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Economics: Theory Through Applications

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Authors: Russell Cooper, A. Andrew John Categoy: Divers Pages: 200 Language: English   Table of Contents About the Authors Acknowledgments Dedications Preface Chapter 1: What Is Economics? ◦Microeconomics in a Fast-Food Restaurant ◦Macroeconomics in a Fast-Food Restaurant ◦What Is Economics, Really? ◦End-of-Chapter Material Chapter 2: Microeconomics in Action ◦Four Examples of Microeconomics ◦The Microeconomic Approach ◦End-of-Chapter Material Chapter 3: Macroeconomics in Action ◦Chapter Introduction ◦Behind the Screens ◦Between News and Policy: The Framework of Macroeconomics ◦End-of-Chapter Material Chapter 4: Everyday Decisions ◦Chapter Introduction ◦Individual Decision Making: How You Spend Your Income ◦Individual Demand ◦Individual Decision Making: How You Spend Your Time ◦End-of-Chapter Material Chapter 5: Life Decisions ◦Chapter Introduction ◦Consumption and Saving ◦Using Discounted Present Values ◦Avoiding Risk ◦Embracing Risk ◦End-of-Chapter Material Chapter 6: eBay and craigslist ◦Chapter Introduction ◦craigslist and the Gains from Trade ◦eBay ◦Supply and Demand ◦Production Possibilities ◦End-of-Chapter Material Chapter 7: Where Do Prices Come From? ◦Chapter Introduction ◦The Goal of a Firm ◦The Revenues of a Firm ◦The Costs of a Firm ◦Markup Pricing: Combining Marginal Revenue and Marginal Cost ◦The Supply Curve of a Competitive Firm ◦End-of-Chapter Material Chapter 8: Why Do Prices Change? ◦Chapter Introduction ◦Market Supply and Market Demand ◦Using the Supply-and-Demand Framework ◦Another Perspective on Changing Prices ◦Three Important Markets ◦Beyond Perfect Competition ◦End-of-Chapter Material ◦Appendix: Algebraic Presentation of Supply and Demand Chapter 9: Growing Jobs ◦Chapter Introduction ◦How Do Firms Decide How Many Hours of Labor to Hire? ◦Entry and Exit ◦Search ◦Government Policies ◦End-of-Chapter Material Chapter 10: Making and Losing Money on Wall Street ◦Chapter Introduction ◦A Walk Down Wall Street ◦The Value of an Asset ◦Asset Markets and Asset Prices ◦Efficient Markets ◦End-of-Chapter Material ◦Appendix: A General Formulation of Discounted Present Value Chapter 11: Raising the Wage Floor ◦Chapter Introduction ◦Nominal Wages and Real Wages ◦The Effects of a Minimum Wage ◦Minimum Wage Changes ◦The Minimum Wage and the Distribution of Income ◦Empirical Evidence on Minimum Wages ◦End-of-Chapter Material Chapter 12: Barriers to Trade and the Underground Economy ◦Chapter Introduction ◦How the Government Controls What You Buy and Sell ◦Limits on Trade across Borders ◦Government and the Labor Market ◦End-of-Chapter Material Chapter 13: Superstars ◦Chapter Introduction ◦Facts about Inequality ◦The Sources of Inequality ◦Distributive Justice ◦Government Policy ◦End-of-Chapter Material Chapter 14: Cleaning Up the Air and Using Up the Oil ◦Chapter Introduction ◦The Economics of Clean Air ◦Externalities ◦Renewable, Nonrenewable, and Accumulable Resources ◦End-of-Chapter Material ◦Appendix: An Example of the Hotelling Rule in Operation Chapter 15: Busting Up Monopolies ◦Chapter Introduction ◦Market Power and Monopoly ◦Patents and Copyright ◦Markets with a Small Number of Sellers ◦End-of-Chapter Material Chapter 16: A Healthy Economy ◦Chapter Introduction ◦Supply and Demand in Health-Care Markets ◦Health Insurance ◦Government Policy ◦End-of-Chapter Material Chapter 17: Cars ◦Chapter Introduction ◦The Demand for Automobiles ◦Supply of Cars ◦Market Outcomes in the Automobile Industry ◦Policy Issues ◦End-of-Chapter Material Chapter 18: The State of the Economy ◦Measuring Economic Activity ◦Measuring Prices and Inflation ◦The Circular Flow of Income ◦The Meaning of Real GDP ◦End-of-Chapter Material Chapter 19: The Interconnected Economy ◦Chapter Introduction ◦Housing Supply and Demand ◦Comparative Statics: Changes in the Price of Housing ◦Three Important Markets ◦Linkages across Markets ◦End-of-Chapter Material Chapter 20: Globalization and Competitiveness ◦Chapter Introduction ◦The Production of Real GDP ◦Labor in the Aggregate Production Function ◦Physical Capital in the Aggregate Production Function ◦Other Inputs in the Aggregate Production Function ◦Accounting for Changes in GDP ◦Globalization and Competitiveness Revisited ◦End-of-Chapter Material Chapter 21: Global Prosperity and Global Poverty ◦Chapter Introduction ◦The Single-Person Economy ◦Four Reasons Why GDP Varies across Countries ◦The Accumulation of Physical Capital ◦Balanced Growth ◦The Role of International Institutions in Promoting Growth ◦End-of-Chapter Material Chapter 22: The Great Depression ◦Chapter Introduction ◦What Happened during the Great Depression? ◦The Great Depression: A Decrease in Potential Output? ◦The Components of GDP during the Great Depression ◦The Great Depression: A Decrease in Aggregate Spending? ◦Policy Interventions and the Great Depression ◦End-of-Chapter Material Chapter 23: Jobs in the Macroeconomy ◦Chapter Introduction ◦Unemployment ◦Job and Worker Flows ◦Hours Worked ◦The Government and the Labor Market ◦End-of-Chapter Material Chapter 24: Money: A User’s Guide ◦Chapter Introduction ◦What Is Money? ◦Using Money to Buy Goods and Services ◦Using Money to Buy Other Monies: Exchange Rates ◦Using Money to Buy Assets: Interest Rates ◦End-of-Chapter Material Chapter 25: Understanding the Fed ◦Chapter Introduction ◦Central Banks ◦The Monetary Transmission Mechanism ◦Monetary Policy, Prices, and Inflation ◦Monetary Policy in the Open Economy ◦The Tools of the Fed ◦The Fed in Action ◦End-of-Chapter Material Chapter 26: Inflations Big and Small ◦Chapter Introduction ◦The Quantity Theory of Money ◦Facts about Inflation and Money Growth ◦The Causes of Inflation ◦The Costs of Inflation ◦Policy Remedies ◦End-of-Chapter Material Chapter 27: Income Taxes ◦Chapter Introduction ◦Basic Concepts of Taxation ◦The Kennedy Tax Cut of 1964 ◦Income Taxes and Saving ◦The Reagan Tax Cut ◦End-of-Chapter Material Chapter 28: Social Security ◦Chapter Introduction ◦Individual and Government Perspectives on Social Security ◦A Model of Consumption ◦Social Security in Crisis? ◦The Benefits and Costs of a Social Security System ◦Social Security in the Real World ◦End-of-Chapter Material Chapter 29: Balancing the Budget ◦Chapter Introduction ◦Deficits and Debt ◦The Causes of Budget Deficits ◦The Benefits of Deficits ◦The Costs of Deficits ◦The Ricardian Perspective ◦End-of-Chapter Material Chapter 30: The Global Financial Crisis ◦Chapter Introduction ◦The Financial Crisis in the United States ◦From Financial Crisis to Recession ◦The Crisis in Europe and the Rest of the World ◦Currency Crises ◦End-of-Chapter Material Chapter 31: Toolkit ◦Chapter Introduction ◦Individual Demand ◦Elasticity ◦The Labor Market ◦Choices over Time ◦Discounted Present Value ◦The Credit Market ◦Expected Value ◦Correcting for Inflation ◦Supply and Demand ◦Buyer Surplus and Seller Surplus ◦Efficiency and Deadweight Loss ◦Production Possibilities Frontier ◦Comparative Advantage ◦Costs of Production ◦Pricing with Market Power ◦Comparative Statics ◦Production Function ◦Nash Equilibrium ◦Externalities and Public Goods ◦Foreign Exchange Market ◦Growth Rates ◦Mean and Variance ◦Correlation and Causality ◦The Credit (Loan) Market (Macro) ◦The Fisher Equation: Nominal and Real Interest Rates ◦The Aggregate Production Function ◦The Circular Flow of Income ◦Growth Accounting ◦The Solow Growth Model ◦The Aggregate Expenditure Model ◦Price Adjustment ◦Consumption and Saving ◦The Government Budget Constraint ◦The Life-Cycle Model of Consumption ◦Aggregate Supply and Aggregate Demand ◦The IS-LM Model  

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