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  1. Preface
  2. 1 Welcome to Economics!
    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 To Organize Economies: An Overview of Economic Systems
    6. Key Terms
    7. Key Concepts and Summary
    8. Self-Check Questions
    9. Review Questions
    10. Critical Thinking Questions
  3. 2 Choice in a World of Scarcity
    1. Introduction to Choice in a World of Scarcity
    2. 2.1 How Individuals Make Choices Based on Their Budget Constraint
    3. 2.2 The Production Possibilities Frontier and Social Choices
    4. 2.3 Confronting Objections to the Economic Approach
    5. Key Terms
    6. Key Concepts and Summary
    7. Self-Check Questions
    8. Review Questions
    9. Critical Thinking Questions
    10. Problems
  4. 3 Demand and Supply
    1. Introduction to Demand and Supply
    2. 3.1 Demand, Supply, and Equilibrium in Markets for Goods and Services
    3. 3.2 Shifts in Demand and Supply for Goods and Services
    4. 3.3 Changes in Equilibrium Price and Quantity: The Four-Step Process
    5. 3.4 Price Ceilings and Price Floors
    6. 3.5 Demand, Supply, and Efficiency
    7. Key Terms
    8. Key Concepts and Summary
    9. Self-Check Questions
    10. Review Questions
    11. Critical Thinking Questions
    12. Problems
  5. 4 Labor and Financial Markets
    1. Introduction to Labor and Financial Markets
    2. 4.1 Demand and Supply at Work in Labor Markets
    3. 4.2 Demand and Supply in Financial Markets
    4. 4.3 The Market System as an Efficient Mechanism for Information
    5. Key Terms
    6. Key Concepts and Summary
    7. Self-Check Questions
    8. Review Questions
    9. Critical Thinking Questions
    10. Problems
  6. 5 Elasticity
    1. Introduction to Elasticity
    2. 5.1 Price Elasticity of Demand and Price Elasticity of Supply
    3. 5.2 Polar Cases of Elasticity and Constant Elasticity
    4. 5.3 Elasticity and Pricing
    5. 5.4 Elasticity in Areas Other Than Price
    6. Key Terms
    7. Key Concepts and Summary
    8. Self-Check Questions
    9. Review Questions
    10. Critical Thinking Questions
    11. Problems
  7. 6 Consumer Choices
    1. Introduction to Consumer Choices
    2. 6.1 Consumption Choices
    3. 6.2 How Changes in Income and Prices Affect Consumption Choices
    4. 6.3 Behavioral Economics: An Alternative Framework for Consumer Choice
    5. Key Terms
    6. Key Concepts and Summary
    7. Self-Check Questions
    8. Review Questions
    9. Critical Thinking Questions
    10. Problems
  8. 7 Production, Costs, and Industry Structure
    1. Introduction to Production, Costs, and Industry Structure
    2. 7.1 Explicit and Implicit Costs, and Accounting and Economic Profit
    3. 7.2 Production in the Short Run
    4. 7.3 Costs in the Short Run
    5. 7.4 Production in the Long Run
    6. 7.5 Costs in the Long Run
    7. Key Terms
    8. Key Concepts and Summary
    9. Self-Check Questions
    10. Review Questions
    11. Critical Thinking Questions
    12. Problems
  9. 8 Perfect Competition
    1. Introduction to Perfect Competition
    2. 8.1 Perfect Competition and Why It Matters
    3. 8.2 How Perfectly Competitive Firms Make Output Decisions
    4. 8.3 Entry and Exit Decisions in the Long Run
    5. 8.4 Efficiency in Perfectly Competitive Markets
    6. Key Terms
    7. Key Concepts and Summary
    8. Self-Check Questions
    9. Review Questions
    10. Critical Thinking Questions
    11. Problems
  10. 9 Monopoly
    1. Introduction to a Monopoly
    2. 9.1 How Monopolies Form: Barriers to Entry
    3. 9.2 How a Profit-Maximizing Monopoly Chooses Output and Price
    4. Key Terms
    5. Key Concepts and Summary
    6. Self-Check Questions
    7. Review Questions
    8. Critical Thinking Questions
    9. Problems
  11. 10 Monopolistic Competition and Oligopoly
    1. Introduction to Monopolistic Competition and Oligopoly
    2. 10.1 Monopolistic Competition
    3. 10.2 Oligopoly
    4. Key Terms
    5. Key Concepts and Summary
    6. Self-Check Questions
    7. Review Questions
    8. Critical Thinking Questions
    9. Problems
  12. 11 Monopoly and Antitrust Policy
    1. Introduction to Monopoly and Antitrust Policy
    2. 11.1 Corporate Mergers
    3. 11.2 Regulating Anticompetitive Behavior
    4. 11.3 Regulating Natural Monopolies
    5. 11.4 The Great Deregulation Experiment
    6. Key Terms
    7. Key Concepts and Summary
    8. Self-Check Questions
    9. Review Questions
    10. Critical Thinking Questions
    11. Problems
  13. 12 Environmental Protection and Negative Externalities
    1. Introduction to Environmental Protection and Negative Externalities
    2. 12.1 The Economics of Pollution
    3. 12.2 Command-and-Control Regulation
    4. 12.3 Market-Oriented Environmental Tools
    5. 12.4 The Benefits and Costs of U.S. Environmental Laws
    6. 12.5 International Environmental Issues
    7. 12.6 The Tradeoff between Economic Output and Environmental Protection
    8. Key Terms
    9. Key Concepts and Summary
    10. Self-Check Questions
    11. Review Questions
    12. Critical Thinking Questions
    13. Problems
  14. 13 Positive Externalities and Public Goods
    1. Introduction to Positive Externalities and Public Goods
    2. 13.1 Why the Private Sector Underinvests in Innovation
    3. 13.2 How Governments Can Encourage Innovation
    4. 13.3 Public Goods
    5. Key Terms
    6. Key Concepts and Summary
    7. Self-Check Questions
    8. Review Questions
    9. Critical Thinking Questions
    10. Problems
  15. 14 Labor Markets and Income
    1. Introduction to Labor Markets and Income
    2. 14.1 The Theory of Labor Markets
    3. 14.2 Wages and Employment in an Imperfectly Competitive Labor Market
    4. 14.3 Market Power on the Supply Side of Labor Markets: Unions
    5. 14.4 Bilateral Monopoly
    6. 14.5 Employment Discrimination
    7. 14.6 Immigration
    8. Key Terms
    9. Key Concepts and Summary
    10. Self-Check Questions
    11. Review Questions
    12. Critical Thinking Questions
  16. 15 Poverty and Economic Inequality
    1. Introduction to Poverty and Economic Inequality
    2. 15.1 Drawing the Poverty Line
    3. 15.2 The Poverty Trap
    4. 15.3 The Safety Net
    5. 15.4 Income Inequality: Measurement and Causes
    6. 15.5 Government Policies to Reduce Income Inequality
    7. Key Terms
    8. Key Concepts and Summary
    9. Self-Check Questions
    10. Review Questions
    11. Critical Thinking Questions
    12. Problems
  17. 16 Information, Risk, and Insurance
    1. Introduction to Information, Risk, and Insurance
    2. 16.1 The Problem of Imperfect Information and Asymmetric Information
    3. 16.2 Insurance and Imperfect Information
    4. Key Terms
    5. Key Concepts and Summary
    6. Self-Check Questions
    7. Review Questions
    8. Critical Thinking Questions
    9. Problems
  18. 17 Financial Markets
    1. Introduction to Financial Markets
    2. 17.1 How Businesses Raise Financial Capital
    3. 17.2 How Households Supply Financial Capital
    4. 17.3 How to Accumulate Personal Wealth
    5. Key Terms
    6. Key Concepts and Summary
    7. Self-Check Questions
    8. Review Questions
    9. Critical Thinking Questions
    10. Problems
  19. 18 Public Economy
    1. Introduction to Public Economy
    2. 18.1 Voter Participation and Costs of Elections
    3. 18.2 Special Interest Politics
    4. 18.3 Flaws in the Democratic System of Government
    5. Key Terms
    6. Key Concepts and Summary
    7. Self-Check Questions
    8. Review Questions
    9. Critical Thinking Questions
    10. Problems
  20. 19 The Macroeconomic Perspective
    1. Introduction to the Macroeconomic Perspective
    2. 19.1 Measuring the Size of the Economy: Gross Domestic Product
    3. 19.2 Adjusting Nominal Values to Real Values
    4. 19.3 Tracking Real GDP over Time
    5. 19.4 Comparing GDP among Countries
    6. 19.5 How Well GDP Measures the Well-Being of Society
    7. Key Terms
    8. Key Concepts and Summary
    9. Self-Check Questions
    10. Review Questions
    11. Critical Thinking Questions
    12. Problems
  21. 20 Economic Growth
    1. Introduction to Economic Growth
    2. 20.1 The Relatively Recent Arrival of Economic Growth
    3. 20.2 Labor Productivity and Economic Growth
    4. 20.3 Components of Economic Growth
    5. 20.4 Economic Convergence
    6. Key Terms
    7. Key Concepts and Summary
    8. Self-Check Questions
    9. Review Questions
    10. Critical Thinking Questions
    11. Problems
  22. 21 Unemployment
    1. Introduction to Unemployment
    2. 21.1 How Economists Define and Compute Unemployment Rate
    3. 21.2 Patterns of Unemployment
    4. 21.3 What Causes Changes in Unemployment over the Short Run
    5. 21.4 What Causes Changes in Unemployment over the Long Run
    6. Key Terms
    7. Key Concepts and Summary
    8. Self-Check Questions
    9. Review Questions
    10. Critical Thinking Questions
    11. Problems
  23. 22 Inflation
    1. Introduction to Inflation
    2. 22.1 Tracking Inflation
    3. 22.2 How to Measure Changes in the Cost of Living
    4. 22.3 How the U.S. and Other Countries Experience Inflation
    5. 22.4 The Confusion Over Inflation
    6. 22.5 Indexing and Its Limitations
    7. Key Terms
    8. Key Concepts and Summary
    9. Self-Check Questions
    10. Review Questions
    11. Critical Thinking Questions
    12. Problems
  24. 23 The International Trade and Capital Flows
    1. Introduction to the International Trade and Capital Flows
    2. 23.1 Measuring Trade Balances
    3. 23.2 Trade Balances in Historical and International Context
    4. 23.3 Trade Balances and Flows of Financial Capital
    5. 23.4 The National Saving and Investment Identity
    6. 23.5 The Pros and Cons of Trade Deficits and Surpluses
    7. 23.6 The Difference between Level of Trade and the Trade Balance
    8. Key Terms
    9. Key Concepts and Summary
    10. Self-Check Questions
    11. Review Questions
    12. Critical Thinking Questions
    13. Problems
  25. 24 The Aggregate Demand/Aggregate Supply Model
    1. Introduction to the Aggregate Supply–Aggregate Demand Model
    2. 24.1 Macroeconomic Perspectives on Demand and Supply
    3. 24.2 Building a Model of Aggregate Demand and Aggregate Supply
    4. 24.3 Shifts in Aggregate Supply
    5. 24.4 Shifts in Aggregate Demand
    6. 24.5 How the AD/AS Model Incorporates Growth, Unemployment, and Inflation
    7. 24.6 Keynes’ Law and Say’s Law in the AD/AS Model
    8. Key Terms
    9. Key Concepts and Summary
    10. Self-Check Questions
    11. Review Questions
    12. Critical Thinking Questions
    13. Problems
  26. 25 The Keynesian Perspective
    1. Introduction to the Keynesian Perspective
    2. 25.1 Aggregate Demand in Keynesian Analysis
    3. 25.2 The Building Blocks of Keynesian Analysis
    4. 25.3 The Phillips Curve
    5. 25.4 The Keynesian Perspective on Market Forces
    6. Key Terms
    7. Key Concepts and Summary
    8. Self-Check Questions
    9. Review Questions
    10. Critical Thinking Questions
  27. 26 The Neoclassical Perspective
    1. Introduction to the Neoclassical Perspective
    2. 26.1 The Building Blocks of Neoclassical Analysis
    3. 26.2 The Policy Implications of the Neoclassical Perspective
    4. 26.3 Balancing Keynesian and Neoclassical Models
    5. Key Terms
    6. Key Concepts and Summary
    7. Self-Check Questions
    8. Review Questions
    9. Critical Thinking Questions
    10. Problems
  28. 27 Money and Banking
    1. Introduction to Money and Banking
    2. 27.1 Defining Money by Its Functions
    3. 27.2 Measuring Money: Currency, M1, and M2
    4. 27.3 The Role of Banks
    5. 27.4 How Banks Create Money
    6. Key Terms
    7. Key Concepts and Summary
    8. Self-Check Questions
    9. Review Questions
    10. Critical Thinking Questions
    11. Problems
  29. 28 Monetary Policy and Bank Regulation
    1. Introduction to Monetary Policy and Bank Regulation
    2. 28.1 The Federal Reserve Banking System and Central Banks
    3. 28.2 Bank Regulation
    4. 28.3 How a Central Bank Executes Monetary Policy
    5. 28.4 Monetary Policy and Economic Outcomes
    6. 28.5 Pitfalls for Monetary Policy
    7. Key Terms
    8. Key Concepts and Summary
    9. Self-Check Questions
    10. Review Questions
    11. Critical Thinking Questions
    12. Problems
  30. 29 Exchange Rates and International Capital Flows
    1. Introduction to Exchange Rates and International Capital Flows
    2. 29.1 How the Foreign Exchange Market Works
    3. 29.2 Demand and Supply Shifts in Foreign Exchange Markets
    4. 29.3 Macroeconomic Effects of Exchange Rates
    5. 29.4 Exchange Rate Policies
    6. Key Terms
    7. Key Concepts and Summary
    8. Self-Check Questions
    9. Review Questions
    10. Critical Thinking Questions
    11. Problems
  31. 30 Government Budgets and Fiscal Policy
    1. Introduction to Government Budgets and Fiscal Policy
    2. 30.1 Government Spending
    3. 30.2 Taxation
    4. 30.3 Federal Deficits and the National Debt
    5. 30.4 Using Fiscal Policy to Fight Recession, Unemployment, and Inflation
    6. 30.5 Automatic Stabilizers
    7. 30.6 Practical Problems with Discretionary Fiscal Policy
    8. 30.7 The Question of a Balanced Budget
    9. Key Terms
    10. Key Concepts and Summary
    11. Self-Check Questions
    12. Review Questions
    13. Critical Thinking Questions
    14. Problems
  32. 31 The Impacts of Government Borrowing
    1. Introduction to the Impacts of Government Borrowing
    2. 31.1 How Government Borrowing Affects Investment and the Trade Balance
    3. 31.2 Fiscal Policy and the Trade Balance
    4. 31.3 How Government Borrowing Affects Private Saving
    5. 31.4 Fiscal Policy, Investment, and Economic Growth
    6. Key Terms
    7. Key Concepts and Summary
    8. Self-Check Questions
    9. Review Questions
    10. Critical Thinking Questions
    11. Problems
  33. 32 Macroeconomic Policy Around the World
    1. Introduction to Macroeconomic Policy around the World
    2. 32.1 The Diversity of Countries and Economies across the World
    3. 32.2 Improving Countries’ Standards of Living
    4. 32.3 Causes of Unemployment around the World
    5. 32.4 Causes of Inflation in Various Countries and Regions
    6. 32.5 Balance of Trade Concerns
    7. Key Terms
    8. Key Concepts and Summary
    9. Self-Check Questions
    10. Review Questions
    11. Critical Thinking Questions
    12. Problems
  34. 33 International Trade
    1. Introduction to International Trade
    2. 33.1 Absolute and Comparative Advantage
    3. 33.2 What Happens When a Country Has an Absolute Advantage in All Goods
    4. 33.3 Intra-industry Trade between Similar Economies
    5. 33.4 The Benefits of Reducing Barriers to International Trade
    6. Key Terms
    7. Key Concepts and Summary
    8. Self-Check Questions
    9. Review Questions
    10. Critical Thinking Questions
    11. Problems
  35. 34 Globalization and Protectionism
    1. Introduction to Globalization and Protectionism
    2. 34.1 Protectionism: An Indirect Subsidy from Consumers to Producers
    3. 34.2 International Trade and Its Effects on Jobs, Wages, and Working Conditions
    4. 34.3 Arguments in Support of Restricting Imports
    5. 34.4 How Governments Enact Trade Policy: Globally, Regionally, and Nationally
    6. 34.5 The Tradeoffs of Trade Policy
    7. Key Terms
    8. Key Concepts and Summary
    9. Self-Check Questions
    10. Review Questions
    11. Critical Thinking Questions
    12. Problems
  36. A | The Use of Mathematics in Principles of Economics
  37. B | Indifference Curves
  38. C | Present Discounted Value
  39. D | The Expenditure-Output Model
  40. Answer Key
    1. Chapter 1
    2. Chapter 2
    3. Chapter 3
    4. Chapter 4
    5. Chapter 5
    6. Chapter 6
    7. Chapter 7
    8. Chapter 8
    9. Chapter 9
    10. Chapter 10
    11. Chapter 11
    12. Chapter 12
    13. Chapter 13
    14. Chapter 14
    15. Chapter 15
    16. Chapter 16
    17. Chapter 17
    18. Chapter 18
    19. Chapter 19
    20. Chapter 20
    21. Chapter 21
    22. Chapter 22
    23. Chapter 23
    24. Chapter 24
    25. Chapter 25
    26. Chapter 26
    27. Chapter 27
    28. Chapter 28
    29. Chapter 29
    30. Chapter 30
    31. Chapter 31
    32. Chapter 32
    33. Chapter 33
    34. Chapter 34
  41. References
  42. Index
A
A.W. Phillips 25.3 The Phillips Curve
additional external costs 12.1 The Economics of Pollution
adjustable-rate mortgage (ARM) 22.5 Indexing and Its Limitations
adverse selection of wage cuts argument 21.3 What Causes Changes in Unemployment over the Short Run
Affirmative action 14.5 Employment Discrimination
Age Discrimination in Employment Act 14.5 Employment Discrimination
aggregate demand/aggregate supply (AD/AS) Introduction to Money and Banking
aggregate expenditure function Appendix D The Expenditure-Output Model
aggregate expenditure line Appendix D The Expenditure-Output Model
aggregate expenditure schedule Appendix D The Expenditure-Output Model
Agriculture and Food Research Initiative (AFRI) 13.2 How Governments Can Encourage Innovation
Aid to Families with Dependent Children (AFDC) 15.3 The Safety Net
Alexander Gerschenkron 20.4 Economic Convergence
American Recovery and Reinvestment Act of 2009 25.2 The Building Blocks of Keynesian Analysis
Antitrust Division of the Justice Department 10.2 Oligopoly
antitrust laws 11.1 Corporate Mergers
Asian Financial Crisis 32.5 Balance of Trade Concerns
asset-liability time mismatch 27.3 The Role of Banks
Average total cost 7.3 Costs in the Short Run
average variable cost 7.3 Costs in the Short Run
B
balance sheet 27.3 The Role of Banks
Bank regulation 28.2 Bank Regulation
basic quantity equation of money 28.5 Pitfalls for Monetary Policy
basket of goods and services 22.1 Tracking Inflation
bilateral monopoly 14.4 Bilateral Monopoly
Bipartisan Campaign Reform Act (BCRA) 18.1 Voter Participation and Costs of Elections
budget constraint (or budget line) 6.1 Consumption Choices
budget constraint line 15.2 The Poverty Trap
budget deficit 30.1 Government Spending
budget surplus 30.1 Government Spending
Bureau of Economic Analysis (BEA) 23.1 Measuring Trade Balances
business confidence 24.4 Shifts in Aggregate Demand
C
Celler-Kefauver Act 11.1 Corporate Mergers
certificate of deposit (CD) 17.2 How Households Supply Financial Capital
certificates of deposit (CDs) 27.2 Measuring Money: Currency, M1, and M2
Civil Rights Act of 1964 14.5 Employment Discrimination
Civil Rights Act of 1991 14.5 Employment Discrimination
Clayton Antitrust Act 11.1 Corporate Mergers
coins and currency in circulation 27.2 Measuring Money: Currency, M1, and M2
collusion 10.2 Oligopoly
command-and-control regulation 12.2 Command-and-Control Regulation
Commodity-backed currencies 27.1 Defining Money by Its Functions
common resources 13.3 Public Goods
competitive market 14.5 Employment Discrimination
concentration ratio 11.1 Corporate Mergers
constant returns to scale 7.5 Costs in the Long Run
consumer confidence 24.4 Shifts in Aggregate Demand
consumer equilibrium 6.1 Consumption Choices
corporate income tax 30.2 Taxation
cost-of-living adjustments (COLAs) 22.5 Indexing and Its Limitations
cost-plus regulation 11.3 Regulating Natural Monopolies
County and Municipal Employees (AFSCME) 14.3 Market Power on the Supply Side of Labor Markets: Unions
credit union 27.3 The Role of Banks
cross-price elasticity of demand 5.4 Elasticity in Areas Other Than Price
current account balance 23.1 Measuring Trade Balances
D
demand and supply diagram 3.5 Demand, Supply, and Efficiency
demand curves 11.1 Corporate Mergers
depository institutions 27.3 The Role of Banks
diminishing marginal productivity 7.3 Costs in the Short Run
direct investment 29.4 Exchange Rate Policies
diseconomies of scale 7.5 Costs in the Long Run
disruptive market change 34.5 The Tradeoffs of Trade Policy
double coincidence of wants 27.1 Defining Money by Its Functions
duopoly 10.2 Oligopoly
E
earned income tax credit (EITC) 15.3 The Safety Net
Equal Employment Opportunity Commission (EEOC) 14.5 Employment Discrimination
Equal Pay Act of 1963 14.5 Employment Discrimination
estate and gift tax 30.2 Taxation
excise tax 30.2 Taxation
expenditure-output model Appendix D The Expenditure-Output Model
exports of goods and services as a percentage of GDP 23.2 Trade Balances in Historical and International Context
F
Factor payments 7.3 Costs in the Short Run
Federal Deposit Insurance Corporation (FDIC) 17.2 How Households Supply Financial Capital, 28.2 Bank Regulation
Federal Open Market Committee (FOMC) 28.3 How a Central Bank Executes Monetary Policy
Federal Trade Commission 10.2 Oligopoly
first rule of labor markets 14.1 The Theory of Labor Markets
floating exchange rate 29.4 Exchange Rate Policies
Foreign direct investment (FDI) 29.1 How the Foreign Exchange Market Works
free rider 13.3 Public Goods
G
game theory 10.2 Oligopoly
I
immigrants 14.6 Immigration
income elasticity of demand 5.4 Elasticity in Areas Other Than Price
indifference curve Appendix B Indifference Curves
individual income tax 30.2 Taxation
inflation targeting 28.5 Pitfalls for Monetary Policy
initial public offering (IPO) 17.1 How Businesses Raise Financial Capital
Interest and dividends 7.3 Costs in the Short Run
international capital flows 29.4 Exchange Rate Policies
international externalities 12.5 International Environmental Issues
international financial flows 29.4 Exchange Rate Policies
International Trade Commission (ITC) 18.3 Flaws in the Democratic System of Government
intertemporal decision making 4.2 Demand and Supply in Financial Markets
L
labor-leisure budget constraint 15.2 The Poverty Trap
labor-leisure diagram Appendix B Indifference Curves
Law of Diminishing Marginal Product 7.2 Production in the Short Run
law of diminishing returns 20.4 Economic Convergence
lender of last resort 28.2 Bank Regulation
leviathan effect 7.5 Costs in the Long Run
long-run average cost (LRAC) curve 7.5 Costs in the Long Run
M
marginal propensity to consume (MPC) Appendix D The Expenditure-Output Model
marginal propensity to import (MPI) Appendix D The Expenditure-Output Model
marginal propensity to save (MPS) Appendix D The Expenditure-Output Model
marginal rate of substitution Appendix B Indifference Curves
marginal tax rates 30.2 Taxation
Marginal utility per dollar 6.1 Consumption Choices
market share 11.1 Corporate Mergers
marketable permit program 12.3 Market-Oriented Environmental Tools
maximizing utility 6.1 Consumption Choices
merchandise trade balance 23.1 Measuring Trade Balances
merged currency 29.4 Exchange Rate Policies
Michael S. Clune 14.6 Immigration
money multiplier formula 27.4 How Banks Create Money
N
National Academy of Engineers 13.2 How Governments Can Encourage Innovation
National Academy of Scientists 13.2 How Governments Can Encourage Innovation
National Association of Insurance Commissioners 16.2 Insurance and Imperfect Information
National Bureau of Economic Research 32.5 Balance of Trade Concerns
National Bureau of Economic Research (NBER) 19.3 Tracking Real GDP over Time
National Credit Union Administration (NCUA) 28.2 Bank Regulation
National Institutes of Health 13.2 How Governments Can Encourage Innovation
National Labor-Management Relations Act 14.3 Market Power on the Supply Side of Labor Markets: Unions
national saving and investment identity 23.4 The National Saving and Investment Identity
National Venture Capital Association 17.1 How Businesses Raise Financial Capital
Natural Resources (Land and Raw Materials) 7.2 Production in the Short Run
negative externalities 18.2 Special Interest Politics
negative externality 12.1 The Economics of Pollution
non-rival 13.3 Public Goods
nonexcludable 13.3 Public Goods
P
Patient Protection and Affordable Care Act (PPACA) 16.2 Insurance and Imperfect Information
Patient Protection and Affordable Care Act (PPACA) Introduction to Information, Risk, and Insurance
payment system 27.3 The Role of Banks
payroll tax 30.2 Taxation
Per capita GDP 22.1 Tracking Inflation
percentage change 22.1 Tracking Inflation
Perfectly Competitive Labor Market 14.1 The Theory of Labor Markets
perfectly elastic 10.1 Monopolistic Competition
Pew Research Center for People and the Press 3.3 Changes in Equilibrium Price and Quantity: The Four-Step Process
pork-barrel spending 18.2 Special Interest Politics
positive externality 12.1 The Economics of Pollution
poverty trap 15.2 The Poverty Trap
present discounted value (PDV) Appendix C Present Discounted Value
price cap regulation 11.3 Regulating Natural Monopolies
prisoner’s dilemma 10.2 Oligopoly
product differentiation 10.1 Monopolistic Competition
production possibilities frontier (PPF) 2.2 The Production Possibilities Frontier and Social Choices
production technologies 7.5 Costs in the Long Run
profit-maximizing 10.1 Monopolistic Competition
profits 10.2 Oligopoly
progressive tax 30.2 Taxation
proportional tax 30.2 Taxation
public good 13.3 Public Goods
R
Raw materials prices 7.3 Costs in the Short Run
regressive tax 30.2 Taxation
S
safety net 15.3 The Safety Net
Sebastian Edwards 32.5 Balance of Trade Concerns
Securitization 27.3 The Role of Banks
Sherman Antitrust Act 11.1 Corporate Mergers
short run aggregate supply (SRAS) curve 24.2 Building a Model of Aggregate Demand and Aggregate Supply
short-run average cost (SRAC) curves 7.5 Costs in the Long Run
Social Security Indexing Act of 1972 22.5 Indexing and Its Limitations
special economic zones (SEZ) 20.3 Components of Economic Growth
Special interest groups 18.2 Special Interest Politics
Special Supplemental Food Program for Women, Infants and Children (WIC) 15.3 The Safety Net
Standard & Poor’s 500 index 17.2 How Households Supply Financial Capital
standard of deferred payment 27.1 Defining Money by Its Functions
standardized employment budget 30.5 Automatic Stabilizers
subprime loans 27.3 The Role of Banks
Supplemental Nutrition Assistance Program (SNAP) 15.3 The Safety Net
supply curves 11.1 Corporate Mergers
T
Temporary Assistance for Needy Families (TANF) 15.3 The Safety Net
The Land of Funny Money 22.4 The Confusion Over Inflation
the law of increasing opportunity cost 2.2 The Production Possibilities Frontier and Social Choices
total utility 6.1 Consumption Choices
Transaction costs 27.3 The Role of Banks
Tyler Cowen 13.3 Public Goods
U
U.S. Department of Commerce 23.1 Measuring Trade Balances
U.S. Department of the Treasury 17.1 How Businesses Raise Financial Capital
U.S. Patent and Trademark Office 20.3 Components of Economic Growth
unilateral transfers 23.1 Measuring Trade Balances
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