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Economics: Theory Through Application

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Economics: Theory Through Application

The intended audience of the textbook is first-year undergraduates taking courses on the principles of macroeconomics and microeconomics. Many may never take another economics course. We aim to increase their economic literacy both by developing their aptitude for economic thinking and by presenting key insights about economics that every educated individual should know.

EconomicsSocial Sciences
Author
LibreTexts
Publisher
LibreTexts
Source
LibreTexts
License
CC BY-NC-SA
Language
EN
Category
Economics
Read online Download PDF (open licence)
Contents· 251 sections
  1. 01: What Is Economics
  2. 1.01: Microeconomics in a Fast-Food Restaurant
  3. 1.02: Macroeconomics in a Fast-Food Restaurant
  4. 1.03: What Is Economics Really
  5. 1.04: End-of-Chapter Material
  6. 02: Microeconomics in Action
  7. 2.01: Four Examples of Microeconomics
  8. 2.02: The Microeconomic Approach
  9. 2.03: End-of-Chapter Material
  10. 03: Macroeconomics in Action
  11. 3.01: Four Examples of Macroeconomics
  12. 3.02: Behind the Screens
  13. 3.03: Between News and Policy- The Framework of Macroeconomics
  14. 3.04: End-of-Chapter Material
  15. 04: Everyday Decisions
  16. 4.01: You and Your Choices
  17. 4.02: Individual Decision Making- How You Spend Your Income
  18. 4.03: Individual Demand
  19. 4.04: Individual Decision Making- How You Spend Your Time
  20. 4.05: End-of-Chapter Material
  21. 05: Life Decisions
  22. 5.01: Life Choices
  23. 5.02: Consumption and Saving
  24. 5.03: Using Discounted Present Values
  25. 5.04: Avoiding Risk
  26. 5.05: Embracing Risk
  27. 5.06: End-of-Chapter Material
  28. 06: eBay and craigslist
  29. 6.01: Buying on the Internet
  30. 6.02: craigslist and the Gains from Trade
  31. 6.03: eBay
  32. 6.04: Supply and Demand
  33. 6.05: Production Possibilities
  34. 6.06: End-of-Chapter Material
  35. 07: Where Do Prices Come From
  36. 7.01: The Price of a Pill
  37. 7.02: The Goal of a Firm
  38. 7.03: The Revenues of a Firm
  39. 7.04: The Costs of a Firm
  40. 7.05: Markup Pricing- Combining Marginal Revenue and Marginal Cost
  41. 7.06: The Supply Curve of a Competitive Firm
  42. 7.07: End-of-Chapter Material
  43. 08: Why Do Prices Change
  44. 8.01: Prices in the News
  45. 8.02: Market Supply and Market Demand
  46. 8.03: Using the Supply-and-Demand Framework
  47. 8.04: Another Perspective on Changing Prices
  48. 8.05: Three Important Markets
  49. 8.06: Beyond Perfect Competition
  50. 8.07: End-of-Chapter Material
  51. 8.08: Appendix- Algebraic Presentation of Supply and Demand
  52. 09: Growing Jobs
  53. 9.01: Changing Jobs
  54. 9.02: How Do Firms Decide How Many Hours of Labor to Hire
  55. 9.03: Entry and Exit
  56. 9.04: Search
  57. 9.05: Government Policies
  58. 9.06: End-of-Chapter Material
  59. 10: Making and Losing Money on Wall Street
  60. 10.01: Financial Roller Coasters
  61. 10.02: A Walk Down Wall Street
  62. 10.03: The Value of an Asset
  63. 10.04: Asset Markets and Asset Prices
  64. 10.05: Efficient Markets
  65. 10.06: End-of-Chapter Material
  66. 10.07: Appendix- A General Formulation of Discounted Present Value
  67. 11: Raising the Wage Floor
  68. 11.01: Working at Minimum Wage
  69. 11.02: Nominal Wages and Real Wages
  70. 11.03: The Effects of a Minimum Wage
  71. 11.04: Minimum Wage Changes
  72. 11.05: The Minimum Wage and the Distribution of Income
  73. 11.06: Empirical Evidence on Minimum Wages
  74. 11.07: End-of-Chapter Material
  75. 12: Barriers to Trade and the Underground Economy
  76. 12.01: An Unusual Shopping List
  77. 12.02: How the Government Controls What You Buy and Sell
  78. 12.03: Limits on Trade across Borders
  79. 12.04: Government and the Labor Market
  80. 12.05: End-of-Chapter Material
  81. 13: Superstars
  82. 13.01: Rich and Richer
  83. 13.02: Facts about Inequality
  84. 13.03: The Sources of Inequality
  85. 13.04: Distributive Justice
  86. 13.05: Government Policy
  87. 13.06: End-of-Chapter Material
  88. 14: Cleaning Up the Air and Using Up the Oil
  89. 14.01: Dirty Travels
  90. 14.02: The Economics of Clean Air
  91. 14.03: Externalities
  92. 14.04: Renewable Nonrenewable and Accumulable Resources
  93. 14.05: End-of-Chapter Material
  94. 14.06: Appendix- An Example of the Hotelling Rule in Operation
  95. 15: Busting Up Monopolies
  96. 15.01: Working for Antitrust
  97. 15.02: Market Power and Monopoly
  98. 15.03: Patents and Copyright
  99. 15.04: Markets with a Small Number of Sellers
  100. 15.05: End-of-Chapter Material
  101. 16: A Healthy Economy
  102. 16.01: The Cost of Health Care
  103. 16.02: Supply and Demand in Health-Care Markets
  104. 16.03: Health Insurance
  105. 16.04: Government Policy
  106. 16.05: End-of-Chapter Material
  107. 17: Cars
  108. 17.01: Looking into Cars
  109. 17.02: The Demand for Automobiles
  110. 17.03: Supply of Cars
  111. 17.04: Market Outcomes in the Automobile Industry
  112. 17.05: Policy Issues
  113. 17.06: End-of-Chapter Material
  114. 18: The State of the Economy
  115. 18.01: The IMF Comes to Town
  116. 18.02: Measuring Economic Activity
  117. 18.03: Measuring Prices and Inflation
  118. 18.04: The Circular Flow of Income
  119. 18.05: The Meaning of Real GDP
  120. 18.06: End-of-Chapter Material
  121. 19: The Interconnected Economy
  122. 19.01: A Financial Crisis in the News
  123. 19.02: Housing Supply and Demand
  124. 19.03: Comparative Statics- Changes in the Price of Housing
  125. 19.04: Three Important Markets
  126. 19.05: Linkages across Markets
  127. 19.06: End-of-Chapter Material
  128. 20: Globalization and Competitiveness
  129. 20.01: Five Stories
  130. 20.02: The Production of Real GDP
  131. 20.03: Labor in the Aggregate Production Function
  132. 20.04: Physical Capital in the Aggregate Production Function
  133. 20.05: Section 5-
  134. 20.06: Accounting for Changes in GDP
  135. 20.07: Globalization and Competitiveness Revisited
  136. 20.08: End-of-Chapter Material
  137. 21: Global Prosperity and Global Poverty
  138. 21.01: Life Around the World
  139. 21.02: The Single-Person Economy
  140. 21.03: Four Reasons Why GDP Varies across Countries
  141. 21.04: The Accumulation of Physical Capital
  142. 21.05: Balanced Growth
  143. 21.06: The Role of International Institutions in Promoting Growth
  144. 21.07: End-of-Chapter Material
  145. 22: The Great Depression
  146. 22.01: Lessons from History
  147. 22.02: What Happened during the Great Depression?
  148. 22.03: The Great Depression- A Decrease in Potential Output?
  149. 22.04: The Components of GDP during the Great Depression
  150. 22.05: The Great Depression- A Decrease in Aggregate Spending?
  151. 22.06: Policy Interventions and the Great Depression
  152. 22.07: End-of-Chapter Material
  153. 23: Jobs in the Macroeconomy
  154. 23.01: Taking to the Streets
  155. 23.02: Unemployment
  156. 23.03: Job and Worker Flows
  157. 23.04: Hours Worked
  158. 23.05: The Government and the Labor Market
  159. 23.06: End-of-Chapter Material
  160. 24: Money- A Users Guide
  161. 24.01: The Color of Money
  162. 24.02: What Is Money?
  163. 24.03: Using Money to Buy Goods and Services
  164. 24.04: Using Money to Buy Other Monies- Exchange Rates
  165. 24.05: Using Money to Buy Assets- Interest Rates
  166. 24.06: End-of-Chapter Material
  167. 25: Understanding the Fed
  168. 25.01: Money and Power
  169. 25.02: Central Banks
  170. 25.03: The Monetary Transmission Mechanism
  171. 25.04: Monetary Policy, Prices, and Inflation
  172. 25.05: Monetary Policy in the Open Economy
  173. 25.06: The Tools of the Fed
  174. 25.07: The Fed in Action
  175. 25.08: End-of-Chapter Material
  176. 26: Inflations Big and Small
  177. 26.01: Rising Prices
  178. 26.02: The Quantity Theory of Money
  179. 26.03: Facts about Inflation and Money Growth
  180. 26.04: The Causes of Inflation
  181. 26.05: The Costs of Inflation
  182. 26.06: Policy Remedies
  183. 26.07: End-of-Chapter Material
  184. 27: Income Taxes
  185. 27.01: Tax Day
  186. 27.02: Basic Concepts of Taxation
  187. 27.03: The Kennedy Tax Cut of 1964
  188. 27.04: Income Taxes and Saving
  189. 27.05: The Reagan Tax Cut
  190. 27.06: End-of-Chapter Material
  191. 28: Social Security
  192. 28.01: Death and Taxes
  193. 28.02: Individual and Government Perspectives on Social Security
  194. 28.03: A Model of Consumption
  195. 28.04: Social Security in Crisis
  196. 28.05: The Benefits and Costs of a Social Security System
  197. 28.06: Social Security in the Real World
  198. 28.07: End-of-Chapter Material
  199. 29: Balancing the Budget
  200. 29.01: 24,211,075,873,711.89
  201. 29.02: Deficits and Debt
  202. 29.03: The Causes of Budget Deficits
  203. 29.04: The Benefits of Deficits
  204. 29.05: The Costs of Deficits
  205. 29.06: The Ricardian Perspective
  206. 29.07: End-of-Chapter Material
  207. 30: The Global Financial Crisis
  208. 30.01: A World in Crisis
  209. 30.02: The Financial Crisis in the United States
  210. 30.03: New Page
  211. 30.04: New Page
  212. 30.05: New Page
  213. 30.6: End-of-Chapter Material
  214. 31: Toolkit
  215. 31.01: New Page
  216. 31.02: New Page
  217. 31.03: New Page
  218. 31.04: New Page
  219. 31.05: New Page
  220. 31.06: New Page
  221. 31.07: New Page
  222. 31.08: New Page
  223. 31.09: New Page
  224. 31.10: Supply and Demand
  225. 31.11: Buyer Surplus and Seller Surplus
  226. 31.12: Efficiency and Deadweight Loss
  227. 31.13: Production Possibilities Frontier
  228. 31.14: Comparative Advantage
  229. 31.15: Pricing with Market Power
  230. 31.16: Pricing with Market Power
  231. 31.17: Comparative Statics
  232. 31.18: Production Function
  233. 31.19: Nash Equilibrium
  234. 31.20: Externalities and Public Goods
  235. 31.21: Foreign Exchange Market
  236. 31.22: Growth Rates
  237. 31.23: Mean and Variance
  238. 31.24: Correlation and Causality
  239. 31.25: The Credit (Loan) Market (Macro)
  240. 31.26: The Fisher Equation: Nominal and Real Interest Rates
  241. 31.27: The Aggregate Production Function
  242. 31.28: The Circular Flow of Income
  243. 31.29: Growth Accounting
  244. 31.30: The Solow Growth Model
  245. 31.31: The Aggregate Expenditure Model
  246. 31.32: Price Adjustment
  247. 31.33: Consumption and Saving
  248. 31.34: The Government Budget Constraint
  249. 31.35: The Life-Cycle Model of Consumption
  250. 31.36: Aggregate Supply and Aggregate Demand
  251. 31.37: The IS-LM Model