Table of Contents

PRINCIPLES OF MICROECONOMICS
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PART I: ECONOMICS AND THE MARKET SYSTEM
 
Chapter 1:  Thinking Like An Economist


Chapter 2:  Demand, Supply and Market Equilibrium

 

 

 

 

 

 

PART II: PRICE CONTROLS, EXTERNALITIES AND ELASTICITY

Chapter 3:  Prince Controls

Chapter 4:  Externalities and Public Goods


 

Chapter 5:  Elasticity

PART III: ECONOMIC UNITS

Chapter 6:  The Model of Consumer Behavior

Chapter 7:  The Theory of the Firm

PART IV: MARKET STRUCTURES

Chapter 8:  Perfect Competition

Chapter 9:  Monopoly

 


Chapter 10:  Monopolistic Competition and Oligopoly 

Chapter 11: Labor Markets

What Is Economics?
Micro and Macroeconomics
The Circular Flow
Economic Systems

Marginal Decisions

Opportunity Cost and Rational Decisions

Appendix: Computation of Opportunity Cost

Economic Models

The Production Possibilities Frontier

Lab: Understanding and Building Graphs


Market Demand

Determinants of Demand

Market Supply

Determinants of Supply

Market Equilibrium

Shifts of Supply and Demand

Lab: The Simple Model of Price Determination

Economic Surplus

Analysis of a Price Floor

Analysis of a Price Ceiling

Lab: Analysis of a Price Ceiling

Analysis of a Tax

Lab: Analysis of a Tax

Trade Restraints

Externalities

Private and Public Goods


Price elasticity of demand
Shape of Demand and Determinants of Elasticity
Polar cases of Elasticity
Income elasticity and Cross Elasticity
Elasticity and Total Revenue
Appendix: Elasticity and the Inverse Demand Function

Price Elasticity of Supply

Elasticity, Market Equilibrium and Taxation

 

 


Introduction to Consumer Behavior

Total Utility and Marginal Utility

The Concept of an Indifference Curve

The Indifference Map

Indifference Curve Shapes

The Budget Line

Consumer Equilibrium

Lab: Consumer Equilibrium

The Optimal Market Basket: An Example

Individual and Market Demand Curves

Preliminaries

Production in the Short Run

Short Run Costs

Explicit Short Run Costs

Lab: Explicit Short Run Costs

Long Run Costs

Optimal Input Use

Lab: Optimal Input Use

Market Structures

Price-Taking Firms

Revenue Structure

Revenue and Cost

Profit Concepts

Profit Maximization

Lab: Profit Maximization by a Perfectly Competitive Firm

Entry and Exit

Shutdown and Market Supply

The Efficiency of Perfect Competition

The Long Run Industry Supply Curve

Monopoly and Price Making

Monopoly Revenue

Revenue and Elasticity

Monopoly: Profit Maximization

Lab: Profit Maximization by a Monopoly

Monopoly Efficiency and Regulation

Price Discrimination


Monopolistic Competition

Profit and Entry

The Efficiency of Monopolistic Competition

Oligopoly Concepts

Game Theory

Labor Markets

The Market Demand for Labor

The Market Supply of Labor

Labor Market Applications

Individual Labor Supply

The Firm's Demand for Labor

Market Power in the Labor Market

Labor Market Structures

Lab: Labor Market Structures

1.1
1.2
1.3

1.4

1.5

1.6

1.6A

1.7

1.8

1.9L

2.1

2.2

2.3

2.4

2.5

2.6

2.7L

 

 

 

 


3.1
3.2
3.3

3.3L
3.4
3.4L

3.5

4.1
4.2
 


5.1
5.2
5.3
5.4
5.5
5.5A


5.6
5.7

6.1
6.2
6.3

6.4
6.5
6.6

6.7

6.7L

6.8

6.9

7.1
7.2
7.3
7.4
7.4L

7.5

7.6

7.6L


8.0

8.1

8.2
8.3
8.4
8.5

8.5L


8.6

8.7

8.8

8.9

9.1
9.2
9.3
9.4

9.4L
9.5

9.6

10.1

10.2

10.3
10.4
10.5

11.1

11.2

11.3

11.4

11.5

11.6

11.7

11.8

11.8L

PRINCIPLES OF MACROECONOMICS

PART I: GDP, THE BUSINESS CYCLE AND ECONOMIC GROWTH

 
Chapter 1:  GDP and the Business Cycle

 

 

 

 

Chapter 2:  Measuring GDP

 

 

 

 

 

 

Chapter 3:  Economic Growth

 

 

PART II: UNEMPLOYMENT, INFLATION AND THE TWO-SECTOR ECONOMY

 

Chapter 4:  Unemployment and Inflation

Chapter 5:  The Two-Sector Economy

PART III: THE AD/AS MODEL, MONEY AND MONETARY POLICY

Chapter 6:  The Model of Aggregate Demand and Aggregate Supply, AD/AS

 

 

Chapter 7:  Money Creation and The Federal Reserve System

 

 

 

 

 

 

Chapter 8:  Monetary Policy

 

 


 

 

 

PART IV: FISCAL POLICY AND THE FOREIGN SECTOR

Chapter 9:  Fiscal Policy

Chapter 10:  The Foreign Sector

 

Introduction to Macroeconomics

Definition of GDP

The Business Cycle

Output, Employment and Prices Over Time

Value Added

The Aggregate Expenditure Approach

Lab: Computation of GDP: The Aggregate Expenditure Approach

The Aggregate Income Approach

From GDP to Disposable Income

Nominal and Real GDP

Lab: Nominal GDP, Real GDP, the Price Deflator and the Rate of Inflation

 

Early Theories of Economic Growth

The Growth Accounting Formula

Real GDP per Capita and Productivity

The Catch-up Theory of Growth

The Neoclassical Model of Growth

Lab: Saving, Investment and the Steady State

 

 

 

The Adult Population and the Labor Force

The Rate of Unemployment

Unemployment Statistics

Cyclical, Frictional and Structural Unemployment

Explanations of Unemployment

The Concept and Effects of Inflation

Measuring Inflation: The Consumer Price Index

Lab: The CPI and Inflation

Inflation and Interest Rates

Aggregate Consumption and Saving

Investment
Inventories

The Multiplier

The Two-sector Economy

Lab: Aggregate Expenditure and the Two-sector Economy

Aggregate demand (AD)
Short-run Aggregate Supply
Long-run Aggregate Supply

Macroeconomic Equilibrium

The Self-correcting Mechanism

The Phillips curve

The Definition of Money

The Money Supply

Money Creation

The Federal Reserve System

Money and Inflation

 

 

The Demand for Money

Equilibrium in the Money Market

Fundamentals of Monetary Policy

Monetary Policy in the AD/AS Model
Monetary Policy and Expectations

Federal Government Purchases and Expenditures
Deficits and Debt

Fiscal Policy in the AD/AS Model
The Multiplier and Crowding Out Effects

Government Spending

Lab: Government Spending in the Aggregate Expenditure Model

The Lump-Sum Tax

Lab: The Lump-sum Tax

The Balanced Budget Multiplier

The Income Tax

Lab: The Income Tax

The Balance of Payments Account

Identity of Sector Balances

Lab: The Foreign Sector in the Aggregate Expenditure Model

The Foreign Exchange Market

Real Exchange Rates

Appendix: The Big Mac Exchange Rate

Economic Policy in an Open Economy

1.1

1.2
1.3
1.4

2.1
2.2

2.2L

2.3

2.4
2.5

2.5L

3.1
3.2
3.3
3.4
3.5

3.5L

4.1

4.2

4.3

4.4

4.5

4.6

4.7

4.7L

4.8

5.1
5.2

 

5.3
5.4

5.4L

 

 

 

6.1
6.2
6.3

6.4

6.5

6.6

 

7.1
7.2
7.3

7.4

7.5

 


8.1
8.2
8.3

8.4

8.5

9.1
9.2
9.3

9.4

9.5

9.5L


9.6

9.6L

9.7

9.8

9.8L

10.1

10.2

10.2L

10.3

10.4

10.4A

10.5

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