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Deciphering Economics: Timely Topics Explained - David OConnor,


Year 2014



PrefaceAcknowledgmentsUsing This ReferenceGuide to Related TopicsTimeline: Key Economic Events That Shaped the Modern Era, 1776–2014Part I AN INTRODUCTION TO ECONOMICS1 The Basics of Economic ThinkingECONOMIC SCIENCEThe Scientific MethodFallacies in ReasoningTypes of EconomistsWhy Economists DisagreeFIVE BASIC ECONOMIC PRINCIPLESEconomic Choices Involve CostsIncentives Influence People's DecisionsCompetitive Markets Promote EfficiencyGovernment Interventions Address Market ShortcomingsSpecialization Promotes Productivity and Economic Interdependence ECONOMIC SCHOOLS OF THOUGHT: AN HISTORICAL OVERVIEWMercantilismThe Physiocratic SchoolThe Classical SchoolThe Marginalist SchoolMarxismThe Keynesian SchoolCHAPTER 1 SUMMARY2 Basic Economic ConceptsSCARCITY, CHOICE, AND OPPORTUNITY COSTProduction Possibilities Frontier: A Model of Producer ChoiceBudget Constraint: A Model of Consumer ChoiceTHE CIRCULAR FLOW MODELProduct MarketFactor MarketFlows of Products, Resources, and Money PaymentsDEMANDDemandChanges in DemandPrice Elasticity of DemandSUPPLYSupplyChanges in SupplyPrice Elasticity of SupplyMARKET EQUILIBRIUMMarket Clearing Price and QuantityPrice Ceilings and Price FloorsPrice SystemCHAPTER 2 SUMMARY3 Economic History and Economic SystemsSTAGES OF ECONOMIC HISTORYFood Gathering and HuntingPermanent Agriculture and Animal DomesticationIndustrial AgeInformation AgeECONOMIC SYSTEMS: THE MODELSTraditional EconomyCommand Economy ModelMarket Economy ModelMixed EconomyCAPITALISMOrigins of CapitalismModern CapitalismGlobal CapitalismOTHER ECONOMIC SYSTEMSSocialismCommunismEconomies in Transition: Shock Therapy in the Russian FederationEconomies in Transition: Gradualism in the People's Republic of ChinaCHAPTER 3 SUMMARYPart II MICROECONOMIC TOPICS 4 Consumer Power and BehaviorCONSUMER RIGHTS AND PROTECTIONSConsumers in the U.S. EconomyConsumer Rights and ResponsibilitiesConsumer ProtectionCONSUMER MOVEMENTSState and Local Consumer MovementU.S. Consumer MovementInternational Consumer MovementCONSUMER BEHAVIORUtility TheoryIncome Effect of a Price ChangeSubstitution Effect of a Price ChangeConsumer SurplusAdvertisingCONSUMER ISSUESConsumer Credit and CreditworthinessPersonal BankruptcyConsumer CooperativesSustainable ConsumptionCHAPTER 4 SUMMARY5 Businesses: The Basic Production UnitBUSINESS BASICSFirms and IndustriesSmall Businesses and Large BusinessesServices-Producing Sector and Goods-Producing SectorBUSINESS ORGANIZATIONSole ProprietorshipsPartnershipsCorporationsFranchisesOther Forms of Business OrganizationMARKET STRUCTURESPerfect CompetitionMonopolistic CompetitionOligopolyMonopolyBUSINESS BEHAVIOREntrepreneurship and EntrepreneursBusiness Costs, Profits, and LossesBusiness BankruptcyBusiness Mergers and AcquisitionsCodes of Business BehaviorCHAPTER 5 SUMMARY6 Workers and Worker PowerWORKERS AND WORKER BEHAVIORU.S. Labor ForceWorker BehaviorWage DeterminationGovernment and WagesThe Hiring DecisionLABOR UNIONS AND WORKER POWERU.S. Labor Movement: The Early YearsU.S. Labor Movement: The Modern EraThe Labor Movement in the Global EconomyLABOR ISSUESRight to Work LawsOffshoringCHAPTER 6 SUMMARY7 Governments Raise and Spend MoneyGOVERNMENT REVENUESFunctions of TaxesTypes of TaxesTax FairnessFederal TaxesState and Local TaxesGOVERNMENT SPENDINGFederal SpendingState and Local SpendingCost-Benefit AnalysisTHE FEDERAL BUDGETFederal Budget ProcessBudget Surpluses and DeficitsNational DebtThe Debt CeilingCHAPTER 7 SUMMARYPart III MACROECONOMIC TOPICS 8 Growing the EconomyTHE GROSS DOMESTIC PRODUCTGDP DefinedCalculating the GDPMEASURING ECONOMIC GROWTHEconomic Growth DefinedTracking Economic Growth with the Business CycleBenefits of Economic GrowthDETERMINANTS OF ECONOMIC GROWTH AND PRODUCTIVITYSaving and Investing: The Virtuous CycleEfficient Use of the Factors of ProductionEntrepreneurship and KnowledgeFavorable Economic EnvironmentGood GovernanceLIMITATIONS OF ECONOMIC GROWTHPoverty and the Distribution of Income and WealthEnvironmental StressesCHAPTER 8 SUMMARY9 The Financial System Promotes Economic ActivityMONEY AND THE MONEY SUPPLYFunctions and Characteristics of MoneyTypes of MoneyMeasurements of the Money SupplyBANKS AND OTHER DEPOSITORY INSTITUTIONSCommercial BanksThrift InstitutionsCredit UnionsTypes of Savings AccountsTypes of Retirement AccountsOTHER FINANCIAL INSTITUTIONSStock MarketsBond MarketsMutual FundsFutures MarketsISSUES IN THE GLOBAL FINANCIAL SYSTEMFinancial Contagion and the East Asian Financial Crisis of 1997–1998The Financial Crisis of 2007–2008CHAPTER 9 SUMMARY10 Promoting Economic StabilityPRICE INSTABILITYTypes of InflationMeasuring InflationCosts and Benefits of InflationDeflationUNEMPLOYMENT AND UNDEREMPLOYMENTTypes of UnemploymentMeasuring UnemploymentTHE FEDERAL RESERVE SYSTEM AND MONETARY POLICYThe Federal Reserve System: A Unique Central BankOrganizational Structure of the FedFunctions of the FedMonetary Policy ToolsQuantitative EasingFISCAL POLICYFiscal Policy ToolsLimitations of Stabilization PoliciesDifferent Approaches to StabilizationCHAPTER 10 SUMMARYPart IV INTERNATIONAL TOPICS 11 International Trade and the Global Trading SystemTRADE BASICSGrowth in International TradeBalance of Trade: Deficits and SurplusesBalance of PaymentsAbsolute and Comparative AdvantageForeign Exchange MarketTRADE BARRIERSTariffsImport QuotasOther Trade BarriersTRADE AGREEMENTSGeneral Agreement on Tariffs and TradeWorld Trade OrganizationRegional Trade AgreementsCHALLENGES TO TRADE LIBERALIZATIONDumping and Government SubsidiesTerms of TradeFair TradeLocalizationCHAPTER 11 SUMMARY12 The Global Economy and GlobalizationTHE GLOBAL ECONOMYGlobal Economy BasicsInstitutions of the Global EconomyWaves of GlobalizationThe Globalization Debate in BriefPILLARS OF GLOBALIZATIONInternational TradeForeign Direct InvestmentCross-Border Financial FlowsCHALLENGES TO GLOBALIZATIONRace to the Bottom TheoryGlobal Environmental StressesCHAPTER 12 SUMMARY13 Sustainable Economic DevelopmentCLASSIFICATIONS OF ECONOMIESClassification by Income LevelAdvanced EconomiesEmerging Market and Developing EconomiesSUSTAINABLE ECONOMIC DEVELOPMENTThe Virtuous CycleMultilateral Development InstitutionsMicrofinance InstitutionsForeign AidCHALLENGES TO GLOBAL PROSPERITYLow Quality of LifeMarginalized Informal EconomiesUnsustainable External DebtCHAPTER 13 SUMMARYGlossary of Selected TermsCommon Abbreviations in EconomicsSelected BibliographyCLASSIC TEXTSCURRENT LITERATURESTATISTICAL REPORTS AND OTHER DATA (MOST ALSO AVAILABLE ONLINE)Key Economic Web Sites
 
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