9780073511405

Frank/Bernanke also encourages students to become "Economic Naturalists," by employing basic economic principles to understand and explain what they observe in the world around them. An economic naturalist understands, for example, that infant safety seats are required in cars but not in airplanes because the marginal cost of space to accommodate these seats is typically zero in cars but often hundreds of dollars in airplanes. Such examples engage student interest while teaching them to see each feature of their economic landscape as the reflection of an implicit or explicit cost-benefit calculation.

Part 1 Introduction
1. Thinking Like an Economist
2. Comparative Advantage
3. Supply and Demand
Part 2 Competition and the Invisible Hand
4. Elasticity
5. Demand
6. Perfectly Competitive Supply
7. Efficiency, Exchange, and the Invisible Hand in Action
Part 3 Market Imperfections
8. Monopoly, Oligopoly, and Monopolistic Competition
9. Games and Strategic Behavior
10. Externalities and Property Rights
11. The Economics of Information
Part 4 Economics of Public Policy
12. Labor Markets, Poverty, and Income Distribution
13. The Environment, Health, and Safety
14. Public Goods and Tax Policy
Part 5 Macroeconomics: Data and Issues
15. Spending, Income, and GDP
16. Inflation and the Price Level
17. Wages and Unemployment
Part 6 The Economy in the Long Run
18. Economic Growth
19. Saving, Capital Formation, and Financial Markets
20. Money, Prices, and the Financial System
Part 7 The Economy in the Short Run
21. Short-Term Economic Fluctuations
22. Spending, Output, and Fiscal Policy
23. Monetary Policy and the Federal Reserve
24. Aggregate Demand, Aggregate Supply, and Business Cycles
25. Macroeconomic Policy
Part 8 The International Economy
26. Exchange Rates, International Trade, and Capital Flows

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Principles of Economics

Principles of Economics

0073511404

Summary

Table of Contents

1. Thinking Like an Economist

2. Comparative Advantage

3. Supply and Demand

Part 2 Competition and the Invisible Hand

4. Elasticity

5. Demand

6. Perfectly Competitive Supply

7. Efficiency, Exchange, and the Invisible Hand in Action

Part 3 Market Imperfections

8. Monopoly, Oligopoly, and Monopolistic Competition

9. Games and Strategic Behavior

10. Externalities and Property Rights

11. The Economics of Information

Part 4 Economics of Public Policy

12. Labor Markets, Poverty, and Income Distribution

13. The Environment, Health, and Safety

14. Public Goods and Tax Policy

Part 5 Macroeconomics: Data and Issues

15. Spending, Income, and GDP

16. Inflation and the Price Level

17. Wages and Unemployment

Part 6 The Economy in the Long Run

18. Economic Growth

19. Saving, Capital Formation, and Financial Markets

20. Money, Prices, and the Financial System

Part 7 The Economy in the Short Run

21. Short-Term Economic Fluctuations

22. Spending, Output, and Fiscal Policy

23. Monetary Policy and the Federal Reserve

24. Aggregate Demand, Aggregate Supply, and Business Cycles

25. Macroeconomic Policy

Part 8 The International Economy

26. Exchange Rates, International Trade, and Capital Flows

Supplemental Materials

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