Essentials of Economics in Context

Essentials of Economics in Context

Essentials of Economics in Context is specifically designed to meet the requirements of a one-semester introductory economics course that provides coverage of both microeconomic and macroeconomic foundations, while addressing current economic challenges.

Detalles Bibliográficos
Otros Autores: Goodwin, Neva, author (author)
Formato: Libro electrónico
Idioma:Inglés
Publicado: New York, New York ; Abingdon, Oxon : Routledge [2025]
Edición:Second edition
Materias:
Economics.
Ver en Biblioteca Universitat Ramon Llull:https://discovery.url.edu/permalink/34CSUC_URL/1im36ta/alma991009869133406719
Tabla de Contenidos:
  • Cover
  • Half Title
  • Endorsements
  • Title
  • Copyright
  • Contents
  • List of Figures
  • List of Tables
  • List of Boxes
  • List of Online Appendices
  • About the Authors
  • Preface
  • Acknowledgments
  • Sample Course Outlines
  • Part I The Context for Economic Analysis
  • 0 Economics and Well-Being
  • 1 Economic Activity in Context
  • 1. Our Starting Point
  • 2. The Goals of an Economy
  • 2.1 Traditional Economic Goals
  • 2.2 Moving beyond the Traditional Goals
  • 3. The Issues that Define Economics
  • 3.1 The Four Essential Economic Activities
  • 3.2 The Three Basic Economic Questions
  • 4. Economic Tradeoffs
  • 4.1 Society's Production-Possibilities Frontier
  • 4.2 Tradeoffs Over Time
  • 2 Foundations of Economic Analysis
  • 1. Our Tools for Understanding
  • 2. Different Economic Theories: Examples of Two Basic Models
  • 2.1 The Basic Neoclassical Model
  • 2.2 The Contextual Model
  • 3. The Role of Markets
  • 3.1 The Meaning of Markets
  • 3.2 The Institutional Requirements of Markets
  • 3.3 Types of Markets
  • 3.4 The Advantages and Limitations of Markets
  • 3.5 Assessing Market Outcomes
  • Part II Microeconomic Analysis: Consumption, Production, and Markets
  • 3 Supply and Demand
  • 1. Introduction to the Microeconomic Market Model
  • 2. The Theory of Supply
  • 2.1 The Supply Schedule and Supply Curve
  • 2.2 Changes in Supply
  • 3. The Theory of Demand
  • 3.1 The Demand Schedule and Demand Curve
  • 3.2 Changes in Demand
  • 4. The Theory of Market Adjustment
  • 4.1 Surplus, Shortage, and Equilibrium
  • 4.2 Market Forces and Other Considerations
  • 4.3 Shifts in Supply and Demand
  • 5. Elasticity
  • 5.1 The Price Elasticity of Demand
  • 5.2 Measuring Elasticity
  • 5.3 Demand Elasticity Applications
  • 5.4 Price Elasticity of Supply
  • 5.5 Income Elasticity of Demand
  • 4 Consumption and Decision-Making.
  • 1. Historical Perspectives on Economic Behavior
  • 2. The Neoclassical Theory of Consumer Behavior
  • 2.1 Consumer Sovereignty
  • 2.2 The Budget Line
  • 2.3 Consumer Utility
  • 3. Behavioral Economics
  • 3.1 The Role of Context in Economic Decisions
  • 3.2 The Role of Time in Economic Decisions
  • 3.3 The Role of Emotions in Economic Decisions
  • 3.4 Selfishness and Altruism
  • 3.5 Insights from Neuroeconomics
  • 3.6 Consumer Behavior in Contextual Economics
  • 4. Consumption in Social Context
  • 4.1 Social Comparisons
  • 4.2 Advertising
  • 4.3 Private versus Public Consumption
  • 4.4 Voluntary Simplicity
  • 5. Consumption in an Environmental Context
  • 5.1 The Link between Consumption and the Environment
  • 5.2 Green Consumerism
  • 6. Policy Inferences from Our Model of Consumer Behavior
  • 6.1 Predictable Irrationality and Nudges
  • 6.2 Consumption and Public Policy
  • 5 Production
  • 1. An Overview of Production
  • 1.1 The Goals of Production
  • 1.2 An Economic Perspective on Production
  • 2. Types of Production Costs
  • 2.1 Fixed versus Variable Costs
  • 2.2 Accounting versus Economic Costs
  • 2.3 Private versus External Costs
  • 3. The Production Function
  • 3.1 Thinking about Inputs and Outputs
  • 3.2 Graphing Production Functions
  • 3.3 Production in the Short Run
  • 4. Production Costs
  • 4.1 Production Costs in the Short Run
  • 4.2 Production Costs in the Long Run
  • 4.3 Production Process Choice
  • 6 Market Structure
  • 1. Understanding Market Power and Competition
  • 1.1 The Business Perspective on Competition and Market Power
  • 1.2 The Consumer Perspective on Competition and Market Power
  • 1.3 The Citizen Perspective on Competition and Market Power
  • 1.4 The Economists' Perspective on Competition and Market Power
  • 2. Perfect Competition
  • 2.1 The Conditions of Perfect Competition
  • 2.2 Profit Maximization under Perfect Competition.
  • 2.3 Losses and Exit
  • 3. Monopoly: One Seller
  • 3.1 The Conditions of Monopoly
  • 3.2 Examples of Monopoly
  • 3.3 Profit Maximization for a Monopolist
  • 3.4 Monopoly and Inefficiency
  • 4. Monopolistic Competition
  • 4.1 The Conditions of Monopolistic Competition
  • 4.2 Profit Maximization with Monopolistic Competition
  • 4.3 Monopolistic Competition and Long-Run Efficiency
  • 5. Oligopoly
  • 5.1 Market Structure of an Oligopolistic Industry
  • 5.2 Oligopoly and the Behavior of Firms
  • 5.3 Examples of Oligopoly
  • 6. Market Power, Efficiency, and Equity
  • 6.1 Market Inefficiencies
  • 6.2 Market Power and Politics
  • 7 Markets for Labor
  • 1. Economic Theory of Labor Markets
  • 1.1 The Firm's Decision to Hire Labor
  • 1.2 The Individual's Decision to Supply Labor
  • 1.3 The Market Supply for Labor
  • 1.4 Market Demand Curves
  • 1.5 Market Adjustment
  • 2. Explaining Variations in Wages
  • 2.1 Wage Variations in the Neoclassical Labor Model
  • 2.2 Social Norms, Wage Regulations, and Bargaining Power
  • 2.3 Efficiency Wages and Dual Labor Markets
  • 2.4 Discrimination
  • 3. Special Issues for the 21st Century
  • 3.1 Labor Force Participation Rates
  • 3.2 Labor Market Flexibility
  • 3.3 Labor Markets and Immigration
  • 3.4 Cooperatives
  • 3.5 Work-Life Balance
  • 3.6 Technological Change, Productivity, Work, and Leisure
  • 4. Labor Markets, Inequality, and Power
  • Part III Macroeconomic Theory and Policy
  • 8 Macroeconomic Measurement
  • 1. An Overview of National Accounting
  • 2. Gross Domestic Product
  • 2.1 Defining Gross Domestic Product
  • 2.2 Measuring Gross Domestic Product
  • 2.3 Nominal and Real Gross Domestic Product
  • 3. Key Macroeconomic Indicators: Gross Domestic Product Growth, Inflation, and Unemployment
  • 3.1 Gross Domestic Product Growth
  • 3.2 Price Indexes and Inflation Rates
  • 3.3 Measuring Employment and Unemployment.
  • 4. Alternative Measures of Economic Well-Being
  • 4.1 Why Gross Domestic Product is Not a Measure of Well-Being
  • 4.2 A Broader View of National Income Accounting
  • 5. Conclusion: Measuring Economic Well-Being
  • 9 Economic Fluctuations and Macroeconomic Theory
  • 1. The Business Cycle
  • 1.1 Stylized Facts
  • 1.2 A Closer Look at Unemployment
  • 1.3 A Closer Look at Inflation and Deflation
  • 1.4 A Stylized Business Cycle
  • 2. Macroeconomic Theories
  • 2.1 Simplifying Assumptions
  • 2.2 The Classical Model
  • 3. The Great Depression and Keynes
  • 3.1 The Keynesian Theory
  • 3.2 Persistent Unemployment and the Keynesian Labor Market Theory
  • 3.3 The Multiplier
  • 3.4 Comparing Classical and Keynesian Views
  • 4. Macroeconomic History and Recent Developments
  • 4.1 Changing Views on Macroeconomics
  • 4.2 Macroeconomics for the 21st Century
  • 10 Fiscal Policy
  • 1. The Government's Budget
  • 1.1 Understanding Taxes
  • 1.2 Federal Revenue and Outlays
  • 2. The Role of Government Spending and Taxes
  • 2.1 A Change in Government Spending
  • 2.2 Taxes and Transfer Payments
  • 2.3 The Circular Flow with Government Spending and Taxes
  • 2.4 Expansionary and Contractionary Fiscal Policy
  • 2.5 Automatic Stabilizers and Discretionary Policy
  • 3. Policy Issues
  • 3.1 Crowding out and Crowding in
  • 3.2 Infrastructure and Social Investment
  • 3.3 Different Multiplier Effects
  • 4. Debt and Deficits
  • 4.1 Deficits and the National Debt
  • 4.2 Government Debt: Potential Problems
  • 4.3 The Balanced Budget Debate
  • 4.4 Deficit Projections and Policy Responses
  • 11 Money and Monetary Policy
  • 1. Understanding Money
  • 1.1 Money and the Economy
  • 1.2 What is Money?
  • 1.3 Types of Money
  • 1.4 Measures of Money
  • 2. The Financial Sector and the Banking System
  • 2.1 The Financial Sector
  • 2.2 The Banking System
  • 2.3 Commercial Banks.
  • 2.4 The Federal Reserve System
  • 3. How Banks Create Money
  • 3.1 Commercial Banks and Money Creation
  • 3.2 How the Federal Reserve Creates Money
  • 4. Monetary Policy
  • 4.1 Monetary Policy with Limited Reserves
  • 4.2 Monetary Policy with Ample Reserves
  • 4.3 Interest Rates and Investment
  • 4.4 Monetary Policy and Aggregate Demand
  • 4.5 The Liquidity Trap and Credit Rationing
  • 5. Theories of Money and Policy Complexities
  • 5.1 The Quantity Equation
  • 5.2 Competing Theories
  • 5.3 Policy Complications
  • 12 Aggregate Supply, Aggregate Demand, and Inflation: Putting it All Together
  • 1. Aggregate Demand and Inflation
  • 1.1 The Aggregate Demand (AD) Curve
  • 1.2 Shifts of the AD Curve: Spending and Taxation
  • 1.3 Shifts of the AD Curve: Monetary Policy
  • 2. Capacity and the Aggregate Supply Curve
  • 2.1 The Aggregate Supply (AS) Curve
  • 2.2 Shifts of the AS Curve: Inflationary Expectations
  • 2.3 Shifts of the AS Curve: Supply Shocks
  • 3. Putting the AS/AD Model to Work
  • 3.1 An Economy in Recession
  • 3.2 An Overheated Economy
  • 3.3 Responding to Inflation
  • 3.4 Technology, Globalization, and Supply Chains
  • 4. Competing Theories
  • 4.1 Classical Macroeconomics
  • 4.2 Keynesian Macroeconomics
  • Part IV The Global Economy, Development, and Sustainability
  • 13 The Global Economy and Policy
  • 1. Trade, Specialization, and Productivity
  • 2. Gains from Trade
  • 2.1 Theory of Comparative Advantage
  • 2.2 Factor Price Equalization
  • 2.3 Other Benefits of Free Trade
  • 3. Drawbacks of Free Trade
  • 3.1 Vulnerability and Lock-In
  • 3.2 Power Differentials
  • 3.3 Trade and the Environment
  • 3.4 Inequality and Other Social Impacts of Trade
  • 4. Globalization and Policy
  • 4.1 Patterns of Trade
  • 4.2 National Trade Policies
  • 4.3 International Trade Agreements
  • 5. Globalization and Macroeconomics.
  • 5.1 The Trade Balance: Completing the Macroeconomic Picture.

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