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ویرایش: 8
نویسندگان: Robin Bade. Michael Parkin
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ISBN (شابک) : 2016043511, 9780134492001
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تعداد صفحات: 996
زبان: English
فرمت فایل : PDF (درصورت درخواست کاربر به PDF، EPUB یا AZW3 تبدیل می شود)
حجم فایل: 88 مگابایت
در صورت تبدیل فایل کتاب Foundations of Economics, 8th Edition به فرمت های PDF، EPUB، AZW3، MOBI و یا DJVU می توانید به پشتیبان اطلاع دهید تا فایل مورد نظر را تبدیل نمایند.
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Front Cover Title Page Copyright Page About the Authors Brief Contents Contents Part 1 Introduction Chapter 1 Getting Started Chapter Checklist 1.1 Definition and Questions Scarcity Economics Defined What, How, and For Whom? Can the Pursuit of Self-Interest Be in the Social Interest? Checkpoint 1.1 1.2 The Economic Way of Thinking A Choice Is a Tradeoff Cost: What You Must Give Up Benefit: What You Gain Rational Choice How Much? Choosing at the Margin Choices Respond to Incentives Checkpoint 1.2 1.3 Economics as a Life Skill Economics as a Decision Tool Economics as a Social Science Economics as an Aid to Critical Thinking Checkpoint 1.3 Chapter Summary Chapter Checkpoint Appendix: Making and Using Graphs Basic Idea Interpreting Data Graphs Interpreting Graphs Used in Economic Models The Slope of a Relationship Relationships Among More Than Two Variables Appendix Checkpoint Eye on the Benefit and Cost of School Did You Make the Right Decision? Eye on Your Life Your Time Allocation Eye on the Past Adam Smith and the Birth of Economics as a Social Science Chapter 2 The U.S. and Global Economies Chapter Checklist 2.1 What, How, and for Whom? What Do We Produce? How Do We Produce? For Whom Do We Produce? Checkpoint 2.1 2.2 The Global Economy The People The Economies What in the Global Economy How in the Global Economy For Whom in the Global Economy Checkpoint 2.2 2.3 The Circular Flows Households and Firms Markets Real Flows and Money Flows Governments Governments in the Circular Flow Circular Flows in the Global Economy Checkpoint 2.3 Chapter Summary Chapter Checkpoint Eye on the U.S. Economy What We Produce Eye on the Past Changes in What We Produce Eye on the U.S. Economy Changes in How We Produce in the Information Economy Eye on the Dreamliner Who Makes the Dreamliner? Eye on the Global Economy Differences in How We Produce Eye on Your Life the U.S. and Global Economies in Your Life Eye on the Past Growing Government Eye on the Global Economy The Ups and Downs in International Trade Chapter 3 The Economic Problem Chapter Checklist 3.1 Production Possibilities Production Possibilities Frontier How the PPF Illustrates Scarcity and Its Consequences Checkpoint 3.1 3.2 Opportunity Cost The Opportunity Cost of a Smartphone Opportunity Cost and the Slope of the PPF Opportunity Cost Is a Ratio Increasing Opportunity Costs Are Everywhere Your Increasing Opportunity Cost Checkpoint 3.2 3.3 Economic Growth Checkpoint 3.3 3.4 Specialization and Trade Absolute Advantage and Comparative Advantage Comparative Advantage: A Model Achieving Gains from Trade The Economy’s Production Possibilities Frontier Checkpoint 3.4 Chapter Summary Chapter Checkpoint Eye on Your Life Your Production Possibilities Frontier Eye on the Environment Is Wind Power Free? Eye on the U.S. Economy Expanding Our Production Possibilities Eye on the Global Economy Hong Kong’s Rapid Economic Growth Eye on the U.S. Economy No One Knows How to Make a Pencil Eye on Your Life Your Comparative Advantage Chapter 4 Demand and Supply Chapter Checklist Competitive Markets 4.1 Demand The Law of Demand Demand Schedule and Demand Curve Individual Demand and Market Demand Changes in Demand Change in Quantity Demanded Versus Change in Demand Checkpoint 4.1 4.2 Supply The Law of Supply Supply Schedule and Supply Curve Individual Supply and Market Supply Changes in Supply Change in Quantity Supplied Versus Change in Supply Checkpoint 4.2 4.3 Market Equilibrium Price: A Market’s Automatic Regulator Predicting Price Changes: Three Questions Effects of Changes in Demand Effects of Changes in Supply Effects of Changes in Both Demand and Supply Checkpoint 4.3 Chapter Summary Chapter Checkpoint Eye on Your Life Understanding and Using Demand and Supply Eye on the Global Economy The Markets for Cocoa and Chocolate Eye on the Price of Coffee Why Did the Price of Coffee Rise in 2014? Part 2 A Closer Look at Markets Chapter 5 Elasticities of Demand and Supply Chapter Checklist 5.1 The Price Elasticity of Demand Percentage Change in Price Percentage Change in Quantity Demanded Comparing the Percentage Changes in Price and Quantity Elastic and Inelastic Demand Influences on the Price Elasticity of Demand Computing the Price Elasticity of Demand Interpreting the Price Elasticity of Demand Number Elasticity Along a Linear Demand Curve Total Revenue and the Price Elasticity of Demand Checkpoint 5.1 5.2 The Price Elasticity of Supply Elastic and Inelastic Supply Influences on the Price Elasticity of Supply Computing the Price Elasticity of Supply Checkpoint 5.2 5.3 Cross Elasticity and Income Elasticity Cross Elasticity of Demand Income Elasticity of Demand Checkpoint 5.3 Chapter Summary Chapter Checkpoint Eye on the Global Economy Price Elasticities of Demand Eye on Elasticity at the Coffee Shop What Do You Do When Starbucks Raises the Price of a Latte? Eye on the U.S. Economy Two Applications of the Price Elasticity of Demand Eye on Your Life Your Price Elasticities of Demand Chapter 6 Efficiency and Fairness of Markets Chapter Checklist 6.1 Allocation Methods and Efficiency Resource Allocation Methods Using Resources Efficiently Checkpoint 6.1 6.2 Value, Price, and Consumer Surplus Demand and Marginal Benefit Consumer Surplus Checkpoint 6.2 6.3 Cost, Price, and Producer Surplus Supply and Marginal Cost Producer Surplus Checkpoint 6.3 6.4 Are Markets Efficient? Marginal Benefit Equals Marginal Cost Total Surplus Is Maximized The Invisible Hand Market Failure Sources of Market Failure Alternatives to the Market Checkpoint 6.4 6.5 Are Markets Fair? It’s Not Fair If the Rules Aren’t Fair It’s Not Fair If the Result Isn’t Fair Compromise Checkpoint 6.5 Chapter Summary Chapter Checkpoint Eye on the U.S. Economy the Invisible Hand and e-Commerce Eye on Price Gouging Should Price Gouging Be Illegal? Eye on Your Life Allocation Methods, Efficiency, and Fairness Part 3 How Governments Influence the Economy Chapter 7 Government Actions in Markets Chapter Checklist 7.1 Price Ceilings A Rent Ceiling Are Rent Ceilings Efficient? Are Rent Ceilings Fair? If Rent Ceilings Are So Bad, Why Do We Have Them? Checkpoint 7.1 7.2 Price Floors The Minimum Wage Is the Minimum Wage Efficient? Is the Minimum Wage Fair? If the Minimum Wage Is So Bad, Why Do We Have It? Checkpoint 7.2 7.3 Production Quotas Production Quota: An Example Checkpoint 7.3 Chapter Summary Chapter Checkpoint Eye on the U.S. Economy Minimum Wages and Employment Eye on Price Regulation Can Congress Repeal the Law of Market Forces? Eye on the Global Economy Production Quotas Eye on Your Life Price Ceilings and Price Floors You Encounter Chapter 8 Taxes Chapter Checklist 8.1 Taxes on Buyers and Sellers Tax Incidence Taxes and Efficiency Tax Burden Incidence, Inefficiency, and Elasticity Incidence, Inefficiency, and the Elasticity of Demand Incidence, Inefficiency, and the Elasticity of Supply Checkpoint 8.1 8.2 Income Taxes and Social Security Taxes The Effects of the Income Tax The Social Security Tax Checkpoint 8.2 8.3 Fairness and the Big Tradeoff The Benefits Principle The Ability-to-Pay Principle Ability to Pay and Tax Progressivity The Big Tradeoff and Alternative Tax Proposals Checkpoint 8.3 Chapter Summary Chapter Checkpoint Eye on the U.S. Economy Taxes in the United States Today Eye on Congress Does Congress Decide Who Pays the Taxes? Eye on the Past The Origins and History of the U.S. Income Tax Eye on Your Life Tax Freedom Day Eye on the U.S. Economy The Progressive Income Tax Chapter 9 Global Markets in Action Chapter Checklist 9.1 How Global Markets Work International Trade Today What Drives International Trade? Why the United States Imports T-shirts Why the United States Exports Airplanes Checkpoint 9.1 9.2 Winners, Losers, and Net Gains from Trade Gains and Losses from Imports Gains and Losses from Exports Checkpoint 9.2 9.3 International Trade Restrictions Tariffs Import Quotas Other Import Barriers Export Subsidies Checkpoint 9.3 9.4 The Case Against Protection Three Traditional Arguments for Protection Four Newer Arguments for Protection Why Is International Trade Restricted? Checkpoint 9.4 Chapter Summary Chapter Checkpoint Eye on the U.S. Economy U.S. Exports and Imports Eye on Globalization Who Wins and Who Loses from Globalization? Eye on the Past The History of U.S. Tariffs Eye on Your Life International Trade Part 4 Market Failure and Public Policy Chapter 10 Externalities Chapter Checklist Externalities in Our Daily Lives Negative Production Externalities Positive Production Externalities Negative Consumption Externalities Positive Consumption Externalities 10.1 Negative Externalities: Pollution Private Costs and Social Costs Production and Pollution: How Much? Establish Property Rights Mandate Clean Technology Tax or Cap and Price Pollution Checkpoint 10.1 10.2 Positive Externalities: Education Private Benefits and Social Benefits Government Actions in the Face of External Benefits Checkpoint 10.2 Chapter Summary Chapter Checkpoint Eye on Your Life Externalities in Your Life Eye on the U.S. Economy U.S. Air Pollution Trends Eye on Climate Change How Can We Limit Carbon Emissions? Chapter 11 Public Goods and Common Resources Chapter Checklist 11.1 Classifying Goods and Resources Excludable Rival A Fourfold Classification Checkpoint 11.1 11.2 Public Goods and The Free-Rider Problem The Free-Rider Problem The Marginal Benefit from a Public Good The Marginal Cost of a Public Good The Efficient Quantity of a Public Good Private Provision: Underproduction Public Provision: Efficient Production Obstacles to Efficient Public Provision Checkpoint 11.2 11.3 The Tragedy of the Commons Unsustainable Use of a Common Resource Inefficient Use of a Common Resource Using the Commons Efficiently Checkpoint 11.3 Chapter Summary Chapter Checkpoint Eye on the Past Is a Lighthouse a Public Good? Eye on Your Life A Student’s Free-Rider Problem and a Market Solution Eye on the U.S. Infrastructure Should America Spend More on Transportation Infrastructure? Eye on the Past The Commons of England’s Middle Ages Eye on the Global Economy The North Atlantic Cod Tragedy of the Commons Eye on the Global Economy ITQs Work Chapter 12 Private Information and Healthcare Markets Chapter Checklist 12.1 The Lemons Problem and Its Solution A Market for Used Cars with a Lemons Problem A Used-Car Market with Dealers’ Warranties Checkpoint 12.1 12.2 Information Problems in Insurance Markets Insurance Markets Asymmetric Information in Insurance Screening in Insurance Markets Separating Equilibrium with Screening Checkpoint 12.2 12.3 The Economics of Healthcare Healthcare Market Failure Alternative Public Choice Solutions A Reform Idea? Checkpoint 12.3 Chapter Summary Chapter Checkpoint Eye on the Market for Used Cars How Do You Avoid Buying a Lemon? Eye on the U.S. Economy Insurance in the United States Eye on the U.S. Economy Healthcare in the United States: A Snapshot Eye on the Global Economy Healthcare Expenditures and Health Outcomes Eye on Your Life Signaling Your Ability Part 5 A Closer Look at Decision Makers Chapter 13 Consumer Choice and Demand Chapter Checklist 13.1 Consumption Possibilities The Budget Line A Change in the Budget Changes in Prices Prices and the Slope of the Budget Line Checkpoint 13.1 13.2 Marginal Utility Theory Total Utility Marginal Utility Graphing Tina’s Utility Schedules Maximizing Total Utility Finding an Individual Demand Curve Checkpoint 13.2 13.3 Efficiency, Price, and Value Consumer Efficiency The Paradox of Value Checkpoint 13.3 Chapter Summary Chapter Checkpoint Appendix: Indifference Curves An Indifference Curve Marginal Rate of Substitution Consumer Equilibrium Deriving the Demand Curve Appendix Checkpoint Eye on the U.S. Economy Relative Prices on the Move Eye on the Past Jeremy Bentham, William Stanley Jevons, and the Birth of Utility Eye on Song Downloads and Streaming How Much Would You Pay for a Song? Eye on Your Life Do You Maximize Your Utility? Chapter 14 Production and Cost Chapter Checklist 14.1 Economic Cost and Profit The Firm’s Goal Accounting Cost and Profit Opportunity Cost Economic Profit Checkpoint 14.1 Short Run and Long Run 14.2 Short-Run Production Total Product Marginal Product Average Product Checkpoint 14.2 14.3 Short-Run Cost Total Cost Marginal Cost Average Cost Why the Average Total Cost Curve Is U-Shaped Cost Curves and Product Curves Shifts in the Cost Curves Checkpoint 14.3 14.4 Long-Run Cost Plant Size and Cost The Long-Run Average Cost Curve Checkpoint 14.4 Chapter Summary Chapter Checkpoint Eye on Your Life Your Average and Marginal Grades Eye on Retailers’ Costs Which Store Has the Lower Costs: Walmart or 7-Eleven? Part 6 Prices, Profits, and Industry Performance Chapter 15 Perfect Competition Chapter Checklist Market Types Perfect Competition Other Market Types 15.1 A Firm’s Profit-Maximizing Choices Price Taker Revenue Concepts Profit-Maximizing Output Marginal Analysis and the Supply Decision Temporary Shutdown Decision The Firm’s Short-Run Supply Curve Checkpoint 15.1 15.2 Output, Price, and Profit In The Short Run Market Supply in the Short Run Short-Run Equilibrium in Normal Times Short-Run Equilibrium in Good Times Short-Run Equilibrium in Bad Times Checkpoint 15.2 15.3 Output, Price, and Profit In The Long Run Entry and Exit The Effects of Exit Change in Demand Technological Change Is Perfect Competition Efficient? Is Perfect Competition Fair? Checkpoint 15.3 Chapter Summary Chapter Checkpoint Eye on Record Stores Where Have All the Record Stores Gone? Eye on Your Life the Perfect Competition That You Encounter Chapter 16 Monopoly Chapter Checklist 16.1 Monopoly and How it Arises No Close Substitute Barrier to Entry Monopoly Price-Setting Strategies Checkpoint 16.1 16.2 Single-Price Monopoly Price and Marginal Revenue Marginal Revenue and Elasticity Output and Price Decision Checkpoint 16.2 16.3 Monopoly and Competition Compared Output and Price Is Monopoly Efficient? Is Monopoly Fair? Rent Seeking Checkpoint 16.3 16.4 Price Discrimination Price Discrimination and Consumer Surplus Profiting by Price Discriminating Perfect Price Discrimination Price Discrimination and Efficiency Checkpoint 16.4 16.5 Monopoly Regulation Efficient Regulation of a Natural Monopoly Second-Best Regulation of a Natural Monopoly Checkpoint 16.5 Chapter Summary Chapter Checkpoint Eye on the U.S. Economy Information-Age Monopolies Eye on the U.S. Economy Airline Price Discrimination Eye on Microsoft Are Microsoft’s Prices Too High? Eye on Your Life Monopoly in Your Everyday Life Chapter 17 Monopolistic Competition Chapter Checklist 17.1 What is Monopolistic Competition? Describing Monopolistic Competition Identifying Monopolistic Competition Checkpoint 17.1 17.2 Output and Price Decisions The Firm’s Profit-Maximizing Decision Profit Maximizing Might Be Loss Minimizing Long Run: Zero Economic Profit Monopolistic Competition and Perfect Competition Is Monopolistic Competition Efficient? Checkpoint 17.2 17.3 Innovation and Advertising Design and Quality Decision Advertising The Demand for Advertising The Supply of Advertising Equilibrium and Efficiency in the Advertising Market Checkpoint 17.3 Chapter Summary Chapter Checkpoint Eye on the U.S. Economy Examples of Monopolistic Competition Eye on Smartphones Which Smartphone? Eye on Your Life Some Selling Costs You Pay Chapter 18 Oligopoly Chapter Checklist 18.1 What Is Oligopoly? Small Number of Firms Barriers to Entry Identifying Oligopoly Checkpoint 18.1 18.2 The Oligopolists’ Dilemma Monopoly Outcome Perfect Competition Outcome Other Possible Cartel Breakdowns The Oligopoly Cartel Dilemma Checkpoint 18.2 18.3 Game Theory What Is a Game? The Prisoners’ Dilemma The Duopolists’ Dilemma The Payoff Matrix Advertising and Research Games in Oligopoly Repeated Games Is Oligopoly Efficient? Checkpoint 18.3 18.4 Antitrust Law The Antitrust Laws Three Antitrust Policy Debates Recent Antitrust Showcase: The United States Versus Microsoft Merger Rules Checkpoint 18.4 Chapter Summary Chapter Checkpoint Eye on the U.S. Economy Examples of Oligopoly Eye on the Global Economy The OPEC Global Oil Cartel Eye on Your Life A Game You Might Play Eye on the Wireless Oligopoly Is Four Too Few? Eye on the U.S. Economy No Wireless Service Merger Part 7 Incomes and Inequality Chapter 19 Markets for Factors of Production Chapter Checklist The Anatomy of Factor Markets 19.1 The Demand for A Factor of Production Value of Marginal Product A Firm’s Demand for Labor A Firm’s Demand for Labor Curve Changes in the Demand for Labor Checkpoint 19.1 19.2 Labor Markets The Supply of Labor Influences on the Supply of Labor Competitive Labor Market Equilibrium Labor Unions Checkpoint 19.2 19.3 Capital and Natural Resource Markets Capital Markets Land Markets Nonrenewable Natural Resource Markets Checkpoint 19.3 Chapter Summary Chapter Checkpoint Eye on the Coach Why Is a Coach Worth $7 Million? Eye on Your Life Job Choice and Income Prospects Eye on the Global Economy Oil and Metal Prices Chapter 20 Economic Inequality Chapter Checklist 20.1 Measuring Economic Inequality Lorenz Curves Inequality over Time Poverty Economic Mobility Checkpoint 20.1 20.2 How Economic Inequality Arises Human Capital Discrimination Financial and Physical Capital Entrepreneurial Ability Personal and Family Characteristics Checkpoint 20.2 20.3 Income Redistribution How Governments Redistribute Income The Scale of Income Redistribution Why We Redistribute Income The Major Welfare Challenge Checkpoint 20.3 Chapter Summary Chapter Checkpoint Eye on the Global Economy Global Inequality Eye on Inequality Who Are the Rich and the Poor? Eye on the U.S. Economy Does Education Pay? Eye on the U.S. Economy Sex and Race Earnings Differences Eye on Your Life What You Pay and Gain Through Redistribution Part 8 Monitoring the Macroeconomy Chapter 21 GDP: A Measure of Total Production and Income Chapter Checklist 21.1 GDP, Income, and Expenditure GDP Defined Circular Flows in the U.S. Economy Expenditure Equals Income Checkpoint 21.1 21.2 Measuring U.S. GDP The Expenditure Approach The Income Approach GDP and Related Measures of Production and Income Real GDP and Nominal GDP Calculating Real GDP Using the Real GDP Numbers Checkpoint 21.2 21.3 The Uses and Limitations of Real GDP The Standard of Living over Time Tracking the Course of the Business Cycle The Standard of Living Among Countries Goods and Services Omitted from GDP Other Influences on the Standard of Living Checkpoint 21.3 Chapter Summary Chapter Checkpoint Appendix: Measuring Real GDP The Problem With Base Year Prices Value Production in the Prices of Adjacent Years Appendix Checkpoint Eye on the U.S. Economy Is a Computer Program an Intermediate Good or a Final Good? Eye on Booms and Busts How Do We Track Economic Booms and Busts? Eye on Your Life Making GDP Personal Eye on the Global Economy Which Country Has the Highest Standard of Living? Chapter 22 Jobs and Unemployment Chapter Checklist 22.1 Labor Market Indicators Current Population Survey Population Survey Criteria Three Labor Market Indicators Alternative Measures of Unemployment Checkpoint 22.1 22.2 Labor Market Trends and Fluctuations Unemployment Rate The Participation Rate Alternative Measures of Unemployment Checkpoint 22.2 22.3 Unemployment and Full Employment Frictional Unemployment Structural Unemployment Cyclical Unemployment “Natural” Unemployment Unemployment and Real GDP Checkpoint 22.3 Chapter Summary Chapter Checkpoint Eye on the U.S. Economy The Current Population Survey Eye on the Global Economy Unemployment and Labor Force Participation Eye on the U.S. Economy How Long Does it Take to Find a Job? Eye on Full Employment Are We Back at Full Employment? Eye on Your Life Your Labor Market Status and Activity Chapter 23 The CPI and the Cost of Living Chapter Checklist 23.1 The Consumer Price Index Reading the CPI Numbers Constructing the CPI The CPI Market Basket The Monthly Price Survey Calculating the CPI Measuring Inflation and Deflation The Price Level, Inflation, and Deflation in the United States Checkpoint 23.1 23.2 The CPI and Other Price Level Measures Sources of Bias in the CPI The Magnitude of the Bias Two Consequences of the CPI Bias Alternative Consumer Price Indexes Checkpoint 23.2 23.3 Nominal and Real Values Dollars and Cents at Different Dates Nominal and Real Values in Macroeconomics Nominal GDP and Real GDP Nominal Wage Rate and Real Wage Rate Nominal Interest Rate and Real Interest Rate Checkpoint 23.3 Chapter Summary Chapter Checkpoint Eye on the Past 700 Years of Inflation and Deflation Eye on the U.S. Economy Measuring and Forecasting Inflation: The Sticky-Price CPI Eye on the U.S. Economy Deflating the GDP Balloon Eye on the Past The Nominal and Real Wage Rates of Presidents of the United States Eye on Box Office Hits Which Movie Really Was the Biggest Box Office Hit? Eye on Your Life A Student’s CPI Part 9 The Real Economy Chapter 24 Potential GDP and the Natural Unemployment Rate Chapter Checklist Macroeconomic Approaches and Pathways The Three Main Schools of Thought Today’s Consensus The Road Ahead 24.1 Potential GDP The Production Function The Labor Market Checkpoint 24.1 24.2 The Natural Unemployment Rate Job Search Job Rationing Checkpoint 24.2 Chapter Summary Chapter Checkpoint Eye on the U.S. Economy The Lucas Wedge and the Okun Gap Eye on the Global Economy Potential GDP in the United States and the European Union Eye on Potential GDP Why Do Americans Earn More and Produce More Than Europeans? Eye on the Past The Natural Unemployment Rate over Seven Decades Eye on the Global Economy Unemployment Benefits and the Natural Unemployment Rate Eye on the U.S. Economy The Federal Minimum Wage Eye on Your Life Natural Unemployment Chapter 25 Economic Growth Chapter Checklist 25.1 The Basics of Economic Growth Calculating Growth Rates The Magic of Sustained Growth Checkpoint 25.1 25.2 Labor Productivity Growth Labor Productivity Saving and Investment in Physical Capital Expansion of Human Capital and Discovery of New Technologies Combined Influences Bring Labor Productivity Growth Checkpoint 25.2 25.3 Causes and Effects of Economic Growth Old Growth Theory New Growth Theory Economic Growth and the Distribution of Income Checkpoint 25.3 25.4 Achieving Faster Growth Preconditions for Economic Growth Policies to Achieve Faster Growth How Much Difference Can Policy Make? Checkpoint 25.4 Chapter Summary Chapter Checkpoint Eye on the Past How Fast Has Real GDP per Person Grown? Eye on the U.s. Economy U.S. Growth Is Slowing Eye on the U.s. Economy U.S. Labor Productivity Growth Since 1960 Eye on the U.S. Economy The Changing Shares in the Gains from Economic Growth Eye on Your Life How You Influence and Are Influenced by Economic Growth Eye on Rich and Poor Nations Why Are Some Nations Rich and Others Poor? Chapter 26 Finance, Saving, and Investment Chapter Checklist 26.1 Financial Institutions and Financial Markets Some Finance Definitions Markets for Financial Capital Financial Institutions Insolvency and Illiquidity Interest Rates and Asset Prices Checkpoint 26.1 26.2 The Loanable Funds Market Flows in the Loanable Funds Market The Demand for Loanable Funds The Supply of Loanable Funds Equilibrium in the Loanable Funds Market Changes in Demand and Supply Checkpoint 26.2 26.3 Government in Loanable Funds Market A Government Budget Surplus A Government Budget Deficit Checkpoint 26.3 Chapter Summary Chapter Checkpoint Eye on the U.S. Economy Interest Rate Patterns Eye on the U.S. Economy The Loanable Funds Market in a Financial Crisis Eye on Your Life Your Participation in the Loanable Funds Market Eye on Financial Markets Why Have Interest Rates Been So Low? Part 10 The Money Economy Chapter 27 The Monetary System Chapter Checklist 27.1 What is Money? Definition of Money The Functions of Money Money Today Official Measures of Money: M1 and M2 Checks, Credit Cards, Debit Cards, and Mobile Wallets An Embryonic New Money: E-Cash Checkpoint 27.1 27.2 The Banking System Commercial Banks Thrift Institutions Money Market Funds Checkpoint 27.2 27.3 The Federal Reserve System The Structure of the Federal Reserve The Fed’s Policy Tools How the Fed’s Policy Tools Work Checkpoint 27.3 27.4 Regulating the Quantity of Money Creating Deposits by Making Loans How Open Market Operations Change the Monetary Base The Multiplier Effect of an Open Market Operation The Money Multiplier Checkpoint 27.4 Chapter Summary Chapter Checkpoint Eye on the Past The “Invention” of Banking Eye on the U.S. Economy Commercial Banks Under Stress in the Financial Crisis Eye on Your Life Money and Your Role in Its Creation Eye on Creating Money How Does the Fed Create Money and Regulate Its Quantity? Chapter 28 Money, Interest, and Inflation Chapter Checklist Where We Are and Where We’re Heading The Real Economy The Money Economy Real and Money Interactions and Policy 28.1 Money and the Interest Rate The Demand for Money Changes in the Demand for Money The Supply of Money The Nominal Interest Rate Changing the Interest Rate Checkpoint 28.1 28.2 Money, the Price Level, and Inflation The Money Market in the Long Run A Change in the Quantity of Money The Price Level in a Baby-Sitting Club The Quantity Theory of Money Inflation and the Quantity Theory of Money Hyperinflation Checkpoint 28.2 28.3 The Cost of Inflation Tax Costs Shoe-Leather Costs Confusion Costs Uncertainty Costs How Big Is the Cost of Inflation? Checkpoint 28.3 Chapter Summary Chapter Checkpoint Eye on the U.S. Economy Credit Cards and Money Eye on Your Life Money Holding and Fed Watching Eye on Inflation What Causes Inflation? Eye on the Past Hyperinflation in Germany in the 1920s Part 11 Economic Fluctuations Chapter 29 Aggregate Supply and Aggregate Demand Chapter Checklist 29.1 Aggregate Supply Aggregate Supply Basics Changes in Aggregate Supply Checkpoint 29.1 29.2 Aggregate Demand Aggregate Demand Basics Changes in Aggregate Demand The Aggregate Demand Multiplier Checkpoint 29.2 29.3 Explaining Economic Trends and Fluctuations Macroeconomic Equilibrium Three Types of Macroeconomic Equilibrium Economic Growth and Inflation Trends The Business Cycle Inflation Cycles Deflation and the Great Depression Checkpoint 29.3 Chapter Summary Chapter Checkpoint Eye on the U.S. Economy U.S. Economic Growth, Inflation, and the Business Cycle Eye on Your Life Using the AS-AD Model Eye on the Business Cycle Why Did the U.S. Economy Go into Recession in 2008? Chapter 30 Aggregate Expenditure Multiplier Chapter Checklist 30.1 Expenditure Plans and Real GDP The Consumption Function Imports and Real GDP Checkpoint 30.1 30.2 Equilibrium Expenditure Induced Expenditure and Autonomous Expenditure Aggregate Planned Expenditure and Real GDP Equilibrium Expenditure Convergence to Equilibrium Checkpoint 30.2 30.3 Expenditure Multipliers The Basic Idea of the Multiplier The Size of the Multiplier The Multiplier and the MPC The Multiplier, Imports, and Income Taxes Business-Cycle Turning Points Checkpoint 30.3 30.4 The AD Curve and Equilibrium Expenditure Deriving the AD Curve from Equilibrium Expenditure Checkpoint 30.4 Chapter Summary Chapter Checkpoint Eye on the U.S. Economy The U.S. Consumption Function Eye on the Past Say’s Law and Keynes’ Principle of Effective Demand Eye on Your Life Looking for Multipliers Eye on the Multiplier How Big Is the Government Expenditure Multiplier? Chapter 31 The Short-Run Policy Tradeoff Chapter Checklist 31.1 The Short-Run Phillips Curve Aggregate Supply and the Short-Run Phillips Curve Aggregate Demand Fluctuations Why Bother with the Phillips Curve? Checkpoint 31.1 31.2 Short-Run and Long-Run Phillips Curves The Long-Run Phillips Curve Expected Inflation The Natural Rate Hypothesis Changes in the Natural Unemployment Rate Have Changes in the Natural Unemployment Rate Changed the Tradeoff? Checkpoint 31.2 31.3 Influencing Inflation and Unemployment Influencing the Expected Inflation Rate Targeting the Unemployment Rate Checkpoint 31.3 Chapter Summary Chapter Checkpoint Eye on the Global Economy Inflation and Unemployment Eye on the Past The U.S. Phillips Curve Eye on the Past A Live Test of the Natural Rate Hypothesis Eye on the Tradeoff Can We Have Low Unemployment and Low Inflation? Eye on Your Life The Short-Run Tradeoff in Your Life Part 12 Macroeconomic Policy Chapter 32 Fiscal Policy Chapter Checklist 32.1 The Federal Budget The Institutions and Laws Budget Balance and Debt The Federal Budget in Fiscal 2017 A Fiscal Policy Challenge Generational Accounting Checkpoint 32.1 32.2 Fiscal Stimulus Fiscal Policy and Aggregate Demand Automatic Fiscal Policy Cyclical and Structural Budget Balances Discretionary Fiscal Policy A Successful Fiscal Stimulus Limitations of Discretionary Fiscal Policy Checkpoint 32.2 32.3 The Supply Side: Potential GDP and Growth Full Employment and Potential GDP Fiscal Policy, Employment, and Potential GDP Fiscal Policy and Potential GDP: A Graphical Analysis Taxes, Deficits, and Economic Growth The Supply-Side Debate Long-Run Fiscal Policy Effects Checkpoint 32.3 Chapter Summary Chapter Checkpoint Eye on the Global Economy The U.S. Budget in Global Perspective Eye on the Past Federal Tax Revenues, Outlays, Deficits, and Debt Eye on the U.S. Economy Fiscal and Generational Imbalances Eye on the U.S. Economy The U.S. Structural and Cyclical Budget Balances Eye on Fiscal Stimulus Can Fiscal Stimulus End a Recession? Eye on the Global Economy Some Real-World Tax Wedges Eye on Your Life Your Views on Fiscal Policy and How Fiscal Policy Affects You Chapter 33 Monetary Policy Chapter Checklist 33.1 How The Fed Conducts Monetary Policy Monetary Policy Objectives Operational “Maximum Employment” Goal Operational “Stable Prices” Goal Responsibility for Monetary Policy Policy Instrument Hitting the Federal Funds Rate Target Restoring Financial Stability in a Financial Crisis Checkpoint 33.1 33.2 Monetary Policy Transmission Quick Overview Interest Rate Changes Exchange Rate Changes Money and Bank Loans The Long-Term Real Interest Rate Expenditure Plans The Fed Fights Recession The Fed Fights Inflation Loose Links and Long and Variable Lags A Final Reality Check Checkpoint 33.2 33.3 Alternative Monetary Policy Strategies An Interest Rate Rule A Monetary Base Rule Inflation Targeting Money Targeting Rule Checkpoint 33.3 Chapter Summary Chapter Checkpoint Eye on the Fed in a Crisis Did the Fed Save Us From Another Great Depression? Eye on the U.S. Economy The Fed’s Decisions Versus Two Rules Eye on the Global Economy Inflation Targeting Around the World Eye on Your Life Your Views on Monetary Policy and How Monetary Policy Affects You Chapter 34 International Finance Chapter Checklist 34.1 Financing International Trade Balance of Payments Accounts Borrowers and Lenders, Debtors and Creditors Current Account Balance Checkpoint 34.1 34.2 The Exchange Rate Demand in the Foreign Exchange Market The Law of Demand for Foreign Exchange Changes in the Demand for Dollars Supply in the Foreign Exchange Market The Law of Supply of Foreign Exchange Changes in the Supply of Dollars Market Equilibrium Exchange Rate Expectations Purchasing Power Parity Monetary Policy and the Exchange Rate Pegging the Exchange Rate The People’s Bank of China in the Foreign Exchange Market Checkpoint 34.2 Chapter Summary Chapter Checkpoint Eye on the U.S. Economy The U.S. Balance of Payments Eye on the Global Economy Current Account Balances Around the World Eye on the Dollar Why Does Our Dollar Fluctuate? Eye on the Global Economy Purchasing Power Parity Eye on the Global Economy the Managed Yuan Eye on Your Life Your Foreign Exchange Transactions Glossary Index Photo Credits