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For the 2 semester freshman/sophomore course in Principles of Economics. Since the 6/e published, many things have affected our economy: the Presidential Election, the impact of the 9/11 tragedy, and the recession that we are all living through on a daily basis. This updated edition provides access to the most current economic information available. Written by two highly respected economists and educators, the text uses the "Stories, Graphs, and Equations" approach to make economic concepts accessible and relevant to students with various learning styles. Known for its unified and logical structure, lively writing style, clear explanations and unparalleled supplements package, the text supports both the instructor and the student through this first, often challenging, economics course. Case/Fair is one of the most widely adopted texts in this market, nationwide!
Table of Contents
I. INTRODUCTION TO ECONOMICS.
1. The Scope and Method of Economics. 2. The Economic Problem: Scarcity and Choice. 3. Demand, Supply, and Market Equilibrium. 4. The Price System, Demand and Supply, and Elasticity.
II. FOUNDATIONS OF MICROECONOMICS: CONSUMERS AND FIRMS.
5. Household Behavior and Consumer Choice. 6. The Production Process: The Behavior of Profit Maximizing Firms. 7. Short-Run Costs and Output Decisions. 8. Costs and Output Decisions in the Long Run. 9. Input Demand: The Labor and Land Markets. 10. Input Demand: The Capital Market and the Investment Decision. 11. General Equilibrium and the Efficiency of Perfect Competition.
III. MARKET IMPERFECTIONS AND THE ROLE OF GOVERNMENT.
12. Monopoly and Antitrust Policy. 13. Monopolistic Competition and Oligopoly. 14. Externalities, Public Goods, Imperfect Information, and Social Choice. 15. Income Distribution and Poverty.
IV. CONCEPTS AND PROBLEMS IN MACROECONOMICS.
16. Introduction to Macroeconomics. 17. Measuring National Output and National Income. 18. Long-Run and Short-Run Concerns: Growth, Productivity, Unemployment, and Inflation.
V. THE GOODS AND MONEY MARKETS.
19. Aggregate Expenditure and Equilibrium Output. 20. The Government and Fiscal Policy. 21. The Money Supply and the Federal Reserve System. 22. Money Demand, the Equilibrium Interest Rate, and Monetary Policy.
VI. MACROECONOMIC ANALYSIS.
23. Money, the Interest Rate, and Output: Analysis and Policy. 24. Aggregate Demand, Aggregate Supply, and Inflation. 25. The Labor Market, Unemployment, and Inflation. 26. Macroeconomic Issues and Policy. 27. Household and Firm Behavior in the Macroeconomy: A Further Look. 28. Long-Run Growth. 29. Debates in Macroeconomics: Monetarism, New Classical Theory, and Supply Side Economics.
VII. THE WORLD ECONOMY.
30. International Trade, Comparative Advantage, and Protectionism. 31. Open Economy Macroeconomics: The Balance of Payments and Exchange Rates. 32. Economic Growth in Developing and Transitional Economies. Glossary. Solutions to Even-Numbered Problems. Index.