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Table of Contents

Chapter 1: Welcome to Economics!

1.1 What Economics Is and Why It's Important

1.2 Microeconomics and Macroeconomics

1.3 How Economists Use Theories and Models to Understand Economic Issues

1.4 How Economies Can Be Organized: An Overview of Economic Systems

Chapter 2: Choice in a World of Scarcity

2.1 How Individuals Make Choices Based on Their Budget Constraint

2.2 The Production Possibilities Frontier and Social Choices

2.3 Confronting Objections to the Economic Approach

Chapter 3: Demand and Supply

3.1 Demand, Supply, and Equilibrium in Markets for Goods and Services

3.2 Shifts in Demand and Supply for Goods and Services

3.3 Changes in Equilibrium Price and Quantity: The Four-Step Process

3.4 Price Ceilings and Price Floors

3.5 Demand, Supply, and Efficiency

Chapter 4: Labor and Financial Markets

4.1 Demand and Supply at Work in Labor Markets

4.2 Demand and Supply in Financial Markets

4.3 The Market System as an Efficient Mechanism for Information

Chapter 5: Elasticity

5.1 Price Elasticity of Demand and Price Elasticity of Supply

5.2 Polar Cases of Elasticity and Constant Elasticity

5.3 Elasticity and Pricing

5.4 Elasticity in Areas Other Than Price

Chapter 6: The Macroeconomic Perspective

6.1 Measuring the Size of the Economy: Gross Domestic Product

6.2 Adjusting Nominal Values to Real Values

6.3 Tracking Real GDP over Time

6.4 Comparing GDP among Countries

6.5 How Well GDP Measures the Well-Being of Society

Chapter 7: Economic Growth

7.1 The Relatively Recent Arrival of Economic Growth

7.2 Labor Productivity and Economic Growth

7.3 Components of Economic Growth

7.4 Economic Convergence

Chapter 8: Unemployment

8.1 How the Unemployment Rate is Defined and Computed

8.2 Patterns of Unemployment

8.3 What Causes Changes in Unemployment over the Short Run

8.4 What Causes Changes in Unemployment over the Long Run

Chapter 9: Inflation

9.1 Tracking Inflation

9.2 How Changes in the Cost of Living are Measured

9.3 How the U.S. and Other Countries Experience Inflation

9.4 The Confusion Over Inflation

9.5 Indexing and Its Limitations

Chapter 10: The International Trade and Capital Flows

10.1 Measuring Trade Balances

10.2 Trade Balances in Historical and International Context

10.3 Trade Balances and Flows of Financial Capital

10.4 The National Saving and Investment Identity

10.5 The Pros and Cons of Trade Deficits and Surpluses

10.6 The Difference between Level of Trade and the Trade Balance

Chapter 11: The Aggregate Demand/Aggregate Supply Model

11.1 Macroeconomic Perspectives on Demand and Supply

11.2 Building a Model of Aggregate Demand and Aggregate Supply

11.3 Shifts in Aggregate Supply

11.4 Shifts in Aggregate Demand

11.5 How the AD/AS Model Incorporates Growth, Unemployment, and Inflation

11.6 Keynes’ Law and Say’s Law in the AD/AS Model

Chapter 12: The Keynesian Perspective

12.1 Aggregate Demand in Keynesian Analysis

12.2 The Building Blocks of Keynesian Analysis

12.3 The Phillips Curve

12.4 The Keynesian Perspective on Market Forces

Chapter 13: The Neoclassical Perspective

13.1 The Building Blocks of Neoclassical Analysis

13.2 The Policy Implications of the Neoclassical Perspective

13.3 Balancing Keynesian and Neoclassical Models

Chapter 14: Money and Banking

14.1 Defining Money by Its Functions

14.2 Measuring Money: Currency, M1, and M2

14.3 The Role of Banks

14.4 How Banks Create Money

Chapter 15: Monetary Policy and Bank Regulation

15.1 The Federal Reserve Banking System and Central Banks

15.2 Bank Regulation

15.3 How a Central Bank Executes Monetary Policy

15.4 Monetary Policy and Economic Outcomes

15.5 Pitfalls for Monetary Policy

Chapter 16: Exchange Rates and International Capital Flows

16.1 How the Foreign Exchange Market Works

16.2 Demand and Supply Shifts in Foreign Exchange Markets

16.3 Macroeconomic Effects of Exchange Rates

16.4 Exchange Rate Policies

Chapter 17: Government Budgets and Fiscal Policy

17.1 Government Spending

17.2 Taxation

17.3 Federal Deficits and the National Debt

17.4 Using Fiscal Policy to Fight Recession, Unemployment, and Inflation

17.5 Automatic Stabilizers

17.6 Practical Problems with Discretionary Fiscal Policy

17.7 The Question of a Balanced Budget

Chapter 18: The Impacts of Government Borrowing

18.1 How Government Borrowing Affects Investment and the Trade Balance

18.2 Fiscal Policy, Investment, and Economic Growth

18.3 How Government Borrowing Affects Private Saving

18.4 Fiscal Policy and the Trade Balance

Chapter 19: Macroeconomic Policy Around the World

19.1 The Diversity of Countries and Economies across the World

19.2 Improving Countries’ Standards of Living

19.3 Causes of Unemployment around the World

19.4 Causes of Inflation in Various Countries and Regions

19.5 Balance of Trade Concerns

Chapter 20: International Trade

20.1 Absolute and Comparative Advantage

20.2 What Happens When a Country Has an Absolute Advantage in All Goods

20.3 Intra-industry Trade between Similar Economies

20.4 The Benefits of Reducing Barriers to International Trade

Chapter 21: Globalization and Protectionism

21.1 Protectionism: An Indirect Subsidy from Consumers to Producers

21.2 International Trade and Its Effects on Jobs, Wages, and Working Conditions

21.3 Arguments in Support of Restricting Imports

21.4 How Trade Policy Is Enacted: Globally, Regionally, and Nationally

21.5 The Tradeoffs of Trade Policy

Appendix A: The Use of Mathematics in Principles of Economics

Appendix B: The Expenditure-Output Model

David L. Heiserman, Editor

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Revised: June 06, 2015