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Principles of Economics

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Principles of Economics

This book is intended for a two-semester course in Economics taught out of the social sciences or business school. Principles of Economics aims to teach considerable range and depth of Economic concepts through an approachable style and methodology. The authors take a three-pronged approach to every chapter: The concept is covered with a “Heads Up” to ward off confusion, a real-world application for that concept, and a “You Try It” section to make sure students are staying on top of the concept.

EconomicsSocial Sciences
Author
LibreTexts
Publisher
LibreTexts
Source
LibreTexts
License
CC BY-NC-SA
Language
EN
Category
Economics
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Contents· 167 sections
  1. 01: Economics: The Study of Choice
  2. 1.1: Defining Economics
  3. 1.2: The Field of Economics
  4. 1.3: The Economists Tool Kit
  5. 1.4: Review and Practice
  6. 02: Confronting Scarcity: Choices in Production
  7. 2.1: Factors of Production
  8. 2.2: The Production Possibilities Curve
  9. 2.3: Applications of the Production Possibilities Model
  10. 2.4: Review and Practice
  11. 03: Demand and Supply
  12. 3.1: Demand
  13. 3.2: Supply
  14. 3.3: Demand Supply and Equilibrium
  15. 3.4: Review and Practice
  16. 04: Applications of Demand and Supply
  17. 4.1: Putting Demand and Supply to Work
  18. 4.2: Government Intervention in Market Prices - Price Floors and Price Ceilings
  19. 4.3: The Market for Health-Care Services
  20. 4.4: Review and Practice
  21. 05: Elasticity: A Measure of Response
  22. 5.1: The Price Elasticity of Demand
  23. 5.2: Responsiveness of Demand to Other Factors
  24. 5.3: Price Elasticity of Supply
  25. 5.4: Review and Practice
  26. 06: Markets Maximizers and Efficiency
  27. 6.1: The Logic of Maximizing Behavior
  28. 6.2: Maximizing in the Marketplace
  29. 6.3: Market Failure
  30. 6.4: Review And Practice
  31. 07: The Analysis of Consumer Choice
  32. 7.1: The Concept of Utility
  33. 7.2: Utility Maximization and Demand
  34. 7.3: Indifference Curve Analysis: An Alternative Approach to Understanding Consumer Choice
  35. 7.4: Review and Practice
  36. 08: Production and Cost
  37. 8.1: Production Choices and Costs: The Short Run
  38. 8.2: Production Choices and Costs: The Long Run
  39. 8.3: Review and Practice
  40. 09: Competitive Markets for Goods and Services
  41. 9.1: Perfect Competition: A Model
  42. 9.2: Output Determination in the Short Run
  43. 9.3: Perfect Competition in the Long Run
  44. 9.4: Review and Practice
  45. 10: Monopoly
  46. 10.1: The Nature of Monopoly
  47. 10.2: The Monopoly Model
  48. 10.3: Assessing Monopoly
  49. 10.4: Review and Practice
  50. 11: The World of Imperfect Competition
  51. 11.1: Monopolistic Competition: Competition Among Many
  52. 11.2: Oligopoly: Competition Among the Few
  53. 11.3: Extensions of Imperfect Competition: Advertising and Price Discrimination
  54. 11.4: Review and Practice
  55. 12: Wages and Employment in Perfect Competition
  56. 12.1: The Demand for Labor
  57. 12.2: The Supply of Labor
  58. 12.3: Labor Markets at Work
  59. 12.4: Review and Practice
  60. 13: Interest Rates and the Markets for Capital and Natural Resources
  61. 13.1: Time and Interest Rates
  62. 13.2: Interest Rates and Capital
  63. 13.3: Natural Resources and Conservation
  64. 13.4: Review and Practice
  65. 14: Imperfectly Competitive Markets for Factors of Production
  66. 14.1: Price-Setting Buyers: The Case of Monopsony
  67. 14.2: Monopsony and the Minimum Wage
  68. 14.3: Price Setters on the Supply Side
  69. 14.4: Review and Practice
  70. 15: Public Finance and Public Choice
  71. 15.1: The Role of Government in a Market Economy
  72. 15.2: Financing Government
  73. 15.3: Choices in the Public Sector
  74. 15.4: Review and Practice
  75. 16: Antitrust Policy and Business Regulation
  76. 16.1: Antitrust Laws and Their Interpretation
  77. 16.2: Antitrust and Competitiveness in a Global Economy
  78. 16.3: Regulation: Protecting People from the Market
  79. 16.4: Review and Practice
  80. 17: International Table
  81. 17.1: The Gains from Trade
  82. 17.2: Two-Way Trade
  83. 17.3: Restrictions on International Trade
  84. 17.4: Review and Practice
  85. 18: The Economics of the Environment
  86. 18.1: Maximizing the Net Benefits of Pollution
  87. 18.2: Alternatives in Pollution Control
  88. 18.3: Review and Practice
  89. 19: Inequality Poverty and Discrimination
  90. 19.1: Income Inequality
  91. 19.2: The Economics of Poverty
  92. 19.3: The Economics of Discrimination
  93. 19.4: Review and Practice
  94. 20: Macroeconomics: The Big Picture
  95. 20.1: Growth of Real GDP and Business Cycles
  96. 20.2: Price-Level Changes
  97. 20.3: Unemployment
  98. 20.4: Review and Practice
  99. 21: Measuring Total Output and Income
  100. 21.1: Measuring Total Output
  101. 21.2: Measuring Total Income
  102. 21.3: GDP and Economic Well-Being
  103. 21.4: Review and Practice
  104. 22: Aggregate Demand and Aggregate Supply
  105. 22.1: Aggregate Demand
  106. 22.2: Aggregate Demand and Aggregate Supply: The Long Run and the Short Run
  107. 22.3: Recessionary and Inflationary Gaps and Long-Run Macroeconomic Equilibrium
  108. 22.4: Review and Practice
  109. 23: Economic Growth
  110. 23.1: The Significance of Economic Growth
  111. 23.2: Growth and the Long-Run Aggregate Supply Curve
  112. 23.3: Determinants of Economic Growth
  113. 23.4: Review and Practice
  114. 24: The Nature and Creation of Money
  115. 24.1: What Is Money
  116. 24.2: The Banking System and Money Creation
  117. 24.3: The Federal Reserve System
  118. 24.4: Review and Practice
  119. 25: Financial Markets and the Economy
  120. 25.1: The Bond and Foreign Exchange Markets
  121. 25.2: Demand Supply and Equilibrium in the Money Market
  122. 25.3: Review and Practice
  123. 26: Monetary Policy and the Fed
  124. 26.1: Monetary Policy in the United States
  125. 26.2: Problems and Controversies of Monetary Policy
  126. 26.3: Monetary Policy and the Equation of Exchange
  127. 26.4: Review and Practice
  128. 27: Government and Fiscal Policy
  129. 27.1: Government and the Economy
  130. 27.2: The Use of Fiscal Policy to Stabilize the Economy
  131. 27.3: Issues in Fiscal Policy
  132. 27.4: Review and Practice
  133. 28: Consumption and the Aggregate Expenditures Model
  134. 28.1: Determining the Level of Consumption
  135. 28.2: The Aggregate Expenditures Model
  136. 28.3: Aggregate Expenditures and Aggregate Demand
  137. 28.4: Review and Practice
  138. 29: Investment and Economic Activity
  139. 29.1: The Role and Nature of Investment
  140. 29.2: Determinants of Investment
  141. 29.3: Investment and the Economy
  142. 29.4: Review and Practice
  143. 30: Net Exports and International Finance
  144. 30.1: The International Sector: An Introduction
  145. 30.2: International Finance
  146. 30.3: Exchange Rate Systems
  147. 30.4: Review and Practice
  148. 31: Inflation and Unemployment
  149. 31.1: Relating Inflation and Unemployment
  150. 31.2: Explaining InflationUnemployment Relationships
  151. 31.3: Inflation and Unemployment in the Long Run
  152. 31.4: Review and Practice
  153. 32: A Brief History of Macroeconomic Thought and Policy
  154. 32.1: The Great Depression and Keynesian Economics
  155. 32.2: Keynesian Economics in the 1960s and 1970s
  156. 32.3: 32.3:. An Emerging Consensus: Macroeconomics for the Twenty-First Century
  157. 32.4: Review and Practice
  158. 33: Economic Development
  159. 33.1: The Nature and Challenge of Economic Development
  160. 33.2: Population Growth and Economic Development
  161. 33.3: Keys to Economic Development
  162. 33.4: Review and Practice
  163. 34: Socialist Economies in Transition
  164. 34.1: The Theory and Practice of Socialism
  165. 34.2: Socialist Systems in Action
  166. 34.3: Economies in Transition: China and Russia
  167. 34.4: Review and Practice