Principles of Economics.

Cover -- About the Author -- Preface: To the Instructor -- Brief Contents -- Contents -- Preface: To the Student -- Part I: Introduction -- Chapter 1: Ten Principles of Economics -- 1-1 How People Make Decisions -- 1-2 How People Interact -- 1-3 How the Economy as a Whole Works -- 1-4 Conclusion -- Chapter in a Nutshell -- Key Concepts -- Questions for Review -- Problems and Applications -- QuickQuiz Answers -- Chapter 2: Thinking Like an Economist -- 2-1 The Economist as Scientist -- 2-2 The Economist as Policy Adviser -- 2-3 Why Economists Disagree -- 2-4 Let's Get Going -- Chapter in a Nutshell -- Key Concepts -- Questions for Review -- Problems and Applications -- QuickQuiz Answers -- Appendix: Graphing: A Brief Review -- Chapter 3: Interdependence and the Gains from Trade -- 3-1 A Parable for the Modern Economy -- 3-2 Comparative Advantage: The Driving Force of Specialization -- 3-3 Applications of Comparative Advantage -- 3-4 Conclusion -- Chapter in a Nutshell -- Key Concepts -- Questions for Review -- Problems and Applications -- QuickQuiz Answers -- Part II: How Markets Work -- Chapter 4: The Market Forces of Supply and Demand -- 4-1 Markets and Competition -- 4-2 Demand -- 4-3 Supply -- 4-4 Supply and Demand Together -- 4-5 Conclusion: How Prices Allocate Resources -- Chapter in a Nutshell -- Key Concepts -- Questions for Review -- Problems and Applications -- QuickQuiz Answers -- Chapter 5: Elasticity and Its Application -- 5-1 The Elasticity of Demand -- 5-2 The Elasticity of Supply -- 5-3 Three Applications of Supply, Demand, and Elasticity -- 5-4 Conclusion -- Chapter in a Nutshell -- Key Concepts -- Questions for Review -- Problems and Applications -- QuickQuiz Answers -- Chapter 6: Supply, Demand, and Government Policies -- 6-1 Controls on Prices -- 6-2 Taxes -- 6-3 Conclusion -- Chapter in a Nutshell -- Key Concepts.

Questions for Review -- Problems and Applications -- QuickQuiz Answers -- Part III: Markets and Welfare -- Chapter 7: Consumers, Producers, and the Efficiency of Markets -- 7-1 Consumer Surplus -- 7-2 Producer Surplus -- 7-3 Market Efficiency -- 7-4 Conclusion: Market Efficiency and Market Failure -- Chapter in a Nutshell -- Key Concepts -- Questions for Review -- Problems and Applications -- QuickQuiz Answers -- Chapter 8: Application: The Costs of Taxation -- 8-1 The Deadweight Loss of Taxation -- 8-2 The Determinants of the Deadweight Loss -- 8-3 Deadweight Loss and Tax Revenue as Taxes Vary -- 8-4 Conclusion -- Chapter in a Nutshell -- Key Concept -- Questions for Review -- Problems and Applications -- QuickQuiz Answers -- Chapter 9: Application: International Trade -- 9-1 The Determinants of Trade -- 9-2 The Winners and Losers from Trade -- 9-3 The Arguments for Restricting Trade -- 9-4 Conclusion -- Chapter in a Nutshell -- Key Concepts -- Questions for Review -- Problems and Applications -- QuickQuiz Answers -- Part IV: The Economics of the Public Sector -- Chapter 10: Externalities -- 10-1 Externalities and Market Inefficiency -- 10-2 Public Policies toward Externalities -- 10-3 Private Solutions to Externalities -- 10-4 Conclusion -- Chapter in a Nutshell -- Key Concepts -- Questions for Review -- Problems and Applications -- QuickQuiz Answers -- Chapter 11: Public Goods and Common Resources -- 11-1 The Different Kinds of Goods -- 11-2 Public Goods -- 11-3 Common Resources -- 11-4 Conclusion: The Importance of Property Rights -- Chapter in a Nutshell -- Key Concepts -- Questions for Review -- Problems and Applications -- QuickQuiz Answers -- Chapter 12: The Design of the Tax System -- 12-1 An Overview of U.S. Taxation -- 12-2 Taxes and Efficiency -- 12-3 Taxes and Equity -- 12-4 Conclusion: The Trade-Off between Equity and Efficiency.

Chapter in a Nutshell -- Key Concepts -- Questions for Review -- Problems and Applications -- QuickQuiz Answers -- Part V: Firm Behavior and the Organization of Industry -- Chapter 13: The Costs of Production -- 13-1 What Are Costs? -- 13-2 Production and Costs -- 13-3 The Various Measures of Cost -- 13-4 Costs in the Short Run and in the Long Run -- 13-5 Conclusion -- Chapter in a Nutshell -- Key Concepts -- Questions for Review -- Problems and Applications -- QuickQuiz Answers -- Chapter 14: Firms in Competitive Markets -- 14-1 What Is a Competitive Market? -- 14-2 Profit Maximization and the Competitive Firm's Supply Curve -- 14-3 The Supply Curve in a Competitive Market -- 14-4 Conclusion: Behind the Supply Curve -- Chapter in a Nutshell -- Key Concepts -- Questions for Review -- Problems and Applications -- QuickQuiz Answers -- Chapter 15: Monopoly -- 15-1 Why Monopolies Arise -- 15-2 How Monopolies Make Production and Pricing Decisions -- 15-3 The Welfare Cost of Monopolies -- 15-4 Price Discrimination -- 15-5 Public Policy toward Monopolies -- 15-6 Conclusion: The Prevalence of Monopolies -- Chapter in a Nutshell -- Key Concepts -- Questions for Review -- Problems and Applications -- QuickQuiz Answers -- Chapter 16: Monopolistic Competition -- 16-1 Between Monopoly and Perfect Competition -- 16-2 Competition with Differentiated Products -- 16-3 Advertising -- 16-4 Conclusion -- Chapter in a Nutshell -- Key Concepts -- Questions for Review -- Problems and Applications -- QuickQuiz Answers -- Chapter 17: Oligopoly -- 17-1 Markets with Only a Few Sellers -- 17-2 The Economics of Cooperation -- 17-3 Public Policy toward Oligopolies -- 17-4 Conclusion -- Chapter in a Nutshell -- Key Concepts -- Questions for Review -- Problems and Applications -- QuickQuiz Answers -- Part VI: The Economics of Labor Markets.

Chapter 18: The Markets for the Factors of Production -- 18-1 The Demand for Labor -- 18-2 The Supply of Labor -- 18-3 Equilibrium in the Labor Market -- 18-4 The Other Factors of Production: Land and Capital -- 18-5 Conclusion -- Chapter in a Nutshell -- Key Concepts -- Questions for Review -- Problems and Applications -- QuickQuiz Answers -- Chapter 19: Earnings and Discrimination -- 19-1 Some Determinants of Equilibrium Wages -- 19-2 The Economics of Discrimination -- 19-3 Conclusion -- Chapter in a Nutshell -- Key Concepts -- Questions for Review -- Problems and Applications -- QuickQuiz Answers -- Chapter 20: Income Inequality and Poverty -- 20-1 Measuring Inequality -- 20-2 The Political Philosophy of Redistributing Income -- 20-3 Policies to Reduce Poverty -- 20-4 Conclusion -- Chapter in a Nutshell -- Key Concepts -- Questions for Review -- Problems and Applications -- QuickQuiz Answers -- Part VII: Topics for Further Study -- Chapter 21: The Theory of Consumer Choice -- 21-1 The Budget Constraint: What a Consumer Can Afford -- 21-2 Preferences: What a Consumer Wants -- 21-3 Optimization: What a Consumer Chooses -- 21-4 Three Applications -- 21-5 Conclusion: Do People Really Think This Way? -- Chapter in a Nutshell -- Key Concepts -- Questions for Review -- Problems and Applications -- QuickQuiz Answers -- Chapter 22: Frontiers of Microeconomics -- 22-1 Asymmetric Information -- 22-2 Political Economy -- 22-3 Behavioral Economics -- 22-4 Conclusion -- Chapter in a Nutshell -- Key Concepts -- Questions for Review -- Problems and Applications -- QuickQuiz Answers -- Part VIII: The Data of Macroeconomics -- Chapter 23: Measuring a Nation's Income -- 23-1 The Economy's Income and Expenditure -- 23-2 The Measurement of GDP -- 23-3 The Components of GDP -- 23-4 Real versus Nominal GDP -- 23-5 Is GDP a Good Measure of Economic Well-Being?.

23-6 Conclusion -- Chapter in a Nutshell -- Key Concepts -- Questions for Review -- Problems and Applications -- QuickQuiz Answers -- Chapter 24: Measuring the Cost of Living -- 24-1 The Consumer Price Index -- 24-2 Correcting Economic Variables for the Effects of Inflation -- 24-3 Conclusion -- Chapter in a Nutshell -- Key Concepts -- Questions for Review -- Problems and Applications -- QuickQuiz Answers -- Part IX: The Real Economy in the Long Run -- Chapter 25: Production and Growth -- 25-1 Economic Growth around the World -- 25-2 Productivity: Its Role and Determinants -- 25-3 Economic Growth and Public Policy -- 25-4 Conclusion: The Importance of Long-Run Growth -- Chapter in a Nutshell -- Key Concepts -- Questions for Review -- Problems and Applications -- QuickQuiz Answers -- Chapter 26: Saving, Investment, and the Financial System -- 26-1 Financial Institutions in the U.S. Economy -- 26-2 Saving and Investment in the National Income Accounts -- 26-3 The Market for Loanable Funds -- 26-4 Conclusion -- Chapter in a Nutshell -- Key Concepts -- Questions for Review -- Problems and Applications -- QuickQuiz Answers -- Chapter 27: The Basic Tools of Finance -- 27-1 Present Value: Measuring the Time Value of Money -- 27-2 Managing Risk -- 27-3 Asset Valuation -- 27-4 Conclusion -- Chapter in a Nutshell -- Key Concepts -- Questions for Review -- Problems and Applications -- QuickQuiz Answers -- Chapter 28: Unemployment -- 28-1 Identifying Unemployment -- 28-2 Job Search -- 28-3 Minimum-Wage Laws -- 28-4 Unions and Collective Bargaining -- 28-5 The Theory of Efficiency Wages -- 28-6 Conclusion -- Chapter in a Nutshell -- Key Concepts -- Questions for Review -- Problems and Applications -- QuickQuiz Answers -- Part X: Money and Prices in the Long Run -- Chapter 29: The Monetary System -- 29-1 The Meaning of Money -- 29-2 The Federal Reserve System.

29-3 Banks and the Money Supply.

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