Explorations in Economics

Cover
Title Page
Copyright
Dedication
About the Authors
Brief Contents
Contents
CHAPTER 1 EXPLORING ECONOMICS
	MODULE 1 What Is Economics?
		Module 1 Review and Assessment
	MODULE 2 Production Possibilities for a Nation
		PEOPLE IN ECONOMICS: Adam Smith
		Module 2 Review and Assessment
	MODULE 3 The World of Economics
		ECONOMICS IN ACTION: The Wages of Economics
		PEOPLE IN ECONOMICS: Milton Friedman
		Module 3 Review and Assessment
	HEADLINE ECONOMICS: It’s a Man vs. Machine Recovery
	PEOPLE IN ECONOMICS: Ellen Hughes-Cromwick
	Chapter 1 Review and Self-Assessment
CHAPTER 2 COMPARING ECONOMIC SYSTEMS
	MODULE 4 Using Resources to Achieve Economic Goals
		ECONOMICS IN ACTION: TheThree Basic Economic Questions and the U.S. Health Care Debate
		Module 4 Review and Assessment
	MODULE 5 Types of Economic Systems
		PEOPLE IN ECONOMICS: Karl Marx
		ECONOMICS IN ACTION: Rationing in a Command Economy
		PEOPLE IN ECONOMICS: Friedrich von Hayek
		Module 5 Review and Assessment
	MODULE 6 The Modern Market Economy
		Module 6 Review and Assessment
	PEOPLE IN ECONOMICS: Jan Švenjar
	HEADLINE ECONOMICS: Why Amish Businesses Don’t Fail
	Chapter 2 Review and Self-Assessment
CHAPTER 3 MAKING ECONOMIC DECISIONS
	MODULE 7 Understanding Costs and Benefits
		ECONOMICS IN ACTION: Opportunity Cost Doesn’t Always Mean Dollars Paid Out
		Module 7 Review and Assessment
	MODULE 8 Rational Decision Making
		ECONOMICS IN ACTION: Freakonomics and Rational Decision Making
		Module 8 Review and Assessment
	MODULE 9 Behavioral Economics: Decision Making in Practice
		ECONOMICS IN ACTION: Sweden Uses Behavioral Economics to Make People Healthier
		ECONOMICS IN ACTION: Impatience and the Adjustable-Rate Mortgage Crisis
		Module 9 Review and Assessment
	HEADLINE ECONOMICS: Burger King Tries Home Delivery
	Chapter 3 Review and Self-Assessment
CHAPTER 4 THE DEMAND FOR GOODS AND SERVICES
	MODULE 10 Determining Demand
		Module 10 Review and Assessment
	MODULE 11 Shifts of the Demand Curve
		ECONOMICS IN ACTION: Creating Demand for Diamonds
		ECONOMICS IN ACTION: Conspicuous Consumption and the Demand for Goods
		Module 11 Review and Assessment
	MODULE 12 Elasticity of Demand
		SHOW ME THE NUMBERS!: Calculating the Elasticity of Demand
		ECONOMICS IN ACTION: Lowering the Price of TV Downloads
		Module 12 Review and Assessment
	PEOPLE IN ECONOMICS: Jeff Bezos
	HEADLINE ECONOMICS: Chevrolet’s Centenary
	Chapter 4 Review and Self-Assessment
CHAPTER 5 THE SUPPLY OF GOODS AND SERVICES
	MODULE 13 Understanding Supply
		Module 13 Review and Assessment
	MODULE 14 Shifts of the Supply Curve
		ECONOMICS IN ACTION: How Wars Shift Supply Curves
		ECONOMICS IN ACTION: The Gasoline Pipeline Disaster in Arizona
		Module 14 Review and Assessment
	MODULE 15 Production, Cost, and the Profit-Maximizing Output Level
		ECONOMICS IN ACTION: Diminishing Marginal Product in Military Battles
		Module 15 Review and Assessment
	HEADLINE ECONOMICS: Orangonomics
	Chapter 5 Review and Self-Assessment
CHAPTER 6 PRICES AND QUANTITIES: PUTTING SUPPLY AND DEMAND TOGETHER
	MODULE 16 Supply and Demand
		ECONOMICS IN ACTION: The Diamond-Water Paradox
		Module 16 Review and Assessment
	MODULE 17 Changes in Supply and Demand
		ECONOMICS IN ACTION: Supply and Demand in a James Bond Movie
		Module 17 Review and Assessment
	MODULE 18 Shortages, Surpluses, and the Role of Prices
		ECONOMICS IN ACTION: Lessons from Super Bowl Sunday
		Module 18 Review and Assessment
	PEOPLE IN ECONOMICS: Jeff Fluhr
	HEADLINE ECONOMICS: “Sneakerheads” Hype Shoes for Credit and Profit
	Chapter 6 Review and Self-Assessment
CHAPTER 7 BUSINESS ORGANIZATIONS
	MODULE 19 Businesses and the Economy
		ECONOMICS IN ACTION: Going Green Makes Cents
		Module 19 Review and Assessment
	MODULE 20 Types of Businesses
		ECONOMICS IN ACTION: How Long Does It Take to Start a Corporation?
		ECONOMICS IN ACTION: Franchises versus Other Chain Businesses
		Module 20 Review and Assessment
	MODULE 21 How Businesses Grow
		Module 21 Review and Assessment
	MODULE 22 Business Ethics
		Module 22 Review and Assessment
	HEADLINE ECONOMICS: Be an NFL Owner
	PEOPLE IN ECONOMICS: Jeff Bezos, Part II
	Chapter 7 Review and Self-Assessment
CHAPTER 8 MARKET STRUCTURE
	MODULE 23 Monopoly
		ECONOMICS IN ACTION: Sewing Barriers to Entry
		Module 23 Review and Assessment
	MODULE 24 Oligopoly and Monopolistic Competition
		Module 24 Review and Assessment
	MODULE 25 Regulating Market Power
		PEOPLE IN ECONOMICS: John D. Rockefeller
		ECONOMICS IN ACTION: The Federal Trade Commission Clips Merger of Staples and Office Depot
		Module 25 Review and Assessment
	HEADLINE ECONOMICS: A Google Monopoly Isn’t the Point
	Chapter 8 Review and Self-Assessment
CHAPTER 9 MARKET FAILURE AND GOVERNMENT FAILURE
	MODULE 26 When the Invisible Hand Is All Thumbs: Market Failure
		ECONOMICS IN ACTION: The Tragedy of the Sturgeon
		Module 26 Review and Assessment
	MODULE 27 The Heavy Hand of Government: Government Failure
		ECONOMICS IN ACTION: Electoral Pressures Influence Disaster Spending
		Module 27 Review and Assessment
	HEADLINE ECONOMICS: End of Ethanol Subsidy Will Raise the Price of Gas
	Chapter 9 Review and Self-Assessment
CHAPTER 10 TAXES: THE PRICE OF A FUNCTIONING GOVERNMENT
	MODULE 28 Why and How Are We Taxed?
		ECONOMICS IN ACTION: The Origins of the Federal Income Tax
		Module 28 Review and Assessment
	MODULE 29 Responding to Taxes
		ECONOMICS IN ACTION: Why Do People Pay Taxes?
		SHOW ME THE NUMBERS!: Marginal and Average Tax Rates
		Module 29 Review and Assessment
	MODULE 30 Evaluating Taxes
		Module 30 Review and Assessment
	HEADLINE ECONOMICS: Both Parties Misunderstand Taxes
	Chapter 10 Review and Self-Assessment
CHAPTER 11 LABOR MARKETS
	MODULE 31 Labor Demand
		SHOW ME THE NUMBERS!: Calculating the Elasticity of Labor Demand
		ECONOMICS IN ACTION: How High Is the Elasticity of Labor Demand?
		Module 31 Review and Assessment
	MODULE 32 Labor Supply and Labor Market Equilibrium
		ECONOMICS IN ACTION: Labor Supply and the Demise of the Feminine Mystique
		Module 32 Review and Assessment
	MODULE 33 The Skills of Workers and the Quality of Jobs
		ECONOMICS IN ACTION: What’s in a Name? A Test of Labor-Market Discrimination
		Module 33 Review and Assessment
	HEADLINE ECONOMICS: As Work Goes Global, Will Holidays Disappear?
	Chapter 11 Review and Self-Assessment
CHAPTER 12 PERSONAL FINANCE: MANAGING YOUR MONEY
	MODULE 34 Finding a Job
		Module 34 Review and Assessment
	MODULE 35 Creating a Budget
		ECONOMICS IN ACTION: Payday Lending
		PEOPLE IN ECONOMICS: Alexa von Tobel
		Module 35 Review and Assessment
	MODULE 36 Essential Elements of Personal Finance
		ECONOMICS IN ACTION: Identity Theft Is Now a Federal Offense
		Module 36 Review and Assessment
	MODULE 37 Investing and Personal Financial Planning
		ECONOMICS IN ACTION: Don’t Miss a Good Deal
		ECONOMICS IN ACTION: A Random Walk Down Wall Street
		Module 37 Review and Assessment
	HEADLINE ECONOMICS: Living to 100
	PEOPLE IN ECONOMICS: Laura Adams
	Chapter 12 Review and Self-Assessment
CHAPTER 13 MACROECONOMIC PERFORMANCE
	MODULE 38 Measuring National Output and Income
		Module 38 Review and Assessment
	MODULE 39 Economic Growth
		ECONOMICS IN ACTION: U.S. States Renamed for Countries with Similar GDP
		ECONOMICS IN ACTION: “Creative Destruction” Yesterday and Today
		Module 39 Review and Assessment
	MODULE 40 Business Cycles
		ECONOMICS IN ACTION: Recession or Depression—What’s the Difference?
		Module 40 Review and Assessment
	HEADLINE ECONOMICS: Downturn, Start Up
	Chapter 13 Review and Self-Assessment
CHAPTER 14 UNEMPLOYMENT AND INFLATION
	MODULE 41 Unemployment
		ECONOMICS IN ACTION: By the Numbers: Calculating the Unemployment Rate
		ECONOMICS IN ACTION: The Grapes of Wrath: Migrant Farmworkers and Seasonal Unemployment
		ECONOMICS IN ACTION: Unemployment around the World: How Does the U.S. Stack Up?
		Module 41 Review and Assessment
	MODULE 42 Inflation
		ECONOMICS IN ACTION: Shopping for America
		ECONOMICS IN ACTION: Inflation around the World: How Does the United States Stack Up?
		ECONOMICS IN ACTION: Hyperinflation in Germany and Zimbabwe
		Module 42 Review and Assessment
	MODULE 43 Unemployment, Inflation, and the Business Cycle
		Module 43 Review and Assessment
	HEADLINE ECONOMICS: Teenagers without Jobs May Be Missing Out on Job Skills, Future Wages
	PEOPLE IN ECONOMICS: Laurence Meyer
	Chapter 14 Review and Self-Assessment
CHAPTER 15 FISCAL POLICY
	MODULE 44 Government Revenue and Spending
		ECONOMICS IN ACTION: How Do State and Local Governments Spend Their Money?
		Module 44 Review and Assessment
	MODULE 45 Deficits and the National Debt
		ECONOMICS IN ACTION: What Is the Future of Social Security?
		Module 45 Review and Assessment
	MODULE 46 Managing the Business Cycle
		PEOPLE IN ECONOMICS: John Maynard Keynes
		Module 46 Review and Assessment
	HEADLINE ECONOMICS: Governments Move to Cut Spending, in 1930s Echo
	PEOPLE IN ECONOMICS: Peter R. Orszag
	Chapter 15 Review and Self-Assessment
CHAPTER 16 MONEY, BANKING, AND FINANCIAL MARKETS
	MODULE 47 What Is Money?
		ECONOMICS IN ACTION: Weighed Down by Wampum
		Module 47 Review and Assessment
	MODULE 48 The Banking System
		ECONOMICS IN ACTION: How Safe Is Your Money?
		ECONOMICS IN ACTION: Electronic Banking: Online and in Your Pocket
		Module 48 Review and Assessment
	MODULE 49 Role of Financial Markets in the Real Economy
		ECONOMICS IN ACTION: What Are Futures and Options?
		ECONOMICS IN ACTION: Spending Money to Make Money: Amazon.com
		Module 49 Review and Assessment
	HEADLINE ECONOMICS: Battered by Economic Crisis, Greeks Turn to Barter Networks
	PEOPLE IN ECONOMICS: Michael Lewis
	Chapter 16 Review and Self-Assessment
CHAPTER 17 THE FEDERAL RESERVE SYSTEM AND MONETARY POLICY
	MODULE 50 The Federal Reserve System
		ECONOMICS IN ACTION: Why a Few Words by the Fed Chairman Make a Big Difference in the Financial Markets
		ECONOMICS IN ACTION: The European Union’s Central Bank
		Module 50 Review and Assessment
	MODULE 51 The Federal Reserve and TraditionalMonetary Policy
		ECONOMICS IN ACTION: Inflation Targeting and theCanadian Economy
		Module 51 Review and Assessment
	MODULE 52 Extraordinary Times, Extraordinary Tools
		Module 52 Review and Assessment
	HEADLINE ECONOMICS: Fed to Pull Back Curtain on Members’ Interest-Rate Forecasts
	Chapter 17 Review and Self-Assessment
CHAPTER 18 TRADE AND THE GLOBAL ECONOMY
	MODULE 53 The Benefits of International Trade
		ECONOMICS IN ACTION: The Red Sea: Gateway to Trade
		Module 53 Review and Assessment
	MODULE 54 Barriers to Trade
		ECONOMICS IN ACTION: Is a Foreign Car Always a Foreign Car?
		ECONOMICS IN ACTION: What Are Fair Trade Goods?
		Module 54 Review and Assessment
	MODULE 55 Foreign Exchange and the Balance of Trade
		ECONOMICS IN ACTION: Calculating Foreign Exchange Rates
		Module 55 Review and Assessment
	HEADLINE ECONOMICS: International Trade and World Market
	Chapter 18 Review and Self- Assessment
CHAPTER 19 ECONOMIC DEVELOPMENT AND GLOBAL CHALLENGES
	MODULE 56 Measuring Economic Development
		ECONOMICS IN ACTION: Women’s Collectives in Developing Countries
		Module 56 Review and Assessment
	MODULE 57 Economic Issues in Developing Countries
		ECONOMICS IN ACTION: Muhammad Yunus and Microfinance
		Module 57 Review and Assessment
	MODULE 58 Globalization and Its Challenges
		Module 58 Review and Assessment
	HEADLINE ECONOMICS: Drain or gain?
	PEOPLE IN ECONOMICS: Esther Duflo
	Chapter 19 Review and Self-Assessment
PERSONAL FINANCE HANDBOOK
	SECTION 1: Take It to the Bank
	SECTION 2: Get Interested in Money Math
	SECTION 3: Learn to Earn
	SECTION 4: Save and Invest Money
	SECTION 5: Give Yourself Some Credit
	SECTION 6: Borrow without Sorrow
	SECTION 7: Manage Your Money
	SECTION 8: Protect Yourself from Risk
SKILLS HANDBOOK
	SECTION 1: Critical Thinking Skills
	SECTION 2: Data Bank
	SECTION 3: Atlas
	SECTION 4: Reading Graphs and Other Visual Resources
	SECTION 5: Test-Taking Skills
GLOSSARY/GLOSARIO
REVIEWERS
INDEX