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Full Description
Engaging authors, unbiased presentations of essential ideas, and a knack for revealing the 'invisible hand' of economics at work inform the thoroughly updated new edition of Modern Principles, drawing on a wealth of captivating applications to show readers how economics shed light on business, politics, world affairs, and everyday life.
Contents
The Big Ideas The Power of Trade and Comparative Advantage PART I: SUPPLY AND DEMAND Supply and Demand Equilibrium: How Supply and Demand Determine Prices Elasticity and its Applications Appendix: Other Types of Elasticities Appendix: Elasticities with Excel Taxes and Subsidies PART II: THE PRICE SYSTEM The Price System: Signals, Speculation and Prediction Price Ceilings and Price Floors International Trade Externalities: When Prices Send the Wrong Signals PART III: FIRMS AND FACTOR MARKETS Costs Appendix: Using Excel to Graph Cost Curves Competition and the Invisible Hand Monopoly Price Discrimination Appendix: Solving Price Discrimination Problems with Excel Cartels, Oligopolies, and Monopolistic Competition The Economics of Network Goods: Competing for Monopoly Labor Markets PART IV: GOVERNMENT Public Goods and the Tragedy of the Commons Appendix: The Tragedy of the Commons: How Fast? Political Economy and Public Choice Economics, Ethics and Public Policy PART V: DECISION MAKING FOR BUSINESSES, INVESTORS, AND CONSUMERS Managing Incentives Stock Markets and Personal Finance Consumer Choice PART VI: ECONOMIC GROWTH GDP and The Measurement of Progress The Wealth of Nations and Economic Growth Appendix: The Magic of Compound Growth: Using a Spreadsheet Growth, Capital Accumulation and the Economics of Ideas: Catching Up vs. The Cutting Edge Appendix: Excellent Growth Savings, Investment, and the Financial System Appendix: Bond Pricing and Arbitrage PART VII: BUSINESS FLUCTUATIONS Unemployment and Labor Force Participation Inflation and the Quantity Theory of Money Appendix: Get Real! An Excellent Adventure Business Fluctuations: Aggregate Demand and Supply Transmission and Amplification Mechanisms Appendix: Business Fluctuations and the Solow Model PART VIII: MACROECONOMIC POLICY AND INSTITUTIONS The Federal Reserve System and Open Market Operations Appendix: The Money Multiplier Process in Detail Monetary Policy The Federal Budget: Taxes and Spending Fiscal Policy PART IX: INTERNATIONAL ECONOMICS International Finance
