Policy
• What Is Fiscal Policy?
• How Does the Government Tax?
• How Does the Government Spend?
• How Do Budget Deficits Differ from Debt?
• What Are the Shortcomings of Fiscal Policy?
• Conclusion
• Answering the Big Questions
• Chapter Problems
• Chapter 20: International Trade and Finance
• Is Globalization for Real?
• How Does International Trade Help the Economy?
• What Are the Effects of Tariffs?
• Why Do Exchange Rates Matter?
• Why Do Exchange Rates Rise and Fall?
• Conclusion
• Answering the Big Questions
• Chapter Problems
• Glossary
• Credits
• Index