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Economics

Author: Walter J Wessels
Publisher: Hauppauge, N.Y. : Barron's, ©2006.
Series: Business review books.
Edition/Format:   Print book : English : 4th edView all editions and formats
Summary:
Provides an overview of economics, including macroeconomics, microeconomics, international trade, and creating and comprehending economic graphs.
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Document Type: Book
All Authors / Contributors: Walter J Wessels
ISBN: 0764134191 9780764134197
OCLC Number: 62741581
Notes: Includes index.
Description: xiii, 636 pages : illustrations ; 23 cm.
Contents: Essentials of economics --
1. What is economics all about? --
What is economics about? --
The basis for economics --
Scarcity --
Opportunity cost --
Marginal analysis --
Know the concepts --
Practical application --
Answers --
2. How to use graphs in economics --
Reading graphs--
How two variables are related --
Plotting graphs --
measuring the slope --
Know the concepts --
Practical application --
Answers --
3. Supply and demand : part one --
How to study supply and demand --
Price --
Demand and the law of demand --
The demand curve --
Supply and the law of supply --
The supply curve --
Market equilibrium --
Studying demand and supply curves --
price floors --
Price ceilings --
Effects of price ceilings and floors --
On the nature of the price system --
Know the concepts --
Practical application --
Answers --
4. Supply and demand : part two --
The difference between economic shifts and movements --
Factors shifting demand --
Factors shifting supply --
How to avoid mistakes in analyzing supply and demand --
Know the concepts --
Practical application --
Answers. Macroeconomics : aggregate supply and demand --
5. Measuring national output --
Introduction --
Basic premises --
The circular flow of income --
Measuring GDP --
GDP and national welfare --
National income accounting formulas --
Applying the national income premises --
Know the concepts --
Practical application --
Answers --
6. Inflation and unemployment --
Measuring inflation --
The three main price indexes --
Problems with price indexes --
The meaning of inflation --
How inflation affects real income --
The economic costs of inflation --
Measuring unemployment --
The effect of recession --
The types and costs of unemployment --
Know the concepts --
Practical application --
Answers --
7. Introduction to macroeconomics : output, growth, and capital --
What is macroeconomics? --
Recessions --
Why recessions occur --
Full-employment output --
The level of current output --
Growth accounting --
Creation of capital --
Capital markets --
Will savings be invested? --
Know the concepts --
Practical application --
Answers. 8. Aggregate demand and supply : the key to macroeconomics --
Aggregate demand and supply --
Aggregate demand --
Aggregate supply (short run) --
The effects of shifts in aggregate demand and supply --
Aggregate supply (long run) --
How to apply aggregate demand and supply --
Know the concepts --
Practical application --
Answers --
9. Aggregate demand in the private sector : the Keynesian model --
The basic Keynesian model --
Consumption function --
Investment function --
Equilibrium in aggregate demand --
Applying the Keynesian model --
Shifts in investment --
Determinants of consumption --
Determinants of investment --
Factors shifting the total spending curve --
Plotting aggregate demand --
The Keynesian model --
Know the concepts --
Practical application --
Answers. 10. Aggregate supply and getting to full employment --
Constructing the aggregate supply curve to get to full employment --
Long-run equilibrium --
From recession to full employment --
From too little unemployment to full employment --
The effects of employment on the spending multiplier --
The natural rate of unemployment --
Know the concepts --
Practical application --
Answers --
Macroeconomics : fiscal and monetary policy --
11. Fiscal policy : government spending and taxation --
What fiscal policy is --
The effect of spending --
The effect of taxation --
The overall effects of spending and taxation --
Limits of an active fiscal policy --
The effect on aggregate supply and demand --
Deficits : do they matter? --
Know the concepts --
Practical application --
Answers --
12. The supply of money --
What is money? --
How money is measured --
The Federal Reserve --
Balance sheets and banks : federal and commercial --
How the Fed controls the money supply --
Taylor's rule : what does the Federal Reserve do? --
Know the concepts --
Practical application --
Answers. 13. Money and aggregate demand --
Money demand --
The quantity theory of money --
The long-run neutrality of money --
How to predict inflation --
The German hyperinflation --
The short-run effects of money : the monetarist model --
Keynesian model of the short-run effects of money --
The long-run effects of money supply on interest rates --
The spending multiplier and fiscal policy --
Bonds : interest rates and prices --
The differences between Keynesian and monetarist views --
Know the concepts --
Practical application --
Answers --
14. Inflation and unemployment --
What causes the short-run aggregate supply curve (AS) to shift? --
The relationship between the AS curve and the Phillips curve --
How shifts affect the AS curve and the Phillips curve --
Visualizing the business cycle --
Inflation and the Phillips curve --
The business cycle --
Can economic recovery be made faster? --
Can inflation (at full employment) be reduced? --
Does the Phillips curve tell the real story? --
Know the concepts --
Practical application --
Answers. 15. Rational expectations and other models of the business cycle --
Rational-expectations macroeconomics --
Assumptions --
Results --
Rational-expectations model --
An example of a rational-expectations model --
Criticisms of rational expectations --
Rational expectations, random walk, and the stock market --
Real business cycle theory --
Neo-Keynesian macroeconomics --
Where does business cycle theory stand today? --
Know the concepts --
Practical application --
Answers --
16. Open-market macroeconomics --
Introduction --
The key to understanding world trade --
The exchange rate --
The demand and supply of the dollar --
The market for assets --
Factors affecting the exchange rate --
Other equations --
Runs on currencies and capital flight --
Fiscal and monetary policy in an open economy --
Know the concepts --
Practical application --
Answers. Microeconomics : consumer and cost --
17. Elasticity --
The price elasticity of demand --
Measuring the price elasticity of demand --
Elasticity and total revenue --
Factors affecting elasticity --
Pertaining to demand --
Pertaining to supply --
Interactions of demand and supply --
Know the concepts --
Practical application --
Answers --
18. The theory of demand --
Market and individual demand --
The law of diminishing marginal utility --
The law of equal marginal utility per dollar --
Deriving the law of demand from the law of equal marginal utility per dollar --
Income effects and substitution effects --
Consumer surplus --
Applications for business : principle of equal marginal benefit per unit --
Know the concepts --
Practical application --
Answers --
19. Cost and output --
Short- and long-run costs --
Short-run costs --
Long-run costs --
Profits and costs --
Know the concepts --
Practical application --
Answers. Microeconomics : competition and monopoly --
20. Competitive supply --
Rules of basic decision making --
Concerning costs --
Concerning output --
How competitive firms make decisions concerning costs and output --
Rules of supply--
The construction of the industry's short-run supply curve --
Effects of costs on supply --
Competition bids price down to cost --
Short and long runs --
Auction theory --
Know the concepts --
Practical application --
Answers --
21. Assymmetric information --
Adverse selection --
The market for lemons --
Market signaling --
Moral hazard --
Principal-agent problems --
Know the concepts --
Practical application --
Answers --
22. Monopolies --
Why do monopolies exist? --
Basic elements --
Marginal revenue --
The output decision --
Fallacies and facts --
Price discrimination--
Taxes and monopolies --
Know the concepts --
Practical application --
Answers. 23. Between monopoly and competition --
Perfectly contestable markets --
Monopolistic competition --
Oligopoly --
Special models of oligopolies --
Game theory and oligopoly --
Forces that promote competition --
Know the concepts --
Practical application --
Answers --
24. Game theory --
Cooperation --
Noncooperation --
Nash equilibrium --
Sequential games --
Coordination games --
Games and pay --
Keynesian games --
Evolutionary games --
Know the concepts --
Practical application --
Answers --
25. Efficiency and regulation --
The competitive process --
The efficiency of competitive markets --
The social loss from monopoly --
Regulating monopoly --
Vertical integration --
Vertical integration and antitrust --
Is monopoly bad? --
When won't a competitive economy be efficient? --
Know the concepts --
Practical application --
Answers. Microeconomics : what people earn --
26. Factor demand and productivity --
How to measure productivity and profits --
Determining marginal benefit by marginal revenue product --
Determining marginal cost by marginal factor cost --
The four cases combined --
Efficiency --
Income allocation --
Know the concepts --
Practical application --
Answers --
27. Wages, labor markets, and unions --
Workers and jobs --
Model 1 : Workers alike, jobs alike --
Model 2 : Workers alike, jobs different --
Other models of differences in wages --
Discrimination --
Unions --
Unions in price-taking firms --
Unions and efficiency --
Unions and monopsonistic employers --
The minimum wage --
Know the concepts --
Practical application --
Answers --
28. Rent, interest, and profits --
Economic rent --
Interest --
Making investment decisions --
Value of an asset --
Economic profits --
Know the concepts --
Practical application --
Answers. Microeconomics : government and the economy --
29. Public choice and externalities --
Social optimality and free markets --
Solutions to market failures caused by externalities --
Public goods --
An application : pollution control --
Public choice --
Dealing with special interests --
Know the concepts --
Practical application --
Answers --
30. Government spending and taxation --
Cost-benefit analysis of government spending --
The economics of transfer payments --
Taxation --
Equity in taxes --
Taxes and efficiency --
Major distortions in our current tax codes --
Some special taxes --
Comparing taxes --
Tax incidence and tax shifting --
Know the concepts --
Practical application --
Answers. International trade --
31. International trade --
When will a nation benefit from trade? --
What goods should a nation trade? --
The law of comparative advantage --
Graphical analysis of comparative advantage --
The effect of tariffs and quotas --
Trade and unemployment --
Arguments for tariffs --
Factor price equalization --
Know the concepts --
Practical application --
Answers --
Appendix --
Web sites for economics --
Indifference curve analysis --
Glossary --
List of abbreviations --
Elements of accounting --
The balance sheet --
The income statement --
How to overstate profit --
Sources of economic data --
Business cycle indicators --
Review and additional material --
The geometry of profit-maximizing --
The algebra of income determination in the Keynesian model --
Summary of macroeconomic models --
Index.
Series Title: Business review books.
Responsibility: Walter J. Wessels.
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Abstract:

Ideal as a classroom text or self-teaching handbook, this title of the "Barron's Business Review Series" covers plotting and understanding economics, graphs, market equilibrium, and the nature of the  Read more...

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