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Foundations of economics

Author: Andrew Gillespie
Publisher: Oxford : Oxford University Press, 2014.
Edition/Format:   Print book : English : 3rd editionView all editions and formats
Summary:
Is there more the government could do to help the UK economy grow faster? What will happen to house prices in the future? Is competition good for consumers? An understanding of economics will not just help you to understand the world around you, it will also help you to make sense of the issues that directly affect you. Foundations of Economics is an essential introduction to the subject designed specifically with  Read more...
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Document Type: Book
All Authors / Contributors: Andrew Gillespie
ISBN: 9780199674879 0199674876
OCLC Number: 884449659
Notes: Previous edition: 2011.
Description: xxix, 554 pages : illustrations ; 25 cm
Contents: Machine generated contents note: pt. 1 Microeconomics --
1. What is economics? --
The basic economic problem --
Solving the fundamental economic questions --
Mixed economies --
Types of economics --
Key terms and concepts in economics --
Case Study --
Review Questions --
Put Into Practice --
Assignment Questions --
Key Learning Points --
2. The production possibility frontier (PPF) --
Scarcity and choice --
The production possibility frontier (PPF) --
Reallocation of resources --
Productive inefficiency --
Shifting the production possibility frontier outward --
Consumption outside the production possibility frontier --
Present versus future decisions --
The shape of the production possibility frontier --
Case Study --
Review Questions --
Put Into Practice --
Assignment Questions --
Key Learning Points --
Learn More --
3. Demand --
Introduction --
The demand curve --
The shape of the demand curve --
Marginal and total utility --
A movement along the demand curve. Contents note continued: Upward-sloping demand curves --
A shift in the demand curve --
The reasons for a shift in demand --
Individual and market demand --
Case Study --
Review Questions --
Put Into Practice --
Assignment Questions --
Key Learning Points --
Reference --
Learn More --
4. The elasticity of demand --
The elasticity of demand --
The price elasticity of demand --
Determinants of the price elasticity of demand --
The value of the price elasticity of demand along the demand curve --
The price elasticity of demand and total revenue --
The income elasticity of demand --
The cross-price elasticity of demand --
Practical limitations of the concept of elasticity of demand --
Case Study --
Review Questions --
Put Into Practice --
Key Learning Points --
ReferenceS --
Learn More --
5. Supply --
Introduction to supply --
Movement along the supply curve --
Shifts in supply --
The reasons for a shift in the supply curve --
Industry supply --
Joint supply. Contents note continued: The price elasticity of supply --
Case Study --
Review Questions --
Put Into Practice --
Key Learning Points --
Learn More --
6. Market equilibrium --
Markets --
Equilibrium --
The effects on the equilibrium price and quantity of a change in demand --
The effects on the equilibrium price and quantity of a change in supply --
How can supply and demand analysis help us? --
The introduction of an indirect tax --
The introduction of subsidies --
Interrelated markets --
Case Study --
Review Questions --
Put Into Practice --
Key Learning Points --
Learn More --
7. The free market system --
The free market --
Advantages of the free market system --
The disadvantages of the market system: Market failures and imperfections --
Case Study --
Review Questions --
Put Into Practice --
Assignment Questions --
Key Learning Points --
Learn More --
8. Intervening in the market system --
Intervention in markets --
Examples of government intervention in the market system. Contents note continued: Problems of government intervention in the market system --
Nationalization --
Privatization --
Reasons to privatize --
Problems of privatization --
Problems of intervention --
Regulatory capture --
Case Study --
Review Questions --
Put Into Practice --
Assignment Questions --
Key Learning Points --
Reference --
9. Costs: Short run and long run --
The importance of costs --
Short-run costs --
Long-run cost curves --
Case Study --
Review Questions --
Put Into Practice --
Assignment Questions --
Key Learning Points --
Learn More --
10. Revenues, costs, and profits --
Introduction --
Total revenue --
Marginal revenue --
Marginal revenue and total revenue --
Total costs --
Marginal costs and total costs --
Profit and loss --
The difference between accounting profit and economists' profits: Normal and abnormal profit --
Profits versus profitability --
Profit-maximization: The marginal condition --
The decision of whether to produce or not. Contents note continued: Business objectives --
Other objectives --
How to grow --
Case Study --
Review Questions --
Put Into Practice --
Assignment Questions --
Key Learning Points --
ReferenceS --
Learn More --
11. Perfect competition --
Why study market structure? --
Introduction to perfect competition --
Perfectly competitive firms as price takers --
Short-run equilibrium in perfect competition --
Long-run equilibrium in perfect competition --
Deriving the supply curve in perfect competition --
Summary --
Case Study --
Review Questions --
Put Into Practice --
Key Learning Points --
12. Monopoly --
Introduction to monopoly --
Demand and marginal revenue for a monopolist --
Price and output decisions in a monopoly --
Monopoly compared to perfect competition --
Should we prevent monopolies? --
Contestable markets --
Barriers to entry --
Price discrimination --
Conditions for effective price discrimination --
Perfect price discrimination --
The benefits of price discrimination. Contents note continued: Case Study --
Review Questions --
Put Into Practice --
ASSIGNMENT QUESTION --
Key Learning Points --
ReferenceS --
13. Oligopoly --
Introduction --
The kinked demand curve model --
Cartels --
Game theory --
Summary --
Case Study --
Review Questions --
Put Into Practice --
ASSIGNMENT QUESTION --
Key Learning Points --
ReferenceS --
Learn More --
14. Monopolistic competition and non-price competition --
Introduction --
Non-price competition --
Porter's five forces analysis of market structure --
Case Study --
Review Questions --
Put Into Practice --
ASSIGNMENT QUESTION --
Key Learning Points --
15. The labour market --
The labour market --
The supply of and demand for labour --
Labour supply --
Transfer earnings and economic rent --
The wage elasticity of supply of labour --
The demand for labour --
The wage elasticity of demand for labour --
Wages in a perfectly competitive labour market --
Changes in demand and supply conditions in the labour market. Contents note continued: Wage differentials in labour markets --
Limitations of the marginal revenue product model of wage determination --
Minimum wages --
Case Study --
Review Questions --
Put Into Practice --
Assignment Questions --
Key Learning Points --
Learn More --
Advise The Government --
pt. 2 Macroeconomics --
16. Introduction to macroeconomics --
Introduction --
Government economic objectives --
Policy instruments --
Policy debates --
Policy conflicts --
Case Study --
Review Questions --
Put Into Practice --
ASSIGNMENT QUESTION --
Key Learning Points --
Learn More --
17. Equilibrium in the economy --
Introduction --
Equilibrium in the economy --
The circular flow of income --
Injections (J) --
Withdrawals (W) --
Adding in injections and withdrawals to the circular flow --
Getting to equilibrium: The adjustment process --
Changes in planned injections and withdrawals --
The aggregate demand schedule --
Aggregate demand and potential output --
Reflationary policies. Contents note continued: The multiplier effect --
How does the multiplier work? --
The size of the multiplier --
The multiplier in an open economy --
Case Study --
Review Questions --
Put Into Practice --
ASSIGNMENT QUESTION --
Key Learning Points --
Learn More --
18. National income and the standard of living --
Introduction --
Measuring national income --
Real national income versus nominal national income --
National income and living standards --
The Lorenz curve and the Gini coefficient --
Limitations of real GDP per capita as a measure of a country's standard of living --
Case Study --
Review Questions --
Put Into Practice --
ASSIGNMENT QUESTION --
Key Learning Points --
ReferenceS --
Learn More --
19. Aggregate demand, aggregate supply, and the price level --
Introduction --
Aggregate demand --
Aggregate supply --
Equilibrium in the economy --
The short-run and long-run aggregate supply curve --
Government policy and the level of national income --
Case Study. Contents note continued: Review Questions --
Put Into Practice --
Key Learning Points --
Learn More --
20. Consumption --
Introduction --
The Keynesian consumption function --
The average propensity to consume --
Other influences on consumption spending --
Case Study --
Review Questions --
Put Into Practice --
Assignment Questions --
Key Learning Points --
ReferenceS --
Learn More --
21. Investment --
Introduction --
Gross and net investment --
Factors affecting the level of investment in an economy --
The importance of investment --
The marginal efficiency of capital --
The accelerator-multiplier model --
Limitations of the accelerator model --
Cost-benefit analysis --
Case Study --
Review Questions --
Put Into Practice --
RESEARCH ASSIGNMENT --
Key Learning Points --
22. Fiscal policy --
Introduction --
Government spending --
Taxation --
Marginal and average tax rates --
Taxation systems --
A `fair' tax system --
Using taxation as a government policy instrument. Contents note continued: The Laffer curve --
Types of benefit --
Fiscal drag --
The public sector net cash requirement --
The national debt --
Automatic and discretionary fiscal policy --
Fiscal stance --
Changing taxes versus changing spending to affect the aggregate demand --
The effectiveness of fiscal policy --
Supply-side fiscal policy --
Case Study --
Review Questions --
Put Into Practice --
ASSIGNMENT QUESTION --
Key Learning Points --
Reference --
Learn More --
23. Money and monetary policy --
Introduction --
The Bank of England --
Banks and financial institutions --
The market for money --
Fisher's equation of exchange --
The Quantity theory of Money and Monetarists --
Factors that might limit the impact of an increase in the money supply on prices --
Controlling the money supply --
Problems controlling the money supply --
Monetary policy in the UK --
Case Study --
Review Questions --
Put Into Practice --
Key Learning Points --
Reference --
Learn More. Contents note continued: 24. Economic growth and the economic cycle --
Introduction --
Types of growth --
What can a government do to promote growth? --
The problems of growth --
The economic cycle --
The stages of the economic cycle --
What causes the economic cycle? --
Indicators of the economic cycle --
Case Study --
Review Questions --
Put Into Practice --
ASSIGNMENT QUESTION --
Key Learning Points --
Learn More --
25. Unemployment --
Introduction --
Causes of unemployment --
Voluntary and involuntary unemployment --
The natural rate of unemployment --
Government policies to reduce unemployment --
The possible costs of unemployment --
Case Study --
Review Questions --
Put Into Practice --
ASSIGNMENT QUESTION --
Key Learning Points --
Learn More --
26. Inflation --
Introduction --
Calculating inflation --
Why does inflation matter? --
What causes inflation? --
Controlling inflation --
The Monetary Policy Committee in the UK --
Real interest rates versus nominal interest rates. Contents note continued: The Phillips curve: Inflation and unemployment --
Deflation --
Case Study --
Review Questions --
Put Into Practice --
ASSIGNMENT QUESTION --
Key Learning Points --
Learn More --
27. Exchange rates --
Introduction --
Exchange rate --
What determines the external value of a currency? --
Equilibrium in the currency market --
Appreciation and depreciation of the exchange rate --
The advantages and disadvantages of a floating exchange rate system --
A fixed exchange rate system --
The exchange rate mechanism --
The single European currency: The euro --
The real exchange rate --
Purchasing power parity (PPP) --
Does a strong pound matter? --
Effect of a falling pound: Depreciation and the current account --
Case Study --
Review Questions --
Put Into Practice --
ASSIGNMENT QUESTION --
Key Learning Points --
Learn More --
28. International trade, balance of payments, and protectionism --
Introduction --
Exports --
Imports --
Absolute and comparative advantage. Contents note continued: The benefits of trade --
Terms of trade --
The balance of payments --
The balance of payments and exchange rates --
A current account deficit on the balance of payments --
Free trade --
The European Union --
The World Trade Organization --
Case Study --
Review Questions --
Put Into Practice --
Assignment Questions --
Key Learning Points --
Reference --
Learn More --
29. Protectionism and globalization --
Protectionism --
The effect of tariffs --
The effects of quotas --
The effects of subsidies --
Globalization --
Defining globalization --
What benefits can globalization bring? --
What are the dangers of globalization? --
Why has globalization been occurring? --
Rich vs poor? --
Critics of globalization --
What limits the growth of some developing economies? --
The future? --
Conclusion --
Case Study --
Review Questions --
Put Into Practice --
Assignment Questions --
Key Learning Points --
References --
Advise The Government.
Responsibility: Andrew Gillespie.

Abstract:

Assuming no prior knowledge of economics, this is an essential introduction to the subject designed specifically for undergraduate students. The author's accessible approach is combined with a wealth  Read more...

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    schema:description "Contents note continued: 24. Economic growth and the economic cycle -- Introduction -- Types of growth -- What can a government do to promote growth? -- The problems of growth -- The economic cycle -- The stages of the economic cycle -- What causes the economic cycle? -- Indicators of the economic cycle -- Case Study -- Review Questions -- Put Into Practice -- ASSIGNMENT QUESTION -- Key Learning Points -- Learn More -- 25. Unemployment -- Introduction -- Causes of unemployment -- Voluntary and involuntary unemployment -- The natural rate of unemployment -- Government policies to reduce unemployment -- The possible costs of unemployment -- Case Study -- Review Questions -- Put Into Practice -- ASSIGNMENT QUESTION -- Key Learning Points -- Learn More -- 26. Inflation -- Introduction -- Calculating inflation -- Why does inflation matter? -- What causes inflation? -- Controlling inflation -- The Monetary Policy Committee in the UK -- Real interest rates versus nominal interest rates."@en ;
    schema:description "Contents note continued: The multiplier effect -- How does the multiplier work? -- The size of the multiplier -- The multiplier in an open economy -- Case Study -- Review Questions -- Put Into Practice -- ASSIGNMENT QUESTION -- Key Learning Points -- Learn More -- 18. National income and the standard of living -- Introduction -- Measuring national income -- Real national income versus nominal national income -- National income and living standards -- The Lorenz curve and the Gini coefficient -- Limitations of real GDP per capita as a measure of a country's standard of living -- Case Study -- Review Questions -- Put Into Practice -- ASSIGNMENT QUESTION -- Key Learning Points -- ReferenceS -- Learn More -- 19. Aggregate demand, aggregate supply, and the price level -- Introduction -- Aggregate demand -- Aggregate supply -- Equilibrium in the economy -- The short-run and long-run aggregate supply curve -- Government policy and the level of national income -- Case Study."@en ;
    schema:description "Machine generated contents note: pt. 1 Microeconomics -- 1. What is economics? -- The basic economic problem -- Solving the fundamental economic questions -- Mixed economies -- Types of economics -- Key terms and concepts in economics -- Case Study -- Review Questions -- Put Into Practice -- Assignment Questions -- Key Learning Points -- 2. The production possibility frontier (PPF) -- Scarcity and choice -- The production possibility frontier (PPF) -- Reallocation of resources -- Productive inefficiency -- Shifting the production possibility frontier outward -- Consumption outside the production possibility frontier -- Present versus future decisions -- The shape of the production possibility frontier -- Case Study -- Review Questions -- Put Into Practice -- Assignment Questions -- Key Learning Points -- Learn More -- 3. Demand -- Introduction -- The demand curve -- The shape of the demand curve -- Marginal and total utility -- A movement along the demand curve."@en ;
    schema:description "Contents note continued: Business objectives -- Other objectives -- How to grow -- Case Study -- Review Questions -- Put Into Practice -- Assignment Questions -- Key Learning Points -- ReferenceS -- Learn More -- 11. Perfect competition -- Why study market structure? -- Introduction to perfect competition -- Perfectly competitive firms as price takers -- Short-run equilibrium in perfect competition -- Long-run equilibrium in perfect competition -- Deriving the supply curve in perfect competition -- Summary -- Case Study -- Review Questions -- Put Into Practice -- Key Learning Points -- 12. Monopoly -- Introduction to monopoly -- Demand and marginal revenue for a monopolist -- Price and output decisions in a monopoly -- Monopoly compared to perfect competition -- Should we prevent monopolies? -- Contestable markets -- Barriers to entry -- Price discrimination -- Conditions for effective price discrimination -- Perfect price discrimination -- The benefits of price discrimination."@en ;
    schema:description "Contents note continued: Wage differentials in labour markets -- Limitations of the marginal revenue product model of wage determination -- Minimum wages -- Case Study -- Review Questions -- Put Into Practice -- Assignment Questions -- Key Learning Points -- Learn More -- Advise The Government -- pt. 2 Macroeconomics -- 16. Introduction to macroeconomics -- Introduction -- Government economic objectives -- Policy instruments -- Policy debates -- Policy conflicts -- Case Study -- Review Questions -- Put Into Practice -- ASSIGNMENT QUESTION -- Key Learning Points -- Learn More -- 17. Equilibrium in the economy -- Introduction -- Equilibrium in the economy -- The circular flow of income -- Injections (J) -- Withdrawals (W) -- Adding in injections and withdrawals to the circular flow -- Getting to equilibrium: The adjustment process -- Changes in planned injections and withdrawals -- The aggregate demand schedule -- Aggregate demand and potential output -- Reflationary policies."@en ;
    schema:description "Contents note continued: The Laffer curve -- Types of benefit -- Fiscal drag -- The public sector net cash requirement -- The national debt -- Automatic and discretionary fiscal policy -- Fiscal stance -- Changing taxes versus changing spending to affect the aggregate demand -- The effectiveness of fiscal policy -- Supply-side fiscal policy -- Case Study -- Review Questions -- Put Into Practice -- ASSIGNMENT QUESTION -- Key Learning Points -- Reference -- Learn More -- 23. Money and monetary policy -- Introduction -- The Bank of England -- Banks and financial institutions -- The market for money -- Fisher's equation of exchange -- The Quantity theory of Money and Monetarists -- Factors that might limit the impact of an increase in the money supply on prices -- Controlling the money supply -- Problems controlling the money supply -- Monetary policy in the UK -- Case Study -- Review Questions -- Put Into Practice -- Key Learning Points -- Reference -- Learn More."@en ;
    schema:description "Contents note continued: Case Study -- Review Questions -- Put Into Practice -- ASSIGNMENT QUESTION -- Key Learning Points -- ReferenceS -- 13. Oligopoly -- Introduction -- The kinked demand curve model -- Cartels -- Game theory -- Summary -- Case Study -- Review Questions -- Put Into Practice -- ASSIGNMENT QUESTION -- Key Learning Points -- ReferenceS -- Learn More -- 14. Monopolistic competition and non-price competition -- Introduction -- Non-price competition -- Porter's five forces analysis of market structure -- Case Study -- Review Questions -- Put Into Practice -- ASSIGNMENT QUESTION -- Key Learning Points -- 15. The labour market -- The labour market -- The supply of and demand for labour -- Labour supply -- Transfer earnings and economic rent -- The wage elasticity of supply of labour -- The demand for labour -- The wage elasticity of demand for labour -- Wages in a perfectly competitive labour market -- Changes in demand and supply conditions in the labour market."@en ;
    schema:description "Contents note continued: The benefits of trade -- Terms of trade -- The balance of payments -- The balance of payments and exchange rates -- A current account deficit on the balance of payments -- Free trade -- The European Union -- The World Trade Organization -- Case Study -- Review Questions -- Put Into Practice -- Assignment Questions -- Key Learning Points -- Reference -- Learn More -- 29. Protectionism and globalization -- Protectionism -- The effect of tariffs -- The effects of quotas -- The effects of subsidies -- Globalization -- Defining globalization -- What benefits can globalization bring? -- What are the dangers of globalization? -- Why has globalization been occurring? -- Rich vs poor? -- Critics of globalization -- What limits the growth of some developing economies? -- The future? -- Conclusion -- Case Study -- Review Questions -- Put Into Practice -- Assignment Questions -- Key Learning Points -- References -- Advise The Government."@en ;
    schema:description "Contents note continued: The Phillips curve: Inflation and unemployment -- Deflation -- Case Study -- Review Questions -- Put Into Practice -- ASSIGNMENT QUESTION -- Key Learning Points -- Learn More -- 27. Exchange rates -- Introduction -- Exchange rate -- What determines the external value of a currency? -- Equilibrium in the currency market -- Appreciation and depreciation of the exchange rate -- The advantages and disadvantages of a floating exchange rate system -- A fixed exchange rate system -- The exchange rate mechanism -- The single European currency: The euro -- The real exchange rate -- Purchasing power parity (PPP) -- Does a strong pound matter? -- Effect of a falling pound: Depreciation and the current account -- Case Study -- Review Questions -- Put Into Practice -- ASSIGNMENT QUESTION -- Key Learning Points -- Learn More -- 28. International trade, balance of payments, and protectionism -- Introduction -- Exports -- Imports -- Absolute and comparative advantage."@en ;
    schema:description "Is there more the government could do to help the UK economy grow faster? What will happen to house prices in the future? Is competition good for consumers? An understanding of economics will not just help you to understand the world around you, it will also help you to make sense of the issues that directly affect you. Foundations of Economics is an essential introduction to the subject designed specifically with undergraduate students in mind. The author's highly accessible and engaging writing style is combined with a wealth of questions, examples, reflection points, and case studies to ensure students fully understand key topics, and are able to develop and apply their knowledge throughout. The book is divided into two clear parts to help students navigate and connect the main principles of economics. Part one focuses on microeconomics and individual markets, by analysing topics such as demand, supply, costs, competition, and the free market. This ensures students have a sound grasp of the key microeconomic theories underpinning the subject. The second part of the book then tackles macroeconomic issues and the wider economy, by exploring contemporary topics including fiscal policy, unemployment, inflation, economic growth, and international trade. The third edition offers an increased number of questions at the end of every chapter, as well as assignment questions designed to further strengthen and expand students' understanding of key topics. Fully updated case studies and economics in context boxes illustrate the practical application of economics, and emphasise how this relates to everyday life in an international context. The book offers a wealth of carefully designed learning tools to build a sound knowledge of economics in a step-by-step approach. Both accessible and comprehensive, this is must-read textbook for those looking to understand more about a subject that has a real and significant impact on our day-to-day lives. Foundations of Economics is accompanied by a fully integrated Online Resource Centre, offering a range of supporting materials for students and registered lecturers. For students: - Visual walkthroughs of key concepts - Author blog - Comprehensive solutions to 'put it into practice' questions from the book - MCQs - Advanced material - Flashcard glossaries - Additional chapter on business strategy - Web links - Additional 'advise the government' questions For registered lecturers: - PowerPoint slides - Instructor's manual - Test bank - Guide to 'advise the government' questions.--"@en ;
    schema:description "Contents note continued: The price elasticity of supply -- Case Study -- Review Questions -- Put Into Practice -- Key Learning Points -- Learn More -- 6. Market equilibrium -- Markets -- Equilibrium -- The effects on the equilibrium price and quantity of a change in demand -- The effects on the equilibrium price and quantity of a change in supply -- How can supply and demand analysis help us? -- The introduction of an indirect tax -- The introduction of subsidies -- Interrelated markets -- Case Study -- Review Questions -- Put Into Practice -- Key Learning Points -- Learn More -- 7. The free market system -- The free market -- Advantages of the free market system -- The disadvantages of the market system: Market failures and imperfections -- Case Study -- Review Questions -- Put Into Practice -- Assignment Questions -- Key Learning Points -- Learn More -- 8. Intervening in the market system -- Intervention in markets -- Examples of government intervention in the market system."@en ;
    schema:description "Contents note continued: Problems of government intervention in the market system -- Nationalization -- Privatization -- Reasons to privatize -- Problems of privatization -- Problems of intervention -- Regulatory capture -- Case Study -- Review Questions -- Put Into Practice -- Assignment Questions -- Key Learning Points -- Reference -- 9. Costs: Short run and long run -- The importance of costs -- Short-run costs -- Long-run cost curves -- Case Study -- Review Questions -- Put Into Practice -- Assignment Questions -- Key Learning Points -- Learn More -- 10. Revenues, costs, and profits -- Introduction -- Total revenue -- Marginal revenue -- Marginal revenue and total revenue -- Total costs -- Marginal costs and total costs -- Profit and loss -- The difference between accounting profit and economists' profits: Normal and abnormal profit -- Profits versus profitability -- Profit-maximization: The marginal condition -- The decision of whether to produce or not."@en ;
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    schema:description "Contents note continued: Upward-sloping demand curves -- A shift in the demand curve -- The reasons for a shift in demand -- Individual and market demand -- Case Study -- Review Questions -- Put Into Practice -- Assignment Questions -- Key Learning Points -- Reference -- Learn More -- 4. The elasticity of demand -- The elasticity of demand -- The price elasticity of demand -- Determinants of the price elasticity of demand -- The value of the price elasticity of demand along the demand curve -- The price elasticity of demand and total revenue -- The income elasticity of demand -- The cross-price elasticity of demand -- Practical limitations of the concept of elasticity of demand -- Case Study -- Review Questions -- Put Into Practice -- Key Learning Points -- ReferenceS -- Learn More -- 5. Supply -- Introduction to supply -- Movement along the supply curve -- Shifts in supply -- The reasons for a shift in the supply curve -- Industry supply -- Joint supply."@en ;
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