Principles of Macroeconomics

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Contents

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  1. Front Matter
  2. TitlePage
  3. InfoPage
  4. Table of Contents
  5. Licensing
  6. 1: Welcome to Economics
  7. 1.1: Introduction
  8. 1.2: What Economics Is and Why is it Important
  9. 1.3: Microeconomics and Macroeconomics
  10. 1.4: How Economists Use Theories and Models to Understand Economic Issues
  11. 1.5: Opportunity cost and the market
  12. 1.6: Aggregate output, growth and business cycles
  13. 1.7: How Economies Can Be Organized- An Overview of Economic Systems
  14. 1.8: Data analysis
  15. 1.9: Data, theory and economic models
  16. 1.10: Key Terms
  17. 1.11: Key Concepts and Summary
  18. 1.12: Self-Check Questions
  19. 1.13: Review Questions
  20. 1.14: Critical Thinking Questions
  21. 1.15: Choice in a World of Scarcity
  22. 2: Choice in a World of Scarcity
  23. 2.1: Introduction to Choice in a World of Scarcity
  24. 2.2: How Individuals Make Choices Based on Their Budget Constraint
  25. 2.3: The Production Possibilities Frontier and Social Choices
  26. 2.4: Confronting Objections to the Economic Approach
  27. 2.5: Key Terms
  28. 2.6: Key Concepts and Summary
  29. 2.7: Self-Check Questions
  30. 2.8: Review Questions
  31. 2.9: Critical Thinking Questions
  32. 2.10: Problems
  33. 3: Demand and Supply
  34. 3.1: Introduction to Demand and Supply
  35. 3.2: Demand, Supply, and Equilibrium in Markets for Goods and Services
  36. 3.3: Shifts in Demand and Supply for Goods and Services
  37. 3.4: Changes in Equilibrium Price and Quantity- The Four-Step Process
  38. 3.5: Price Ceilings and Price Floors
  39. 3.6: Demand, Supply, and Efficiency
  40. 3.7: Key Terms
  41. 3.8: Key Concepts and Summary
  42. 3.9: Self-Check Questions
  43. 3.10: Review Questions
  44. 3.11: Critical Thinking Questions
  45. 3.12: Problems
  46. 4: Elasticity
  47. 4.1: Introduction to Elasticity
  48. 4.2: Price Elasticity of Demand and Price Elasticity of Supply
  49. 4.3: Polar Cases of Elasticity and Constant Elasticity
  50. 4.4: Elasticity and Pricing
  51. 4.5: Elasticity in Areas Other Than Price
  52. 4.6: Key Terms
  53. 4.7: Key Concepts and Summary
  54. 4.8: Self-Check Questions
  55. 4.9: Review Questions
  56. 4.10: Critical Thinking Questions
  57. 4.11: Problems
  58. 5: Inequality, Poverty, and Discrimination
  59. 5.1: Income Inequality
  60. 5.2: The Economics of Poverty
  61. 5.3: The Economics of Discrimination
  62. 5.4: Review and Practice
  63. 6: The Macroeconomic Perspective
  64. 6.1: Introduction to the Macroeconomic Perspective
  65. 6.2: Measuring the Size of the Economy- Gross Domestic Product
  66. 6.3: Adjusting Nominal Values to Real Values
  67. 6.4: Tracking Real GDP over Time
  68. 6.5: Comparing GDP among Countries
  69. 6.6: How Well GDP Measures the Well-Being of Society
  70. 6.7: Key Terms
  71. 6.8: Key Concepts and Summary
  72. 6.9: Self-Check Questions
  73. 6.10: Review Questions
  74. 6.11: Critical Thinking Questions
  75. 6.12: Problems
  76. 7: Inflation
  77. 7.1: Introduction to Inflation
  78. 7.2: Tracking Inflation
  79. 7.3: How to Measure Changes in the Cost of Living
  80. 7.4: How the U.S. and Other Countries Experience Inflation
  81. 7.5: The Confusion Over Inflation
  82. 7.6: Indexing and Its Limitations
  83. 7.7: Key Terms
  84. 7.8: Key Concepts and Summary
  85. 7.9: Self-Check Questions
  86. 7.10: Review Questions
  87. 7.11: Critical Thinking Questions
  88. 7.12: Problems
  89. 8: Economic Growth
  90. 8.1: Introduction to Economic Growth
  91. 8.2: The Relatively Recent Arrival of Economic Growth
  92. 8.3: Labor Productivity and Economic Growth
  93. 8.4: Components of Economic Growth
  94. 8.5: Economic Convergence
  95. 8.6: Key Terms
  96. 8.7: Key Concepts and Summary
  97. 8.8: Self-Check Questions
  98. 8.9: Review Questions
  99. 8.10: Critical Thinking Questions
  100. 8.11: Problems
  101. 9: Unemployment
  102. 9.1: Introduction to Unemployment
  103. 9.2: How Economists Define and Compute Unemployment Rate
  104. 9.3: Patterns of Unemployment
  105. 9.4: What Causes Changes in Unemployment over the Short Run
  106. 9.5: What Causes Changes in Unemployment over the Long Run
  107. 9.6: Key Terms
  108. 9.7: Key Concepts and Summary
  109. 9.8: Self-Check Questions
  110. 9.9: Review Questions
  111. 9.10: Critical Thinking Questions
  112. 9.11: Problems
  113. 10: Money and Banking
  114. 10.1: Introduction to Money and Banking
  115. 10.2: Defining Money by Its Functions
  116. 10.3: Measuring Money- Currency, M1, and M2
  117. 10.4: The Role of Banks
  118. 10.5: How Banks Create Money
  119. 10.6: Key Terms
  120. 10.7: Key Concepts and Summary
  121. 10.8: Self-Check Questions
  122. 10.9: Review Questions
  123. 10.10: Critical Thinking Questions
  124. 10.11: Problems
  125. 11: Monetary Policy and Bank Regulation
  126. 11.1: Introduction to Monetary Policy and Bank Regulation
  127. 11.2: The Federal Reserve Banking System and Central Banks
  128. 11.3: Bank Regulation
  129. 11.4: How a Central Bank Executes Monetary Policy
  130. 11.5: Monetary Policy and Economic Outcomes
  131. 11.6: Pitfalls for Monetary Policy
  132. 11.7: Key Terms
  133. 11.8: Key Concepts and Summary
  134. 11.9: Self-Check Questions
  135. 11.10: Review Questions
  136. 11.11: Critical Thinking Questions
  137. 11.12: Problems
  138. 12: Exchange Rates and International Capital Flows
  139. 12.1: Introduction to Exchange Rates and International Capital Flows
  140. 12.2: How the Foreign Exchange Market Works
  141. 12.3: Demand and Supply Shifts in Foreign Exchange Markets
  142. 12.4: Macroeconomic Effects of Exchange Rates
  143. 12.5: Exchange Rate Policies
  144. 12.6: Key Terms
  145. 12.7: Key Concepts and Summary
  146. 12.8: Self-Check Questions
  147. 12.9: Review Questions
  148. 12.10: Critical Thinking Questions
  149. 12.11: Problems
  150. 13: The Aggregate Demand/Aggregate Supply Model
  151. 13.1: Introduction to the Aggregate Demand/Aggregate Supply Model
  152. 13.2: Macroeconomic Perspectives on Demand and Supply
  153. 13.3: Building a Model of Aggregate Demand and Aggregate Supply
  154. 13.4: Shifts in Aggregate Supply
  155. 13.5: Shifts in Aggregate Demand
  156. 13.6: How the AD/AS Model Incorporates Growth, Unemployment, and Inflation
  157. 13.7: Keynes’ Law and Say’s Law in the AD/AS Model
  158. 13.8: Key Terms
  159. 13.9: Key Concepts and Summary
  160. 13.10: Self-Check Questions
  161. 13.11: Review Questions
  162. 13.12: Critical Thinking Questions
  163. 13.13: Problems
  164. 14: The Keynesian Perspective
  165. 14.1: Introduction to the Keynesian Perspective
  166. 14.2: Aggregate Demand in Keynesian Analysis
  167. 14.3: The Building Blocks of Keynesian Analysis
  168. 14.4: The Phillips Curve
  169. 14.5: The Keynesian Perspective on Market Forces
  170. 14.6: Key Terms
  171. 14.7: Key Concepts and Summary
  172. 14.8: Self-Check Questions
  173. 14.9: Review Questions
  174. 14.10: Critical Thinking Questions
  175. 15: The Neoclassical Perspective
  176. 15.1: Introduction to the Neoclassical Perspective
  177. 15.2: The Building Blocks of Neoclassical Analysis
  178. 15.3: The Policy Implications of the Neoclassical Perspective
  179. 15.4: Balancing Keynesian and Neoclassical Models
  180. 15.5: Key Terms
  181. 15.6: Key Concepts and Summary
  182. 15.7: Self-Check Questions
  183. 15.8: Review Questions
  184. 15.9: Critical Thinking Questions
  185. 15.10: Problems
  186. 16: Business Cycle
  187. 16.1: Economic Activity
  188. 16.2: Failure of the Classical Theory
  189. 16.3: Business Cycle Stages
  190. 16.4: Measuring The Business Cycle
  191. 16.5: Leading, Coincident, and Lagging Economic Indicators
  192. 16.6: The Economy is in Recession – What to do?
  193. 17: Government Budgets and Fiscal Policy
  194. 17.1: Introduction to Government Budgets and Fiscal Policy
  195. 17.2: Government Spending
  196. 17.3: Taxation
  197. 17.4: Federal Deficits and the National Debt
  198. 17.5: Using Fiscal Policy to Fight Recession, Unemployment, and Inflation
  199. 17.6: Automatic Stabilizers
  200. 17.7: Practical Problems with Discretionary Fiscal Policy
  201. 17.8: The Question of a Balanced Budget
  202. 17.9: Key Terms
  203. 17.10: Key Concepts and Summary
  204. 17.11: Self-Check Questions
  205. 17.12: Review Questions
  206. 17.13: Critical Thinking Questions
  207. 17.14: Problems
  208. 18: International Trade
  209. 18.1: Introduction to International Trade
  210. 18.2: Absolute and Comparative Advantage
  211. 18.3: What Happens When a Country Has an Absolute Advantage in All Goods
  212. 18.4: Intra-industry Trade between Similar Economies
  213. 18.5: The Benefits of Reducing Barriers to International Trade
  214. 18.6: Key Terms
  215. 18.7: Key Concepts and Summary
  216. 18.8: Self-Check Questions
  217. 18.9: Review Questions
  218. 18.10: Critical Thinking Questions
  219. 18.11: Problems
  220. Back Matter
  221. Index
  222. Glossary
  223. Detailed Licensing