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Guide to Related Topics

Five basic economic principles are listed and explained in Chapter 1 of this reference book. These time-tested principles are underlying understandings about the functioning of economies. They explain economic situations, state relationships, and predict consequences to certain stimuli. These principles can be applied to a variety of situations in the U.S. economy and global economy.

The five basic economic principles are shown in bold print below. Listed beneath each basic principle is a set of related topics—applications of the basic principle found in this reference book. Subheadings from chapters were used to make the lists of related topics. Each subheading is followed by the appropriate chapter number, 1–13. Thus, to locate these applications of the five basic economic principles in the book, simply turn to the listed chapter and subheading.

PRINCIPLE 1: ECONOMIC CHOICES INVOLVE COSTS

Consumer choices

• Budget constraint: A model of consumer choice (2)

• Price system (2)

• Consumers in the U.S. economy (4)

• Consumer rights and responsibilities (4)

• Consumer credit and creditworthiness (4)

• Personal bankruptcy (4)

• Sustainable consumption (4)

Business choices

• Production possibilities frontier: A model of producer choice (2)

• Sole proprietorships (5)

• Partnerships (5)

• Corporations (5)

• Franchises (5)

• Other forms of business organization (5)

• Business costs, profits and losses (5)

• Business bankruptcy (5)

• Codes of business behavior (5)

• Worker behavior (6)

• The hiring decision (6)

Government choices

• Cost-benefit analysis (7)

• Federal budget process (7)

• Budget surpluses and deficits (7)

• National debt (7)

• The debt ceiling (7)

PRINCIPLE 2: INCENTIVES INFLUENCE PEOPLE'S DECISIONS

Consumers

• Product market (2)

• Demand (2)

• Changes in demand (2)

• Price elasticity of demand (2)

• Utility theory (4)

• Income effect of a price change (4)

• Substitution effect of a price change (4)

• Consumer surplus (4)

• Advertising (4)

• Personal bankruptcy (4)

• Consumer cooperatives (4)

Businesses

• Factor market (2)

• Supply (2)

• Changes in supply (2)

• Price elasticity of supply (2)

Entrepreneurs

• Sole proprietorships (4)

• Partnerships (4)

• Corporations (4)

• Franchises (4)

• Other forms of business organization (4)

• Entrepreneurship and entrepreneurs (5)

• Entrepreneurship and knowledge (8)

• Microfinance institutions (13)

• Marginalized informal economies (13)

Workers

• Worker behavior (6)

• Wage determination (6)

• The hiring decision (6)

• U.S. labor movement: The early years (6)

• U.S. labor movement: The modern era (6)

Savers and investors

• Types of savings accounts (9)

• Types of investment accounts (9)

• Stock markets (9)

• Bond markets (9)

• Mutual funds (9)

• Futures markets (9)

• Financial contagion and the East Asian financial crisis of 1997–1998 (9)

• The financial crisis of 2007–2008 (9)

• Foreign exchange markets (11)

Government

• Functions of taxes (7)

• Types of taxes (7)

• Tax fairness (7)

• Monetary policy tools (10)

• Quantitative easing (10)

• Fiscal policy tools (10)

• Different approaches to stabilization (10)

PRINCIPLE 3: COMPETITIVE MARKETS PROMOTE EFFICIENCY

Markets

• Product market (2)

• Factor market (2)

• Flows of products, resources, and money payments (2)

• Market clearing price (2)

• Price system (2)

Markets and economic systems

• Traditional economy (3)

• Command economy model (3)

• Market economy model (3)

• Origins of capitalism (3)

• Modern capitalism (3)

• Global capitalism (3)

• Economies in Transition: Shock Therapy in The Russian Federation (3)

• Economies in Transition: Gradualism in The People's Republic of China (3)

Market structure and competition

• Perfect competition (5)

• Monopolistic competition (5)

• Oligopoly (5)

• Monopoly (5)

Financial markets

• Commercial banks (9)

• Thrift institutions (9)

• Credit unions (9)

• Foreign exchange market (11)

Global market liberalization

• Absolute and comparative advantage (11)

• General Agreement on Tariffs and Trade (11)

• World Trade Organization (11)

• Regional trade agreements (11)

• Terms of trade (11)

PRINCIPLE 4: GOVERNMENT INTERVENTIONS ADDRESS MARKET SHORTCOMINGS

Schools of thought (role of government)

• Mercantilism (1)

• The physiocratic school (1)

• The classical school (1)

• Marxism (1)

• The Keynesian school (1)

Government regulations

• Price ceilings and price floors (2)

• Consumer protections (4)

• Monopoly (antitrust) (5)

• Business bankruptcy (5)

• Government and wages (6)

• Right to work laws (6)

• The debt ceiling (7)

• Environmental stresses (8)

Government stabilization

• The Keynesians (1)

• The Federal Reserve System: A unique central bank (10)

• Organizational structure of the Fed (10)

• Functions of the Fed (10)

• Monetary policy tools (10)

• Quantitative easing (10)

• Fiscal policy tools (10)

• Limitations of stabilization policies (10)

• Different approaches to stabilization (10)

Government redistribution of income or wealth

• Modern capitalism (3)

• Federal spending (7)

• State and local spending (7)

• National debt (7)

• Poverty and the distribution of income and wealth (8)

Government and global markets

• Tariffs (11)

• Import quotas (11)

• Other trade barriers (11)

• Dumping and government subsidies (11)

• General Agreement on Tariffs and Trade (11)

• World Trade Organization (11)

• Regional trade agreements (11)

• Institutions of the global economy (12)

• Multilateral development institutions (13)

Financing government interventions

• Functions of taxes (7)

• Types of taxes (7)

• Tax fairness (7)

• Federal taxes (7)

• State and local taxes (7)

• The debt ceiling (7)

PRINCIPLE 5: SPECIALIZATION PROMOTES PRODUCTIVITY AND ECONOMIC INTERDEPENDENCE

Specialization (historical)

• Food gathering and hunting (3)

• Permanent agriculture and animal domestication (3)

• Industrial age (3)

• Information age (3)

Productivity

• Savings and investing: The virtuous cycle (8)

• Efficient use of the factors of production (8)

• Entrepreneurship and knowledge (8)

• Advanced economies (13)

• Emerging market and developing economies (13)

• The virtuous cycle (13)

Trade and interdependence

• Mercantilism (1)

• The classical school (1)

• Growth in international trade (11)

• Balance of trade: Deficits and surpluses (11)

• Absolute and comparative advantage (11)

• General Agreement on Tariffs and Trade (11)

• World Trade Organization (11)

• Terms of trade (11)

Globalization and interdependence

• Global capitalism (3)

• Waves of globalization (12)

• The globalization debate in brief (12)

• International trade (12)

• Foreign direct investment (12)

Cross-border financial flows (12)

 
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