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ISBN-10 : 1133221416
ISBN-13 : 978-1133221418
Author: Irvin B. Tucker
this edition integrates a unique textual and visual learning system that clarifies and reinforces core economics concepts. Rather than presenting a confusing array of economic analyses for students to memorize, this book’s straightforward, unbiased approach demonstrates how to apply basic economic principles in daily life and recognize economics at work in today’s news. A clear writing style is ideal for students at all levels. Updated learning features highlight economic applications and let students immediately assess their comprehension. The latest coverage examines recent information on economic growth, income distribution, federal deficits, environmental issues and other economic developments.
Economics for Today 7th Table of contents:
Chapter 1. Introducing the Economic Way of Thinking
1-1. Economics: The Study of Scarcity and Choice
1-1a. The Problem of Scarcity
1-1b. Scarcity and Economics
1-2. Three Fundamental Economic Questions
1-2a. What to Produce?
1-2b. How to Produce?
1-2c. For Whom to Produce?
1-3. The Methodology of Economics
Step 1: Identify the Problem
1-4. Hazards of the Economic Way of Thinking
1-4a. The Ceteris Paribus Assumption
1-4b. Correlation versus Causation
1-5. Why Do Economists Disagree?
1-5a. Efficiency versus Equity
1-5b. Positive versus Normative Economics
Key Terms
Summary
. Take Note Revisited
Study Questions and Problems
Sample Quiz
Appendix to Chapter 1. Applying Graphs to Economics
Chapter 2. Production Possibilities, Opportunity Cost, and Economic Growth
2-1. Opportunity Cost
2-2. Marginal Analysis
2-3. The Production Possibilities Model
2-3a. Assumptions
2-3b. The Production Possibilities Curve
2-3c. Efficiency and the Production Possibilities Curve
2-4. Opportunity Cost and the Production Possibilities Curve
2-4a. Identifying Opportunity Cost Using the PPC Model
2-4b. The Law of Increasing Opportunity Cost
2-5. Sources of Economic Growth
2-5a. Changes in Resources
2-5b. Technological Change
2-5c. Present Investment in Capital
Key Terms
Summary
Take Note Revisited
Study Questions and Problems
Sample Quiz
Road Map for Chapters 1 and 2
Chapter 3. Market Demand and Supply
3-1. Demand
3-1a. The Demand Curve
3-1b. Market Demand
3-1c. Shifts of the Demand Curve
3-1d. Caution! Movement Along versus Shift of the Demand Curve
3-2. Supply
3-2a. The Supply Curve
3-2b. Market Supply
3-2c. Shifts of the Supply Curve
3-2d. Caution! Movement Along versus Shift of the Supply Curve
3-3. Market Equilibrium
3-3a. Surplus versus Shortage
3-3b. Equilibrium Price and Quantity
3-3c. Rationing Function of the Price System
3-4. Changes in Market Equilibrium
3-4a. Changes in Demand
3-4b. Changes in Supply
3-4c. Simultaneous Changes in Demand and Supply
Key Terms
Summary
. Take Note Revisited
Study Questions and Problems
Sample Quiz
Chapter 4. Markets in Action
4-1. Market Efficiency
4-2. Sources of Market Failure
4-2a. Lack of Competition
4-2b. Externalities
4-2c. Public Goods
4-3. Policies to Correct Market Failure
4-3a. Regulation
4-3b. Price Controls
4-3c. Taxes and Subsidies
Key Terms
Summary
Take Note Revisited
Study Questions and Problems
Sample Quiz
Appendix to Chapter 4. Consumer Surplus, Producer Surplus, and Market Efficiency
Chapter 5. Elasticity
5-1. Price Elasticity of Demand
5-1a. Calculating the Price Elasticity of Demand
5-1b. Classifying the Price Elasticity of Demand Using the Total Revenue Test
5-1c. Determinants of Price Elasticity of Demand
5-2. Price Elasticity of Demand along a Demand Curve
5-3. Other Elasticity Measures
5-3a. Income Elasticity of Demand
5-3b. Cross-Elasticity of Demand
5-3c. Price Elasticity of Supply
5-4. Price Elasticity and Taxation
Key Terms
Summary
Take Note Revisited
Study Questions and Problems
Sample Quiz
Chapter 6. Consumer Choice Theory
6-1. From Utility to the Law of Demand
6-1a. Total Utility and Marginal Utility
6-1 b. Consumer Equilibrium
6-1c. From Consumer Equilibrium to the Law of Demand
6-2. Income and Substitution Effects and the Law of Demand
6-2a. Income Effect
6-2b. Substitution Effect
Key Terms
Summary
Take Note Revisited
Study Questions and Problems
Sample Quiz
Appendix to Chapter 6. Indifference Curve Analysis
Chapter 7. Production Costs
7-1. Costs and Profit
7-1a. Explicit and Implicit Costs
7-1b. Economic and Accounting Profit
7-2. Short-Run Production
7-2a. Short Run versus Long Run
7-2b. The Production Function
7-2c. Marginal Product and the Law of Diminishing Returns
7-3. Short-Run Cost of Production
7-3a. Total Cost
7-3b. Average and Marginal Cost
7-4. Marginal Cost Relationships
7-4a. The Marginal-Average Rule
7-4b. Marginal Cost’s Mirror Image
7-5. Long-Run Production Costs
7-5a. Long-Run Average Cost Curves
7-5b. Scales of Production
Key Terms
Summary
Take Note Revisited
Study Questions and Problems
Sample Quiz
Road Map for Chapters 3, 4, 5, 6, and 7
Chapter 8. Perfect Competition
8-1. Perfect Competition
8-1a. Characteristics of Perfect Competition
8-1b. The Perfectly Competitive Firm as a Price Taker
8-2. Short-Run Profit Maximization for a Perfectly Competitive Firm
8-2a. The Total Revenue–Total Cost Method
8-2b. The Marginal Revenue Equals Marginal Cost Method
8-3. Short-Run Supply Under Perfect Competition
8-3a. Identifying Profit or Loss
8-3b. Shut Down Point
8-3c. Short-run Supply Curves
8-3d. Short-Run Equilibrium for a Perfectly Competitive Firm
8-4. Long-Run Supply Under Perfect Competition
8-4a. Long-Run Equilibrium
8-4b. Three Types of Long-Run Supply Curves
Key Terms
Summary
. Take Note Revisited
Study Questions and Problems
Sample Quiz
Chapter 9. Monopoly
9-1. The Monopoly Market Structure
9-1a. Characteristics of Monopoly
9-1b. Natural Monopoly
9-2. Price and Output Decisions for a Monopolist
9-2a. Marginal Revenue, Total Revenue, and Price Elasticity of Demand
9-2b. Short-Run Profit Maximization for a Monopolist Using the Total Revenue–Total Cost Method
9-2c. Short-Run Profit Maximization for a Monopolist Using the Marginal Revenue Equals Marginal Cost Method
9-2d. A Monopolist Facing a Short-Run Loss
9-2e. Monopoly in the Long Run
9-3. Price Discrimination
9-3a. Conditions for Price Discrimination
9-3b. Is Price Discrimination Unfair?
9-4. Comparing Monopoly and Perfect Competition
9-4a. Monopoly, Perfect Competition, and Efficiency
9-4b. The Case For and Against Monopoly
Key Terms
Summary
Take Note Revisited
Study Questions and Problems
Sample Quiz
Chapter 10. Monopolistic Competition and Oligopoly
10-1. The Monopolistic Competition Market Structure
10-1a. Characteristics of Monopolistic Competition
10-1b. The Monopolistically Competitive Firm as a Price Maker
10-1c. Advertising Pros and Cons
10-2. Price and Output Decisions for a Monopolistically Competitive Firm
10-2a. Monopolistic Competition in the Short Run
10-2b. Monopolistic Competition in the Long Run
10-3. Monopolistic Competition and Efficiency
10-4. The Oligopoly Market Structure
10-4a. Characteristics of Oligopoly
10-5. Models of Oligopoly
10-5a. The Kinked Demand Curve
10-5b. Price Leadership
10-5c. The Cartel
10-5d. Game Theory
10-5e. An Evaluation of Oligopoly
10-6. Review of the Four Market Structures
Key Terms
Summary
. Take Note Revisited
Study Questions and Problems
Sample Quiz
Chapter 11. Labor Markets
11-1. The Labor Market Under Perfect Competition
11-1a. The Demand for Labor
11-1b. The Supply of Labor
11-1c. The Equilibrium Wage Rate
11-2. Labor Unions: Employee Power
11-2a. The Impact of Unions on the Demand for Labor
11-2b. The Impact of Unions on the Supply of Labor
11-2c. The Impact of Union Collective Bargaining on Wages
11-3. Employer Power: Monopsony
11-3a. Marginal Factor Cost
11-3b. Monopsonistic Equilibrium
Key Terms
Summary
Take Note Revisited
Study Questions and Problems
Sample Quiz
Road Map for Chapters 8, 9, 10 and 11
Chapter 12. Income Distribution, Poverty, and Discrimination
12-1. The Distribution of Income
12-1a. Trends in Income Distribution
12-1b. Equity versus Efficiency
12-1c. The Lorenz Curve
12-1d. Income Distribution Trends
12-2. Poverty
12-2a. Defining Poverty
12-2b. Who Are the People Experiencing Poverty?
12-3. Antipoverty Programs
12-3a. Cash Transfer Programs
12-3b. In-Kind Transfers
12-3c. Welfare Criticisms
12-4. Reform Proposals
12-4a. Negative Income Tax
12-4b. Workfare
12-5. Discrimination
12-5a. Comparable Worth
Key Terms
Summary
Take Note Revisited
Study Questions and Problems
Sample Quiz
Chapter 13. Antitrust and Regulation
13-1. Antitrust
13-1a. The Sherman Act
13-1b. The Clayton Act
13-1c. The Federal Trade Commission Act
13-1d. The Robinson–Patman Act
13-1e. The Celler–Kefauver Act
13-2. Key Antitrust Cases
13-2a. The Standard Oil Case (1911)
13-2b. The Alcoa Case (1945)
13-2c. The IBM Case (1982)
13-2d. The AT&T Case (1982)
13-2e. The MIT Case (1992)
13-2f. The Microsoft Case (2001)
13-3. Mergers and Global Antitrust Policy
13-3a. Types of Mergers
13-3b. Antitrust Policies in Other Countries
13-4. Regulation
13-4a. Historical Origins of Regulation
13-4b. The Deregulation Trend
13-5. Three Cases for Government Regulation
13-5a. Natural Monopoly
13-5b. Externalities
13-5c. Imperfect Information
Key Terms
Summary
Take Note Revisited
Study Questions and Problems
Sample Quiz
Chapter 14. Environmental Economics
14-1. Negative Externalities and Economic Inefficiency
14-1a. Negative Externalities and the Environment
14-1b. Competitive Market Inefficiency When Negative Externalities Are Present
14-2. Achieving Environmental Efficiency
14-2a. Command-and-Control Regulations
14-2b. Incentive-Based Regulations
14-2c. Government and Environmental Efficiency
Key Terms
Summary
Take Note Revisited
Study Questions and Problems
Sample Quiz
Road Map for Chapters 12, 13, and 14
Chapter 15. Gross Domestic Product
15-1. Gross Domestic Product
15-1a. GDP Counts Only New Domestic Production
15-1b. GDP Counts Only Final Goods
15-2. Measuring GDP
15-2a. The Circular Flow Model
15-2b. Flow versus Stock
15-3. The Expenditure Approach
15-3a. Personal Consumption Expenditures (C)
15-3b. Gross Private Domestic Investment (I)
15-3c. Government Consumption Expenditures and Gross Investment (G)
15-3d. Net Exports ( X – M )
15-3e. A Formula for GDP
15-4. The Income Approach
15-4a. Compensation of Employees
15-4b. Rental Income
15-4c. Profits
15-4d. Net Interest
15-4e. Indirect Business Taxes
15-4f. Depreciation
15-4g. GDP in Other Countries
15-5. GDP Shortcomings
15-5a. Nonmarket Transactions
15-5b. Distribution, Kind, and Quality of Products
15-5c. Neglect of Quality of Life
15-5d. The Underground Economy
15-5e. Negative Externalities
15-5f. GDP Alternatives
15-6. Other National Income Accounts
15-6a. National Income (NI)
15-6b. Personal Income (PI)
15-6c. Disposable Personal Income (DI)
15-7. Changing Nominal GDP to Real GDP
15-7a. The GDP Chain Price Index
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