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- Full title: Economics: Private & Public Choice, 17th Edition
- Edition: 17th
- Copyright year: 2022
- Publisher: Cengage Learning
- Author: James D. Gwartney; Richard L. Stroup; Russell S. Sobel
- ISBN: 9780357134276, 9780357134276
- Format: PDF
Description of Economics: Private & Public Choice, 17th Edition:
Learn to apply economic concepts to the world around you as ECONOMICS: PRIVATE AND PUBLIC CHOICE, 17E highlights current economic conditions. Reader-friendly coverage analyzes and explains the latest economic activity, from the recession of 2008-2009 to the 2020 economy shutdown from the COVID-19 pandemic. This edition dispels common economic myths with economic insights that clarify current issues and controversies. You examine the importance of entrepreneurship while an emphasis on public choice provides a unique economic perspective on the political process and why government actions sometimes fail to deliver desired outcomes. You also learn how to apply economic concepts to relevant topics, such as student loans, and how events, such as the Great Suppression of 2020, affect opportunities. You study the importance of international trade as a source of economic growth and higher living standards. Most importantly, you learn how to use economics to make better decisions in your career, investments and handling of risk in your personal life.Important Notice: Media content referenced within the product description or the product text may not be available in the ebook version.
Table of Contents of Economics: Private & Public Choice, 17th Edition PDF ebook:
Brief contentsContentsPrefaceAcknowledgmentsAbout the AuthorsPart 1: The Economic Way of ThinkingChapter 1: The Economic Approach1-1 What Is Economics About?1-2 The Economic Way of Thinking1-3 Positive and Normative Economics1-4 Pitfalls to Avoid in Economic ThinkingKey PointsCritical Analysis QuestionsChapter 2: Some Tools of the Economist2-1 What Shall We Give Up?2-2 Trade Creates Value2-3 The Importance of Property Rights2-4 Production Possibilities Curve2-5 Trade, Output, and Living Standards2-6 Human Ingenuity, Entrepreneurship, and the Creation of Wealth2-7 Economic OrganizationKey PointsCritical Analysis QuestionsAddendumPart 2: Markets and GovernmentChapter 3: Demand, Supply, and the Market Process3-1 Consumer Choice and the Law of Demand3-2 Changes in Demand versus Changes in Quantity Demanded3-3 Producer Choice and the Law of Supply3-4 Changes in Supply versus Changes in Quantity Supplied3-5 How Market Prices Are Determined: Demand and Supply Interact3-6 How Markets Respond to Changes in Demand and Supply3-7 Entrepreneurship, Profit, and the Dynamics of Market Competition3-8 Invisible Hand PrincipleKey PointsCritical Analysis QuestionsChapter 4: Demand and Supply: Applications and Extensions4-1 The Link between Resource and Product Markets4-2 The Economics of Price Controls4-3 Black Markets and the Importance of the Legal Structure4-4 The Impact of a Tax4-5 Tax Rates, Tax Revenues, and the Laffer Curve4-6 The Impact of a SubsidyKey PointsCritical Analysis QuestionsChapter 5: Difficult Cases for the Market, and the Role of Government5-1 A Closer Look at Economic Efficiency5-2 Thinking About the Economic Role of Government5-3 Potential Shortcomings of the Market5-4 Market and Government FailureKey PointsCritical Analysis QuestionsChapter 6: The Economics of Political Action6-1 The Size and Growth of the U.S. Government6-2 Similarities and Differences between Political and Market Allocation6-3 Political Decision-Making: An Overview6-4 When the Political Process Works Well6-5 When the Political Process Works Poorly6-6 Political Favoritism, Crony Capitalism, and Government Failure6-7 The Economic Way of Thinking about Markets and GovernmentKey PointsCritical Analysis QuestionsPart 3: Core MacroeconomicsChapter 7: Taking the Nation’s Economic Pulse7-1 GDP-A Measure of Output7-2 GDP as a Measure of Both Output and Income7-3 Adjusting for Price Changes and Deriving Real GDP7-4 Problems with GDP as a Measuring Rod7-5 Differences in GDP over Time7-6 The Great Contribution of GDPKey PointsCritical Analysis QuestionsAddendumChapter 8: Economic Fluctuations, Unemployment, and Inflation8-1 Swings in the Economic Pendulum8-2 Economic Fluctuations and the Labor Market 8-3 Three Types of Unemployment8-4 Full Employment and the Natural Rate of Unemployment8-5 Actual and Potential GDP8-6 The Effects of InflationKey PointsCritical Analysis QuestionsChapter 9: An Introduction to Basic Macroeconomic Markets9-1 Understanding Macroeconomics: Our Game Plan9-2 Four Key Markets: Resources, Goods and Services, Loanable Funds, and Foreign Exchange9-3 Aggregate Demand for Goods and Services9-4 Aggregate Supply of Goods and Services9-5 Equilibrium in the Goods and Services Market9-6 Resource Market9-7 Loanable Funds Market9-8 Foreign Exchange Market9-9 Long-Run EquilibriumKey PointsCritical Analysis QuestionsChapter 10: Dynamic Change, Economic Fluctuations, and the AD-AS Model10-1 Anticipated and Unanticipated Changes10-2 Factors that Shift Aggregate Demand10-3 Shifts in Aggregate Supply10-4 Steady Economic Growth and Anticipated Changes in Long-Run Aggregate Supply10-5 Unanticipated Changes and Market Adjustments10-6 The Price Level, Inflation, and the AD-AS Model10-7 Unanticipated Changes, Recessions, and BoomsKey PointsCritical Analysis QuestionsChapter 11: Fiscal Policy: The Keynesian View and the Historical Development of Macroeconomics11-1 The Great Depression, Economic Instability, and the Development of Keynesian Economics11-2 The Federal Budget and Fiscal Policy11-3 Fiscal Policy and the Good News of Keynesian Economics11-4 Saving, Spending, Debt, and the Impact of Fiscal PolicyKey PointsCritical Analysis QuestionsChapter 12: Fiscal Policy, Incentives, and Secondary Effects12-1 Fiscal Policy, Borrowing, and the Crowding-Out Effect12-2 Fiscal Policy, Future Taxes, and the New Classical Model12-3 Political Incentives and the Effective Use of Discretionary Fiscal Policy12-4 Is Discretionary Fiscal Policy an Effective Stabilization Tool?12-5 The Supply-Side Effects of Fiscal Policy12-6 Fiscal Policy and Recovery from Recessions12-7 U.S. Fiscal Policy: 1990-2019Key PointsCritical Analysis QuestionsChapter 13: Money and the Banking System13-1 What Is Money?13-2 How the Supply of Money Affects Its Value13-3 How Is the Money Supply Measured?13-4 The Business of Banking13-5 How Banks Create Money by Extending Loans13-6 The Federal Reserve System13-7 Ambiguities in the Meaning and Measurement of the Money SupplyKey PointsCritical Analysis QuestionsChapter 14: Modern Macroeconomics and Monetary Policy14-1 Impact of Monetary Policy: A Brief Historical Background14-2 The Demand and Supply of Money14-3 How Does Monetary Policy Affect the Economy?14-4 Monetary Policy in the Long Run14-5 Money, Economic Stability, and Proper Monetary Policy14-6 Recent Low Interest Rates and Monetary Policy14-7 Interest Rates, Velocity of Money, and Monetary PolicyKey PointsCritical Analysis QuestionsChapter 15: Macroeconomic Policy, Economic Stability, and the Federal Debt15-1 Economic Fluctuations: The Past 100 Years15-2 Can Discretionary Policy Promote Economic Stability?15-3 Forecasting Tools and Macro Policy15-4 How Are Expectations Formed?15-5 Macro Policy Implications of Adaptive and Rational Expectations15-6 The Phillips Curve: The View of the 1960s versus Today15-7 The Growing Federal Debt and Economic Stability15-8 Perspective on Recent Macroeconomic Policy and Economic InstabilityKey PointsCritical Analysis QuestionsChapter 16: Creating an Environment for Growth and Prosperity16-1 Why Is Economic Growth Important?16-2 Sources of Economic Growth and High Incomes16-3 What Institutions and Policies Will Promote Growth?16-4 Economic Freedom as a Measure of Sound Institutions16-5 Institutions, Policies, and Economic Performance16-6 Economic Freedom and Per Capita Income: How Strong is the Linkage?Key PointsCritical Analysis QuestionsAddendumChapter 17: The Economics of Development17-1 The Economic Record of the Last 1000 Years17-2 Theories of Development17-3 The Transportation-Communication Revolution17-4 The Transportation-Communication Revolution and Economic Development17-5 The Transportation-Communication Revolution and the Historic Economic Progress of the Past 50 Y17-6 The Transportation-Communication Revolution versus the Industrial Revolution17-7 The Future of Economic DevelopmentKey PointsCritical Analysis QuestionsPart 4: International EconomicsChapter 18: Gaining from International Trade18-1 The Trade Sector of the United States18-2 Gains from Specialization and Trade18-3 Supply, Demand, and International Trade18-4 The Economics of Trade Restrictions18-5 Why Do Nations Adopt Trade Restrictions?18-6 Do More Open Economies Perform Better?18-7 Trade Barriers and Popular Trade Fallacies18-8 Institutions and the Changing Nature of Global TradeKey PointsCritical Analysis QuestionsChapter 19: International Finance and the Foreign Exchange Market19-1 Foreign Exchange Market 19-2 Determinants of the Exchange Rate19-3 Why Do Exchange Rates Change?19-4 International Finance and Alternative Exchange Rate Regimes19-5 Balance of Payments19-6 Exchange Rates, Current Account Balance, and Capital InflowKey PointsCritical Analysis QuestionsPart 5: Core MicroeconomicsChapter 20: Consumer Choice and Elasticity20-1 Fundamentals of Consumer Choice20-2 Marginal Utility, Consumer Choice, and the Demand Curve of an Individual20-3 Elasticity of Demand20-4 How Demand Elasticity and Price Changes Affect Total Expenditures (or Revenues) on a Product20-5 Income Elasticity20-6 Price Elasticity of SupplyKey PointsCritical Analysis QuestionsChapter 21: Costs and the Supply of Goods21-1 The Organization of the Business Firm21-2 How Well Does the Corporate Structure Work?21-3 The Economic Role of Costs21-4 Short-Run and Long-Run Time Periods21-5 Categories of Costs21-6 Output and Costs in the Short Run21-7 Output and Costs in the Long Run 21-8 What Factors Cause Cost Curves to Shift?21-9 The Economic Way of Thinking About CostsKey PointsCritical Analysis QuestionsChapter 22: Price Takers and the Competitive Process22-1 Price Takers and Price Searchers22-2 What Are the Characteristics of Price-Taker Markets?22-3 How Does the Price Taker Maximize Profit?22-4 The Firm’s Short-Run Supply Curve22-5 The Short-Run Market Supply Curve22-6 Price and Output in Price-Taker Markets22-7 The Role of Profits and Losses22-8 Competition Promotes ProsperityKey PointsCritical Analysis QuestionsChapter 23: Price-Searcher Markets with Low Entry Barriers23-1 Competitive Price-Searcher Markets23-2 Contestable Markets and the Competitive Process23-3 Evaluating Competitive Price-Searcher Markets23-4 A Special Case: Price Discrimination23-5 Entrepreneurship and Economic ProgressKey PointsCritical Analysis QuestionsChapter 24: Price-Searcher Markets with High Entry Barriers24-1 Why Are Entry Barriers Sometimes High?24-2 Characteristics of a Monopoly24-3 The Characteristics of an Oligopoly24-4 Price and Output under Oligopoly24-5 Market Power and Profit-The Early Bird Catches the Worm24-6 Defects of Markets with High Entry Barriers24-7 Policy Alternatives When Entry Barriers Are High24-8 Dynamic Competition in the Digital AgeKey PointsCritical Analysis QuestionsChapter 25: The Supply of and Demand for Productive Resources25-1 Resource Markets and Human and Nonhuman Resources25-2 The Demand for Resources25-3 Marginal Productivity and the Firm’s Hiring Decision25-4 The Supply of Resources25-5 Supply, Demand, and Resource PricesKey PointsCritical Analysis QuestionsChapter 26: Earnings, Productivity, and the Job Market26-1 Why Do Earnings Differ?26-2 The Economics of Employment Discrimination26-3 The Link between Productivity and EarningsKey Points Critical Analysis QuestionsChapter 27: Investment, the Capital Market, and the Wealth of Nations27-1 Why People Invest27-2 Interest Rates27-3 The Present Value of Future Income and Costs27-4 Present Value, Profitability, and Investment27-5 Investing in Human Capital27-6 Uncertainty, Entrepreneurship, and Profit27-7 Why Is the Capital Market So Important?Key PointsCritical Analysis QuestionsChapter 28: Income Inequality and Poverty28-1 How Much Income Inequality Exists in the United States?28-2 Household Expenditures and Economic Inequality28-3 Income Mobility and Inequality in Economic Status28-4 Poverty in the United States28-5 Income Inequality: Some Concluding ThoughtsKey PointsCritical Analysis QuestionsPart 6: Applying the Basics: Special Topics in EconomicsSpecial Topic 1: Government Spending and TaxationSpecial Topic 2: The Economics of Social SecuritySpecial Topic 3: The Stock Market: Its Function, Performance, and Potential as an Investment OpportuSpecial Topic 4: Keynes and Hayek: Contrasting Views on Sound Economics and the Role of GovernmentSpecial Topic 5: The 2020 COVID-19 Recession: Cause, Response, and Implications forSpecial Topic 6: The Great Recession of 2008-2009: Causes and ResponseSpecial Topic 7: Lessons from the Great DepressionSpecial Topic 8: The Economics of Health CareSpecial Topic 9: Earnings Differences between Men and WomenSpecial Topic 10: Do Labor Unions Increase the Wages of Workers?Special Topic 11: The Question of Resource ExhaustionSpecial Topic 12: Difficult Environmental Cases and the Role of GovernmentAppendix A: General Business and Economics Indicators for the United StatesAppendix B: Answers to Selected Critical Analysis QuestionsGlossaryIndex