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edition: 2 serie: ISBN : 1947172387, 9781947172395 publisher: publish year: pages: 617 language: English ebook format : PDF (It will be converted to PDF, EPUB OR AZW3 if requested by the user) file size: 27 MB
Preface 1. About OpenStax 2. About OpenStax resources 3. About Principles of Macroeconomics 2e 4. Additional resources 5. About the authors Chapter 1. Welcome to Economics! 1.1. What Is Economics, and Why Is It Important?* 1.2. Microeconomics and Macroeconomics* 1.3. How Economists Use Theories and Models to Understand Economic Issues* 1.4. How To Organize Economies: An Overview of Economic Systems* Glossary Chapter 2. Choice in a World of Scarcity 2.1. How Individuals Make Choices Based on Their Budget Constraint* 2.2. The Production Possibilities Frontier and Social Choices* 2.3. Confronting Objections to the Economic Approach* Glossary Chapter 3. Demand and Supply 3.1. Demand, Supply, and Equilibrium in Markets for Goods and Services* 3.2. Shifts in Demand and Supply for Goods and Services* 3.3. Changes in Equilibrium Price and Quantity: The Four-Step Process* 3.4. Price Ceilings and Price Floors* 3.5. Demand, Supply, and Efficiency* Glossary Chapter 4. Labor and Financial Markets 4.1. Demand and Supply at Work in Labor Markets* 4.2. Demand and Supply in Financial Markets* 4.3. The Market System as an Efficient Mechanism for Information* Glossary Chapter 5. Elasticity 5.1. Price Elasticity of Demand and Price Elasticity of Supply* 5.2. Polar Cases of Elasticity and Constant Elasticity* 5.3. Elasticity and Pricing* 5.4. Elasticity in Areas Other Than Price* Glossary Chapter 6. The Macroeconomic Perspective 6.1. Measuring the Size of the Economy: Gross Domestic Product* 6.2. Adjusting Nominal Values to Real Values* 6.3. Tracking Real GDP over Time* 6.4. Comparing GDP among Countries* 6.5. How Well GDP Measures the Well-Being of Society* Glossary Chapter 7. Economic Growth 7.1. The Relatively Recent Arrival of Economic Growth* 7.2. Labor Productivity and Economic Growth* 7.3. Components of Economic Growth* 7.4. Economic Convergence* Glossary Chapter 8. Unemployment 8.1. How Economists Define and Compute Unemployment Rate* 8.2. Patterns of Unemployment* 8.3. What Causes Changes in Unemployment over the Short Run* 8.4. What Causes Changes in Unemployment over the Long Run* Glossary Chapter 9. Inflation 9.1. Tracking Inflation* 9.2. How to Measure Changes in the Cost of Living* 9.3. How the U.S. and Other Countries Experience Inflation* 9.4. The Confusion Over Inflation* 9.5. Indexing and Its Limitations* Glossary Chapter 10. The International Trade and Capital Flows 10.1. Measuring Trade Balances* 10.2. Trade Balances in Historical and International Context* 10.3. Trade Balances and Flows of Financial Capital* 10.4. The National Saving and Investment Identity* 10.5. The Pros and Cons of Trade Deficits and Surpluses* 10.6. The Difference between Level of Trade and the Trade Balance* Glossary Chapter 11. The Aggregate Demand/Aggregate Supply Model 11.1. Macroeconomic Perspectives on Demand and Supply* 11.2. Building a Model of Aggregate Demand and Aggregate Supply* 11.3. Shifts in Aggregate Supply* 11.4. Shifts in Aggregate Demand* 11.5. How the AD/AS Model Incorporates Growth, Unemployment, and Inflation* 11.6. Keynes’ Law and Say’s Law in the AD/AS Model* Glossary Chapter 12. The Keynesian Perspective 12.1. Aggregate Demand in Keynesian Analysis* 12.2. The Building Blocks of Keynesian Analysis* 12.3. The Phillips Curve* 12.4. The Keynesian Perspective on Market Forces* Glossary Chapter 13. The Neoclassical Perspective 13.1. The Building Blocks of Neoclassical Analysis* 13.2. The Policy Implications of the Neoclassical Perspective* 13.3. Balancing Keynesian and Neoclassical Models* Glossary Chapter 14. Money and Banking 14.1. Defining Money by Its Functions* 14.2. Measuring Money: Currency, M1, and M2* 14.3. The Role of Banks* 14.4. How Banks Create Money* Glossary Chapter 15. Monetary Policy and Bank Regulation 15.1. The Federal Reserve Banking System and Central Banks* 15.2. Bank Regulation* 15.3. How a Central Bank Executes Monetary Policy* 15.4. Monetary Policy and Economic Outcomes* 15.5. Pitfalls for Monetary Policy* Glossary Chapter 16. Exchange Rates and International Capital Flows 16.1. How the Foreign Exchange Market Works* 16.2. Demand and Supply Shifts in Foreign Exchange Markets* 16.3. Macroeconomic Effects of Exchange Rates* 16.4. Exchange Rate Policies* Glossary Chapter 17. Government Budgets and Fiscal Policy 17.1. Government Spending* 17.2. Taxation* 17.3. Federal Deficits and the National Debt* 17.4. Using Fiscal Policy to Fight Recession, Unemployment, and Inflation* 17.5. Automatic Stabilizers* 17.6. Practical Problems with Discretionary Fiscal Policy* 17.7. The Question of a Balanced Budget* Glossary Chapter 18. The Impacts of Government Borrowing 18.1. How Government Borrowing Affects Investment and the Trade Balance* 18.2. Fiscal Policy and the Trade Balance* 18.3. How Government Borrowing Affects Private Saving* 18.4. Fiscal Policy, Investment, and Economic Growth* Glossary Chapter 19. Macroeconomic Policy Around the World 19.1. The Diversity of Countries and Economies across the World* 19.2. Improving Countries’ Standards of Living* 19.3. Causes of Unemployment around the World* 19.4. Causes of Inflation in Various Countries and Regions* 19.5. Balance of Trade Concerns* Glossary Chapter 20. International Trade 20.1. Absolute and Comparative Advantage* 20.2. What Happens When a Country Has an Absolute Advantage in All Goods* 20.3. Intra-industry Trade between Similar Economies* 20.4. The Benefits of Reducing Barriers to International Trade* Glossary Chapter 21. Globalization and Protectionism 21.1. Protectionism: An Indirect Subsidy from Consumers to Producers* 21.2. International Trade and Its Effects on Jobs, Wages, and Working Conditions* 21.3. Arguments in Support of Restricting Imports* 21.4. How Governments Enact Trade Policy: Globally, Regionally, and Nationally* 21.5. The Tradeoffs of Trade Policy* Glossary Appendix A. The Use of Mathematics in Principles of Economics* A.1. Algebraic Models A.2. Growth Rates A.3. Displaying Data Graphically and Interpreting the Graph A.4. Key Concepts and Summary A.5. Review Questions Appendix B. The Expenditure-Output Model* B.1. The Axes of the Expenditure-Output Diagram B.2. Building the Aggregate Expenditure Schedule B.3. Equilibrium in the Keynesian Cross Model B.4. The Multiplier Effect B.5. Key Concepts and Summary B.6. Self-Check Questions B.7. Review Questions B.8. Critical Thinking Questions B.9. References Solutions Chapter 1 Chapter 2 Chapter 3 Chapter 4 Chapter 5 Chapter 6 Chapter 7 Chapter 8 Chapter 9 Chapter 10 Chapter 11 Chapter 12 Chapter 13 Chapter 14 Chapter 15 Chapter 16 Chapter 17 Chapter 18 Chapter 19 Chapter 20 Chapter 21 References Index Blank Page