Contemporary Economics , Second Edition

bring Economics To Life With Rich, Practical Examples That Make Concepts Clear And Intriguing. Contemporary Economics Blends Economic Expertise And Educational Insights With Comprehensive Content, Sound Instructional Design, And Extensive Print And Media Teaching Tools. This New Edition Now Includes Two Chapters Covering Personal Finance, Including Information On Managing Money And Being A Responsible Consumer. MuPDF error: syntax error: invalid key in dict MuPDF error: syntax error: invalid key in dict MuPDF error: syntax error: invalid key in dict MuPDF error: syntax error: invalid key in dict MuPDF error: syntax error: invalid key in dict MuPDF error: syntax error: invalid key in dict MuPDF error: syntax error: invalid key in dict MuPDF error: syntax error: invalid key in dict MuPDF error: syntax error: invalid key in dict Front Cover 1 Title Page 4 Copyright 5 Contents 9 National Content Standards in Economics 25 Reading Skills 27 UNIT 1 INTRODUCTION TO ECONOMICS 29 CHAPTER 1 What Is Economics? 31 1.1 The Economic Problem 32 1.2 Economic Theory 37 1.3 Opportunity Cost and Choice 46 Chapter Assessment 55 CHAPTER 2 Economic Systems and Economic Tools 59 2.1 Economic Questions and Economic Systems 60 2.2 Production Possibilities Frontier 68 2.3 Comparative Advantage 77 Chapter Assessment 83 CHAPTER 3 U.S. Private and Public Sectors 87 3.1 The U.S. Private Sector 88 3.2 Regulating the Private Sector 95 3.3 Public Goods and Externalities 102 3.4 Providing a Safety Net 109 Chapter Assessment 117 UNIT 2 THE MARKET ECONOMY 123 CHAPTER 4 Demand 125 4.1 The Demand Curve 126 4.2 Elasticity of Demand 134 4.3 Changes in Demand 143 Chapter Assessment 151 CHAPTER 5 Supply 155 5.1 The Supply Curve 156 5.2 Shifts of the Supply Curve 165 5.3 Production and Cost 172 Chapter Assessment 183 CHAPTER 6 Market Forces 187 6.1 Price, Quantity, and Market Equilibrium 188 6.2 Shifts of Demand and Supply Curves 194 6.3 Market Efficiency and the Gains from Exchange 203 Chapter Assessment 211 CHAPTER 7 Market Structure 215 7.1 Perfect Competition and Monopoly 216 7.2 Monopolistic Competition and Oligopoly 226 7.3 Antitrust, Economic Regulation, and Competition 233 Chapter Assessment 241 UNIT 3 MARKET INSTITUTIONS 245 CHAPTER 8 Businesses 247 8.1 Entrepreneurs 248 8.2 Sole Proprietorships and Partnerships 256 8.3 Corporations and Other Organizations 264 Chapter Assessment 273 CHAPTER 9 Labor Markets 277 9.1 Demand and Supply of Resources 278 9.2 Wage Determination 289 9.3 Labor Unions 296 Chapter Assessment 305 CHAPTER 10 Financial Markets and Business Growth 309 10.1 Production, Consumption, and Time 310 10.2 Banks, Interest, and Corporate Finance 317 10.3 Business Growth 326 Chapter Assessment 335 UNIT 4 THE NATIONAL ECONOMY 339 CHAPTER 11 Economic Performance 341 11.1 Estimating Gross Domestic Product (GDP) 342 11.2 Limitations of GDP Estimation 349 11.3 Business Cycles 356 11.4 Aggregate Demand and Aggregate Supply 364 Chapter Assessment 373 CHAPTER 12 Economic Growth 377 12.1 The PPF, Economic Growth, and Productivity 378 12.2 Living Standards and Labor Productivity Growth 387 12.3 Issues of Technological Change 395 Chapter Assessment 403 CHAPTER 13 Economic Challenges 407 13.1 Unemployment 408 13.2 Inflation 418 13.3 Economic Instability 424 13.4 Poverty 433 Chapter Assessment 441 UNIT 5 PUBLIC POLICY AND THE NATIONAL ECONOMY 445 CHAPTER 14 Government Spending, Revenue, and Public Choice 447 14.1 Public Goods and Taxation 448 14.2 Federal, State, and Local Budgets 456 14.3 Economics of Public Choice 466 Chapter Assessment 473 CHAPTER 15 Fiscal Policy, Deficits, and Debt 477 15.1 The Evolution of Fiscal Policy 478 15.2 Fiscal Policy Reconsidered 487 15.3 Federal Deficits and Federal Debt 494 Chapter Assessment 503 CHAPTER 16 Money and Banking 507 16.1 Origins of Money 508 16.2 Origins of Banking and the Federal Reserve System 515 16.3 Money, Near Money, and Credit Cards 524 Chapter Assessment 533 CHAPTER 17 Money Creation, the Federal Reserve System, and Monetary Policy 537 17.1 How Banks Work 538 17.2 Monetary Policy in the Short Run 544 17.3 Monetary Policy in the Long Run 555 Chapter Assessment 563 UNIT 6 THE INTERNATIONAL ECONOMY 567 CHAPTER 18 International Trade and Finance 569 18.1 Benefits of Trade 570 18.2 Trade Restrictions and Free-Trade Agreements 576 18.3 Balance of Payments 584 18.4 Foreign Exchange Rates 591 Chapter Assessment 599 CHAPTER 19 Economic Development 603 19.1 Developing Economies and Industrial Market Economies 604 19.2 Foreign Trade, Foreign Aid, and Economic Development 614 19.3 Rules of the Game, Transition Economies, and Convergence 620 Chapter Assessment 629 UNIT 7 PERSONAL FINANCIAL LITERACY 633 CHAPTER 20 Consumer Responsibilities and Protections 635 20.1 Consumer Choice 636 20.2 Using Credit Responsibly 644 20.3 Consumer Protection 654 Chapter Assessment 663 CHAPTER 21 Managing Your Money 667 21.1 Saving 668 21.2 Investing 677 21.3 Insurance 687 Chapter Assessment 693 Economic Data 697 Glossary 707 Spanish Glossary 720 Index 735