Principles of Economics, 7th Edition PDF
Preview Principles of Economics, 7th Edition
Principles of Economics: a Guided Tour Introduction 1 Ten Principles of Economics The study of economics is guided by a few big ideas. 2 Thinking Like an Economist Economists view the world as both scientists and policymakers. 3 Interdependence and the Gains from Trade The theory of comparative advantage explains how people benefit from economic interdependence. How Markets Work 4 The Market Forces of Supply and Demand How does the economy coordinate interdependent economic actors? Through the market forces of supply and demand. 5 Elasticity and Its Application The tools of supply and demand are put to work to examine 6 Supply, Demand, and Government Policies the effects of various government policies. Markets and Welfare 7 Consumers, Producers, and the Efficiency of Markets Why is the equilibrium of supply and demand desirable for society as a whole? The concepts of consumer and producer 8 Application: The Costs of Taxation surplus explain the efficiency of markets, the costs of taxation, and the benefits of international trade. 9 Application: International Trade The Economics of the Public Sector 10 Externalities Market outcomes are not always efficient, and governments can sometimes remedy market failure. 11 Public Goods and Common Resources 12 The Design of the Tax System To fund programs, governments raise revenue through their tax systems, which are designed with an eye toward balancing efficiency and equity. Firm Behavior and the Organization of Industry 13 The Costs of Production The theory of the firm sheds light on the decisions that lie behind supply in competitive markets. 14 Firms in Competitive Markets 15 Monopoly Firms with market power can cause market outcomes to 16 Monopolistic Competition be inefficient. 17 Oligopoly Copyright 2015 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it. The Economics of Labor Markets 18 The Markets for the Factors of Production These chapters examine the special features of labor markets, 19 Earnings and Discrimination in which most people earn most of their income. 20 Income Inequality and Poverty Topics for Further Study 21 The Theory of Consumer Choice Additional topics in microeconomics include household decision making, asymmetric information, political economy, and 22 Frontiers of Microeconomics behavioral economics. The Data of Macroeconomics 23 Measuring a Nation’s Income The overall quantity of production and the overall price level are used to monitor developments in the economy as a whole. 24 Measuring the Cost of Living The Real Economy in the Long Run 25 Production and Growth These chapters describe the forces that in the long run determine 26 Saving, Investment, and the Financial System key real variables, including growth in GDP, saving, investment, 27 The Basic Tools of Finance real interest rates, and unemployment. 28 Unemployment Money and Prices in the Long Run 29 The Monetary System The monetary system is crucial in determining the long-run behavior of the price level, the inflation rate, and other 30 Money Growth and Inflation nominal variables. The Macroeconomics of Open Economies 31 Open-Economy Macroeconomics: A nation’s economic interactions with other nations are described Basic Concepts by its trade balance, net foreign investment, and exchange rate. 32 A Macroeconomic Theory of the A long-run model of the open economy explains the determinants Open Economy of the trade balance, the real exchange rate, and other real variables. Short-Run Economic Fluctuations 33 Aggregate Demand and Aggregate Supply The model of aggregate demand and aggregate supply explains 34 The Influence of Monetary and Fiscal Policy short-run economic fluctuations, the short-run effects of on Aggregate Demand monetary and fiscal policy, and the short-run linkage between real and nominal variables. 35 The Short-Run Trade-off between Inflation and Unemployment Final Thoughts A capstone chapter presents both sides of six major debates 36 Six Debates over Macroeconomic Policy over economic policy. Copyright 2015 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it. Seventh Edition Principles of Economics Copyright 2015 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it. Copyright 2015 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it. Seventh Edition Principles of Economics N. Gregory Mankiw Australia • Brazil • Japan • Korea • Mexico • Singapore • Spain • United Kingdom • United States Copyright 2015 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it. This is an electronic version of the print textbook. Due to electronic rights restrictions, some third party content may be suppressed. Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. The publisher reserves the right to remove content from this title at any time if subsequent rights restrictions require it. For valuable information on pricing, previous editions, changes to current editions, and alternate formats, please visit www.cengage.com/highered to search by ISBN#, author, title, or keyword for materials in your areas of interest. Important Notice: Media content referenced within the product description or the product text may not be available in the eBook version. Copyright 2015 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it. Principles of Economics, 7e © 2015, 2012 Cengage Learning N. Gregory Mankiw WCN: 02-200-203 ALL RIGHTS RESERVED. No part of this work covered by the copyright Senior Vice President, Global herein may be reproduced, transmitted, stored, or used in any form Product Manager, Higher Education: or by any means graphic, electronic, or mechanical, including but not Jack W. Calhoun limited to photocopying, recording, scanning, digitizing, taping, web Vice President, General Manager, distribution, information networks, or information storage and retrieval Social Science & Qualitative Business: systems, except as permitted under Section 107 or 108 of the 1976 Erin Joyner United States Copyright Act, without the prior written permission of Product Director: Mike Worls the publisher. Developmental Editor: Jane Tufts Product Development Manager: For product information and technology assistance, contact us at Jennifer E. Thomas Cengage Learning Customer & Sales Support, 1-800-354-9706 For permission to use material from this text or product, Content Developers: Clara Goosman and submit all requests online at www.cengage.com/permissions Elizabeth A. Beiting-Lipps Further permissions questions can be emailed to Product Assistant: Anne Merrill [email protected] Sr. Content Project Manager: Colleen A. Farmer Unless otherwise noted, all items © Cengage Learning. 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Cover Painting by: Wojciech Gerson (1831–1901) To learn more about Cengage Learning Solutions, visit Rights Acquisitions Specialist www.cengage.com (Text and Photo): John Hill Purchase any of our products at your local college store or at our preferred online store www.cengagebrain.com Printed in the United States of America 2 3 4 5 17 16 15 14 Copyright 2015 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it. To Catherine, Nicholas, and Peter, my other contributions to the next generation Copyright 2015 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it. Copyright 2015 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
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