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Introduction
Waleed Muhammad
1. Introduction
2. 1.1 What Is Economics, and Why Is It Important?
3. 1.2 Microeconomics and Macroeconomics
4. 1.3 How Economists Use Theories and Models to Understand Economic Issues
5. 1.4 How Economies Can Be Organized: An Overview of Economic Systems
6. Introduction to Choice in a World of Scarcity
7. 2.1 How Individuals Make Choices Based on Their Budget Constraint
8. 2.2 The Production Possibilities Frontier and Social Choices
9. 2.3 Confronting Objections to the Economic Approach
10. Introduction to Demand and Supply
11. 3.1 Demand, Supply, and Equilibrium in Markets for Goods and Services
12. 3.2 Shifts in Demand and Supply for Goods and Services
13. 3.3 Changes in Equilibrium Price and Quantity: The Four-Step Process
14. 3.4 Price Ceilings and Price Floors
15. 3.5 Demand, Supply, and Efficiency
16. Introduction to Labor and Financial Markets
17. 4.1 Demand and Supply at Work in Labor Markets
18. 4.2 Demand and Supply in Financial Markets
19. 4.3 The Market System as an Efficient Mechanism for Information
20. Introduction to Elasticity
21. 5.1 Price Elasticity of Demand and Price Elasticity of Supply
22. 5.2 Polar Cases of Elasticity and Constant Elasticity
23. 5.3 Elasticity and Pricing
24. 5.4 Elasticity in Areas Other Than Price
25. Introduction to Consumer Choices
26. 6.1 Consumption Choices
27. 6.2 How Changes in Income and Prices Affect Consumption Choices
28. 6.3 Labor-Leisure Choices
29. 6.4 Intertemporal Choices in Financial Capital Markets
30. Introduction to Cost and Industry Structure
31. 7.1 Explicit and Implicit Costs, and Accounting and Economic Profit
32. 7.2 The Structure of Costs in the Short Run
33. 7.3 The Structure of Costs in the Long Run
34. Introduction to Perfect Competition
35. 8.1 Perfect Competition and Why It Matters
36. 8.2 How Perfectly Competitive Firms Make Output Decisions
37. 8.3 Entry and Exit Decisions in the Long Run
38. 8.4 Efficiency in Perfectly Competitive Markets
39. Introduction to a Monopoly
40. 9.1 How Monopolies Form: Barriers to Entry
41. 9.2 How a Profit-Maximizing Monopoly Chooses Output and Price
42. Introduction to Monopolistic Competition and Oligopoly
43. 10.1 Monopolistic Competition
44. 10.2 Oligopoly
45. Introduction to Monopoly and Antitrust Policy
46. 11.1 Corporate Mergers
47. 11.2 Regulating Anticompetitive Behavior
48. 11.3 Regulating Natural Monopolies
49. 11.4 The Great Deregulation Experiment
50. Introduction to Environmental Protection and Negative Externalities
51. 12.1 The Economics of Pollution
52. 12.2 Command-and-Control Regulation
53. 12.3 Market-Oriented Environmental Tools
54. 12.4 The Benefits and Costs of U.S. Environmental Laws
55. 12.5 International Environmental Issues
56. 12.6 The Tradeoff between Economic Output and Environmental Protection
57. Introduction to Positive Externalities and Public Goods
58. 13.1 Why the Private Sector Under Invests in Innovation
59. 13.2 How Governments Can Encourage Innovation
60. 13.3 Public Goods
61. Introduction to Poverty and Economic Inequality
62. 14.1 Drawing the Poverty Line
63. 14.2 The Poverty Trap
64. 14.3 The Safety Net
65. 14.4 Income Inequality: Measurement and Causes
66. 14.5 Government Policies to Reduce Income Inequality
67. Introduction to Issues in Labor Markets: Unions, Discrimination, Immigration
68. 15.1 Unions
69. 15.2 Employment Discrimination
70. 15.3 Immigration
71. Introduction to Information, Risk, and Insurance
72. 16.1 The Problem of Imperfect Information and Asymmetric Information
73. 16.2 Insurance and Imperfect Information
74. Introduction to Financial Markets
75. 17.1 How Businesses Raise Financial Capital
76. 17.2 How Households Supply Financial Capital
77. 17.3 How to Accumulate Personal Wealth
78. Introduction to Public Economy
79. 18.1 Voter Participation and Costs of Elections
80. 18.2 Special Interest Politics
81. 18.3 Flaws in the Democratic System of Government
82. Introduction to the Macroeconomic Perspective
83. 19.1 Measuring the Size of the Economy: Gross Domestic Product
84. 19.2 Adjusting Nominal Values to Real Values
85. 19.3 Tracking Real GDP over Time
86. 19.4 Comparing GDP among Countries
87. 19.5 How Well GDP Measures the Well-Being of Society
88. Introduction to Economic Growth
89. 20.1 The Relatively Recent Arrival of Economic Growth
90. 20.2 Labor Productivity and Economic Growth
91. 20.3 Components of Economic Growth
92. 20.4 Economic Convergence
93. Introduction to Unemployment
94. 21.1 How the Unemployment Rate is Defined and Computed
95. 21.2 Patterns of Unemployment
96. 21.3 What Causes Changes in Unemployment over the Short Run
97. 21.4 What Causes Changes in Unemployment over the Long Run
98. Introduction to Inflation
99. 22.1 Tracking Inflation
100. 22.2 How Changes in the Cost of Living are Measured
101. 22.3 How the U.S. and Other Countries Experience Inflation
102. 22.4 The Confusion Over Inflation
103. 22.5 Indexing and Its Limitations
104. Introduction to the International Trade and Capital Flows
105. 23.1 Measuring Trade Balances
106. 23.2 Trade Balances in Historical and International Context
107. 23.3 Trade Balances and Flows of Financial Capital
108. 23.4 The National Saving and Investment Identity
109. 23.5 The Pros and Cons of Trade Deficits and Surpluses
110. 23.6 The Difference between Level of Trade and the Trade Balance
111. Introduction to the Aggregate Demand/Aggregate Supply Model
112. 24.1 Macroeconomic Perspectives on Demand and Supply
113. 24.2 Building a Model of Aggregate Demand and Aggregate Supply
114. 24.3 Shifts in Aggregate Supply
115. 24.4 Shifts in Aggregate Demand
116. 24.5 How the AD/AS Model Incorporates Growth, Unemployment, and Inflation
117. 24.6 Keynes’ Law and Say’s Law in the AD/AS Model
118. Introduction to the Keynesian Perspective
119. 25.1 Aggregate Demand in Keynesian Analysis
120. 25.2 The Building Blocks of Keynesian Analysis
121. 25.3 The Phillips Curve
122. 25.4 The Keynesian Perspective on Market Forces
123. Introduction to the Neoclassical Perspective
124. 26.1 The Building Blocks of Neoclassical Analysis
125. 26.2 The Policy Implications of the Neoclassical Perspective
126. 26.3 Balancing Keynesian and Neoclassical Models
127. Introduction to Money and Banking
128. 27.1 Defining Money by Its Functions
129. 27.2 Measuring Money: Currency, M1, and M2
130. 27.3 The Role of Banks
131. 27.4 How Banks Create Money
132. Introduction to Monetary Policy and Bank Regulation
133. 28.1 The Federal Reserve Banking System and Central Banks
134. 28.2 Bank Regulation
135. 28.3 How a Central Bank Executes Monetary Policy
136. 28.4 Monetary Policy and Economic Outcomes
137. 28.5 Pitfalls for Monetary Policy
138. Introduction to Exchange Rates and International Capital Flows
139. 29.1 How the Foreign Exchange Market Works
140. 29.2 Demand and Supply Shifts in Foreign Exchange Markets
141. 29.3 Macroeconomic Effects of Exchange Rates
142. 29.4 Exchange Rate Policies
143. Introduction to Government Budgets and Fiscal Policy
144. 30.1 Government Spending
145. 30.2 Taxation
146. 30.3 Federal Deficits and the National Debt
147. 30.4 Using Fiscal Policy to Fight Recession, Unemployment, and Inflation
148. 30.5 Automatic Stabilizers
149. 30.6 Practical Problems with Discretionary Fiscal Policy
150. 30.7 The Question of a Balanced Budget
151. Introduction to the Impacts of Government Borrowing
152. 31.1 How Government Borrowing Affects Investment and the Trade Balance
153. 31.2 Fiscal Policy, Investment, and Economic Growth
154. 31.3 How Government Borrowing Affects Private Saving
155. 31.4 Fiscal Policy and the Trade Balance
156. Introduction to Macroeconomic Policy around the World
157. 32.1 The Diversity of Countries and Economies across the World
158. 32.2 Improving Countries’ Standards of Living
159. 32.3 Causes of Unemployment around the World
160. 32.4 Causes of Inflation in Various Countries and Regions
161. 32.5 Balance of Trade Concerns
162. Introduction to International Trade
163. 33.1 Absolute and Comparative Advantage
164. 33.2 What Happens When a Country Has an Absolute Advantage in All Goods
165. 33.3 Intra-industry Trade between Similar Economies
166. 33.4 The Benefits of Reducing Barriers to International Trade
167. Introduction to Globalization and Protectionism
168. 34.1 Protectionism: An Indirect Subsidy from Consumers to Producers
169. 34.2 International Trade and Its Effects on Jobs, Wages, and Working Conditions
170. 34.3 Arguments in Support of Restricting Imports
171. 34.4 How Trade Policy Is Enacted: Globally, Regionally, and Nationally
172. 34.5 The Tradeoffs of Trade Policy
Appendix
Appendix A: The Use of Mathematics in Principles of Economics
Appendix B: Indifference Curves
Appendix C: Present Discounted Value
Appendix D: The Expenditure-Output Model
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Principles of Economics Copyright © 2023 by Waleed Muhammad / Hajlatech LLC. All Rights Reserved.