Title Principles Of Economics by N. Gregory Mankiw (z-lib.org).pdf ✅

The study of economics is guided by a few big ideas. Economists view the world as both scientists and policymakers. The theory of comparative advantage explains how people benefit from economic interdependence. Introduction 1 Ten Principles of Economics 2 Thinking Like an Economist 3 Interdependence and the Gains from Trade Firm Behavior and the Organization of Industry 13 The Costs of Production 14 Firms in Competitive Markets 15 Monopoly 16 Monopolistic Competition 17 Oligopoly The theory of the firm sheds light on the decisions that lie behind supply in competitive markets. Firms with market power can cause market outcomes to be inefficient. How Markets Work 4 The Market Forces of Supply and Demand 5 Elasticity and Its Application 6 Supply, Demand, and Government Policies How does the economy coordinate interdependent economic actors? Through the market forces of supply and demand. The tools of supply and demand are put to work to examine the effects of various government policies. Markets and Welfare 7 Consumers, Producers, and the Efficiency of Markets 8 Application: The Costs of Taxation 9 Application: International Trade Why is the equilibrium of supply and demand desirable for society as a whole? The concepts of consumer and producer surplus explain the efficiency of markets, the costs of taxation, and the benefits of international trade. The Economics of the Public Sector 10 Externalities 11 Public Goods and Common Resources 12 The Design of the Tax System Market outcomes are not always efficient, and governments can sometimes remedy market failure. To fund programs, governments raise revenue through their tax systems, which are designed with an eye toward balancing efficiency and equity. Principles of Economics: a Guided Tour
Final Thoughts 36 Six Debates over Macroeconomic Policy A capstone chapter presents both sides of six major debates over economic policy. Money and Prices in the Long Run 29 The Monetary System 30 Money Growth and Inflation The monetary system is crucial in determining the long-run behavior of the price level, the inflation rate, and other nominal variables. The Real Economy in the Long Run 25 Production and Growth 26 Saving, Investment, and the Financial System 27 The Basic Tools of Finance 28 Unemployment These chapters describe the forces that in the long run determine key real variables, including GDP growth, saving, investment, real interest rates, and unemployment. The overall quantity of production and the overall price level are used to monitor developments in the economy as a whole. The Data of Macroeconomics 23 Measuring a Nation’s Income 24 Measuring the Cost of Living The Macroeconomics of Open Economies 31 Open-Economy Macroeconomics: Basic Concepts 32 A Macroeconomic Theory of the Open Economy A nation’s economic interactions with other nations are described by its trade balance, net foreign investment, and exchange rate. A long-run model of the open economy explains the determinants of the trade balance, the real exchange rate, and other real variables. The Economics of Labor Markets 18 The Markets for the Factors of Production 19 Earnings and Discrimination 20 Income Inequality and Poverty These chapters examine the special features of labor markets, in which most people earn most of their income. Topics for Further Study 21 The Theory of Consumer Choice 22 Frontiers of Microeconomics Additional topics in microeconomics include household decision making, asymmetric information, political economy, and behavioral economics. Short-Run Economic Fluctuations 33 Aggregate Demand and Aggregate Supply 34 The Influence of Monetary and Fiscal Policy on Aggregate Demand 35 The Short-Run Trade-off between Inflation and Unemployment The model of aggregate demand and aggregate supply explains short-run economic fluctuations, the short-run effects of monetary and fiscal policy, and the short-run linkage between real and nominal variables.