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Chapter 1 What Is Economics

Definition of Economics

The Economic Way of Thinking

A Choice Is a Tradeoff

Making a Rational Choice

Benefit What You Gain

Cost What You Must Give Up

How Much Choosing At the Margin

Choices Respond To Incentives

Economics as Social Science And Policy Tool

Graph Used In Economic Model

Chapter 2 The Economic Problem

Economic Problem

Production Possibilities and Opportunity Cost

Production Efficiency

Trade Off Along the PPF

Opportunity Cost

Using Resources Efficiently

Allocative Efficiency

Economic Growth

A Nations Economic Growth

Gains from Trade

Economic Coordination

Firms

Markets

Property Rights

Money

The Rising Opportunity Cost of Food

Chapter 3  Demand And Supply

Market Equilibrium

Price Adjustments

Predicting Changes in Price and Quantity

A Reduction in Demand

A Reduction in Supply

Chapter 4 Measuring GDP and Economic Growth

Measuring GDP and Economic Growth

Chapter 5 Monitoring Jobs and Inflation

Employment and Unemployment

Why Unemployment Is a Problem

Current Population Survey

Three Labor Market Indicators

Other Definitions of Unemployment

Most Costly Unemployment

Unemployment and Full Employment

Inflation Price Level and Deflation

Why Inflation and Deflation Are Problems

Consumer Price Index

Measuring the Inflation Rate

Distinguishing Rate of High Inflation From High

Chapter 6 Economic Growth

Economic Growth Macroeconomics

The Basics of Economic Growth

The Magic of Sustained Growth

Economic Growth Trends

How Potential GDP Grows

Why Labor Productivity Grows

Preconditions for Labor Productivity Growth

Physical Capital Growth

Human Capital Growth

Technological Advances

Growth Theories Evidence and Policies

Classical Growth Theory

Neoclassical Growth Theory

New Growth Theory

New Growth Theory Versus Malthusian Theory

Sorting Out the Theories

The Empirical Evidence on the Causes of Economic Growth

Chapter 7 Finance, Saving, And Investment

Policies for Achieving Faster Growth

Finance Saving and Investment

Financial Institution and Financial Market

The Loanable Funds Market

The Global Loanable Funds Market

Chapter 9 the Exchange Rate and the Balance of Payments

The Exchange Rate and the Balance of Payments

The Foreign Exchange Market

Trading Currencies

Exchange the Rates Exchange Rate and the Balance Of Payments

Questions about the U S Dollar Exchange Rate

The Demand for One Money Is the Supply of Another Money

Demand in Foreign Exchange Market

Supply in the Foreign Exchange Market

Exchange Rate Fluctuations

Changes in the Exchange Rate

Fundamentals Expectations and Arbitrage

The Real Exchange Rate

Exchange Rate Policy

Flexible Exchange Rate

Crawling Peg

Financing International Trade

Borrowers and Lenders

Debtors and Creditors

Is U S Borrowing For Consumption

Where Is the Exchange Rate

Chapter 10 Aggregate Supply and Aggregate Demand

The Dollar and Carry Trade

Aggregate Supply and Aggregate Demand

Aggregate Supply

Quantity Supplied and Supply

Aggregate Demand

Explaining Macroeconomic Trends and Fluctuations

Macroeconomic Schools of Thought

The Classical View

The Keynesian View

The Monetarist View

The Way Ahead

Aggregate Supply and Aggregate Demand in Action 25

Chapter 11 Expenditure Multipliers the Keynesian Model

Expenditure Multiplier Know the Keynesian Model

Fixed Prices and Expenditure Plans

Expenditure Plans

Consumption as a Function of Real GDP

Import Function

Real GDP with A Fixed Price Level

Actual Expenditure Planned Expenditure and Real GDP

Convergence to Equilibrium

Multiplier

The Basic Idea of the Multiplier

The Multiplier Effect

Why Is the Multiplier Greater Than 1

The Size of the Multiplier

Imports and Income Taxes

The Multiplier Process

Business Cycle Turning Points

The Multiplier and the Price Level

Adjusting Quantities and Prices

Aggregate Expenditure and Aggregate Demand

Deriving the Aggregate Demand Curve

Changes in Aggregate Expenditure and Aggregate Demand

Equilibrium Real GDP and the Price Level

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