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Contents Publisher Information Chapter Economics The Study of Choice Defining Economics The Field of Economics The Economists Tool Kit 17 Review and Practice 23 Chapter Confronting Scarcity Choices in Production Factors of Production 28 The Production Possibilities Curve 34 Applications of the Production Possibilities Model 51 Review and Practice 63 Chapter Demand and Supply Demand 71 Supply 81 Demand , Supply , and Equilibrium 90 Review and Practice 105 Chapter Applications of Demand and Supply Putting Demand and Supply to Work 113 Government Intervention in Market Prices Price Floors and Price Ceilings 124 The Market for Services 134 Review and Practice 141 Chapter Elasticity A Measure of Response The Price Elasticity of Demand 145 Responsiveness of Demand to Other Factors 161 Price Elasticity of Supply 167 Review and Practice 177
Chapter Markets , and The Logic of Maximizing Behavior Maximizing in the Marketplace Market Failure Review And Practice Chapter The Analysis of Consumer Choice The Concept of Utility Utility Maximization and Demand Indifference Curve Analysis An Alternative Approach to Understanding Consumer Choice Review and Practice Chapter Production and Cost Production Choices and Costs The Short Run Production Choices and Costs The Long Run Review and Practice Chapter Competitive Markets for Goods and Services Perfect Competition A Model Output Determination in the Short Run Perfect Competition in the Long Run Review and Practice Chapter 10 Monopoly The Nature of Monopoly The Monopoly Model Assessing Monopoly Review and Practice Chapter 11 The World of Imperfect Competition Monopolistic Competition Competition Among Many Oligopoly Competition Among the Few Extensions of Imperfect Competition Advertising and Price Discrimination Review and Practice 183 199 208 219 224 234 245 259 265 284 293 299 305 320 331 337 343 355 363 368 376 389 397
Chapter 12 Wages and Employment in Perfect Competition The Demand for Labor 404 The Supply of Labor 413 Labor Markets at Work 421 Review and Practice 429 Chapter 13 Interest Rates and the Markets for Capital and Natural Resources Time and Interest Rates 436 Interest Rates and Capital 443 Natural Resources and Conservation 456 Review and Practice 467 Chapter 14 Imperfectly Competitive Markets for Factors of Production Buyers The Case of Monopsony 473 Monopsony and the Minimum Wage 488 Price Setters on the Supply Side 494 Review and Practice 503 Chapter 15 Public Finance and Public Choice The Role of Government in a Market Economy 508 Financing Government 521 Choices in the Public Sector 533 Review and Practice 539 Chapter 16 Antitrust Policy and Business Regulation Antitrust Laws and Their Interpretation 543 Antitrust and Competitiveness in a Global Economy 551 Regulation Protecting People from the Market 556 Review and Practice 566 Chapter 17 International Table The Gains from Trade 571 Trade 584 Restrictions on International Trade 588 Review and Practice 600
Chapter 18 The Economics of the Environment Maximizing the Net Benefits of Pollution Alternatives in Pollution Control Review and Practice Chapter 19 Inequality , Poverty , and Discrimination Income Inequality The Economics of Poverty The Economics of Discrimination Review and Practice Chapter 20 The Big Picture Growth of Real and Business Cycles Changes Unemployment Review and Practice Chapter 21 Measuring Total Output and Income Measuring Total Output Measuring Total Income and Economic Review and Practice Chapter 22 Aggregate Demand and Aggregate Supply Aggregate Demand Aggregate Demand and Aggregate Supply The Long Run and the Short Run Recessionary and Inflationary Gaps and Equilibrium Review and Practice Chapter 23 Economic Growth The Significance of Economic Growth Growth and the Aggregate Supply Curve of Economic Growth Review and Practice 605 62 630 636 647 661 670 676 684 697 705 710 725 733 741 746 756 769 782 789 798 806 813
Chapter 24 The Nature and Creation of Money What Is Money ?
The Banking System and Money Creation The Federal Reserve System Review and Practice Chapter 25 Financial Markets and the Economy The Bond and Foreign Exchange Markets Demand , Supply , and Equilibrium in the Money Market Review and Practice Chapter 26 Monetary Policy and the Fed Monetary Policy in the United States Problems and Controversies of Monetary Policy Monetary Policy and the Equation of Exchange Review and Practice Chapter 27 Government and Fiscal Policy Government and the Economy The Use of Fiscal Policy to Stabilize the Economy Issues in Fiscal Policy Review and Practice Chapter 28 Consumption and the Aggregate Expenditures Model Determining the Level of Consumption The Aggregate Expenditures Model Aggregate Expenditures and Aggregate Demand Review and Practice Chapter 29 Investment and Economic Activity The Role and Nature of Investment of Investment Investment and the Economy Review and Practice 818 826 840 848 853 863 879 884 894 905 914 92 931 939 946 951 962 980 988 995 1003 1012 1016
Chapter 30 Net Exports and International Finance The International Sector An Introduction International Finance Exchange Rate Systems Review and Practice Chapter 31 and Unemployment Relating Inflation and Unemployment Explaining Relationships Inflation and Unemployment in the Long Run Review and Practice Chapter 32 A Brief History of Thought and Policy The Great Depression and Economics Economics in the and 19705 . An Emerging Consensus for the Century Review and Practice Chapter 33 Economic Development The Nature and Challenge of Economic Development Population Growth and Economic Development Keys to Economic Development Review and Practice Chapter 34 Socialist Economies in Transition The Theory and Practice of Socialism Socialist Systems in Action Economies in Transition China and Russia Review and Practice Appendix A Graphs in Economics Appendix How to Construct and Interpret Graphs Appendix Nonlinear Relationships and Graphs without Numbers Appendix Using Graphs and Charts to Show Values of Variables Appendix Extensions of the Aggregate Expenditures Model Appendix The Algebra of Equilibrium Appendix The Aggregate Expenditures Model and Fiscal Policy 1021 1031 1040 1049 1055 1065 1073 1085 1091 1101 1112 1122 1126 1138 1147 1155 1158 1164 1173 1183 1185 1186 1199 1209 1220 1221 1224
Appendix Review and Practice 1230