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Economics - With CD

Economics - With CD - 6th edition

Economics - With CD - 6th edition

ISBN13: 9780618476589

ISBN10: 061847658X

Economics - With CD by William Boyes and Michael Melvin - ISBN 9780618476589
Edition: 6TH 05
Copyright: 2005
Publisher: Houghton Mifflin Harcourt
International: No
Economics - With CD by William Boyes and Michael Melvin - ISBN 9780618476589

ISBN13: 9780618476589

ISBN10: 061847658X

Edition: 6TH 05

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Boyes and Melvin have developed the Sixth Edition of Economics to enhance its central features: direct and accessible writing, proven pedagogy, and thorough integration of global economic issues.

The text's international perspective has been strengthened and extended to focus on the implications of economic principles for business strategy in an era of global competition. International issues appear consistently throughout the text in examples that illustrate basic economic concepts. In addition, economic data drawn from around the world underscores the authors' long-standing emphasis on global issues. Extended coverage of topics affecting global competitiveness, such as resource pricing and foreign exchange markets, explicitly connects the study of economics with real-world business decisions.

  • New! Chapter 19, Globalization, now provides in-depth coverage of this controversial phenomenon, including the arguments for and against globalization and how it has affected economic growth and poverty worldwide.
  • New! Global Business Insight boxes use thumbnail maps and examples from around the world to illustrate essential economic concepts.
  • New! Chapter 37, Exchange Rates and Financial Links Between Countries, has been completely revised to discuss how countries are linked together through interest rates, exchange rates, and prices.
  • New! The Sixth Edition features greater coverage of macroeconomics, including the large-scale impact of war in Iraq, the recent recession, and the role of financial market development in economic growth. All macroeconomic data has been updated to include statistics through 2002--and in some cases 2003.
  • New! The discussions of market failure and the different forms of economic and social regulation have been reorganized to facilitate learning. A stronger focus on the application of market theory to current, real-life issues--including the recent corporate accounting scandals--helps students to see the content's practical relevance, increasing their comprehension of key ideas.
  • New! Chapter 31, Financial Markets: Institutions and Recent Events, provides a detailed description of how the U.S. stock and bond markets work, as well as their role in the global economy to reinforce the application of economic principles to business.
  • A consistent framework of instruction helps to improve students' understanding and performance in the course. Fundamental Questions reinforce 5-8 key points per chapter, appearing repeatedly throughout the chapter as well as the supplements. In addition, the text's internal referencing system establishes a hierarchy of ideas by designating a number for each section and subsection--cited consistently in the textbook and supplements (including the Test Bank).

Table of Contents

Table of Contents

I. Introduction to the Price System

1. Economics: The World Around You

Why Study Economics?
The Definition of Economics
The Economic Approach
Economic Insight "'Free' Air?"
Economically Speaking "Choice of Major, Years of College Influence Student Debt"
Appendix to Chapter 1. Working with Graphs
Reading Graphs
Constructing a Graph

2. Choice, Opportunity Costs, and Specialization

Opportunity Costs
Specialization and Trade
Economically Speaking "Guns and Butter"

3. Markets, Demand and Supply, and the Price System

Equilibrium: Putting Demand and Supply Together
Global Business Insight "The Foreign Exchange Market"
Economically Speaking "A Sleuth for Landlords with Eviction in Mind"

4. The Market System and the Private Sector

The Market System
Business Firms
The International Sector
Linking the Sectors
Economic Insight "Adam Smith"
Economic Insight "The Successful Entrepreneur (Sometimes It's Better to Be Lucky than Good)"
Economical Speaking "Report: Ramsey Friend Sold Information to National Enquirer"

5. The Public Sector

The Circular Flow
The Role of Government in the Market System
Overview of the United States Government
Government in Other Economies
Global Business Insight "Government Creates a Market for Fishing Rights"
Economically Speaking "A Big "Nein" to Deutsche Telekom; Telecommunications: Germany Still Doesn't Have a Completely Open Market"

II. Macroeconomic Basics

6. National Income Accounting

Measures of Output and Income
Nominal and Real Measures
Flows of Income and Expenditures
Economic Insight "The Consumer Price Index"
Economically Speaking "Hiding in the Shadows: The Growth of the Underground Economy"

7. An Introduction to the Foreign Exchange Market and the Balance of Payments

The Foreign Exchange Market
The Balance of Payments
Global Business Insight "Active Trading Around the World"
Global Business Insight "The Euro"
Economically Speaking "High Gas Prices, Weak Euro Result in Room Availability, Less-Crowded Facilities at Popular U.S. National Parks"

8. Unemployment and Inflation

Business Cycles
Global Business Insight "High Unemployment in Europe"
Economically Speaking "Things Really Are Tight at Most Levels of Job Market"

9. Macroeconomic Equilibrium: Aggregate Demand and Supply

Aggregate Demand, Aggregate Supply, and Business Cycles
Factors That Influence Aggregate Demand
The Aggregate Demand Curve
Aggregate Supply
Aggregate Demand and Supply Equilibrium
Economic Insight "How Lack of Information in the Short Run Affects Wages in the Long Run"
Global Business Insight "Oil and Aggregate Supply"
Economically Speaking "The Conference Board's Consumer Confidence Index Plummets Nearly 15 Points"

10. Aggregate Expenditures

Consumption and Saving
Government Spending
Net Exports
The Aggregate Expenditures Function
Economic Insight "Permanent Income, Life Cycles, and Consumption"
Economically Speaking "U.S. Trade Deficit in 2002 Largest in History"
Appendix to Chapter 10. An Algebraic Model of Aggregate Expenditures

11. Incomes and Expenditures Equilibrium

Equilibrium Income and Expenditures
Changes in Equilibrium Income and Expenditures
Aggregate Expenditures and Aggregate Demand
Economic Insight "John Maynard Keynes"
Economic Insight "The Paradox of Thrift"
Economically Speaking: "A Hard Landing in U.S. 'Will Hit Asia'"
Appendix to Chapter 11. An Algebraic Model of Income and Expenditures Equilibrium

III. Macroeconomic Policy

12. Fiscal Policy

Fiscal Policy and Aggregate Demand
Fiscal Policy in the United States
Fiscal Policy in Different Countries
Economic Insight "Supply-Side Economics and the Laffer Curve"
Economic Insight "The Taxpayer's Federal Government Credit Card Statement"
Global Business Insight "Value-Added Tax"
Economically Speaking "Brussels Takes Action Against France over Budget Deficit"
Appendix to Chapter 12. An Algebraic Examination of the Balanced-Budget Change in Fiscal Policy

13. Money and Banking

What Is Money?
Banks and the Money Supply
Global Business Insight "Islamic Banking"
Economically Speaking "They Love Our Money"

14. Monetary Policy

The Federal Reserve System
Implementing Monetary Policy
Monetary Policy and Equilibrium Income
Economic Insight "What's on a 20-Dollar Bill?"
Global Business Insight "The European Central Bank"
Economically Speaking "Fed Leaves Rates Alone, but Message Needs Translation: Strange Statement Puzzles Economists"

15. Macroeconomic Policy: Tradeoffs, Expectations, Credibility, and Sources of Business Cycles

The Phillips Curve
The Role of Expectations
Credibility and Time Inconsistency
Sources of Business Cycles

5. The Link Between Monetary and Fiscal Policies

Economic Insight "The Natural Rate of Unemployment"
Economic Insight "Why Wages Don't Fall During Recessions"
Economically Speaking "War Worries Hurting U.S. Markets: Fed Chief Greenspan Warns of Further Interest Rate Cuts if Sluggishness Continues"

16. Macroeconomic Viewpoints: New Keynesian, Monetarist, and New Classical

Keynesian Economics
Monetarist Economics
New Classical Economics
Comparison and Influence
Economic Insight "Milton Friedman"
Economically Speaking "The Ghosts of Christmas Past Haunt Economists"

IV. Economic Growth and Development

17. Economic Growth

Defining Economic Growth
The Determinants of Growth
Economic Insight "Technological Advance: The Change in the Price of Light"
Economically Speaking "U.S. Updating Its Economic Measurements"

18. Development Economics

The Developing World
Obstacles to Growth
Development Strategies
Foreign Investment and Aid
Economies in Transition from Socialism
Global Business Insight "Economic Development in the Americas"
Economically Speaking "Food Aid"

19. Globalization

The Meaning of Globalization
Globalization Controversy
Globalization, Economic Growth, and Incomes
Financial Crises and Globalization
Global Business Insight "The World Trade Organization"
Economically Speaking "Germans' Coziness Puts Nation at Risk"

V. Product Market Basics

20. Elasticity: Demand and Supply

The Price Elasticity of Demand
The Use of Price Elasticity of Demand
Determinants of the Price Elasticity of Demand
Other Demand Elasticities
Supply Elasticities
Global Business Insight "Dumping"
Economically Speaking "Higher Gas Prices Make Future Murky for Big SUVs"

21. Consumer Choice

Utility and Choice
The Demand Curve Again
Economic Insight "Does Money Buy Happiness?"
Economically Speaking "Why Sudden Wealth Will Not Make You Happy"
Appendix to Chapter 21. Indifference Analysis
Indifference Curves
Budget Constraint
Consumer Equilibrium

22. Supply: The Costs of Doing Business

Firms and Production
From Production to Costs
Cost Schedules and Cost Curves
The Long Run
Economic Insight "Overhead"
Economically Speaking "Merge or Die"

VI. Product Markets

23. Profit Maximization

Profit Maximization
Marginal Revenue and Marginal Cost
Selling Environments or Market Structure
Global Business Insight: "Brisk Business in Measuring Economic Profit"
Economically Speaking "Business Ethics Guarantee Value to All Interested Parties"

24. Perfect Competition

The Perfectly Competitive Firm in the Short Run
The Long Run
Economically Speaking "Avoid 'Commoditization'"

25. Monopoly

The Market Structure of Monopoly
The Demand Curve Facing a Monopoly Firm
Profit Maximization
Market Power and Price Discrimination
Comparison of Perfect Competition and Monopoly
Economically Speaking "Conflict Diamonds; Americans Can Stop the Damage They Do"

26. Monopolistic Competition and Oligopoly

Monopolistic Competition
Oligopoly and Interdependence
Summary of Market Structures
Economic Insight "The Prisoner's Dilemma"
Economically Speaking "Authorities Gather to Combat Warring Drug Cartels"

27. Antitrust and Regulation

Antitrust Policy
The Securities and Exchange Commission
Global Business Insight "The California Debacle"
Economically Speaking "University Study Puts High Price Tag on New Storm Water Regulations"

28. Government and Market Failure

Private Property Rights
Public Goods
Asymmetric Information
Government Failure
Global Business Insight "Why Aren't Cows and Chickens on the Endangered Species List?"
Economically Speaking "Opposed to ODS's 'Tradeable Pollution Permits' Idea"

VII. Resource Markets

29. Resource Markets

Buyers and Sellers of Resources
The Market Demand for and Supply of Resources
How Firms Decide What Resources to Buy
Economic Insight "The Company Town"
Economically Speaking "McNabb Signs Richest Contract in NFL History"

30. The Labor Market

The Supply of Labor
Wage Differentials
Wage Differentials and Government Policies
Economic Insight "The Overworked American?"
Economically Speaking "Higher Apathy"

31. Financial Markets: Institutions and Recent Events

The Equity Market
Fraud and Accounting Shenanigans
Economic Insight "The P/E Ratio"
Global Business Insight "Stock Market Booms and Busts"
Global Business Insight "Country Bond Ratings"
Economically Speaking "Tokio Marine to Introduce NPV Rule for Axing Projects"

32. The Land Market and Natural Resources

Nonrenewable Resources
Renewable Resources
Economically Speaking "Debate: Is Anti-sprawl Really 'Smart' Growth? As Durham Mulls Plan, Groups Differ on Effects on Poor"

33. Aging, Social Security, and Health Care

Aging and Social Security
Health Economics
Global Business Insight "The World Is Aging"
Economic Insight "Myths About Social Security"
Global Business Insight "Health Care Spending in Various Nations"
Economically Speaking "Many Travel a Painful Circuit for Their Managed Health Care"

34. Income Distribution, Poverty, and Government Policy

Income Distribution and Poverty
The Poor
Government Antipoverty Policies
Income Distribution Among Nations
Global Business Insight "Economic Development and Happiness"
Economically Speaking "Income Inequality Is Raging, but the Poor Aren't"

VIII. Issues in International Trade and Finance

35. World Trade Equilibrium

An Overview of World Trade
An Example of International Trade Equilibrium
Sources of Comparative Advantage
Global Business Insight "The Dutch Disease"
Economically Speaking "China Trade Will Come Back to Haunt Us"

36. International Trade Restrictions

Arguments for Protection
Tools of Commercial Policy
Preferential Trade Agreements
Global Business Insight "Smoot-Hawley Tariff"
Economically Speaking "Bull in a China Shop"

37. Exchange Rates and Financial Links Between Countries

Past and Current Exchange-Rate Arrangements
Fixed or Floating Exchange Rates
3. Prices and Exchange Rates
4. Interest Rates and Exchange Rates
Global Business Insight "The IMF and the World Bank"
Economically Speaking "The European Union"