(Ebook) Economics A Contemporary Introduction with InfoTrac 1st Edition by William A McEachern 0324288603 9780324288605

(Ebook) Economics A Contemporary Introduction with InfoTrac 1st Edition by William A McEachern 0324288603 9780324288605

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ISBN 10: 0324288603
ISBN 13: 9780324288605
Author: William A McEachern

This very successful textbook is distinguished by a superior writing style that draws upon common student experiences to introduce economic concepts, making economic theory more accessible and interesting. "Case Studies" and numerous examples take advantage of students' intuitive knowledge of economics, building upon real-life situations. A streamlined design places pedagogy and illustrations directly within the flow of the text, making them less distracting and more useful for students. A fully integrated program of technology enhancements sets this text apart by pairing the book with numerous online multimedia learning tools that have been developed to help the text better serve a wide range of learning styles. The text uniquely integrates classroom use of The Wall Street Journal by including in-text pedagogy to help readers learn to analyze the latest economic events as reported in the Journal.

(Ebook) Economics: A Contemporary Introduction with InfoTrac 1st Table of contents:

Part 1. Introduction to Economics
1. The Art and Science of Economic Analysis
1-1. The Economic Problem: Scarce Resources, Unlimited Wants
1-1a. Resources
1-1b. Goods and Services
1-1c. Economic Decision Makers and Markets
1-1d. A Simple Circular-Flow Model
1-2. The Art of Economic Analysis
1-2a. Rational Self-Interest
1-2b. Choice Requires Time and Information
1-2c. Economic Analysis is Marginal Analysis
1-2d. Microeconomics and Macroeconomics
1-3. The Science of Economic Analysis
1-3a. The Role of Theory
1-3b. The Scientific Method
1-3c. Normative versus Positive
1-3d. Economists Tell Stories
1-3e. Predicting Average Behavior
1-3f. Some Pitfalls of Faulty Economic Analysis
1-3g. If Economists are so Smart, Why aren't they Rich?
1-4. Conclusion
Summary
Key Concepts
Questions for Review
Problems and Exercises
Appendix. Understanding Graphs
2. Economic Tools and Economic Systems
2-1. Choice and Opportunity Cost
2-1a. Opportunity Cost
2-1b. Opportunity Cost Is Subjective
2-1c. Sunk Cost and Choice
2-2. Comparative Advantage, Specialization, and Exchange
2-2a. The Law of Comparative Advantage
2-2b. Absolute Advantage Versus Comparative Advantage
2-2c. Specialization and Exchange
2-2d. Division of Labor and Gains From Specialization
2-3. The Economy's Production Possibilities
2-3a. Efficiency and the Production Possibilities Frontier, or PPF
2-3b. Inefficient and Unattainable Production
2-3c. The Shape of the PPF
2-3d. What Can Shift the PPF?
2-3e. What We Learn From the PPF
2-4. Economic Systems
2-4a. Three Questions Every Economic System Must Answer
2-4b. Pure Capitalism
2-4c. Pure Command System
2-4d. Mixed and Transitional Economies
2-4e. Economies Based on Custom or Religion
2-5. Conclusion
Summary
Key Concepts
Questions for Review
Problems and Exercises
3. Economic Decision Makers
3-1. The Household
3-1a. The Evolution of the Household
3-1b. Households Maximize Utility
3-1c. Households as Resource Suppliers
3-1d. Households as Demanders of Goods and Services
3-2. The Firm
3-2a. The Evolution of the Firm
3-2b. Types of Firms
3-2c. Cooperatives
3-2d. Not-for-Profit Organizations
3-2e. Why Does Household Production Still Exist?
3-3. The Government
3-3a. The Role of Government
3-3b. Government's Structure and Objectives
3-3c. The Size and Growth of Government
3-3d. Sources of Government Revenue
3-3e. Tax Principles and Tax Incidence
3-4. The Rest of the World
3-4a. International Trade
3-4b. Exchange Rates
3-4c. Trade Restrictions
3-5. Conclusion
Summary
Key Concepts
Questions for Review
Problems and Exercises
4. Demand, Supply, and Markets
4-1. Demand
4-1a. Law of Demand
4-1b. Demand Schedule and Demand Curve
4-2. What Shifts a Demand Curve?
4-2a. Consumer Income
4-2b. Prices of Other Goods
4-2c. Consumer Expectations
4-2d. Number or Composition of Consumers
4-2e. Consumer Tastes
4-3. Supply
4-3a. Supply Schedule and Supply Curve
4-4. What Shifts a Supply Curve?
4-4a. State of Technology and Know-How
4-4b. Resource Prices
4-4c. Prices of Other Goods
4-4d. Producer Expectations
4-4e. Number of Producers in the Market
4-5. Demand and Supply Create a Market
4-5a. Markets
4-5b. Market Equilibrium
4-6. Changes in Equilibrium Price and Quantity
4-6a. Shifts of the Demand Curve
4-6b. Shifts of the Supply Curve
4-6c. Simultaneous Shifts of Demand and Supply Curves
4-7. Disequilibrium
4-7a. Price Floors
4-7b. Price Ceilings
4-8. Conclusion
Summary
Key Concepts
Questions for Review
Problems and Exercises
Part 2. Introduction to the Market System
5. Elasticity of Demand and Supply
5-1. Price Elasticity of Demand
5-1a. Calculating Price Elasticity of Demand
5-1b. Categories of Price Elasticity of Demand
5-1c. Elasticity and Total Revenue
5-1d. Price Elasticity and the Linear Demand Curve
5-1e. Constant-Elasticity Demand Curves
5-2. Determinants of the Price Elasticity of Demand
5-2a. Availability of Substitutes
5-2b. Share of the Consumer's Budget Spent on the Good
5-2c. Duration of Adjustment Period
5-2d. Elasticity Estimates
5-3. Price Elasticity of Supply
5-3a. Constant Elasticity Supply Curves
5-3b. Determinants of Supply Elasticity
5-4. Other Elasticity Measures
5-4a. Income Elasticity of Demand
5-4b. Cross-Price Elasticity of Demand
5-5. Conclusion
Summary
Key Concepts
Questions for Review
Problems and Exercises
Appendix. Price Elasticity and Tax Incidence
6. Consumer Choice and Demand
6-1. Utility Analysis
6-1a. Tastes and Preferences
6-1b. Law of Diminishing Marginal Utility
6-2. Measuring Utility
6-2a. Units of Utility
6-2b. Utility Maximization in a World Without Scarcity
6-2c. Utility Maximization in a World of Scarcity
6-2d. Utility-Maximizing Conditions
6-2e. Marginal Utility and the Law of Demand
6-3. Applications of Utility Analysis
6-3a. Your Consumer Surplus
6-3b. Market Demand and Consumer Surplus
6-3c. The Role of Time in Demand
6-4. Conclusion
Summary
Key Concepts
Questions for Review
Problems and Exercises
Appendix. Indifference Curves and Utility Maximization
7. Production and Cost in the Firm
7-1. Cost and Profit
7-1a. Explicit and Implicit Costs
7-1b. Alternative Measures of Profit
7-2. Production in the Short Run
7-2a. Fixed and Variable Resources
7-2b. Law of Diminishing Marginal Returns
7-2c. Total and Marginal Product Curves
7-3. Costs in the Short Run
7-3a. Total Cost and Marginal Cost in the Short Run
7-3b. Average Cost in the Short Run
7-3c. Relationship Between Marginal Cost and Average Cost
7-4. Costs in the Long Run
7-4a. Economies of Scale
7-4b. Diseconomies of Scale
7-4c. Long-Run Average Cost Curve
7-4d. Economies and Diseconomies of Scale at the Firm Level
7-5. Conclusion
Summary
Key Concepts
Questions for Review
Problems and Exercises
Appendix. A Closer Look at Production and Cost
Part 3. Market Structure and Pricing
8. Perfect Competition
8-1. An Introduction to Perfect Competition
8-1a. Perfectly Competitive Market Structure
8-1b. Demand Under Perfect Competition
8-2. Short-Run Profit Maximization
8-2a. Total Revenue Minus Total Cost
8-2b. Marginal Revenue Equals Marginal Cost
8-2c. Economic Profit in the Short Run
8-3. Short-Run Loss Minimization
8-3a. Fixed Cost and Minimizing Losses
8-3b. Marginal Revenue Equals Marginal Cost
8-3c. Shutting Down in the Short Run
8-4. Short-Run Supply Curves
8-4a. Short-Run Firm Supply Curve
8-4b. The Short-Run Industry Supply Curve
8-4c. Firm Supply and Market Equilibrium
8-5. Perfect Competition in the Long Run
8-5a. Zero Economic Profit in the Long Run
8-5b. Long-Run Adjustment to a Change of Demand
8-6. Long-Run Industry Supply Curve
8-6a. Constant-Cost Industries
8-6b. Increasing-Cost Industries
8-7. Perfect Competition and Efficiency
8-7a. Productive Efficiency: Making Stuff Right
8-7b. Allocative Efficiency: Making the Right Stuff
8-7c. What's so Perfect About Perfect Competition?
8-8. Conclusion
Summary
Key Concepts
Questions for Review
Problems and Exercises
9. Monopoly
9-1. Barriers to Entry
9-1a. Legal Restrictions
9-1b. Economies of Scale
9-1c. Control of Essential Resources
9-2. Revenue for a Monopolist
9-2a. Demand, Average Revenue, and Marginal Revenue
9-2b. The Gain and Loss From Selling One More Unit
9-2c. Revenue Schedules
9-2d. Revenue Curves
9-3. Profit Maximization and Loss Minimization for a Monopolist
9-3a. Profit Maximization
9-3b. Short-Run Losses and the Shutdown Decision
9-3c. Long-Run Profit Maximization
9-3d. “Available for a Limited Time Only”
9-4. Perfect Competition and Monopoly Compared
9-4a. Price and Output Under Perfect Competition
9-4b. Price and Output Under Monopoly
9-4c. Allocative and Distributive Effects
9-5. Problems With Deadweight Loss Estimates
9-5a. Why the Deadweight Loss Might Be Lower
9-5b. Why the Deadweight Loss Might Be Higher
9-6. Price Discrimination
9-6a. Conditions for Price Discrimination
9-6b. A Model of Price Discrimination
9-6c. Examples of Price Discrimination
9-6d. Perfect Price Discrimination
9-7. Conclusion

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Tags: William A McEachern, Economics, Contemporary Introduction