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Welcome to Economics |
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01 | |||
What Is Economics, and Why Is It Important? | |||
Microeconomics and Macroeconomics | |||
How Economists Use Theories and Models to Understand Economic Issues | |||
How Economies Can Be Organized: An Overview of Economic Systems | |||
Choice in a World of Scarcity |
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02 | |||
How Individuals Make Choices Based on Their Budget Constraint | |||
The Production Possibilities Frontier and Social Choices | |||
Confronting Objections to the Economic Approach | |||
Demand and Supply |
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03 | |||
Demand, Supply, and Equilibrium in Markets for Goods and Services | |||
Shifts in Demand and Supply for Goods and Services | |||
Changes in Equilibrium Price and Quantity: The Four-Step Process | |||
Price Ceilings and Price Floors | |||
Demand, Supply, and Efficiency | |||
Labor and Financial Markets |
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04 | |||
Demand and Supply at Work in Labor Markets | |||
Demand and Supply in Financial Markets | |||
The Market System as an Efficient Mechanism for Information | |||
Elasticity |
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05 | |||
Price Elasticity of Demand and Price Elasticity of Supply | |||
Polar Cases of Elasticity and Constant Elasticity | |||
Elasticity and Pricing | |||
Elasticity in Areas Other Than Price | |||
Consumer Choices |
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06 | |||
Consumption Choices | |||
How Changes in Income and Prices Affect Consumption Choices | |||
Labor-Leisure Choices | |||
Intertemporal Choices in Financial Capital Markets | |||
Cost and Industry Structure |
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07 | |||
Explicit and Implicit Costs, and Accounting and Economic Profit | |||
The Structure of Costs in the Short Run | |||
The Structure of Costs in the Long Run | |||
Perfect Competition |
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08 | |||
Perfect Competition and Why It Matters | |||
How Perfectly Competitive Firms Make Output Decisions | |||
Entry and Exit Decisions in the Long Run | |||
Efficiency in Perfectly Competitive Markets | |||
Monopoly |
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09 | |||
How Monopolies Form: Barriers to Entry | |||
How a Profit-Maximizing Monopoly Chooses Output and Price | |||
Monopolistic Competition and Oligopoly |
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10 | |||
Monopolistic Competition | |||
Oligopoly | |||
Monopoly and Antitrust Policy |
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11 | |||
Corporate Mergers | |||
Regulating Anticompetitive Behavior | |||
Regulating Natural Monopolies | |||
The Great Deregulation Experiment | |||
Environmental Protection and Negative Externalities |
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12 | |||
The Economics of Pollution | |||
Command-and-Control Regulation | |||
Market-Oriented Environmental Tools | |||
The Benefits and Costs of U.S. Environmental Laws | |||
International Environmental Issues | |||
The Tradeoff between Economic Output and Environmental Protection | |||
Positive Externalities and Public Goods |
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13 | |||
Why the Private Sector Under Invests in Innovation | |||
How Governments Can Encourage Innovation | |||
Public Goods | |||
Poverty and Economic Inequality |
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14 | |||
Drawing the Poverty Line | |||
The Poverty Trap | |||
The Safety Net | |||
Income Inequality: Measurement and Causes | |||
Government Policies to Reduce Income Inequality | |||
Issues in Labor Markets: Unions, Discrimination, Immigration |
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15 | |||
Unions | |||
Employment Discrimination | |||
Immigration | |||
Information, Risk, and Insurance |
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16 | |||
The Problem of Imperfect Information and Asymmetric Information | |||
Insurance and Imperfect Information | |||
Financial Markets |
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17 | |||
How Businesses Raise Financial Capital | |||
How Households Supply Financial Capital | |||
How to Accumulate Personal Wealth | |||
Public Economy |
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18 | |||
Voter Participation and Costs of Elections | |||
Special Interest Politics | |||
Flaws in the Democratic System of Government | |||
The Macroeconomic Perspective |
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19 | |||
Measuring the Size of the Economy: Gross Domestic Product | |||
Adjusting Nominal Values to Real Values | |||
Tracking Real GDP over Time | |||
Comparing GDP among Countries | |||
How Well GDP Measures the Well-Being of Society | |||
Economic Growth |
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20 | |||
The Relatively Recent Arrival of Economic Growth | |||
Labor Productivity and Economic Growth | |||
Components of Economic Growth | |||
Economic Convergence | |||
Unemployment |
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21 | |||
How the Unemployment Rate is Defined and Computed | |||
Patterns of Unemployment | |||
What Causes Changes in Unemployment over the Short Run | |||
What Causes Changes in Unemployment over the Long Run | |||
Inflation |
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22 | |||
Tracking Inflation | |||
How Changes in the Cost of Living are Measured | |||
How the U.S. and Other Countries Experience Inflation | |||
The Confusion Over Inflation | |||
Indexing and Its Limitations | |||
The International Trade and Capital Flows |
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23 | |||
Measuring Trade Balances | |||
Trade Balances in Historical and International Context | |||
Trade Balances and Flows of Financial Capital | |||
The National Saving and Investment Identity | |||
The Pros and Cons of Trade Deficits and Surpluses | |||
The Difference between Level of Trade and the Trade Balance | |||
The Aggregate Demand/Aggregate Supply Model |
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24 | |||
Macroeconomic Perspectives on Demand and Supply | |||
Building a Model of Aggregate Demand and Aggregate Supply | |||
Shifts in Aggregate Supply | |||
Shifts in Aggregate Demand | |||
How the AD/AS Model Incorporates Growth, Unemployment, and Inflation | |||
Keynes’ Law and Say’s Law in the AD/AS Model | |||
The Keynesian Perspective |
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25 | |||
Aggregate Demand in Keynesian Analysis | |||
The Building Blocks of Keynesian Analysis | |||
The Phillips Curve | |||
The Keynesian Perspective on Market Forces | |||
The Neoclassical Perspective |
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26 | |||
The Building Blocks of Neoclassical Analysis | |||
The Policy Implications of the Neoclassical Perspective | |||
Balancing Keynesian and Neoclassical Models | |||
Money and Banking |
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27 | |||
Defining Money by Its Functions | |||
Measuring Money: Currency, M1, and M2 | |||
The Role of Banks | |||
How Banks Create Money | |||
Monetary Policy and Bank Regulation |
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28 | |||
The Federal Reserve Banking System and Central Banks | |||
Bank Regulation | |||
How a Central Bank Executes Monetary Policy | |||
Monetary Policy and Economic Outcomes | |||
Pitfalls for Monetary Policy | |||
Exchange Rates and International Capital Flows |
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29 | |||
How the Foreign Exchange Market Works | |||
Demand and Supply Shifts in Foreign Exchange Markets | |||
Macroeconomic Effects of Exchange Rates | |||
Exchange Rate Policies | |||
Government Budgets and Fiscal Policy |
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30 | |||
Government Spending | |||
Taxation | |||
Federal Deficits and the National Debt | |||
Using Fiscal Policy to Fight Recession, Unemployment, and Inflation | |||
Automatic Stabilizers | |||
Practical Problems with Discretionary Fiscal Policy | |||
The Question of a Balanced Budget | |||
The Impacts of Government Borrowing |
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31 | |||
How Government Borrowing Affects Investment and the Trade Balance | |||
Fiscal Policy, Investment, and Economic Growth | |||
How Government Borrowing Affects Private Saving | |||
Fiscal Policy and the Trade Balance | |||
Macroeconomic Policy Around the World |
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32 | |||
The Diversity of Countries and Economies across the World | |||
Improving Countries’ Standards of Living | |||
Causes of Unemployment around the World | |||
Causes of Inflation in Various Countries and Regions | |||
Balance of Trade Concerns | |||
International Trade |
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33 | |||
Absolute and Comparative Advantage | |||
What Happens When a Country Has an Absolute Advantage in All Goods | |||
Intra-industry Trade between Similar Economies | |||
The Benefits of Reducing Barriers to International Trade | |||
Globalization and Protectionism |
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34 | |||
Protectionism: An Indirect Subsidy from Consumers to Producers | |||
International Trade and Its Effects on Jobs, Wages, and Working Conditions | |||
Arguments in Support of Restricting Imports | |||
How Trade Policy Is Enacted: Globally, Regionally, and Nationally | |||
The Tradeoffs of Trade Policy |