Economics A Contemporary Introduction 11th editon William McEachern ISBN 1305505468 9781305505469

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ISBN 10: 1305505468
ISBN 13: 9781305505469
Author: William A. McEachern

Now you can “teach by example” with the unique approach to economics found only in McEachern’s acclaimed ECONOMICS: A CONTEMPORARY INTRODUCTION, 11E. The text uses examples and illustrations that your students will recognize when they show up for class the first day, because they already have at least 17 years of personal experience with economic choices, institutions, and events. This book truly leads by example, taking a “just-in-time” approach that introduces material just as it is needed to develop an argument. Clear and interesting exposition combines with case studies, recent research findings, and a focused design. Relevant case studies are integrated into the flow of each chapter. Each chapter includes a one-page case study in the printed book as well as a second case study online.

Economics A Contemporary Introduction 11th Table of contents:

Part 1. Introduction to Economics

1. The Art and Science of Economic Analysis

1-1. The Economic Problem: Scarce Resources, Unlimited Wants

1-1a. Resources

1-1b. Goods and Services

1-1c. Economic Decision Makers and Markets

1-1d. A Simple Circular-Flow Model

1-2. The Art of Economic Analysis

1-2a. Rational Self-Interest

1-2b. Choice Requires Time and Information

1-2c. Economic Analysis is Marginal Analysis

1-2d. Microeconomics and Macroeconomics

1-3. The Science of Economic Analysis

1-3a. The Role of Theory

1-3b. The Scientific Method

1-3c. Normative versus Positive

1-3d. Economists Tell Stories

1-3e. Predicting Average Behavior

1-3f. Some Pitfalls of Faulty Economic Analysis

1-3g. If Economists are so Smart, Why aren’t they Rich?

1-4. Conclusion

2. Economic Tools and Economic Systems

2-1. Choice and Opportunity Cost

2-1a. Opportunity Cost

2-1b. Opportunity Cost Is Subjective

2-1c. Sunk Cost and Choice

2-2. Comparative Advantage, Specialization, and Exchange

2-2a. The Law of Comparative Advantage

2-2b. Absolute Advantage Versus Comparative Advantage

2-2c. Specialization and Exchange

2-2d. Division of Labor and Gains From Specialization

2-3. The Economy’s Production Possibilities

2-3a. Efficiency and the Production Possibilities Frontier, or PPF

2-3b. Inefficient and Unattainable Production

2-3c. The Shape of the PPF

2-3d. What Can Shift the PPF?

2-3e. What We Learn From the PPF

2-4. Economic Systems

2-4a. Three Questions Every Economic System Must Answer

2-4b. Pure Capitalism

2-4c. Pure Command System

2-4d. Mixed and Transitional Economies

2-4e. Economies Based on Custom or Religion

2-5. Conclusion

3. Economic Decision Makers

3-1. The Household

3-1a. The Evolution of the Household

3-1b. Households Maximize Utility

3-1c. Households as Resource Suppliers

3-1d. Households as Demanders of Goods and Services

3-2. The Firm

3-2a. The Evolution of the Firm

3-2b. Types of Firms

3-2c. Cooperatives

3-2d. Not-for-Profit Organizations

3-2e. Why Does Household Production Still Exist?

3-3. The Government

3-3a. The Role of Government

3-3b. Government’s Structure and Objectives

3-3c. The Size and Growth of Government

3-3d. Sources of Government Revenue

3-3e. Tax Principles and Tax Incidence

3-4. The Rest of the World

3-4a. International Trade

3-4b. Exchange Rates

3-4c. Trade Restrictions

3-5. Conclusion

4. Demand, Supply, and Markets

4-1. Demand

4-1a. Law of Demand

4-1b. Demand Schedule and Demand Curve

4-2. What Shifts a Demand Curve?

4-2a. Consumer Income

4-2b. Prices of Other Goods

4-2c. Consumer Expectations

4-2d. Number or Composition of Consumers

4-2e. Consumer Tastes

4-3. Supply

4-3a. Supply Schedule and Supply Curve

4-4. What Shifts a Supply Curve?

4-4a. State of Technology and Know-How

4-4b. Resource Prices

4-4c. Prices of Other Goods

4-4d. Producer Expectations

4-4e. Number of Producers in the Market

4-5. Demand and Supply Create a Market

4-5a. Markets

4-5b. Market Equilibrium

4-6. Changes in Equilibrium Price and Quantity

4-6a. Shifts of the Demand Curve

4-6b. Shifts of the Supply Curve

4-6c. Simultaneous Shifts of Demand and Supply Curves

4-7. Disequilibrium

4-7a. Price Floors

4-7b. Price Ceilings

4-8. Conclusion

Part 2. Introduction to the Market System

5. Elasticity of Demand and Supply

5-1. Price Elasticity of Demand

5-1a. Calculating Price Elasticity of Demand

5-1b. Categories of Price Elasticity of Demand

5-1c. Elasticity and Total Revenue

5-1d. Price Elasticity and the Linear Demand Curve

5-1e. Constant-Elasticity Demand Curves

5-2. Determinants of the Price Elasticity of Demand

5-2a. Availability of Substitutes

5-2b. Share of the Consumer’s Budget Spent on the Good

5-2c. Duration of Adjustment Period

5-2d. Elasticity Estimates

5-3. Price Elasticity of Supply

5-3a. Constant Elasticity Supply Curves

5-3b. Determinants of Supply Elasticity

5-4. Other Elasticity Measures

5-4a. Income Elasticity of Demand

5-4b. Cross-Price Elasticity of Demand

5-5. Conclusion

6. Consumer Choice and Demand

6-1. Utility Analysis

6-1a. Tastes and Preferences

6-1b. Law of Diminishing Marginal Utility

6-2. Measuring Utility

6-2a. Units of Utility

6-2b. Utility Maximization in a World Without Scarcity

6-2c. Utility Maximization in a World of Scarcity

6-2d. Utility-Maximizing Conditions

6-2e. Marginal Utility and the Law of Demand

6-3. Applications of Utility Analysis

6-3a. Your Consumer Surplus

6-3b. Market Demand and Consumer Surplus

6-3c. The Role of Time in Demand

6-4. Conclusion

7. Production and Cost in the Firm

7-1. Cost and Profit

7-1a. Explicit and Implicit Costs

7-1b. Alternative Measures of Profit

7-2. Production in the Short Run

7-2a. Fixed and Variable Resources

7-2b. Law of Diminishing Marginal Returns

7-2c. Total and Marginal Product Curves

7-3. Costs in the Short Run

7-3a. Total Cost and Marginal Cost in the Short Run

7-3b. Average Cost in the Short Run

7-3c. Relationship Between Marginal Cost and Average Cost

7-4. Costs in the Long Run

7-4a. Economies of Scale

7-4b. Diseconomies of Scale

7-4c. Long-Run Average Cost Curve

7-4d. Economies and Diseconomies of Scale at the Firm Level

7-5. Conclusion

Part 3. Market Structure and Pricing

8. Perfect Competition

8-1. An Introduction to Perfect Competition

8-1a. Perfectly Competitive Market Structure

8-1b. Demand Under Perfect Competition

8-2. Short-Run Profit Maximization

8-2a. Total Revenue Minus Total Cost

8-2b. Marginal Revenue Equals Marginal Cost

8-2c. Economic Profit in the Short Run

8-3. Short-Run Loss Minimization

8-3a. Fixed Cost and Minimizing Losses

8-3b. Marginal Revenue Equals Marginal Cost

8-3c. Shutting Down in the Short Run

8-4. Short-Run Supply Curves

8-4a. Short-Run Firm Supply Curve

8-4b. The Short-Run Industry Supply Curve

8-4c. Firm Supply and Market Equilibrium

8-5. Perfect Competition in the Long Run

8-5a. Zero Economic Profit in the Long Run

8-5b. Long-Run Adjustment to a Change of Demand

8-6. Long-Run Industry Supply Curve

8-6a. Constant-Cost Industries

8-6b. Increasing-Cost Industries

8-7. Perfect Competition and Efficiency

8-7a. Productive Efficiency: Making Stuff Right

8-7b. Allocative Efficiency: Making the Right Stuff

8-7c. What’s so Perfect About Perfect Competition?

8-8. Conclusion

9. Monopoly

9-1. Barriers to Entry

9-1a. Legal Restrictions

9-1b. Economies of Scale

9-1c. Control of Essential Resources

9-2. Revenue for a Monopolist

9-2a. Demand, Average Revenue, and Marginal Revenue

9-2b. The Gain and Loss From Selling One More Unit

9-2c. Revenue Schedules

9-2d. Revenue Curves

9-3. Profit Maximization and Loss Minimization for a Monopolist

9-3a. Profit Maximization

9-3b. Short-Run Losses and the Shutdown Decision

9-3c. Long-Run Profit Maximization

9-3d. “Available for a Limited Time Only”

9-4. Perfect Competition and Monopoly Compared

9-4a. Price and Output Under Perfect Competition

9-4b. Price and Output Under Monopoly

9-4c. Allocative and Distributive Effects

9-5. Problems With Deadweight Loss Estimates

9-5a. Why the Deadweight Loss Might Be Lower

9-5b. Why the Deadweight Loss Might Be Higher

9-6. Price Discrimination

9-6a. Conditions for Price Discrimination

9-6b. A Model of Price Discrimination

9-6c. Examples of Price Discrimination

9-6d. Perfect Price Discrimination

9-7. Conclusion

10. Monopolistic Competition and Oligopoly

10-1. Monopolistic Competition

10-1a. Product Differentiation

10-1b. Short-Run Profit Maximization or Loss Minimization

10-1c. Zero Economic Profit in the Long Run

10-1d. Monopolistic Competition and Perfect Competition Compared

10-2. Oligopoly

10-2a. Varieties of Oligopoly

10-2b. Economies of Scale

10-2c. The High Cost of Entry

10-2d. Crowding Out the Competition

10-3. Three Approaches to Oligopoly

10-3a. Collusion and Cartels

10-3b. Price Leadership

10-3c. Game Theory

10-4. Comparison of Oligopoly and Perfect Competition

10-4a. Oligopoly Price is Usually Higher

10-4b. Oligopoly Profit is Usually Higher

10-5. Conclusion

Part 4. Resource Markets

11. Resource Markets

11-1. The Once-Over

11-1a. Resource Demand

11-1b. Resource Supply

11-2. Demand and Supply of Resources

11-2a. Market Demand for Resources

11-2b. Market Supply of Resources

11-3. Temporary and Permanent Resource Price Differences

11-3a. Temporary Differences

11-3b. Permanent Differences

11-4. Opportunity Cost and Economic Rent

11-4a. Market A: All Earnings are Economic Rent

11-4b. Market B: All Earnings are Opportunity Cost

11-4c. Market C: Earnings Include Both Economic Rent and Opportunity Cost

11-5. A Closer Look at Resource Demand

11-5a. Firm’s Demand for a Resource

11-5b. Marginal Revenue Product

11-5c. Marginal Resource Cost

11-5d. Maximizing Profit or Minimizing Loss

11-5e. Optimal Input and Optimal Output Decisions

11-5f. Changes in Resource Demand

11-5g. Optimal Use of More Than One Resource

11-6. Conclusion

12. Labor Markets and Labor Unions

12-1. Labor Supply

12-1a. Labor Supply and Utility Maximization

12-1b. Wages and Individual Labor Supply

12-1c. Nonwage Determinants of Labor Supply

12-1d. Market Supply of Labor

12-2. Why Wages Differ

12-2a. Differences in Training, Education, Age, and Experience

12-2b. Differences in Ability

12-2c. Differences in Risk

12-2d. Geographic Differences

12-2e. Discrimination

12-3. Unions and Collective Bargaining

12-3a. Types of Unions

12-3b. Collective Bargaining, Mediation, and Arbitration

12-3c. The Strike

12-4. Union Wages and Employment

12-4a. Inclusive, or Industrial, Unions: Negotiating a Higher Industry Wage

12-4b. Exclusive, or Craft, Unions: Reducing Labor Supply

12-4c. Increasing Demand for Union Labor

12-4d. Trends in Union Membership

12-5. Conclusion

13. Capital, Interest, Entrepreneurship, and Corporate Finance

13-1. The Role of Time in Production and Consumption

13-1a. Production, Saving, and Time

13-1b. Consumption, Saving, and Time

13-1c. Optimal Investment

13-2. The Market for Loanable Funds

13-2a. Demand for Loanable Funds

13-2b. Supply of Loanable Funds

13-2c. Market Interest Rate

13-3. Why Interest Rates Differ

13-3a. Risk

13-3b. Duration of the Loan

13-3c. Administration Costs

13-3d. Tax Treatment

13-4. Present Value and Discounting

13-4a. Present Value of Payment One Year Hence

13-4b. Present Value for Payments in Later Years

13-4c. Present Value of an Income Stream

13-4d. Present Value of an Annuity

13-5. Entrepreneurship

13-5a. Role of the Entrepreneur

13-5b. Entrepreneurs Drive the Economy Forward

13-5c. Who are not Entrepreneurs?

13-6. Corporate Finance

13-6a. Corporate Stock and Retained Earnings

13-6b. Corporate Bonds

13-6c. Securities Exchanges

13-7. Conclusion

14. Transaction Costs, Asymmetric Information, and Behavioral Economics

14-1. The Firm’s Rationale and Scope of Operation

14-1a. The Firm Reduces Transaction Costs

14-1b. The Boundaries of the Firm

14-1c. Economies of Scope

14-2. Market Behavior With Imperfect Information

14-2a. Optimal Search With Imperfect Information

14-2b. The Winner’s Curse

14-3. Asymmetric Information in Product Markets

14-3a. Hidden Characteristics: Adverse Selection

14-3b. Hidden Actions: The Principal-Agent Problem

14-3c. Asymmetric Information in Insurance Markets

14-3d. Coping With Asymmetric Information

14-4. Asymmetric Information in Labor Markets

14-4a. Adverse Selection in Labor Markets

14-4b. Signaling and Screening

14-5. Behavioral Economics

14-5a. Unbounded Rationality

14-5b. Unbounded Willpower

14-5c. Neuroeconomics

14-6. Conclusion

Part 5. Market Failure and Public Policy

15. Economic Regulation and Antitrust Policy

15-1. Types of Government Regulation

15-2. Regulating a Natural Monopoly

15-2a. Unregulated Profit Maximization

15-2b. Setting Price Equal to Marginal Cost

15-2c. Subsidizing the Natural Monopolist

15-2d. Setting Price Equal to Average Cost

15-2e. The Regulatory Dilemma

15-3. Alternative Theories of Economic Regulation

15-3a. Special Interests, Economic Regulation, and Deregulation

15-4. Antitrust Law and Enforcement

15-4a. Origins of Antitrust Policy

15-4b. Antitrust Enforcement

15-4c. Per Se Illegality and the Rule of Reason

15-4d. Mergers and Public Policy

15-4e. Four Merger Waves

15-5. Competitive Trends in the U.S. Economy

15-5a. Competition Over Time

15-5b. Recent Competitive Trends

15-5c. Problems With Antitrust Policy

15-6. Conclusion

16. Public Goods and Public Choices

16-1. Public Goods

16-1a. Private Goods, Public Goods, and In Between

16-1b. Optimal Provision of Public Goods

16-1c. Paying for Public Goods

16-2. Public Choices in Representative Democracy

16-2a. Median-Voter Model

16-2b. Special Interest and Rational Ignorance

16-2c. Distribution of Benefits and Costs

16-3. Exploiting Government Versus Avoiding Government

16-3a. Rent Seeking

16-3b. The Underground Economy

16-4. Bureaucracy and Representative Democracy

16-4a. Ownership and Funding of Bureaus

16-4b. Ownership and Organizational Behavior

16-4c. Bureaucratic Objectives

16-4d. Private Versus Public Production

16-5. Conclusion

17. Externalities and the Environment

17-1. Negative Externalities and the Common-Pool Problem

17-1a. Renewable Resources

17-1b. Resolving the Common-Pool Problem

17-2. Optimal Level of Pollution

17-2a. External Costs With Fixed Technology

17-2b. External Costs With Variable Technology

17-2c. The Coase Theorem

17-2d. Markets for Pollution Rights

17-2e. Pollution Rights and Public Choices

17-3. Environmental Protection

17-3a. Air Pollution

17-3b. Water Pollution

17-3c. Hazardous Waste and the Superfund

17-3d. Solid Waste: “Paper or Plastic?”

17-4. Positive Externalities

17-5. Conclusion

18. Poverty and Redistribution

18-1. The Distribution of Household Income

18-1a. Income Distribution by Quintiles

18-1b. The Lorenz Curve

18-1c. Why Incomes Differ

18-1d. A College Education Pays More

18-1e. Problems With Distribution Benchmarks

18-2. Redistribution Programs

18-2a. Official Poverty Level

18-2b. Programs to Help the Poor

18-3. Who Are the Poor?

18-3a. Poverty and Age

18-3b. Poverty and Public Choices

18-3c. The Feminization of Poverty

18-3d. Poverty and Discrimination

18-3e. Affirmative Action

18-4. Some Unintended Consequences of Income Assistance

18-5. Welfare Reforms

18-5a. 1996 Reforms

18-5b. Welfare Rolls Have Declined

18-6. Conclusion

Part 6. Fundamentals of Macroeconomics

19. Introduction to Macroeconomics

19-1. The National Economy

19-1a. What’s Special About the National Economy?

19-1b. The Human Body and the U.S. Economy

19-1c. Knowledge and Performance

19-2. Economic Fluctuations and Growth

19-2a. U.S. Economic Fluctuations

19-2b. The Global Economy

19-2c. Leading Economic Indicators

19-3. Aggregate Demand and Aggregate Supply

19-3a. Aggregate Output and the Price Level

19-3b. Aggregate Demand Curve

19-3c. Aggregate Supply Curve

19-3d. Equilibrium Real GDP

19-4. A Brief History of the U.S. Economy

19-4a. The Great Depression and Before

19-4b. The Age of Keynes: After the Great Depression to the Early 1970s

19-4c. Stagflation: 1973–1975 and 1979–1980

19-4d. Somewhat Normal Times: 1980 to 2007

19-4e. The Great Recession of 2007–2009 and Beyond

19-5. Conclusion

20. Tracking the U.S. Economy

20-1. The Product of a Nation

20-1a. National Income Accounts

20-1b. GDP Based on the Expenditure Approach

20-1c. Composition of Aggregate Expenditure

20-1d. GDP Based on the Income Approach

20-2. Circular Flow of Income and Expenditure

20-2a. Income Half of the Circular Flow

20-2b. Expenditure Half of the Circular Flow

20-2c. Leakages Equal Injections

20-3. Limitations of National Income Accounting

20-3a. Some Production Is Not Counted in GDP

20-3b. Leisure, Quality, and Variety

20-3c. What’s Gross About Gross Domestic Product?

20-3d. GDP Does Not Reflect All Costs

20-3e. GDP and Economic Welfare

20-4. Accounting for Price Changes

20-4a. Price Indexes

20-4b. Consumer Price Index

20-4c. Problems With the CPI

20-4d. The GDP Price Index

20-4e. Moving From Fixed Weights to Chain Weights

20-5. Conclusion

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