Symbols
A
A.W. Phillips
25.3 The Phillips Curve
Abhijit Bannerjee
32.2 Improving Countries’ Standards of Living
Abraham García
20.3 Components of Economic Growth
absolute advantage
33.1 Absolute and Comparative Advantage
Accounting profit
7.1 Explicit and Implicit Costs, and Accounting and Economic Profit,
10.1 Monopolistic Competition
acquisition
11.1 Corporate Mergers
actual rate of return
17.2 How Households Supply Financial Capital
Adam Smith
1.1 What Is Economics, and Why Is It Important?,
2.3 Confronting Objections to the Economic Approach,
10.2 Oligopoly,
24.1 Macroeconomic Perspectives on Demand and Supply
adaptive expectations
26.1 The Building Blocks of Neoclassical Analysis
additional external costs
12.1 The Economics of Pollution
adjustable-rate mortgage (ARM)
22.5 Indexing and Its Limitations
Adverse selection
16.2 Insurance and Imperfect Information
adverse selection of wage cuts argument
21.3 What Causes Changes in Unemployment over the Short Run
Affirmative action
14.5 Employment Discrimination
Affordable Care Act (ACA)
Introduction to Information, Risk, and Insurance,
16.2 Insurance and Imperfect Information,
18.2 Special Interest Politics
Age Discrimination in Employment Act
14.5 Employment Discrimination
aggregate demand
Introduction to the Aggregate Supply–Aggregate Demand Model,
25.1 Aggregate Demand in Keynesian Analysis,
26.1 The Building Blocks of Neoclassical Analysis,
26.2 The Policy Implications of the Neoclassical Perspective,
26.2 The Policy Implications of the Neoclassical Perspective,
28.4 Monetary Policy and Economic Outcomes,
28.5 Pitfalls for Monetary Policy,
29.3 Macroeconomic Effects of Exchange Rates,
30.4 Using Fiscal Policy to Fight Recession, Unemployment, and Inflation,
32.3 Causes of Unemployment around the World,
Appendix D The Expenditure-Output Model
aggregate demand (AD)
Introduction to the Macroeconomic Perspective,
24.2 Building a Model of Aggregate Demand and Aggregate Supply
aggregate demand (AD) curve
24.2 Building a Model of Aggregate Demand and Aggregate Supply
aggregate demand/aggregate supply (AD/AS)
Introduction to Money and Banking
aggregate demand/aggregate supply model
24.2 Building a Model of Aggregate Demand and Aggregate Supply,
26.1 The Building Blocks of Neoclassical Analysis
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
aggregate expenditures
Appendix D The Expenditure-Output Model
aggregate production function
20.2 Labor Productivity and Economic Growth,
20.3 Components of Economic Growth,
20.4 Economic Convergence
aggregate supply
Introduction to the Aggregate Supply–Aggregate Demand Model,
26.1 The Building Blocks of Neoclassical Analysis,
30.4 Using Fiscal Policy to Fight Recession, Unemployment, and Inflation
aggregate supply (AS)
Introduction to the Macroeconomic Perspective,
24.2 Building a Model of Aggregate Demand and Aggregate Supply
aggregate supply (AS) curve
24.2 Building a Model of Aggregate Demand and Aggregate Supply
aggregate supply curve
26.2 The Policy Implications of the Neoclassical Perspective
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
Alfred Marshall
3.5 Demand, Supply, and Efficiency
Allocative efficiency
2.2 The Production Possibilities Frontier and Social Choices,
8.4 Efficiency in Perfectly Competitive Markets,
9.2 How a Profit-Maximizing Monopoly Chooses Output and Price,
12 Key Concepts and Summary
American Federation of State
14.3 Market Power on the Supply Side of Labor Markets: Unions
American Recovery and Reinvestment Act of 2009
25.2 The Building Blocks of Keynesian Analysis
Anthony Downs
18.1 Voter Participation and Costs of Elections
Anti-dumping laws
34.3 Arguments in Support of Restricting Imports
Antitrust Division of the Justice Department
10.2 Oligopoly
antitrust laws
11.1 Corporate Mergers
appreciating
29.1 How the Foreign Exchange Market Works
Asian Financial Crisis
32.5 Balance of Trade Concerns
asset
27.3 The Role of Banks
asset-liability time mismatch
27.3 The Role of Banks
assets
28.2 Bank Regulation
asymmetric information
16.1 The Problem of Imperfect Information and Asymmetric Information
average cost
7.3 Costs in the Short Run
average cost curve
11.3 Regulating Natural Monopolies
average profit
7.3 Costs in the Short Run
Average total cost
7.3 Costs in the Short Run
average variable cost
7.3 Costs in the Short Run
B
balance of payments
23.3 Trade Balances and Flows of Financial Capital
balance of trade
Introduction to the International Trade and Capital Flows,
23.6 The Difference between Level of Trade and the Trade Balance,
29.4 Exchange Rate Policies
balance sheet
27.3 The Role of Banks
Bank regulation
28.2 Bank Regulation
bank run
28.2 Bank Regulation
Barriers to entry
9.1 How Monopolies Form: Barriers to Entry
base year
22.1 Tracking Inflation
basic quantity equation of money
28.5 Pitfalls for Monetary Policy
basket of goods and services
22.1 Tracking Inflation
Behavioral economics
6.3 Behavioral Economics: An Alternative Framework for Consumer Choice
behavioral economists
16.1 The Problem of Imperfect Information and Asymmetric Information
bilateral monopoly
14.4 Bilateral Monopoly
biodiversity
12.5 International Environmental Issues
Bipartisan Campaign Reform Act (BCRA)
18.1 Voter Participation and Costs of Elections
bond yield
17.2 How Households Supply Financial Capital
bondholder
17.1 How Businesses Raise Financial Capital
bonds
17.2 How Households Supply Financial Capital,
22.5 Indexing and Its Limitations,
27.3 The Role of Banks,
28.3 How a Central Bank Executes Monetary Policy,
Appendix C Present Discounted Value
break even point
8.2 How Perfectly Competitive Firms Make Output Decisions
budget constraint
2.1 How Individuals Make Choices Based on Their Budget Constraint,
6.1 Consumption Choices,
6.2 How Changes in Income and Prices Affect Consumption Choices,
Appendix B Indifference Curves
budget constraint (or budget line)
6.1 Consumption Choices
budget constraint line
15.2 The Poverty Trap
budget deficit
30.1 Government Spending
budget line
Appendix B Indifference Curves
budget surplus
30.1 Government Spending
Bureau of Economic Analysis (BEA)
23.1 Measuring Trade Balances
Bureau of Labor Statistics
19.5 How Well GDP Measures the Well-Being of Society
business confidence
24.4 Shifts in Aggregate Demand
business cycle
19.3 Tracking Real GDP over Time
C
Capital
7.2 Production in the Short Run
capital deepening
20.3 Components of Economic Growth
capital gain
17.1 How Businesses Raise Financial Capital
cartel
10.2 Oligopoly
Celler-Kefauver Act
11.1 Corporate Mergers
central bank
28.1 The Federal Reserve Banking System and Central Banks,
28.5 Pitfalls for Monetary Policy,
29.3 Macroeconomic Effects of Exchange Rates,
29.4 Exchange Rate Policies
certificate of deposit (CD)
17.2 How Households Supply Financial Capital
certificates of deposit (CDs)
27.2 Measuring Money: Currency, M1, and M2
ceteris paribus
3.2 Shifts in Demand and Supply for Goods and Services,
3.3 Changes in Equilibrium Price and Quantity: The Four-Step Process,
4.1 Demand and Supply at Work in Labor Markets
checking account
17.2 How Households Supply Financial Capital
circular flow diagram
1.3 How Economists Use Theories and Models to Understand Economic Issues
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
Clean Air Act
12.2 Command-and-Control Regulation,
12.3 Market-Oriented Environmental Tools,
12.4 The Benefits and Costs of U.S. Environmental Laws
Clean Water Act
12.2 Command-and-Control Regulation
coins and currency in circulation
27.2 Measuring Money: Currency, M1, and M2
coinsurance
16.2 Insurance and Imperfect Information
collective bargaining
14.3 Market Power on the Supply Side of Labor Markets: Unions
collusion
10.2 Oligopoly
command economy
1.4 How To Organize Economies: An Overview of Economic Systems
command-and-control regulation
12.2 Command-and-Control Regulation
commodity money
27.1 Defining Money by Its Functions
Commodity-backed currencies
27.1 Defining Money by Its Functions
common resources
13.3 Public Goods
comparative advantage
1.1 What Is Economics, and Why Is It Important?,
2.2 The Production Possibilities Frontier and Social Choices,
23.3 Trade Balances and Flows of Financial Capital,
33.1 Absolute and Comparative Advantage,
34.2 International Trade and Its Effects on Jobs, Wages, and Working Conditions
competitive market
14.5 Employment Discrimination
compound growth rate
20.2 Labor Productivity and Economic Growth
Compound interest
17.3 How to Accumulate Personal Wealth
concentration ratio
11.1 Corporate Mergers
constant cost industry
8.3 Entry and Exit Decisions in the Long Run
constant returns to scale
7.5 Costs in the Long Run
Constant unitary elasticity
5.2 Polar Cases of Elasticity and Constant Elasticity
consumer confidence
24.4 Shifts in Aggregate Demand
consumer equilibrium
6.1 Consumption Choices
Consumer Price Index (CPI)
22.2 How to Measure Changes in the Cost of Living
consumer surplus
3.5 Demand, Supply, and Efficiency,
34.1 Protectionism: An Indirect Subsidy from Consumers to Producers
consumption
6.1 Consumption Choices
consumption budget constraint
2.2 The Production Possibilities Frontier and Social Choices
consumption demand
19.1 Measuring the Size of the Economy: Gross Domestic Product
consumption function
Appendix D The Expenditure-Output Model
contractionary fiscal policy
25.3 The Phillips Curve,
30.4 Using Fiscal Policy to Fight Recession, Unemployment, and Inflation
contractionary monetary policy
28.4 Monetary Policy and Economic Outcomes,
29.4 Exchange Rate Policies,
31.4 Fiscal Policy, Investment, and Economic Growth
contractual rights
20.1 The Relatively Recent Arrival of Economic Growth
convergence
20.4 Economic Convergence
converging economy
32.4 Causes of Inflation in Various Countries and Regions
coordination argument
25.2 The Building Blocks of Keynesian Analysis
copayment
16.2 Insurance and Imperfect Information
core competency
1.1 What Is Economics, and Why Is It Important?
core inflation index
22.2 How to Measure Changes in the Cost of Living
corporate bond
17.1 How Businesses Raise Financial Capital
corporate governance
17.1 How Businesses Raise Financial Capital
corporate income tax
30.2 Taxation
corporation
17.1 How Businesses Raise Financial Capital
cost of living
22.2 How to Measure Changes in the Cost of Living
cost-of-living adjustments (COLAs)
22.5 Indexing and Its Limitations
cost-plus regulation
11.3 Regulating Natural Monopolies
countercyclical
28.4 Monetary Policy and Economic Outcomes
County and Municipal Employees (AFSCME)
14.3 Market Power on the Supply Side of Labor Markets: Unions
coupon rate
17.2 How Households Supply Financial Capital
credit card
27.2 Measuring Money: Currency, M1, and M2
credit union
27.3 The Role of Banks
cross-price elasticity of demand
5.4 Elasticity in Areas Other Than Price
crowding out
30.6 Practical Problems with Discretionary Fiscal Policy,
31.4 Fiscal Policy, Investment, and Economic Growth
current account balance
23.1 Measuring Trade Balances
D
David Ricardo
33.1 Absolute and Comparative Advantage
deadweight loss
3.5 Demand, Supply, and Efficiency
decreasing cost industry
8.3 Entry and Exit Decisions in the Long Run
deductibles
16.2 Insurance and Imperfect Information
deflation
22.3 How the U.S. and Other Countries Experience Inflation,
28.5 Pitfalls for Monetary Policy
demand
3.1 Demand, Supply, and Equilibrium in Markets for Goods and Services,
13.1 Why the Private Sector Underinvests in Innovation,
19.1 Measuring the Size of the Economy: Gross Domestic Product,
24.1 Macroeconomic Perspectives on Demand and Supply,
Introduction to Exchange Rates and International Capital Flows
demand and supply diagram
3.5 Demand, Supply, and Efficiency
demand and supply models
4.3 The Market System as an Efficient Mechanism for Information
demand curve
3.1 Demand, Supply, and Equilibrium in Markets for Goods and Services,
3.2 Shifts in Demand and Supply for Goods and Services,
5.1 Price Elasticity of Demand and Price Elasticity of Supply,
5.2 Polar Cases of Elasticity and Constant Elasticity,
10.1 Monopolistic Competition,
10.1 Monopolistic Competition,
29.2 Demand and Supply Shifts in Foreign Exchange Markets,
31.4 Fiscal Policy, Investment, and Economic Growth,
34.1 Protectionism: An Indirect Subsidy from Consumers to Producers
demand curves
11.1 Corporate Mergers
demand deposits
27.2 Measuring Money: Currency, M1, and M2
depository institutions
27.3 The Role of Banks
depreciating
29.1 How the Foreign Exchange Market Works
derived demand
14.1 The Theory of Labor Markets
diminishing marginal productivity
7.3 Costs in the Short Run
direct investment
29.4 Exchange Rate Policies
discount rate
28.3 How a Central Bank Executes Monetary Policy
Discouraged workers
21.1 How Economists Define and Compute Unemployment Rate
discretionary fiscal policy
30.5 Automatic Stabilizers,
32.3 Causes of Unemployment around the World
Discrimination
14.5 Employment Discrimination
diseconomies of scale
7.5 Costs in the Long Run
disposable income
25.1 Aggregate Demand in Keynesian Analysis
disruptive market change
34.5 The Tradeoffs of Trade Policy
diversification
17.2 How Households Supply Financial Capital
diversify
27.3 The Role of Banks
division of labor
1.1 What Is Economics, and Why Is It Important?,
33.3 Intra-industry Trade between Similar Economies
Dodd-Frank Act
11.4 The Great Deregulation Experiment
double coincidence of wants
27.1 Defining Money by Its Functions
double counting
19.1 Measuring the Size of the Economy: Gross Domestic Product
Dow Jones
28.5 Pitfalls for Monetary Policy
Dow Jones Index
17.2 How Households Supply Financial Capital
dumping
33.4 The Benefits of Reducing Barriers to International Trade,
34.3 Arguments in Support of Restricting Imports
duopoly
10.2 Oligopoly
E
earned income tax credit (EITC)
15.3 The Safety Net
East Asian Tigers
32.2 Improving Countries’ Standards of Living
economic efficiency
2.3 Confronting Objections to the Economic Approach
economic growth
Introduction to Money and Banking
economic surplus
3.5 Demand, Supply, and Efficiency
economies of scale
1.1 What Is Economics, and Why Is It Important?,
7.5 Costs in the Long Run,
9.1 How Monopolies Form: Barriers to Entry,
33.3 Intra-industry Trade between Similar Economies
effective income tax
15.5 Government Policies to Reduce Income Inequality
efficiency
3.5 Demand, Supply, and Efficiency
Efficiency wage theory
21.3 What Causes Changes in Unemployment over the Short Run
Elasticity
Introduction to Elasticity
elasticity of savings
5.4 Elasticity in Areas Other Than Price
Employment Cost Index
22.2 How to Measure Changes in the Cost of Living
Entrepreneurship
7.2 Production in the Short Run
Equal Employment Opportunity Commission (EEOC)
14.5 Employment Discrimination
Equal Pay Act of 1963
14.5 Employment Discrimination
equilibrium
3.1 Demand, Supply, and Equilibrium in Markets for Goods and Services,
3.5 Demand, Supply, and Efficiency,
4.1 Demand and Supply at Work in Labor Markets,
10.1 Monopolistic Competition,
16.1 The Problem of Imperfect Information and Asymmetric Information,
34.1 Protectionism: An Indirect Subsidy from Consumers to Producers,
Appendix D The Expenditure-Output Model
equilibrium exchange rate
29.2 Demand and Supply Shifts in Foreign Exchange Markets
equilibrium price
3.1 Demand, Supply, and Equilibrium in Markets for Goods and Services,
16.1 The Problem of Imperfect Information and Asymmetric Information
equilibrium quantity
3.1 Demand, Supply, and Equilibrium in Markets for Goods and Services,
3.3 Changes in Equilibrium Price and Quantity: The Four-Step Process
estate and gift tax
30.2 Taxation
Esther Duflo
32.2 Improving Countries’ Standards of Living
European Union (EU)
3.4 Price Ceilings and Price Floors
excess reserves
28.5 Pitfalls for Monetary Policy
exchange rate
19.4 Comparing GDP among Countries,
Introduction to Exchange Rates and International Capital Flows,
31.2 Fiscal Policy and the Trade Balance
exchange rates
28.5 Pitfalls for Monetary Policy
excise tax
30.2 Taxation
exclusive dealing
11.2 Regulating Anticompetitive Behavior
expansionary fiscal policy
25.3 The Phillips Curve,
30.4 Using Fiscal Policy to Fight Recession, Unemployment, and Inflation
expansionary monetary policy
28.4 Monetary Policy and Economic Outcomes,
29.4 Exchange Rate Policies,
31.4 Fiscal Policy, Investment, and Economic Growth,
32.3 Causes of Unemployment around the World
expected inflation
26.2 The Policy Implications of the Neoclassical Perspective
expected rate of return
17.2 How Households Supply Financial Capital
expenditure multiplier
25.2 The Building Blocks of Keynesian Analysis
expenditure-output model
Appendix D The Expenditure-Output Model
Exports
1.4 How To Organize Economies: An Overview of Economic Systems,
23.1 Measuring Trade Balances,
24.2 Building a Model of Aggregate Demand and Aggregate Supply,
25.1 Aggregate Demand in Keynesian Analysis,
29.3 Macroeconomic Effects of Exchange Rates
exports of goods and services as a percentage of GDP
23.2 Trade Balances in Historical and International Context
external costs
12.1 The Economics of Pollution
externality
12.1 The Economics of Pollution
F
face value
17.2 How Households Supply Financial Capital
Factor payments
7.3 Costs in the Short Run
factors of production
3.2 Shifts in Demand and Supply for Goods and Services
Federal Deposit Insurance Corporation (FDIC)
17.2 How Households Supply Financial Capital,
28.2 Bank Regulation
federal funds rate
28.4 Monetary Policy and Economic Outcomes
Federal Open Market Committee (FOMC)
28.3 How a Central Bank Executes Monetary Policy
Federal Reserve
28.1 The Federal Reserve Banking System and Central Banks,
28.2 Bank Regulation,
28.5 Pitfalls for Monetary Policy,
31.4 Fiscal Policy, Investment, and Economic Growth,
32.5 Balance of Trade Concerns
Federal Reserve Bank
27.2 Measuring Money: Currency, M1, and M2
Federal Reserve Economic Data (FRED)
Introduction to Financial Markets,
21.2 Patterns of Unemployment,
29.1 How the Foreign Exchange Market Works,
29.4 Exchange Rate Policies
Federal Trade Commission
10.2 Oligopoly
Federal Trade Commission (FTC)
16.1 The Problem of Imperfect Information and Asymmetric Information
fee-for-service
16.2 Insurance and Imperfect Information
fiat money
27.1 Defining Money by Its Functions
final goods and services
19.1 Measuring the Size of the Economy: Gross Domestic Product
financial capital
4.2 Demand and Supply in Financial Markets,
23.3 Trade Balances and Flows of Financial Capital,
23.4 The National Saving and Investment Identity,
28.5 Pitfalls for Monetary Policy,
31.1 How Government Borrowing Affects Investment and the Trade Balance
financial capital market
16.1 The Problem of Imperfect Information and Asymmetric Information,
23.4 The National Saving and Investment Identity
financial capital markets
16.1 The Problem of Imperfect Information and Asymmetric Information,
Introduction to Financial Markets,
30.6 Practical Problems with Discretionary Fiscal Policy,
31.1 How Government Borrowing Affects Investment and the Trade Balance
firm
2.2 The Production Possibilities Frontier and Social Choices,
3.2 Shifts in Demand and Supply for Goods and Services,
Introduction to Production, Costs, and Industry Structure,
10.1 Monopolistic Competition,
10.2 Oligopoly,
13.1 Why the Private Sector Underinvests in Innovation,
17.1 How Businesses Raise Financial Capital,
18.3 Flaws in the Democratic System of Government
first rule of labor markets
14.1 The Theory of Labor Markets
fiscal policy
1.2 Microeconomics and Macroeconomics,
Introduction to Government Budgets and Fiscal Policy,
32.3 Causes of Unemployment around the World
Fixed inputs
7.2 Production in the Short Run
floating exchange rate
29.4 Exchange Rate Policies
Foreign direct investment (FDI)
29.1 How the Foreign Exchange Market Works
foreign exchange market
29.1 How the Foreign Exchange Market Works,
29.2 Demand and Supply Shifts in Foreign Exchange Markets
foreign financial capital
23.4 The National Saving and Investment Identity
foreign investment capital
29.3 Macroeconomic Effects of Exchange Rates
fossil fuels
12.5 International Environmental Issues
Francine Blau
14.5 Employment Discrimination
free rider
13.3 Public Goods
free trade agreements
34.4 How Governments Enact Trade Policy: Globally, Regionally, and Nationally
frictional unemployment
21.4 What Causes Changes in Unemployment over the Long Run
full-employment GDP
24.2 Building a Model of Aggregate Demand and Aggregate Supply
G
gain from trade
33.1 Absolute and Comparative Advantage
game theory
10.2 Oligopoly
Gary Becker
14.5 Employment Discrimination
GDP
29.1 How the Foreign Exchange Market Works,
29.2 Demand and Supply Shifts in Foreign Exchange Markets
GDP deflator
19.2 Adjusting Nominal Values to Real Values,
22.2 How to Measure Changes in the Cost of Living
GDP per capita
19.4 Comparing GDP among Countries,
19.5 How Well GDP Measures the Well-Being of Society,
20.3 Components of Economic Growth,
24.3 Shifts in Aggregate Supply,
32.1 The Diversity of Countries and Economies across the World
General Agreement on Tariffs and Trade (GATT)
34.4 How Governments Enact Trade Policy: Globally, Regionally, and Nationally
George Psacharopoulos
13.1 Why the Private Sector Underinvests in Innovation
globalization
1.4 How To Organize Economies: An Overview of Economic Systems,
11.1 Corporate Mergers,
15.4 Income Inequality: Measurement and Causes,
Introduction to International Trade,
34.2 International Trade and Its Effects on Jobs, Wages, and Working Conditions
goods and services market
1.3 How Economists Use Theories and Models to Understand Economic Issues
Great Depression
19.3 Tracking Real GDP over Time,
24.1 Macroeconomic Perspectives on Demand and Supply,
Introduction to the Neoclassical Perspective,
26.3 Balancing Keynesian and Neoclassical Models,
Introduction to International Trade
Great Recession
15.3 The Safety Net,
19.1 Measuring the Size of the Economy: Gross Domestic Product,
19.3 Tracking Real GDP over Time,
22.3 How the U.S. and Other Countries Experience Inflation,
Introduction to the Neoclassical Perspective,
32.3 Causes of Unemployment around the World
gross domestic product (GDP)
12.6 The Tradeoff between Economic Output and Environmental Protection,
19.1 Measuring the Size of the Economy: Gross Domestic Product
Gross domestic product (GDP)
1.4 How To Organize Economies: An Overview of Economic Systems
gross national product (GNP)
19.1 Measuring the Size of the Economy: Gross Domestic Product
growth consensus
32.2 Improving Countries’ Standards of Living
H
hard peg
29.4 Exchange Rate Policies
Head Start program
31.4 Fiscal Policy, Investment, and Economic Growth
Health Care for America Now (HCAN)
18.2 Special Interest Politics
health maintenance organization (HMO)
16.2 Insurance and Imperfect Information
Herfindahl-Hirschman Index (HHI)
11.1 Corporate Mergers
hidden unemployment
21.1 How Economists Define and Compute Unemployment Rate
high yield
17.2 How Households Supply Financial Capital
High-income countries
34.1 Protectionism: An Indirect Subsidy from Consumers to Producers,
34.3 Arguments in Support of Restricting Imports
Human capital
20.2 Labor Productivity and Economic Growth,
20.3 Components of Economic Growth,
26.1 The Building Blocks of Neoclassical Analysis,
30.7 The Question of a Balanced Budget,
31.4 Fiscal Policy, Investment, and Economic Growth,
32.2 Improving Countries’ Standards of Living
hyperinflation
22.3 How the U.S. and Other Countries Experience Inflation
I
immigrants
14.6 Immigration
imperfect information
16.1 The Problem of Imperfect Information and Asymmetric Information
imperfectly competitive
Introduction to Monopolistic Competition and Oligopoly
implementation lag
30.6 Practical Problems with Discretionary Fiscal Policy
implicit contract
21.3 What Causes Changes in Unemployment over the Short Run
Imports
1.4 How To Organize Economies: An Overview of Economic Systems,
23.1 Measuring Trade Balances,
24.2 Building a Model of Aggregate Demand and Aggregate Supply,
25.1 Aggregate Demand in Keynesian Analysis,
33.2 What Happens When a Country Has an Absolute Advantage in All Goods
income effect
6.2 How Changes in Income and Prices Affect Consumption Choices,
Appendix B Indifference Curves
income elasticity of demand
5.4 Elasticity in Areas Other Than Price
income payments
23.1 Measuring Trade Balances
increasing cost industry
8.3 Entry and Exit Decisions in the Long Run
index fund
17.2 How Households Supply Financial Capital
index number
22.1 Tracking Inflation
indifference curve
Appendix B Indifference Curves
individual income tax
30.2 Taxation
Industrial Revolution
20.1 The Relatively Recent Arrival of Economic Growth
inelastic demand
5.1 Price Elasticity of Demand and Price Elasticity of Supply
inelastic supply
5.1 Price Elasticity of Demand and Price Elasticity of Supply
inequality
15.1 Drawing the Poverty Line
infant industry argument
32.5 Balance of Trade Concerns,
34.3 Arguments in Support of Restricting Imports
inferior good
3.2 Shifts in Demand and Supply for Goods and Services,
5.4 Elasticity in Areas Other Than Price,
6.2 How Changes in Income and Prices Affect Consumption Choices
Infinite elasticity
5.2 Polar Cases of Elasticity and Constant Elasticity
Inflation
Introduction to Inflation,
Introduction to the Aggregate Supply–Aggregate Demand Model,
24.5 How the AD/AS Model Incorporates Growth, Unemployment, and Inflation,
25.3 The Phillips Curve,
Introduction to Money and Banking,
28.1 The Federal Reserve Banking System and Central Banks,
32.4 Causes of Inflation in Various Countries and Regions
inflation rate
28.4 Monetary Policy and Economic Outcomes
inflation targeting
28.5 Pitfalls for Monetary Policy
inflationary gap
25.1 Aggregate Demand in Keynesian Analysis,
Appendix D The Expenditure-Output Model
initial public offering (IPO)
17.1 How Businesses Raise Financial Capital
innovation
20.2 Labor Productivity and Economic Growth
insider-outsider model
21.3 What Causes Changes in Unemployment over the Short Run
Insurance
16.2 Insurance and Imperfect Information
intellectual property
9.1 How Monopolies Form: Barriers to Entry,
13.2 How Governments Can Encourage Innovation
interbank market
29.1 How the Foreign Exchange Market Works
Interest and dividends
7.3 Costs in the Short Run
interest rate
4.2 Demand and Supply in Financial Markets,
25.1 Aggregate Demand in Keynesian Analysis,
Appendix C Present Discounted Value
interest rates
28.1 The Federal Reserve Banking System and Central Banks,
28.4 Monetary Policy and Economic Outcomes
intermediate goods
19.1 Measuring the Size of the Economy: Gross Domestic Product
intermediate zone
24.6 Keynes’ Law and Say’s Law in the AD/AS Model
international capital flows
29.4 Exchange Rate Policies
international externalities
12.5 International Environmental Issues
international financial flows
29.4 Exchange Rate Policies
International Price Index
22.2 How to Measure Changes in the Cost of Living
international trade
29.3 Macroeconomic Effects of Exchange Rates,
33.3 Intra-industry Trade between Similar Economies,
34.5 The Tradeoffs of Trade Policy
International Trade Commission (ITC)
18.3 Flaws in the Democratic System of Government
intertemporal choices
2.3 Confronting Objections to the Economic Approach
intertemporal decision making
4.2 Demand and Supply in Financial Markets
intra-industry trade
33.3 Intra-industry Trade between Similar Economies
Investment demand
19.1 Measuring the Size of the Economy: Gross Domestic Product
Investment expenditure
19.1 Measuring the Size of the Economy: Gross Domestic Product,
25.1 Aggregate Demand in Keynesian Analysis
investment function
Appendix D The Expenditure-Output Model
investment income
23.3 Trade Balances and Flows of Financial Capital
invisible hand
2.3 Confronting Objections to the Economic Approach
involuntary unemployment
21.3 What Causes Changes in Unemployment over the Short Run
J
James Tobin
29.4 Exchange Rate Policies
Jan Luiten van Zanden
20.1 The Relatively Recent Arrival of Economic Growth
Janet L. Yellen
28.1 The Federal Reserve Banking System and Central Banks
Jean-Baptiste Say
24.1 Macroeconomic Perspectives on Demand and Supply
Joan Robinson
18.3 Flaws in the Democratic System of Government
John Maynard Keynes
1.3 How Economists Use Theories and Models to Understand Economic Issues,
24.1 Macroeconomic Perspectives on Demand and Supply,
26.1 The Building Blocks of Neoclassical Analysis,
30.6 Practical Problems with Discretionary Fiscal Policy
junk bonds
17.2 How Households Supply Financial Capital
K
key input
5.3 Elasticity and Pricing
Keynes’ law
24.1 Macroeconomic Perspectives on Demand and Supply,
24.6 Keynes’ Law and Say’s Law in the AD/AS Model
Keynesian aggregate supply curve
28.4 Monetary Policy and Economic Outcomes
Keynesian cross diagram
Appendix D The Expenditure-Output Model
Keynesian economic model
32.3 Causes of Unemployment around the World
Keynesian economics
26.1 The Building Blocks of Neoclassical Analysis,
26.3 Balancing Keynesian and Neoclassical Models
Keynesian macroeconomic policy
30.7 The Question of a Balanced Budget
Keynesian zone
24.6 Keynes’ Law and Say’s Law in the AD/AS Model
kinked demand curve
10.2 Oligopoly
L
labor force participation rate
21.1 How Economists Define and Compute Unemployment Rate
labor market
1.3 How Economists Use Theories and Models to Understand Economic Issues,
4.1 Demand and Supply at Work in Labor Markets,
16.1 The Problem of Imperfect Information and Asymmetric Information,
21.3 What Causes Changes in Unemployment over the Short Run
Labor productivity
20.2 Labor Productivity and Economic Growth
labor-leisure budget constraint
15.2 The Poverty Trap
labor-leisure diagram
Appendix B Indifference Curves
Laurence Kahn
14.5 Employment Discrimination
law of demand
3.1 Demand, Supply, and Equilibrium in Markets for Goods and Services,
4.2 Demand and Supply in Financial Markets
Law of Diminishing Marginal Product
7.2 Production in the Short Run
law of diminishing marginal utility
2.1 How Individuals Make Choices Based on Their Budget Constraint
law of diminishing returns
20.4 Economic Convergence
legal monopoly
9.1 How Monopolies Form: Barriers to Entry
legislative lag
30.6 Practical Problems with Discretionary Fiscal Policy
lender of last resort
28.2 Bank Regulation
leverage cycle
28.5 Pitfalls for Monetary Policy
leviathan effect
7.5 Costs in the Long Run
liability
27.3 The Role of Banks
living wage
4.1 Demand and Supply at Work in Labor Markets
loan market
27.3 The Role of Banks
lobbyists
18.2 Special Interest Politics
Logrolling
18.2 Special Interest Politics
long run
7.2 Production in the Short Run
long run aggregate supply (LRAS) curve
24.2 Building a Model of Aggregate Demand and Aggregate Supply
long-run average cost (LRAC) curve
7.5 Costs in the Long Run
long-run equilibrium
8.3 Entry and Exit Decisions in the Long Run
loose monetary policy
28.4 Monetary Policy and Economic Outcomes
Lorenz curve
15.4 Income Inequality: Measurement and Causes
M
M1 money supply
27.2 Measuring Money: Currency, M1, and M2
M2 money supply
27.2 Measuring Money: Currency, M1, and M2
macroeconomic externality
25.2 The Building Blocks of Keynesian Analysis
Macroeconomics
1.2 Microeconomics and Macroeconomics
marginal analysis
2.1 How Individuals Make Choices Based on Their Budget Constraint
marginal benefits
12.4 The Benefits and Costs of U.S. Environmental Laws
marginal cost
7.3 Costs in the Short Run,
7.3 Costs in the Short Run,
8.2 How Perfectly Competitive Firms Make Output Decisions,
9.2 How a Profit-Maximizing Monopoly Chooses Output and Price,
11.3 Regulating Natural Monopolies
marginal cost curve
12.4 The Benefits and Costs of U.S. Environmental Laws
marginal cost curves
12.3 Market-Oriented Environmental Tools
marginal cost of labor
14.2 Wages and Employment in an Imperfectly Competitive Labor Market
marginal product
7.2 Production in the Short Run
Marginal profit
9.2 How a Profit-Maximizing Monopoly Chooses Output and Price
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 revenue
8.2 How Perfectly Competitive Firms Make Output Decisions,
9.2 How a Profit-Maximizing Monopoly Chooses Output and Price
marginal tax rates
30.2 Taxation
Marginal utility per dollar
6.1 Consumption Choices
market
1.4 How To Organize Economies: An Overview of Economic Systems,
11.1 Corporate Mergers,
16.2 Insurance and Imperfect Information
market economy
1.4 How To Organize Economies: An Overview of Economic Systems,
2.2 The Production Possibilities Frontier and Social Choices,
13.1 Why the Private Sector Underinvests in Innovation,
21.4 What Causes Changes in Unemployment over the Long Run,
22.4 The Confusion Over Inflation
market failure
12.1 The Economics of Pollution
market price
10.1 Monopolistic Competition
market share
11.1 Corporate Mergers
market structure
Introduction to Perfect Competition
marketable permit program
12.3 Market-Oriented Environmental Tools
maturity date
17.2 How Households Supply Financial Capital
maximizing utility
6.1 Consumption Choices
median voter theory
18.3 Flaws in the Democratic System of Government
Medicare
18.2 Special Interest Politics
medium of exchange
27.1 Defining Money by Its Functions
merchandise trade balance
23.1 Measuring Trade Balances
merged currency
29.4 Exchange Rate Policies
merger
11.1 Corporate Mergers
Michael S. Clune
14.6 Immigration
Microeconomics
1.2 Microeconomics and Macroeconomics
Midpoint Formula
5.1 Price Elasticity of Demand and Price Elasticity of Supply
Midpoint Method
5.1 Price Elasticity of Demand and Price Elasticity of Supply,
5.1 Price Elasticity of Demand and Price Elasticity of Supply
Milton Friedman
26.2 The Policy Implications of the Neoclassical Perspective,
28.5 Pitfalls for Monetary Policy,
29.4 Exchange Rate Policies
minimum wage
4.1 Demand and Supply at Work in Labor Markets,
21.3 What Causes Changes in Unemployment over the Short Run,
22.4 The Confusion Over Inflation,
34.2 International Trade and Its Effects on Jobs, Wages, and Working Conditions
modern economic growth
20.1 The Relatively Recent Arrival of Economic Growth
Mollie Orshansky
15.1 Drawing the Poverty Line
monetary policy
1.2 Microeconomics and Macroeconomics,
28.1 The Federal Reserve Banking System and Central Banks,
28.3 How a Central Bank Executes Monetary Policy,
29.4 Exchange Rate Policies
money market funds
27.2 Measuring Money: Currency, M1, and M2
money multiplier
28.5 Pitfalls for Monetary Policy
money multiplier formula
27.4 How Banks Create Money
money-back guarantee
16.1 The Problem of Imperfect Information and Asymmetric Information
monopolistic competition
Introduction to Monopolistic Competition and Oligopoly
Moral hazard
16.2 Insurance and Imperfect Information
multiplier effect
Appendix D The Expenditure-Output Model
municipal bond
17.1 How Businesses Raise Financial Capital
mutual funds
17.2 How Households Supply Financial Capital
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 debt
30.3 Federal Deficits and the National Debt
National Education Association
14.3 Market Power on the Supply Side of Labor Markets: Unions
national income
19.1 Measuring the Size of the Economy: Gross Domestic Product,
19.1 Measuring the Size of the Economy: Gross Domestic Product,
Appendix D The Expenditure-Output Model
National Institutes of Health
13.2 How Governments Can Encourage Innovation
national interest argument
34.3 Arguments in Support of Restricting Imports
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 monopoly
9.1 How Monopolies Form: Barriers to Entry,
10.2 Oligopoly,
11.3 Regulating Natural Monopolies
natural rate of unemployment
21.4 What Causes Changes in Unemployment over the Long Run,
24.5 How the AD/AS Model Incorporates Growth, Unemployment, and Inflation,
26.2 The Policy Implications of the Neoclassical Perspective
Natural Resources (Land and Raw Materials)
7.2 Production in the Short Run
near-poor
15.3 The Safety Net
negative externalities
18.2 Special Interest Politics
negative externality
12.1 The Economics of Pollution
negative slope
Appendix A The Use of Mathematics in Principles of Economics
neoclassical determinants of growth
32.1 The Diversity of Countries and Economies across the World
neoclassical economists
24.1 Macroeconomic Perspectives on Demand and Supply
neoclassical model
28.5 Pitfalls for Monetary Policy
neoclassical perspective
26.1 The Building Blocks of Neoclassical Analysis
neoclassical zone
24.6 Keynes’ Law and Say’s Law in the AD/AS Model
net national product (NNP)
19.1 Measuring the Size of the Economy: Gross Domestic Product
nominal value
19.2 Adjusting Nominal Values to Real Values
non-rival
13.3 Public Goods
nondurable goods
19.1 Measuring the Size of the Economy: Gross Domestic Product
nonexcludable
13.3 Public Goods
Nontariff barriers
34.1 Protectionism: An Indirect Subsidy from Consumers to Producers
normal goods
5.4 Elasticity in Areas Other Than Price,
6.2 How Changes in Income and Prices Affect Consumption Choices
normative statements
2.3 Confronting Objections to the Economic Approach
North American Free Trade Agreement (NAFTA)
32.5 Balance of Trade Concerns,
34.2 International Trade and Its Effects on Jobs, Wages, and Working Conditions,
34.4 How Governments Enact Trade Policy: Globally, Regionally, and Nationally
O
occupational licenses
16.1 The Problem of Imperfect Information and Asymmetric Information
open market operations
28.3 How a Central Bank Executes Monetary Policy
opportunity cost
2.1 How Individuals Make Choices Based on Their Budget Constraint,
Introduction to Unemployment,
29.4 Exchange Rate Policies,
33.1 Absolute and Comparative Advantage,
33.2 What Happens When a Country Has an Absolute Advantage in All Goods,
34.2 International Trade and Its Effects on Jobs, Wages, and Working Conditions
opportunity set
Appendix B Indifference Curves
Organization of Petroleum Exporting Countries (OPEC)
10.2 Oligopoly
out of the labor force
21.1 How Economists Define and Compute Unemployment Rate
output
10.2 Oligopoly
Oxfam International
34.1 Protectionism: An Indirect Subsidy from Consumers to Producers
P
partnership
17.1 How Businesses Raise Financial Capital
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
Pension insurance
16.2 Insurance and Imperfect Information
pensions
22.4 The Confusion Over Inflation
per capita GDP
23.5 The Pros and Cons of Trade Deficits and Surpluses
Per capita GDP
22.1 Tracking Inflation
percentage change
22.1 Tracking Inflation
perfect competition
8.1 Perfect Competition and Why It Matters
perfect elasticity
5.2 Polar Cases of Elasticity and Constant Elasticity
perfect inelasticity
5.2 Polar Cases of Elasticity and Constant Elasticity
perfectly competitive firm
8.1 Perfect Competition and Why It Matters,
8.2 How Perfectly Competitive Firms Make Output Decisions,
8.3 Entry and Exit Decisions in the Long Run,
9.2 How a Profit-Maximizing Monopoly Chooses Output and Price
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
Phillips curve
25.3 The Phillips Curve,
26.2 The Policy Implications of the Neoclassical Perspective
physical capital
20.3 Components of Economic Growth,
31.4 Fiscal Policy, Investment, and Economic Growth,
32.2 Improving Countries’ Standards of Living
Physical capital per person
26.1 The Building Blocks of Neoclassical Analysis
Pierre Mohnen
20.3 Components of Economic Growth
pollution charge
12.3 Market-Oriented Environmental Tools
pork-barrel spending
18.2 Special Interest Politics
positive externalities
13.1 Why the Private Sector Underinvests in Innovation
positive externality
12.1 The Economics of Pollution
positive slope
Appendix A The Use of Mathematics in Principles of Economics
positive statements
2.3 Confronting Objections to the Economic Approach
potential GDP
24.2 Building a Model of Aggregate Demand and Aggregate Supply,
25.1 Aggregate Demand in Keynesian Analysis,
25.3 The Phillips Curve,
26.1 The Building Blocks of Neoclassical Analysis,
28.4 Monetary Policy and Economic Outcomes,
28.5 Pitfalls for Monetary Policy,
Appendix D The Expenditure-Output Model
poverty
15.1 Drawing the Poverty Line
poverty line
15.1 Drawing the Poverty Line
poverty rate
15.1 Drawing the Poverty Line
poverty trap
15.2 The Poverty Trap
predatory pricing
9.1 How Monopolies Form: Barriers to Entry,
11.2 Regulating Anticompetitive Behavior
present discounted value (PDV)
Appendix C Present Discounted Value
present value
17.2 How Households Supply Financial Capital
price
2.1 How Individuals Make Choices Based on Their Budget Constraint,
3.1 Demand, Supply, and Equilibrium in Markets for Goods and Services,
3.2 Shifts in Demand and Supply for Goods and Services,
10.2 Oligopoly
price cap regulation
11.3 Regulating Natural Monopolies
price control
3.5 Demand, Supply, and Efficiency
price controls
3.4 Price Ceilings and Price Floors,
4.3 The Market System as an Efficient Mechanism for Information,
18.2 Special Interest Politics
Price elasticity
5.1 Price Elasticity of Demand and Price Elasticity of Supply
price elasticity of demand
5.1 Price Elasticity of Demand and Price Elasticity of Supply
price elasticity of supply
5.1 Price Elasticity of Demand and Price Elasticity of Supply
price level
22.1 Tracking Inflation
price taker
8.1 Perfect Competition and Why It Matters
prisoner’s dilemma
10.2 Oligopoly
private benefits
13.1 Why the Private Sector Underinvests in Innovation
private company
17.1 How Businesses Raise Financial Capital
private enterprise
1.4 How To Organize Economies: An Overview of Economic Systems
private insurance
16.2 Insurance and Imperfect Information
private rates of return
13.1 Why the Private Sector Underinvests in Innovation
Producer Price Index (PPI)
22.2 How to Measure Changes in the Cost of Living
producer surplus
3.5 Demand, Supply, and Efficiency,
34.1 Protectionism: An Indirect Subsidy from Consumers to Producers
product differentiation
10.1 Monopolistic Competition
production possibilities frontier (PPF)
2.2 The Production Possibilities Frontier and Social Choices
production possibility frontier (PPF)
12.6 The Tradeoff between Economic Output and Environmental Protection,
33.1 Absolute and Comparative Advantage
production technologies
7.5 Costs in the Long Run
Productive efficiency
2.2 The Production Possibilities Frontier and Social Choices,
8.4 Efficiency in Perfectly Competitive Markets,
10.1 Monopolistic Competition,
12 Key Concepts and Summary
profit-maximizing
10.1 Monopolistic Competition
profits
10.2 Oligopoly
progressive tax
30.2 Taxation
progressive tax system
15.5 Government Policies to Reduce Income Inequality
property rights
12.3 Market-Oriented Environmental Tools,
20.1 The Relatively Recent Arrival of Economic Growth
proportional tax
30.2 Taxation
protectionism
34.1 Protectionism: An Indirect Subsidy from Consumers to Producers,
34.1 Protectionism: An Indirect Subsidy from Consumers to Producers,
34.2 International Trade and Its Effects on Jobs, Wages, and Working Conditions
public company
17.1 How Businesses Raise Financial Capital
public good
13.3 Public Goods
Public policy
15.5 Government Policies to Reduce Income Inequality
purchasing power parity
32.1 The Diversity of Countries and Economies across the World
purchasing power parity (PPP)
19.4 Comparing GDP among Countries,
29.2 Demand and Supply Shifts in Foreign Exchange Markets
Q
quality/new goods bias
22.2 How to Measure Changes in the Cost of Living
quantitative easing (QE)
28.4 Monetary Policy and Economic Outcomes
quantity demanded
3.1 Demand, Supply, and Equilibrium in Markets for Goods and Services,
10.2 Oligopoly,
29.4 Exchange Rate Policies
R
race to the bottom
34.3 Arguments in Support of Restricting Imports
rational expectations
26.1 The Building Blocks of Neoclassical Analysis
rational ignorance
18.1 Voter Participation and Costs of Elections
Raw materials prices
7.3 Costs in the Short Run
real GDP
19.2 Adjusting Nominal Values to Real Values,
Introduction to the International Trade and Capital Flows,
23.5 The Pros and Cons of Trade Deficits and Surpluses,
25.1 Aggregate Demand in Keynesian Analysis,
26.1 The Building Blocks of Neoclassical Analysis,
28.5 Pitfalls for Monetary Policy,
28.5 Pitfalls for Monetary Policy,
Appendix D The Expenditure-Output Model
real interest rate
22.4 The Confusion Over Inflation
real value
19.2 Adjusting Nominal Values to Real Values
recession
19.3 Tracking Real GDP over Time,
21.2 Patterns of Unemployment,
24.1 Macroeconomic Perspectives on Demand and Supply,
24.4 Shifts in Aggregate Demand,
25.2 The Building Blocks of Keynesian Analysis,
28.5 Pitfalls for Monetary Policy,
31.2 Fiscal Policy and the Trade Balance,
32.3 Causes of Unemployment around the World
recessionary gap
25.1 Aggregate Demand in Keynesian Analysis,
Appendix D The Expenditure-Output Model
recognition lag
30.6 Practical Problems with Discretionary Fiscal Policy
Redistribution
15.5 Government Policies to Reduce Income Inequality
regressive tax
30.2 Taxation
relative wage coordination argument
21.3 What Causes Changes in Unemployment over the Short Run
reserve requirement
28.3 How a Central Bank Executes Monetary Policy
reserves
27.3 The Role of Banks,
28.2 Bank Regulation,
28.3 How a Central Bank Executes Monetary Policy,
29.4 Exchange Rate Policies
restrictive practices
11.2 Regulating Anticompetitive Behavior
Retirement insurance
16.2 Insurance and Imperfect Information
revenue
7.1 Explicit and Implicit Costs, and Accounting and Economic Profit,
30.3 Federal Deficits and the National Debt
Ricardian equivalence
31.3 How Government Borrowing Affects Private Saving
Richard Easterlin
20.1 The Relatively Recent Arrival of Economic Growth
risk group
16.2 Insurance and Imperfect Information
Robert Shiller
22.4 The Confusion Over Inflation
Robert Solow
26.3 Balancing Keynesian and Neoclassical Models
S
safety net
15.3 The Safety Net
Sarbanes-Oxley Act
11.4 The Great Deregulation Experiment
savings account
17.2 How Households Supply Financial Capital
savings deposits
27.2 Measuring Money: Currency, M1, and M2
Say’s law
24.1 Macroeconomic Perspectives on Demand and Supply,
24.6 Keynes’ Law and Say’s Law in the AD/AS Model
Scarcity
1.1 What Is Economics, and Why Is It Important?,
2.3 Confronting Objections to the Economic Approach
Sebastian Edwards
32.5 Balance of Trade Concerns
Securitization
27.3 The Role of Banks
service contract
16.1 The Problem of Imperfect Information and Asymmetric Information
Service Employees International Union
14.3 Market Power on the Supply Side of Labor Markets: Unions
services
19.1 Measuring the Size of the Economy: Gross Domestic Product,
25.1 Aggregate Demand in Keynesian Analysis
shareholders
17.1 How Businesses Raise Financial Capital
Sherman Antitrust Act
11.1 Corporate Mergers
shift in demand
3.2 Shifts in Demand and Supply for Goods and Services
shift in supply
3.2 Shifts in Demand and Supply for Goods and Services
short run
7.2 Production in the Short Run
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
shortages
22.4 The Confusion Over Inflation
Simple interest
17.3 How to Accumulate Personal Wealth
slope
2.2 The Production Possibilities Frontier and Social Choices,
Appendix A The Use of Mathematics in Principles of Economics
smart card
27.2 Measuring Money: Currency, M1, and M2
social benefits
13.1 Why the Private Sector Underinvests in Innovation
social costs
12.1 The Economics of Pollution
social rate of return
13.1 Why the Private Sector Underinvests in Innovation
Social Security Indexing Act of 1972
22.5 Indexing and Its Limitations
social surplus
3.5 Demand, Supply, and Efficiency
soft peg
29.4 Exchange Rate Policies
sole proprietorship
17.1 How Businesses Raise Financial Capital
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
specialization
1.1 What Is Economics, and Why Is It Important?,
33.1 Absolute and Comparative Advantage
spillovers
12.1 The Economics of Pollution
splitting up the value chain
33.3 Intra-industry Trade between Similar Economies
Standard & Poor’s 500 index
17.2 How Households Supply Financial Capital
standard of deferred payment
27.1 Defining Money by Its Functions
standard of living
19.5 How Well GDP Measures the Well-Being of Society
standardized employment budget
30.5 Automatic Stabilizers
standards of living
32.1 The Diversity of Countries and Economies across the World
sticky wages and prices
25.2 The Building Blocks of Keynesian Analysis
store of value
27.1 Defining Money by Its Functions
straight-line demand curve
5.1 Price Elasticity of Demand and Price Elasticity of Supply
structural unemployment
21.4 What Causes Changes in Unemployment over the Long Run
subprime loans
27.3 The Role of Banks
substitution bias
22.2 How to Measure Changes in the Cost of Living
substitution effect
6.2 How Changes in Income and Prices Affect Consumption Choices,
Appendix B Indifference Curves
sunk costs
2.1 How Individuals Make Choices Based on Their Budget Constraint,
7.3 Costs in the Short Run
Supplemental Nutrition Assistance Program (SNAP)
15.3 The Safety Net
supply
3.1 Demand, Supply, and Equilibrium in Markets for Goods and Services,
24.1 Macroeconomic Perspectives on Demand and Supply,
Introduction to Exchange Rates and International Capital Flows
supply curve
3.1 Demand, Supply, and Equilibrium in Markets for Goods and Services,
3.2 Shifts in Demand and Supply for Goods and Services,
29.2 Demand and Supply Shifts in Foreign Exchange Markets,
31.4 Fiscal Policy, Investment, and Economic Growth,
34.1 Protectionism: An Indirect Subsidy from Consumers to Producers
supply curves
11.1 Corporate Mergers
surplus
3.1 Demand, Supply, and Equilibrium in Markets for Goods and Services,
23.1 Measuring Trade Balances,
31.1 How Government Borrowing Affects Investment and the Trade Balance
surpluses
22.4 The Confusion Over Inflation
T
T-account
27.3 The Role of Banks
Tariffs
33.4 The Benefits of Reducing Barriers to International Trade,
34.1 Protectionism: An Indirect Subsidy from Consumers to Producers
tax incidence
5.3 Elasticity and Pricing
Technological change
20.2 Labor Productivity and Economic Growth
Technology
7.2 Production in the Short Run,
13.1 Why the Private Sector Underinvests in Innovation,
20.3 Components of Economic Growth,
32.2 Improving Countries’ Standards of Living
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
tight monetary policy
28.4 Monetary Policy and Economic Outcomes
time deposits
27.2 Measuring Money: Currency, M1, and M2
Tobin taxes
29.4 Exchange Rate Policies
total revenue
8.2 How Perfectly Competitive Firms Make Output Decisions,
9.2 How a Profit-Maximizing Monopoly Chooses Output and Price
total surplus
3.5 Demand, Supply, and Efficiency
total utility
6.1 Consumption Choices
trade deficit
19.1 Measuring the Size of the Economy: Gross Domestic Product,
Introduction to the International Trade and Capital Flows,
32.5 Balance of Trade Concerns
trade secrets
9.1 How Monopolies Form: Barriers to Entry
trade surplus
19.1 Measuring the Size of the Economy: Gross Domestic Product,
Introduction to the International Trade and Capital Flows,
32.5 Balance of Trade Concerns
traditional economy
1.4 How To Organize Economies: An Overview of Economic Systems
Transaction costs
27.3 The Role of Banks
Treasury bills
28.4 Monetary Policy and Economic Outcomes
Treasury bond
17.1 How Businesses Raise Financial Capital
Treasury bonds
28.4 Monetary Policy and Economic Outcomes
twin deficits
31.3 How Government Borrowing Affects Private Saving
Tying sales
11.2 Regulating Anticompetitive Behavior
Tyler Cowen
13.3 Public Goods
U
U.S. Census Bureau
3.2 Shifts in Demand and Supply for Goods and Services
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
underemployed
21.1 How Economists Define and Compute Unemployment Rate
underground economies
1.4 How To Organize Economies: An Overview of Economic Systems
unemployment
Introduction to the Aggregate Supply–Aggregate Demand Model,
24.5 How the AD/AS Model Incorporates Growth, Unemployment, and Inflation,
25.3 The Phillips Curve,
Introduction to Money and Banking,
28.1 The Federal Reserve Banking System and Central Banks,
32.3 Causes of Unemployment around the World
Unemployment insurance
16.2 Insurance and Imperfect Information
unemployment rate
21.1 How Economists Define and Compute Unemployment Rate,
28.4 Monetary Policy and Economic Outcomes
unilateral transfers
23.1 Measuring Trade Balances
unit of account
27.1 Defining Money by Its Functions
Unitary elasticities
5.1 Price Elasticity of Demand and Price Elasticity of Supply
usury laws
4.2 Demand and Supply in Financial Markets
utility
2.1 How Individuals Make Choices Based on Their Budget Constraint,
6.1 Consumption Choices,
Appendix B Indifference Curves
utility maximizing
16.1 The Problem of Imperfect Information and Asymmetric Information
utility-maximizing
18.1 Voter Participation and Costs of Elections
utility-maximizing choice
6.2 How Changes in Income and Prices Affect Consumption Choices
V
variable
7.2 Production in the Short Run,
Appendix A The Use of Mathematics in Principles of Economics
Variable costs
7.3 Costs in the Short Run
Variable inputs
7.2 Production in the Short Run
velocity
28.5 Pitfalls for Monetary Policy
Venture capital
17.1 How Businesses Raise Financial Capital
voting cycle
18.3 Flaws in the Democratic System of Government
W
wage elasticity of labor supply
5.4 Elasticity in Areas Other Than Price
wages
21.4 What Causes Changes in Unemployment over the Long Run,
22.1 Tracking Inflation,
22.4 The Confusion Over Inflation
Wages and salaries
7.3 Costs in the Short Run
Walter McMahon
13.1 Why the Private Sector Underinvests in Innovation
Workman’s compensation insurance
16.2 Insurance and Imperfect Information
Z
Zero elasticity
5.2 Polar Cases of Elasticity and Constant Elasticity