Principles of EconomicsBased on the belief that economics is a way of thinking, this text motivates students with clear explanations, good graphs, lively writing, and interesting and relevant examples. This edition features a logical organization of topics, an accessible presentation, and a hands- on focus to help students learn how to solve problems and think analytically. The abundance of real- world examples and coverage of current issues both show students how relevant economic concepts are to their lives and their world. A comprehensive, high-quality, ancillary package is available, providing all the tools necessary to encourage critical thinking. |
Contents
PART ONE Introduction to Economics | 3 |
Scarcity | 30 |
The Budget Deficit Stabilization Policy | 31 |
Copyright | |
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Common terms and phrases
amount antitrust assume behavior benefits Chapter competitive industry consumers cost curve decisions decrease demand curve dollars earn economic profits economies of scale efficient elasticity equal equilibrium example external factor of production Figure firm's fixed costs graph hour households housing incentive income increase indifference curve inefficient inflation input markets interest rate investment labor market labor supply land level of output long-run average cost losses macroeconomics marginal cost marginal cost curve marginal product marginal revenue product market demand market power million monopolistically competitive natural monopoly oligopoly opportunity cost output markets P₁ percent percentage perfectly competitive plant problem product of labor profit-maximizing quantity demanded quantity supplied regulation rent result rise sector sell shift short run slope social society substitution effect supply curve Table tion total cost total revenue unit of labor Units of output wage rate workers