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Full Description
Designed for undergraduate courses in principles of economics, this text uses the "Stories, Graphs, and Equations" approach in an attempt to make economic concepts accessible and relevant to students with various learning styles. It includes explanations and supplements packages.This text presents the core concepts of economics in three ways: first, each major concept is presented in the context of a simple intuitive story or illustrative example in words followed by a numerical illustration or table. Second, the numerical example is presented graphically. And finally, where appropriate, equations are used, presenting the material in different formats.
Contents
Part 1 Introduction to economics: the scope and method of economics; the economic problem - scarcity and choice; demand, supply, and market equilibrium; the price system and demand and supply. Part 2 Concepts and problems in macroeconomics: introduction to macroeconomics; measuring national output and national income; long-run and short-run concerns - growth, productivity, unemployment, and inflation. Part 3 The goods and money markets: aggregate expenditure and equilibrium output; the government and fiscal policy; the money supply and the federal reserve system; money demand, the equilibrium interest rate, and monetary policy. Part 4 Macroeconomic analysis: money, the interest rate, and output - analysis and policy; aggregate demand, aggregate supply, and inflation; the labour market, unemployment, and inflation; macroeconomic issues and policy; household and firm behaviour in the macroeconomy - a further look; long-run growth; debates in macroeconomics - monetarism, new classical theory, and supply side economics. Part 5 The world economy: international trade, comparative advantage, and protectionism; open economy macroeconomics - the balance of payments and exchange rates; economic growth in developing and transitional economies.
