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Economics / with CD

Economics / with CD - 3rd edition

ISBN13: 978-0618101474

Cover of Economics / with CD 3RD 01 (ISBN 978-0618101474)
ISBN13: 978-0618101474
ISBN10: 0618101470
Cover type:
Edition/Copyright: 3RD 01
Publisher: Houghton Mifflin Harcourt
Published: 2001
International: No

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Economics / with CD - 3RD 01 edition

ISBN13: 978-0618101474

John B. Taylor

ISBN13: 978-0618101474
ISBN10: 0618101470
Cover type:
Edition/Copyright: 3RD 01
Publisher: Houghton Mifflin Harcourt

Published: 2001
International: No
Summary

Known for its distinguished authorship, intuitive approach, and modern coverage of economic principles, the Third Edition of Economicsintroduces a thorough revision, a new design, more appealing real-world examples, and expanded coverage of technology. Taylor's clear exposition and well-chosen examples complemented by a unique graphical treatmenthelp clarify abstract economic concepts and encourage students to develop an economic way of thinking.

New pedagogy includes expanded chapter openers that help students place the concepts covered in each chapter in a familiar context. In-text case studiesmore widespread throughout the text and more obvious to the reader in this editionenliven economic ideas and models by describing real-world situations. Marginal Conversation Boxes, based on popular boxes in the previous edition's graphs, allow students to check their understanding of crucial material by providing succinct, step-by-step guidance through particularly difficult concepts. Economics in Action boxes in every chapter illustrate the myriad ways that economic principles are enacted in everyday life.

  • New! Real Deal UpGrade student CD-ROM, packaged free with the text, includes self-study resources, tutorial software, and simulation software.
  • New! An instructor CD-ROM includes tutorial and simulation software and a complete set of animated PowerPoint slides.
  • New! An updated full-color design enhances this accessible text with more effective graphs and photos.
  • New! Half of the end-of-chapter problems are new, and all end-of-chapter problems have been carefully selected and tested. A second set of problems, which parallels those in the text, is included in the Test Bank and on the instructor's web site.

Table of Contents

I. Introduction to Economics.
1. The Central Idea.

Scarcity and Choice for Individuals.
Scarcity and Choice for the Economy as a Whole.
Market Economics and the Price System.

2. Observing and Explaining the Economy.

Case Study: What's Happening in the Biggest Industry in America?.
Economic Models.
The Impact of Economics on Public Policy.

3. The Supply and Demand Model.

Demand.
Supply.
Market Equilibrium: Combining Supply and Demand.
Case Study: Using the Supply and Demand Model.
Elasticity of Demand and Supply.

4. Elasticity and Its Uses.

Case Study: Why the Size of the Elasticity of Demand Is Important.
Working with Demand Elasticities.
Working with Supply Elasticities.

II. Principles of Microeconomics.
5. The Demand Curve and the Behavior of Consumers.

Utility and Consumer Preferences.
The Budget Constraint and Utility Maximization.
Willingness to Pay and the Demand Curve.
The Market Demand Curve.
Consumer Surplus.

6. The Supply Curve and the Behavior of Firms.

Case Study: Your Own Firm.
The Firm's Profits.
Profit Maximization and the Individual Firm's Supply Curve.
Producer Surplus.

7. The Interaction of People in Markets.

Individual Consumers and Firms in a Market.
Case Study: A Double-Auction Market.
Are Competitive Markets Efficient?.
Mesuring Waste from Inefficiency.
The Deadweight Loss from Taxation.
Informational Efficiency.

III. The Economics of the Firm.
8. Costs and the Changes at Firms Over Time.

Case Study: Finding Average Cost at an Individual Firm.
Average Cost Curves.
Costs and Production: The Short Run.
Costs and Production: The Long Run.
Economies of Scale.

9. The Rise and Fall of Industries.

A Look at Different Industries.
The Long-Run Competitive Equilibrium Model of an Industry.
Case Study: How Does the Model Explain the Facts?.
Minimum Costs per Unit and the Efficient Allocation of Capital.
External Economies and Diseconomies of Scale.

10. Monopoly.

A Model of Monopoly.
The Generic Diagram of a Monopoly and Its Profits.
Competition, Monopoly, and Deadweight Loss.
Why Monopolies Exist.
Price Discrimination.

11. Product Differentiation, Monopolistic Competition, and Oligopoly.

Product Differentiation.
Monopolistic Competition.
Oligopoly.
Measures of Market Power.

12. Antitrust Policy and Regulation.

Antitrust Policy.
Regulating Natural Monopolies.
To Regulate or Not to Regulate.

IV. Markets, Income Distribution, and Public Goods.
13. Labor Markets.

Case Study: The Recent Wage Boom.
Labor Demand.
Labor Supply.
Explaining Wage Differences.
Wage Payments and Incentives.
Labor Unions.

14. Taxes, Transfers, and Income Distribution.

The Tax System.
Transfer Payments.
The Distribution of Income in the United States.

15. Public Goods, Externalities, and Government Behavior.

Public Goods.
Cost-Benefit Analysis.
Externalities: From the Environment to Education.
Remedies for Externalities.
Models of Government Behavior.

16. Physical Capital and Financial Markets.

Capital Market Terminology.
Markets for Physical Capital.
Stock and Bond Markets.
Risk versus Return.
The Foreign Exchange Market.

V. Principles of Macroeconomics.
17. Macroeconomics: The Big Picture.

Real GDP over Time.
Unemployment, Inflation, and Interest Rates.
Macroeconomic Theory and Policy.

18. Measuring the Production, Income, and Spending of Nations.

Measuring GDP.
Net Exports Equals Saving minus Investment.
Real GDP and Nominal GDP.
Shortcomings of the GDP Measure.

19. The Spending Allocation Model.

The Spending Shares.
The Effect of Interest Rates on Spending Shares.
Determining the Equilibrium Interest Rate.
Case Study: Shifts in Government Purchases and Consumption.
The National Saving Rate.

20. Unemployment and Employment.

Unemployment and Other Labor Market Indicators.
The Nature of Unemployment.
Explaining Unemployment and Employment Trends.
Case Study: Unemployment Among Young People Throughout the World.

21. Productivity and Economic Growth.

Labor and Capital Without Technology.
Labor and Capital with Technology.
The Growth Accounting Formula.
Case Study: Growth Accounting in Practice.
Technology Policy.

22. Money and Inflation.

What Is Money?.
The Fed, the Banks, and the Link from Reserves to Deposits.
How the Fed Controls the Money Supply: Currency plus Deposits.
Money Growth and Inflation.

VI. Economic Fluctuations and Macroeconomic Policy.
23. The Nature and Causes of Economic Fluctuations.

Changes in Aggregate Demand First Lead to Changes in Production.
Forecasting Real GDP.
The Response of Consumption to Income.
Finding Real GDP When Consumption and Income Move Together.
Spending Balance and Departures of Real GDP from Potential GDP.

24. The Economic Fluctuations Model.

The Aggregate Demand Curve.
The Inflation Adjustment Line.
Combining the Aggregate Demand Curve and the Inflation Adjustment Line.

25. Using the Economic Fluctuations Model.

Changes in Government Purchases.
Changes in Monetary Policy.
Price Shocks.
Case Study: The 19901991 Recession.

26. Fiscal Policy.

The Government Budget.
Countercyclical Fiscal Policy.
The Structural versus the Cyclical Surplus.

27. Monetary Policy.

Why Are Central Banks Independent?.
Case Study: Trying to Bring the Aggregate Demand Curve into Line in 2000.
Money and Other Instruments of Monetary Policy.
The Exchange Rate and Monetary Policy.

VII. Trade and Global Markets.
28. Economic Growth Around the World.

Catching Up or Not?.
Economic Development.
Spreading and Using Technology.
Increasing Capital per Worker.

29. The Gains from International Trade.

Recent Trends in International Trade.
Reasons for Comparative Advantage.
Gains from Expanded Markets.

30. International Trade Policy.

Tariffs, Quotas, and VRAs.
The History of Trade Restrictions.
Arguments for Trade Barriers.
How to Reduce Trade Barriers.

31. Emerging Market Economies.

What Were Centrally Planned Economies Like?.
Economic Transition Theory.
Economic Transition in Practice.

Advanced Topics.
A. Reading, Understanding, and Creating Graphs.

Visualizing Observations with Graphs.
Visualizing Models with Graphs.

B. Consumer Theory with Indifference Curves.

The Budget Line.
The Indifference Curve.

C. Producer Theory with Isoquants.

Combining of Capital and Labor.
Minimizing Costs for a Given Quantity.

D. Present Discounted Value.

Discounting the Future.
Finding the Present Discounted Value.

E. The Miracle of Compound Growth.

How Compound Growth Works.
Plotting Growing Variables.

F. Deriving the Growth Accounting Formula.
G. Deriving the Formula for the Keynsian Multiplier.

A Graphical Review.
The Algebraic Derivation.
H. The Forward-Looking Consumption Model.
Forward-Looking People.
Tests and Applications of the Forward-Looking Model

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