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Economics Demystified


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Table of Contents

Chapter 1 Introduction to Economics
Four Economic Resources
Opportunity Cost
Rational Decision Making
Marginal Analysis
Economic Models
Appendix: Math and Graph Review
Chapter 2 Utility and Consumer Choice
Utility Functions and Preferences
Principle of Diminishing Marginal Utility
Budget Constraints
Constrained Utility Maximization
Spending the Marginal Dollar
Chapter 3 Demand
The Law of Demand
Demand Curves
Determinants of Demand
Price Elasticity of Demand
Cross-Price and Income Elasticities of Demand
Chapter 4 Production and Cost
The Inputs Used in Production-Fixed and Variable
The Short Run and the Long Run
Short-Run Production
Diminishing Marginal Product
Costs in the Short Run
Increasing Marginal Cost
Chapter 5 Supply
The Marginal Cost Curve
The Law of Supply
Supply Curves
Determinants of Supply
The Price Elasticity of Supply
Chapter 6 Market Equilibrium
Competitive Markets
Changes to Equilibrium
Efficiency in Competitive Markets
Price Controls
Excise Taxes
Chapter 7 Perfect Competition
Key Assumptions of Perfect Competition
Revenue and Costs
Profit Maximization, Mathematically
Accounting Profit and Economic Profit
Profit Maximization, Graphically
Economic Profit and Loss in the Short Run
Long-Run Adjustments
Chapter 8 Monopoly
Key Assumptions
Demand, Marginal Revenue, and Elasticity
Profit Maximization
Deadweight Loss
Government Regulation
Price Discrimination
Chapter 9 Imperfect Competition: Monopolistic Competition and Oligopoly
Key Assumptions of Monopolistic Competition
Short-Run Equilibrium in Monopolistic Competition
Long-Run Equilibrium in Monopolistic Competition
Key Assumptions of Oligopoly
Game Theory
Chapter 10 Factor Markets
The Choice Between Labor and Leisure
An Individual's Labor Supply
Labor Demand
How Wages Are Determined
Least-Cost Hiring of Two Inputs
Chapter 11 Introduction to Macroeconomics
A Model of the Economy as a Whole: The Circular Flow Diagram
Measuring the State of the Economy
Counting GDP: The Expenditures Approach
Counting GDP: The Income Approach
GNP Versus GDP-What's the Difference?
Chapter 12 Unemployment
What Is Unemployment?
The Labor Force
Measuring Unemployment
Two Types of Unemployment
The Idea of Full Employment
Underemployment and Discouraged Workers
Theories of Unemployment
Chapter 13 Inflation
Introduction to Inflation
The Consumer Price Index
Real and Nominal Dollars
The Consequences of Inflation
Deflation Versus Disinflation
Employment and Inflation
Chapter 14 The Model of Aggregate Demand and Aggregate Supply
Real GDP and Nominal GDP
Understanding the Model of Aggregate Demand and Aggregate Supply
Aggregate Demand (AD)
Aggregate Supply (SRAS and LRAS)
Equilibrium in the Macroeconomy
Economic Growth
Chapter 15 Money and the Money Market
The Functions and Types of Money
The Money Supply
Fractional Reserves
The Role of a Central Bank
The Money Market
Chapter 16 Fiscal Policy and Monetary Policy
The Interest Rate
The Classical Theory of Economics
Keynesian Theory
Fiscal Policy
Difficulties with Fiscal Policy
Monetary Policy
Problems with Fiscal and Monetary Policy
Applying Policy Actions to Economic Fluctuations
Chapter 17 The Global Economy
Production Possibilities
Comparative Advantage and Gains from Trade
Foreign Exchange Markets
Currency Appreciation and Depreciation
How Do Exchange Rates Affect Aggregate Demand?
Balance of Payments
Foreign Currency and Economic Policy
Trade Barriers
Chapter 18 Public Goods and the Environment
Private and Public Goods
Providing Public Goods
Positive Externalities
Negative Externalities
Government Remedies for Externalities
How Can Economics Reduce Pollution?
Chapter 19 Health Economics and the Market for Health Insurance
Introduction to Health Economics
Healthcare Markets
The Market for Insurance
Healthcare Policy Reform
Chapter 20 Economic Research
Introduction to Research in Economics
The Research Process
Final Exam
Answers to Quizzes and Final Exam

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