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Principles of Macroeconomics 3e

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Principles of Macroeconomics 3e

Principles of Macroeconomics has been developed to meet the scope and sequence of most introductory macroeconomics courses. At the same time, the book includes a number of innovative features designed to enhance student learning. Instructors can also customize the book, adapting it to the approach that works best in their classroom.

EconomicsSocial Sciences
Author
OpenStax
Publisher
LibreTexts
Source
LibreTexts
License
CC BY
Language
EN
Category
Economics
Read online Download PDF (open licence)
Contents· 285 sections
  1. 01: Welcome to Economics
  2. 1.01: Introduction
  3. 1.02: What Economics Is and Why is it Important
  4. 1.03: Microeconomics and Macroeconomics
  5. 1.04: How Economists Use Theories and Models to Understand Economic Issues
  6. 1.05: How Economies Can Be Organized- An Overview of Economic Systems
  7. 1.06: Key Terms
  8. 1.07: Key Concepts and Summary
  9. 1.08: Self-Check Questions
  10. 1.09: Review Questions
  11. 1.10: Critical Thinking Questions
  12. 02: Choice in a World of Scarcity
  13. 2.01: Introduction to Choice in a World of Scarcity
  14. 2.02: How Individuals Make Choices Based on Their Budget Constraint
  15. 2.03: The Production Possibilities Frontier and Social Choices
  16. 2.04: Confronting Objections to the Economic Approach
  17. 2.05: Key Terms
  18. 2.06: Key Concepts and Summary
  19. 2.07: Self-Check Questions
  20. 2.08: Review Questions
  21. 2.09: Critical Thinking Questions
  22. 2.10: Problems
  23. 03: Demand and Supply
  24. 3.01: Introduction to Demand and Supply
  25. 3.02: Demand Supply and Equilibrium in Markets for Goods and Services
  26. 3.03: Shifts in Demand and Supply for Goods and Services
  27. 3.04: Changes in Equilibrium Price and Quantity- The Four-Step Process
  28. 3.05: Price Ceilings and Price Floors
  29. 3.06: Demand Supply and Efficiency
  30. 3.07: Key Terms
  31. 3.08: Key Concepts and Summary
  32. 3.09: Self-Check Questions
  33. 3.10: Review Questions
  34. 3.11: Critical Thinking Questions
  35. 3.12: Problems
  36. 04: Labor and Financial Markets
  37. 4.01: Introduction to Labor and Financial Markets
  38. 4.02: Demand and Supply at Work in Labor Markets
  39. 4.03: Demand and Supply in Financial Markets
  40. 4.04: The Market System as an Efficient Mechanism for Information
  41. 4.05: Key Terms
  42. 4.06: Key Concepts and Summary
  43. 4.07: Self-Check Questions
  44. 4.08: Review Questions
  45. 4.09: Critical Thinking Questions
  46. 4.10: Problems
  47. 05: Elasticity
  48. 5.01: Introduction to Elasticity
  49. 5.02: Price Elasticity of Demand and Price Elasticity of Supply
  50. 5.03: Polar Cases of Elasticity and Constant Elasticity
  51. 5.04: Elasticity and Pricing
  52. 5.05: Elasticity in Areas Other Than Price
  53. 5.06: Key Terms
  54. 5.07: Key Concepts and Summary
  55. 5.08: Self-Check Questions
  56. 5.09: Review Questions
  57. 5.10: Critical Thinking Questions
  58. 5.11: Problems
  59. 06: The Macroeconomic Perspective
  60. 6.01: Introduction to the Macroeconomic Perspective
  61. 6.02: Measuring the Size of the Economy- Gross Domestic Product
  62. 6.03: Adjusting Nominal Values to Real Values
  63. 6.04: Tracking Real GDP over Time
  64. 6.05: Comparing GDP among Countries
  65. 6.06: How Well GDP Measures the Well-Being of Society
  66. 6.07: Key Terms
  67. 6.08: Key Concepts and Summary
  68. 6.09: Self-Check Questions
  69. 6.10: Review Questions
  70. 6.11: Critical Thinking Questions
  71. 6.12: Problems
  72. 07: Economic Growth
  73. 7.01: Introduction to Economic Growth
  74. 7.02: The Relatively Recent Arrival of Economic Growth
  75. 7.03: Labor Productivity and Economic Growth
  76. 7.04: Components of Economic Growth
  77. 7.05: Economic Convergence
  78. 7.06: Key Terms
  79. 7.07: Key Concepts and Summary
  80. 7.08: Self-Check Questions
  81. 7.09: Review Questions
  82. 7.10: Critical Thinking Questions
  83. 7.11: Problems
  84. 08: Unemployment
  85. 8.01: Introduction to Unemployment
  86. 8.02: How Economists Define and Compute Unemployment Rate
  87. 8.03: Patterns of Unemployment
  88. 8.04: What Causes Changes in Unemployment over the Short Run
  89. 8.05: What Causes Changes in Unemployment over the Long Run
  90. 8.06: Key Terms
  91. 8.07: Key Concepts and Summary
  92. 8.08: Self-Check Questions
  93. 8.09: Review Questions
  94. 8.10: Critical Thinking Questions
  95. 8.11: Problems
  96. 09: Inflation
  97. 9.01: Introduction to Inflation
  98. 9.02: Tracking Inflation
  99. 9.03: How to Measure Changes in the Cost of Living
  100. 9.04: How the U.S. and Other Countries Experience Inflation
  101. 9.05: The Confusion Over Inflation
  102. 9.06: Indexing and Its Limitations
  103. 9.07: Key Terms
  104. 9.08: Key Concepts and Summary
  105. 9.09: Self-Check Questions
  106. 9.10: Review Questions
  107. 9.11: Critical Thinking Questions
  108. 9.12: Problems
  109. 10: The International Trade and Capital Flows
  110. 10.01: Introduction to the International Trade and Capital Flows
  111. 10.02: Measuring Trade Balances
  112. 10.03: Trade Balances in Historical and International Context
  113. 10.04: Trade Balances and Flows of Financial Capital
  114. 10.05: The National Saving and Investment Identity
  115. 10.06: The Pros and Cons of Trade Deficits and Surpluses
  116. 10.07: The Difference between Level of Trade and the Trade Balance
  117. 10.08: Key Terms
  118. 10.09: Key Concepts and Summary
  119. 10.10: Self-Check Questions
  120. 10.11: Review Questions
  121. 10.12: Critical Thinking Questions
  122. 10.13: Problems
  123. 11: The Aggregate Demand Aggregate Supply Model
  124. 11.01: Introduction to the Aggregate Demand Aggregate Supply Model
  125. 11.02: Macroeconomic Perspectives on Demand and Supply
  126. 11.03: Building a Model of Aggregate Demand and Aggregate Supply
  127. 11.04: Shifts in Aggregate Supply
  128. 11.05: Shifts in Aggregate Demand
  129. 11.06: How the AD AS Model Incorporates Growth Unemployment and Inflation
  130. 11.07: Keynes Law and Says Law in the AD AS Model
  131. 11.08: Key Terms
  132. 11.09: Key Concepts and Summary
  133. 11.10: Self-Check Questions
  134. 11.11: Review Questions
  135. 11.12: Critical Thinking Questions
  136. 11.13: Problems
  137. 12: The Keynesian Perspective
  138. 12.01: Introduction to the Keynesian Perspective
  139. 12.02: Aggregate Demand in Keynesian Analysis
  140. 12.03: The Building Blocks of Keynesian Analysis
  141. 12.04: The Phillips Curve
  142. 12.05: The Keynesian Perspective on Market Forces
  143. 12.06: Key Terms
  144. 12.07: Key Concepts and Summary
  145. 12.08: Self-Check Questions
  146. 12.09: Review Questions
  147. 12.10: Critical Thinking Questions
  148. 13: The Neoclassical Perspective
  149. 13.01: Introduction to the Neoclassical Perspective
  150. 13.02: The Building Blocks of Neoclassical Analysis
  151. 13.03: The Policy Implications of the Neoclassical Perspective
  152. 13.04: Balancing Keynesian and Neoclassical Models
  153. 13.05: Key Terms
  154. 13.06: Key Concepts and Summary
  155. 13.07: Self-Check Questions
  156. 13.08: Review Questions
  157. 13.09: Critical Thinking Questions
  158. 13.10: Problems
  159. 14: Money and Banking
  160. 14.01: Introduction to Money and Banking
  161. 14.02: Defining Money by Its Functions
  162. 14.03: Measuring Money- Currency M1 and M2
  163. 14.04: The Role of Banks
  164. 14.05: How Banks Create Money
  165. 14.06: Key Terms
  166. 14.07: Key Concepts and Summary
  167. 14.08: Self-Check Questions
  168. 14.09: Review Questions
  169. 14.10: Critical Thinking Questions
  170. 14.11: Problems
  171. 15: Monetary Policy and Bank Regulation
  172. 15.01: Introduction to Monetary Policy and Bank Regulation
  173. 15.02: The Federal Reserve Banking System and Central Banks
  174. 15.03: Bank Regulation
  175. 15.04: How a Central Bank Executes Monetary Policy
  176. 15.05: Monetary Policy and Economic Outcomes
  177. 15.06: Pitfalls for Monetary Policy
  178. 15.07: Key Terms
  179. 15.08: Key Concepts and Summary
  180. 15.09: Self-Check Questions
  181. 15.10: Review Questions
  182. 15.11: Critical Thinking Questions
  183. 15.12: Problems
  184. 16: Exchange Rates and International Capital Flows
  185. 16.01: Introduction to Exchange Rates and International Capital Flows
  186. 16.02: How the Foreign Exchange Market Works
  187. 16.03: Demand and Supply Shifts in Foreign Exchange Markets
  188. 16.04: Macroeconomic Effects of Exchange Rates
  189. 16.05: Exchange Rate Policies
  190. 16.06: Key Terms
  191. 16.07: Key Concepts and Summary
  192. 16.08: Self-Check Questions
  193. 16.09: Review Questions
  194. 16.10: Critical Thinking Questions
  195. 16.11: Problems
  196. 17: Government Budgets and Fiscal Policy
  197. 17.01: Introduction to Government Budgets and Fiscal Policy
  198. 17.02: Government Spending
  199. 17.03: Taxation
  200. 17.04: Federal Deficits and the National Debt
  201. 17.05: Using Fiscal Policy to Fight Recession Unemployment and Inflation
  202. 17.06: Automatic Stabilizers
  203. 17.07: Practical Problems with Discretionary Fiscal Policy
  204. 17.08: The Question of a Balanced Budget
  205. 17.09: Key Terms
  206. 17.10: Key Concepts and Summary
  207. 17.11: Self-Check Questions
  208. 17.12: Review Questions
  209. 17.13: Critical Thinking Questions
  210. 17.14: Problems
  211. 18: The Impacts of Government Borrowing
  212. 18.01: Introduction to the Impacts of Government Borrowing
  213. 18.02: How Government Borrowing Affects Investment and the Trade Balance
  214. 18.03: Fiscal Policy and the Trade Balance
  215. 18.04: How Government Borrowing Affects Private Saving
  216. 18.05: Fiscal Policy Investment and Economic Growth
  217. 18.06: Key Terms
  218. 18.07: Key Concepts and Summary
  219. 18.08: Self-Check Questions
  220. 18.09: Review Questions
  221. 18.10: Critical Thinking Questions
  222. 18.11: Problems
  223. 19: Macroeconomic Policy Around the World
  224. 19.01: Introduction to Macroeconomic Policy around the World
  225. 19.02: The Diversity of Countries and Economies across the World
  226. 19.03: Improving Countries Standards of Living
  227. 19.04: Causes of Unemployment around the World
  228. 19.05: Causes of Inflation in Various Countries and Regions
  229. 19.06: Balance of Trade Concerns
  230. 19.07: Key Terms
  231. 19.08: Key Concepts and Summary
  232. 19.09: Self-Check Questions
  233. 19.10: Review Questions
  234. 19.11: Critical Thinking Questions
  235. 19.12: Problems
  236. 20: International Trade
  237. 20.01: Introduction to International Trade
  238. 20.02: Absolute and Comparative Advantage
  239. 20.03: What Happens When a Country Has an Absolute Advantage in All Goods
  240. 20.04: Intra-industry Trade between Similar Economies
  241. 20.05: The Benefits of Reducing Barriers to International Trade
  242. 20.06: Key Terms
  243. 20.07: Key Concepts and Summary
  244. 20.08: Self-Check Questions
  245. 20.09: Review Questions
  246. 20.10: Critical Thinking Questions
  247. 20.11: Problems
  248. 21: Globalization and Protectionism
  249. 21.01: Introduction to Globalization and Protectionism
  250. 21.02: Protectionism- An Indirect Subsidy from Consumers to Producers
  251. 21.03: International Trade and Its Effects on Jobs Wages and Working Conditions
  252. 21.04: Arguments in Support of Restricting Imports
  253. 21.05: How Governments Enact Trade Policy- Globally Regionally and Nationally
  254. 21.06: The Tradeoffs of Trade Policy
  255. 21.07: Key Terms
  256. 21.08: Key Concepts and Summary
  257. 21.09: Self-Check Questions
  258. 21.10: Review Questions
  259. 21.11: Critical Thinking Questions
  260. 21.12: Problems
  261. 22: Appendix
  262. 22.01: Appendix A- The Use of Mathematics in Principles of Economics
  263. 22.02: Appendix B- The Expenditure-Output Model
  264. 22.03: Answer Key
  265. 22.3.01: Chapter 1
  266. 22.3.02: Chapter 2
  267. 22.3.03: Chapter 3
  268. 22.3.04: Chapter 4
  269. 22.3.05: Chapter 5
  270. 22.3.06: Chapter 6
  271. 22.3.07: Chapter 7
  272. 22.3.08: Chapter 8
  273. 22.3.09: Chapter 9
  274. 22.3.10: Chapter 10
  275. 22.3.11: Chapter 11
  276. 22.3.12: Chapter 12
  277. 22.3.13: Chapter 13
  278. 22.3.14: Chapter 14
  279. 22.3.15: Chapter 15
  280. 22.3.16: Chapter 16
  281. 22.3.17: Chapter 17
  282. 22.3.18: Chapter 18
  283. 22.3.19: Chapter 19
  284. 22.3.20: Chapter 20
  285. 22.3.21: Chapter 21