Contemporary economics: an applications approach
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Armonk, NY [u.a.]
Sharpe
2014
|
| Edition: | 7. ed. |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XXIV, 454 S. graph. Darst. 25 cm |
| ISBN: | 9780765641779 |
Staff View
MARC
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| 020 | |a 9780765641779 |c pbk. : alk. paper |9 978-0-7656-4177-9 | ||
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| 100 | 1 | |a Carbaugh, Robert J. |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Contemporary economics |b an applications approach |c Robert J. Carbaugh |
| 250 | |a 7. ed. | ||
| 264 | 1 | |a Armonk, NY [u.a.] |b Sharpe |c 2014 | |
| 300 | |a XXIV, 454 S. |b graph. Darst. |c 25 cm | ||
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| 999 | |a oai:aleph.bib-bvb.de:BVB01-027003004 | ||
Record in the Search Index
| _version_ | 1804151741490397184 |
|---|---|
| adam_text | Contents
Note
on
Electronic Materials xix
Preface
xx
PART
1
Introduction
1
CHAPTER
1
Scarcity and Choice
2
What Is Economics
3
Microeconomics
4
Macroeconomics
4
The Economic Way of Thinking
4
Every Choice Has a Cost
4
People Make Better Choices by Thinking at the Margin
5
Rational Self-interest
5
Economic Models
5
Positive Versus Normative Economics
6
Scarcity
6
Scarcity and Opportunity Cost
7
The Opportunity Cost of Attending College
8
Opportunity Costs and Choices
9
The Production Possibilities Curve and Opportunity Cost
10
Economic Inefficiency
11
The Law of Increasing Opportunity Cost
12
Economic Growth
13
Economic Decline
14
Innovation, Economic Growth, and the American Economy
15
Economic Growth: Trade-Offs Between Current and Future Consumption
17
Production Possibilities Applications
18
Opportunity Cost of National Security
18
Economic Sanctions Against Iran
18
Chapter Summary
21
Key Terms and Concepts
21
Self-Test: Multiple-Choice Questions
22
Study Questions and Problems
23
Exploring Further
1.1 :
A Primer on Tables and Graphs
24
Movements Along the Study Time-Grade Line
25
Slope of the Study Time-Grade Line
26
Shifts in the Study Time-Grade Line
26
Part
2:
The Microeconomy
29
CHAPTER
2
Market Transactions:
Demand and Supply Analysis
30
Markets
31
Demand
31
The Demand Curve and the Law of Demand
32
What Explains the Law of Demand?
33
Changes in Demand: Demand Shifters
34
Demand Theory Applications
36
GM Offers Deep Discounts to Bolster Volt Sales
36
Yankees Slash Prices of Top Tickets to Fill Seats at New Park
37
Supply
37
The Supply Curve and the Law of Supply
38
Oil Firms Squeeze More Crude from Wells
39
Changes in Supply: Supply Shifters
39
Demand, Supply, and Equilibrium
41
Shifts in Demand and Supply
43
Contemporary Applications of Demand and Supply
46
Bike Competition Puts the Brakes on
Sch
win
η
46
What Drives Gasoline Prices?
46
Rising Health Care Costs Harm Households
48
Reducing America s Dependence on Oil
50
Chapter Summary
51
Key Terms and Concepts
52
Self-Test: Multiple-Choice Questions
53
Study Questions and Problems
54
CHAPTER
3
Demand and Supply Applications
57
Price Elasticity of Demand
58
Determinants of Price Elasticity of Demand
60
Availability of Substitutes
60
Proportion of Income
61
Time
61
Price
Elasticity of Demand and Total Revenue
61
Cigarette Tax Raised to Increase Government Revenue
64
Colleges Hike Tuition Used to Offset Cutbacks in State Aid to Higher
Education
64
Pittsburgh Pirates Underestimate Fan Reaction: Ticket Price Hike
Was Wrong
66
U.S. Postal Service Boosts Rates to Increase Revenue
67
Price Ceilings and Price Floors
68
Rent Controls Make Housing More Affordable
69
Should Federal Interest-Rate Ceilings Be Imposed on MasterCard and
Visa?
70
U.S. Farmers Reap Subsidies from the Government
71
Chapter Summary
73
Key Terms and Concepts
73
Self-Test: Multiple-Choice Questions
73
Study Questions and Problems
75
CHAPTER
4
Production and the Costs of Production
77
The Short Run and the Long Run
78
The Production Function
79
Short-Run Production
79
Improvements in Technology and Work Rules Shift Product Curves
Upward
81
Short-Run Production Costs
82
Total Fixed, Total Variable, and Total Costs
83
Average Costs
84
Marginal Cost
86
Long-Run Production Costs
87
Economies of Scale
87
Diseconomies of Scale
90
Shifts in Cost Curves
90
Apple s Global Production Network
91
Dell Downsizes to Slash Costs
92
Costs and Profit
92
Explicit Costs and Implicit Costs
92
Accounting Profit and Economic Profit
93
Chapter Summary
94
Key Terms and Concepts
95
Self-Test: Multiple-Choice Questions
96
Study Questions and Problems
97
CHAPTER
5
Competition and Monopoly: Virtues and Vices
100
Perfect Competition
101
The Perfectly Competitive Firm as a Price Taker
102
Perfect Competition: Profit Maximization in the Short Run
104
Marginal Revenue Equals Marginal Cost Rule
104
Profit Maximization
104
Perfect Competition: Long-Run Adjustments and Economic
Efficiency
105
Will ¡Tunes Store Start Singing the Blues?
108
Monopoly
109
Barriers to Entry
109
Legal Barriers
110
Control Over Essential Inputs
1
Ю
Economies of Scale
110
Cable Television: Why Rates Are So High
112
De
Beers: The Gift of Love
112
Profit Maximization fora Monopoly
113
Price and Marginal Revenue
113
Maxim izing Pro fits
115
Continuing Monopoly Profits
116
The Case Against Monopoly
117
Universal Service and the Postal Monopoly
119
Reducing Monopoly Power: Generic Drugs Compete Against Brand-Name
Drugs
121
Chapter Summary
122
Key Terms and Concepts
123
Self-Test: Multiple-Choice Questions
123
Study Questions and Problems
125
Exploring Further
5.1 :
Loss Minimization and the Shut-Down Rule
128
CHAPTER
6
Imperfect Competition
130
Concentration Ratios
131
Monopolistic Competition
133
Profit Maximization in the Short Run
134
The Long Run: Normal Profit and Excess Capacity
135
Despite Competition from Starbucks, Most Independent Coffeehouses
Survive
135
Advertising
137
Price Discrimination
139
Oligopoly
140
Oligopolistic Rivalry
141
Rivalry in the Soft Drink Industry
141
Rivalry in the Photographic Equipment Industry
142
Game Theory and Oligopoly Behavior
142
Competitive Oligopoly and Low Prices
143
Cooperative Behavior and Cheating
144
Airbus and Boeing Rival for Supremacy in the Jetliner Industry
144
Collusion and Cartels
146
Mergers and Oligopoly
148
Chapter Summary
149
Key Terms and Concepts
150
Self-Test: Multiple-Choice Questions
150
Study Questions and Problems
151
CHAPTER
7
Labor Markets
153
Labor Market Equilibrium
154
Do Minimum Wage Laws Help Workers?
156
Are Workers Better Off with Labor Unions?
159
Increasing Union Wages
160
What Gives a Union Strength
? 162
Indiana and Michigan Adopt Right-to-Work Laws
163
Caterpillar Bulldozes Canadian Locomo
tive
Workers
163
Did Restrictive Work Rules Cream Twin
kies
and Ding Dongs?
164
Outsourcing
:
Threat or Opportunity for U.S. Workers?
165
What Prevents U.S. Jobs from Being Outsourced Abroad?
165
Effects of
Ou tsourcing
166
Will Jobs Move Back to the United States?
167
Immigration Laws and American Workers
168
Chapter Summary
170
Key Terms and Concepts
171
Self-Test: Multiple-Choice Questions
171
Study Questions and Problems
173
Exploring Further
7.1 :
A Firm s Hiring Decision
174
CHAPTER
8
Government and Markets
177
Market Failure
178
Monopoly Power
179
Antitrust Policy
179
Economie
Regulation
and Deregulation
180
Public Utility Regulation
181
Peak-Load Pricing: Buying Power by the Hour
183
Spillover Effects
184
Spillover Costs
184
Cap and Trade: Trading Emission Certificates
185
Spillover Benefits
186
Should the United States Shift More Energy Subsidies to Renewable
Power?
187
Should Government Subsidize Professional Sports
189
Social Regulation
189
Do Corporate Fuel Economy Standards Promote Fuel Conservation
190
Public Goods
191
inadequate Information
192
Economic Inequality
193
Chapter Summary
194
Key Terms and Concepts
195
Self-Test: Multiple-Choice Questions
195
Study Questions and Problems
197
p a r
τ
Q
^ Part
3:
The Macroeconomy
199
CHAPTER
9
The Mixed Economy of the United States
200
Households as Income Receivers: Income Inequality
201
Sources of Income Inequality
202
Trends in Income Inequality
204
Households as Spenders
204
The Business Sector
206
Government in the Mixed Economy
208
Social Insurance: Social Security, Medicare, and Unemployment
Compensation
209
Should Social Security Be Privatized?
211
Government Finance
211
Taxation Principles: Benefits Received Versus Ability to Pay
213
Progressive, Regressive, and Proportional Taxes
215
The U.S. Tax Structure
216
Federal Personal Income Tax
216
Federal Corporate Income Tax
217
Social Security Tax
217
Sales, Excise, and Property Taxes
217
Overall U.S. Tax System
218
Is the U.S. Tax
System
Fair?
218
Should the U.S. Tax System Be Reformed?
220
Hat-Rate Income Tax
221
Value-Added Tax
222
National Sales Tax
222
Corporate Income Tax
223
Chapter Summary
224
Key Terms and Concepts
225
Self-Test: Multiple-Choice Questions
225
Study Questions and Problems
227
CHAPTER
10
Gross Domestic Product and Economic
Growth
228
Measuring an Economy s Output
229
Gross Domestic Product
230
GDP Is the
Marke t
Value
230
Of All Final Goods and Services
230
Produced
230
Within a Country
230
In a Given Year
231
The Components of GDP
231
A Formula for GDP
232
What GDP Does Not Measure
233
Real GDP Versus Nominal GDP
234
Long-Run Economic Growth
236
The Rate of Economic Growth
236
What Determines Economic Growth
238
Natural Resources
238
Physical Capital
239
Human Capital
239
Productivity
240
The Significance ofTechnological Innovation
241
The Role of Government
242
Theories of Economic Growth
244
Is Growth Desirable?
245
Chapter Summary
246
Key Terms and Concepts
247
Self-Test: Multiple-Choice Questions
247
Study Questions and Problems
249
CHAPTER
11
The Business Cycle, Unemployment,
and Inflation
251
The Business Cycle
252
Phases of the Business Cycle
252
Theories of the Business Cycle
255
The Recession of
2007-2009 256
Bursting of Housing Bubble Triggers Recession
257
Unemployment
259
Measuring Unemployment
259
Three Kinds of Unemployment
261
Mitigating the Costs of Unemployment
262
What Is Full Employment?
262
Inflexible Labor Markets Cost Jobs
263
Productivity, Real Wages, and Jobs
264
Inflation
266
Measuring Inflation: The Consumer Price Index
267
Who Benefits From and Who is Hurt by Inflation?
269
Inflation and the Purchasing Power of Income
269
Redistribution of Wealth from Lenders to Borrowers
271
Inflation and Real Interest Rates
271
Inflation and Taxpayers
272
Effects of Severe Inflation
273
Causes of Inflation
273
Chapter Summary
274
Key Terms and Concepts
275
Self-Test: Multiple-Choice Questions
275
Study Questions and Problems
277
CHAPTER
12
Macroeconomic Instability: Aggregate Demand
and Aggregate Supply
278
The Stability of the Macroeconomy
278
The Classical View
279
The Great Depression
280
Th
e
Key
η
esi
a n Vie
w
281
Aggregate Demand and Aggregate Supply
282
Aggregate Demand
282
Movements Along the Aggregate Demand Curve
283
Shifts in the Aggregate Demand Curve
284
The Multiplier Effect
284
Aggregate Supply
286
Movements Along the Aggregate Supply Curve
286
Shifts in the Aggregate Supply Curve
287
The Origins of Recession
288
Decreases in Aggregate Demand
288
Decreases in Aggregate Supply
289
The Origins of Inflation Revisited
290
Demand-Pull Inflation
290
Cost-Push Inflation
292
Productivity Growth Dampens Inflation
292
Chapter Summary
294
Key Terms and Concepts
295
Self-Test: Multiple-Choice Questions
295
Study Questions and Problems
296
Exploring Further
12.1:
The Nature and Operation of the Multiplier
Effect
298
Calculating the Value of the Multiplier
299
Graphical Illustration of the Multiplier Effect
299
CHAPTER
13
Fiscal Policy and the Federal Budget
301
Fiscal Policy
302
Fiscal Policy and Aggregate Demand: Short-Run Effects
303
Combating Recession
303
Combating Inflation
306
Automatic Stabilizers
307
Effects of Fiscal Policy in the Long Run
308
Fiscal Policy in Action
309
Problems of Fiscal Policy
312
Timing Lags
312
Crowding-Out Effect
312
Offsetting State and Local Fiscal Policies
313
When Is Fiscal Policy Useful?
313
The Federal Deficit and Federal Debt
314
Sales and Ownership of Federal Debt
315
U.S. Fiscal Policy: Does the Federal Debt Cheat Future Generations?
316
Should the Federal Budget Be Balanced at All Times?
317
Annually Balanced Budget
317
Cyclically Balanced Budget
317
Functional Finance
318
Chapter Summary
318
Key Terms and Concepts
319
Self-Test: Multiple-Choice Questions
319
Study Questions and Problems
321
Exploring Further
13.1 :
Fiscal Policy and the Multiplier
322
CHAPTER
14
Money and the Banking System
324
The Meaning of Money
325
Medium of Exchange
326
Unit of Account
326
Store of Value
326
Are Credit Cards Money?
326
Shopping for a Credit Card
327
The U.S. Money Supply
328
Coins
328
Paper Money
329
Checking Accounts
330
Special Types of Checks
332
Check Processing and Collection
333
Holds on Checking Accounts
334
What Backs the Money Supply?
335
Measuring the Money Supply: The M1 Money Supply
336
How Your Money Grows Over Time: Compound Interest
337
The Business of Banking
339
A Bank s Balance Sheet
339
The Reserve Requirement
340
The Process of Money Creation
341
The Federal Deposit Insurance Corporation
342
Chapter Summary
344
Key Terms and Concepts
345
Self-Test: Multiple-Choice Questions
345
Study Questions and Problems
347
CHAPTER
15
The Federal Reserve and Monetary Policy
349
The Federal Reserve System
350
Structure of the Federal Reserve System
350
The Independence of the Fed
351
The Functions of the Federal Reserve System
352
Monetary Policy
353
Open
Marke t
Opera tions
353
The Discount Rate
355
The Reserve Requirement
356
Term Auction Facility
357
Shifting Aggregate Demand
357
Expansionary Policy
358
Restrictive Policy
359
The
Federa)
Reserve and Economic Stabilization
360
The Recession of
2007-2009 360
2001
Attack on America
361
Monetary Policy: Advantages and Disadvantages
363
Advantages of Monetary Policy
363
Disadvantages of Monetary Policy
363
Discretion or Rules: Fixed-Money Rule or Inflation Targeting
364
Should Congress Reduce the Independence of the Federal Reserve?
365
Chapter Summary
366
Key Terms and Concepts
367
Self-Test: Multiple-Choice Questions
367
Study Questions and Problems
369
а к
ι
л
Part
4:
The International Economy
371
CHAPTER
16
International Trade and the Global Economy
372
The United States as an Open Economy
373
The Advantages of Specialization and Trade
374
Comparative Advantage and International Trade
375
Production and Consumption Without Specialization and Trade
376
Production and Consumption With Specialization and Trade
376
Comparative Advantage
377
Why Is Free Trade Controversial?
379
Limiting Foreign Competition: Tariffs
380
The Regressive Nature of U.S. Tariffs
382
Arguments for Trade Restrictions
382
Job Protection
382
Protection Against Cheap Foreign Labor
383
Fairness in Trade: A Level Playing Field
384
Infant Industry
384
National Security Argument
384
Pursuing Trade Liberalization
385
World Trade Organization
386
North American Free Trade Agreemen
t
387
Chapter Summary
388
Key Terms and Concepts
389
Self-Test: Multiple-Choice Questions
389
Study Questions and Problems
391
CHAPTER
17
International Finance
393
The Balance of Payments
394
The Current Account
394
The Capital and Financial Account
395
What Does a Current Account Deficit (Surplus) Mean?
395
The U.S. Balance of Payments
396
Are U.S. Current Accoun
t
Deficits Bad?
397
Foreign Exchange Market
398
Exchange Rate Determination
399
Long-Run Determinants of Exchange Rates
400
Short-Run Determinants of Exchange Rates
401
Exchange Rate Systems
402
Floating Exchange Rates
402
Fixed Exchange Rates
402
Monetary Integration in Europe: The Euro
404
Chapter Summary
405
Key Terms and Concepts
406
Self-Test: Multiple-Choice Questions
407
Study Questions and Problems
408
CHAPTER
18
Economic Systems and Developing Countries
411
Economic Systems and the Fundamental Economic Questions
412
Market Economy
413
Command Economy
414
Mixed Economy
414
Transition Economies
416
Eastern European Countries
416
China
417
India
417
The Economics of Developing Countries
418
Obstacles to Economic Development
419
The Ladder of Economic Development and Trade Conflicts
421
Fair Trade and Coffee Growers
421
Strategies for Economic Growth
422
Assisting the Developing Countries
422
World Bank
423
International Monetary Fund
424
Generalized System of Preferences
424
Chapter Summary
425
Key Terms and Concepts
425
Seif-Test: Multiple-Choice Questions
425
Study Questions and Problems
427
Glossary
429
Index
441
|
| any_adam_object | 1 |
| author | Carbaugh, Robert J. |
| author_facet | Carbaugh, Robert J. |
| author_role | aut |
| author_sort | Carbaugh, Robert J. |
| author_variant | r j c rj rjc |
| building | Verbundindex |
| bvnumber | BV041557412 |
| callnumber-first | H - Social Science |
| callnumber-label | HB171 |
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| callnumber-search | HB171 |
| callnumber-sort | HB 3171 |
| callnumber-subject | HB - Economic Theory and Demography |
| classification_rvk | QC 072 |
| ctrlnum | (OCoLC)870283536 (DE-599)BVBBV041557412 |
| dewey-full | 330 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 330 - Economics |
| dewey-raw | 330 |
| dewey-search | 330 |
| dewey-sort | 3330 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| edition | 7. ed. |
| format | Book |
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| geographic | USA United States Economic conditions Textbooks |
| geographic_facet | USA United States Economic conditions Textbooks |
| id | DE-604.BV041557412 |
| illustrated | Illustrated |
| indexdate | 2024-07-10T00:59:38Z |
| institution | BVB |
| isbn | 9780765641779 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-027003004 |
| oclc_num | 870283536 |
| open_access_boolean | |
| owner | DE-1043 DE-739 |
| owner_facet | DE-1043 DE-739 |
| physical | XXIV, 454 S. graph. Darst. 25 cm |
| publishDate | 2014 |
| publishDateSearch | 2014 |
| publishDateSort | 2014 |
| publisher | Sharpe |
| record_format | marc |
| spelling | Carbaugh, Robert J. Verfasser aut Contemporary economics an applications approach Robert J. Carbaugh 7. ed. Armonk, NY [u.a.] Sharpe 2014 XXIV, 454 S. graph. Darst. 25 cm txt rdacontent n rdamedia nc rdacarrier Wirtschaft Economics Textbooks Volkswirtschaftslehre (DE-588)4078943-3 gnd rswk-swf USA United States Economic conditions Textbooks Volkswirtschaftslehre (DE-588)4078943-3 s DE-604 Digitalisierung UB Passau - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=027003004&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Carbaugh, Robert J. Contemporary economics an applications approach Wirtschaft Economics Textbooks Volkswirtschaftslehre (DE-588)4078943-3 gnd |
| subject_GND | (DE-588)4078943-3 |
| title | Contemporary economics an applications approach |
| title_auth | Contemporary economics an applications approach |
| title_exact_search | Contemporary economics an applications approach |
| title_full | Contemporary economics an applications approach Robert J. Carbaugh |
| title_fullStr | Contemporary economics an applications approach Robert J. Carbaugh |
| title_full_unstemmed | Contemporary economics an applications approach Robert J. Carbaugh |
| title_short | Contemporary economics |
| title_sort | contemporary economics an applications approach |
| title_sub | an applications approach |
| topic | Wirtschaft Economics Textbooks Volkswirtschaftslehre (DE-588)4078943-3 gnd |
| topic_facet | Wirtschaft Economics Textbooks Volkswirtschaftslehre USA United States Economic conditions Textbooks |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=027003004&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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