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Section Ⅰ BASICS1

chapter1

The Challenge of Economics1

The Central Problem of Scarcity3

The Three Basic Economic Questions4

WHAT to Produce4

HOW to Produce11

FOR WHOM to Produce12

The Mechanisms of Choice12

The Political Process13

The Market Mechanism13

Central Planning14

Mixed Economies14

Undesirable Choices14

Market Failure14

Government Failure17

What Economics Is All About19

Macro vs.Micro19

Theo vs.Reality20

Politics vs.Economics20

Modest Expectations21

Summary22

Appendix：Using Graphs25

Slopes26

Shis27

Linear vs.Nonlinear Curves29

Causation29

Headlines3

Will Your Kids Be Better Off？3

North Korea Says It Is Running Out of Food9

Russia Tightens Its Belt9

Declining Faith in Government18

chapter2 The U.S.Economy30

What America Produces32

How Much Output32

The Mix of Output35

Changing Industre Structure38

How America Produces40

Factors of Production40

Business Organizations42

Government Regulation43

Striking a Balance45

For Whom America Produces45

The Distribution of Income46

Income Mobility47

In-Kind Income47

Taxes and Transfers48

Summary50

Headlines42

The Education Gap between Rich and Poor Nations42

Income Share of the Rich48

chapter 3 Supply and Demand54

Market Participants56

Goals56

Constraints56

Specialization and Exchange56

Market Interactions57

The Two Markets57

Dollars and Exchange58

Supply and Demand59

Demand59

Individual Demand59

Determinants of Demand62

Ceterus Paribus63

Shifts in Demand63

Movements vs.Shifts64

Market Demand64

The Market Demand Curve65

The Use of Demand Curves67

Supply67

Determinants of Supply68

The Market Supply Curve68

Shifts in Supply69

Equilibrium70

Market Clearing71

Surplus and Shortage72

Changes in Equilibrium74

Disequilibrium Pricing76

Price Ceilings77

Price Floors78

Laissez Faire79

Policy Perspectives80

Free Tuition in California！80

Summary81

Headlines62

Higher Alcohol Prices and Student Drinking62

Natural Gas Prices Rise as Temps Fall65

California Forced to Turn the Lights Off70

For Fans，What’s 4 Nights for U2？72

Buyers Line Up for Sony’s PIayStation 273

U2 Tour Turning Out 2 Be “Disaster” in Ticket Sales74

Beef Prices on the Way Up76

Section Ⅱ MICROECONOMICS86

chapter 4 Consumer Demand86

Patterns of Consumption88

Determinants of Demand88

The Sociopsychiatric Explanation89

The Economic Explanation89

The Demand Curve91

Utility Theory91

Price and Quantity93

Price Elasticity95

Elastic vs.Inelastic Demand96

Price Elasticity and Total Revenue97

Determinants of Elasticity99

Policy Perspectives100

Caveat Emptor：The Role of Advertising100

Summary102

Headlines90

Men vs.Women：How They Spend90

iTunes Music Store Hits Five Million Downloads95

Dramatic Rise in Teenage Smoking97

Cigarette Tax，Highest in Nation，Cuts Sales by Half100

Where the Pitch Is Loudest101

chapter 5 Supply Decisions108

Capacity Constraints：The Production Function110

Efficiency111

Capacity112

Marginal Physical Product112

Law of Diminishing Returns113

Short Run vs.Long Run114

Costs of Production114

Total Cost114

Which Costs Matter？116

Average Cost117

Marginal Cost117

Supply Horizons119

The Short-Run Production Decision120

The Long-Run Investment Decision120

Economic vs.Accounting Costs121

Economic Cost122

Economic Profit123

Policy Perspectives123

Invest in Labor or Capital？123

Summary124

Headlines114

“We Pretend to Work，They Pretend to Pay Us”114

Mercedes-Benz121

McDonald’s Plans Expansion in China121

chapter 6 Competition128

Market Structure130

Perfect Competition132

No Market Power132

Price Takers132

Market Demand vs.Firm Demand133

The Firm’s Production Decision134

Output and Revenues135

Revenues vs.Profits135

Profit Maximization135

Price135

Marginal Cost135

Profit-Maximizing Rate of Output137

Total Profit139

Supply Behavior140

A Firm’s Supply140

Market Supply141

Industry Entry and Exit142

Entry142

Tendency toward Zero Economic Profits143

Exit144

Equilibrium144

Low Barriers to Entry146

Market Characteristics146

Policy Perspectives147

The Virtues of Competition147

Summary149

Headlines133

Southern Farmers Hooked on New Cash Crop133

Cheaper Wireless Talk144

Whiskered Catfish Stir a New Trade Controversy145

T-Shirt Shop Owners Lament：Too Many T-Shirt Shops147

chapter 7 Monopoly152

Monopoly Structure154

Monopoly = Industry154

Price vs.Marginal Revenue154

Monopoly Behavior157

Profit Maximization157

The Production Decision157

The Monopoly Price157

Monopoly Profits158

Barriers to Entry159

Threat of Entry159

Patent Protection：Polaroid vs.Kodak160

Other Entry Barriers161

Comparative Outcomes163

Competition vs.Monopoly163

Near Monopolies163

WHAT Gets Produced165

FOR WHOM166

HOW166

Any Redeeming Qualities？166

Research and Development166

Entrepreneurial Incentives167

Economies of Scale167

Natural Monopolies168

Contestable Markets168

Structure vs.Behavior169

Policy Perspectives169

Flying Monopoly Air169

Summary171

Headlines161

Suit Threat Slows Linux Sales161

Judge Says Microsoft Broke Antitrust Law162

OPEC Votes to Cut Production164

Music Firms Settle Lawsuit165

2 Drug Firms Agree to Settle Pricing Suit167

Following the Fares171

chapter 8 The Labor Market176

Labor Supply178

Income vs.Leisure179

Market Supply180

Labor Demand181

Derived Demand181

Marginal Physical Product183

Marginal Revenue Product184

The Law of Diminishing Returns184

The Hiring Decision187

The Firm’s Demand for Labor187

Market Equilibrium189

Equilibrium Wage189

Equilibrium Employment189

Changing Market Outcomes190

Changes in Productivity190

Changes in Price190

Legal Minimum Wages191

Labor Unions192

Policy Perspectives194

Capping CEO Pay194

Summary197

Headlines178

In Moscow，25，000 Apply for 630 Jobs at McDonald’s178

Less Pay，More Play180

Boeing to Issue Layoff Notices181

Majoring in Money182

Top Dollar，Top Coaches188

Senate GOP Blocks Minimum Wage Hike191

Disney Chief May Reap $771 Million195

What’s a President Worth？196

chapter 9 Government Intervention200

Market Failure202

The Nature of Market Failure202

Sources of Market Failure203

Public Goods203

Joint Consumption203

The Free-Rider Dilemma204

Externalities206

Consumption Decisions206

Production Decisions209

Social vs.Private Costs211

Policy Options212

Market Power214

Restricted Supply214

Antitrust Policy216

Equity217

Macro Instability218

Policy Perspectives218

Trust in Government？218

Summary220

Headlines205

Napster Gets Napped205

Passive Smoke Doesn’t Kill—or Does It？207

Breathe Easy214

Forced Recycling Is a Waste215

Section Ⅲ MACROECONOMICS224

chapter 10 The Business Cycle224

Assessing Macro Performance227

GDP Growth227

Business Cycles227

Real GDP228

Erratic Growth229

Unemployment232

The Labor Force232

The Unemployment Rate233

The Full-Employment Goal234

Inflation236

Relative vs.Average Prices236

Redistributions238

Uncertainty243

Measuring Inflation243

The Price-Stability Goal244

Summary245

Headlines226

Market in Panic as Stocks Are Dumped in 12，894，600 Share Day：Bankers Halt It226

Economy Contracts in 3rd Quarter228

Depression Slams World Economies230

How Unemployment Affects the Family234

Inflation and the Weimar Republic237

Tuition Is Up 11.5% at Community Colleges238

chapter 11 Aggregate Supply and Demand250

A Macro View252

Macro Outcomes252

Macro Determinants252

Stable or Unstable？253

Classical Theory253

The Keynesian Revolution254

The Aggregate Supply-Demand Model255

Aggregate Demand256

Aggregate Supply257

Macro Equilibrium258

Macro Failure259

Undesirable Outcomes260

Unstable Outcomes261

Shift Factors262

Competing Theories of Short-Run Instability265

Demand-Side Theories265

Supply-Side Theories267

Eclectic Explanations267

Policy Options267

Fiscal Policy268

Monetary Policy268

Supply-Side Policy268

Policy Perspectives269

The Changing Choice of Policy Levers269

Summary270

Headlines261

Too Much Supply，Too Little Demand261

Falling Stocks Smash Nest Eggs263

Attack Puts Chill on European Businesses264

Difficult Passage264

Consumers Are Spending Big Time266

chapter 12 Fiscal Policy274

Components of Aggregate Demands276

Consumption276

Investment277

Government Spending277

Net Exports278

Equilibrium278

The Nature of Fiscal Policy279

Fiscal Stimulus280

More Government Spending280

Tax Cuts284

Inflation Worries286

Fiscal Restraint287

Budget Cuts288

Tax Hikes288

Fiscal Guidelines289

Policy Perspectives289

Unbalanced Budgets289

Summary291

Headlines277

Consumer Confidence Plunges to Two-Year Low277

Retailers See Results from Child Tax Credit Checks285

Tax Cuts Could Improve Growth287

chapter 13 Money and Banks294

The Uses of Money296

Many Types of Money296

The Money Supply297

Cash vs.Money297

Transaction Accounts298

Basic Money Supply298

Near Money299

Aggregate Demand300

Creation of Money300

Deposit Creation300

A Monopoly Bank301

Reserve Requirements303

Excess Reserves304

A Multibank World304

The Money Multiplier304

Limits to Deposit Creation306

Excess Reserves as Lending Power306

The Macro Role of Banks306

Financing Aggregate Demand306

Constraints on Money Creation308

Policy Perspectives308

Digital Money308

Summary309

Headlines297

Goods Replace Rubles in Russia’s Vast Web of Trade297

Writing Checks Going Out of Style299

chapter 14 Monetary Policy312

The Federal Reserve System314

Federal Reserve Banks314

The Board of Governors315

The Fed Chairman316

Monetary Tools316

Reserve Requirements316

The Discount Rate318

Open-Market Operations320

Powerful Levers322

Shifting Aggregate Demand322

Expansionary Policy323

Restrictive Policy323

Price vs.Output Effects325

Aggregate Demand325

Aggregate Supply325

Policy Perspectives327

Fixed Rules or Discretion？327

Summary328

Headlines318

Central Bank in China Raises Reserve Requirement318

Fed Cuts Key Rate by Half a Point320

Fed Increases Dosage of Anti-Inflation Medicine324

chapter 15 Economic Growth332

The Nature of Growth334

Short-Run Changes in Capacity Use334

Long-Run Changes in Capacity334

Nominal vs.Real GDP335

Growth Indexes336

The GDP Growth Rate336

GDP per Capita：A Measure of Living Standards337

GDP per Worker：A Measure of Productivity340

Sources of Productivity Growth340

Labor Quality341

Capital Investment341

Management341

Research and Development342

Policy Levers342

Education and Training342

Immigration Policy343

Investment Incentives343

Savings Incentives344

Government Finances345

Deregulation345

Economic Freedom346

Policy Perspectives347

Is More Growth Desirable？347

Summary349

Headlines338

What Economic Growth Has Done for U.S.Families338

O Canada，You’re One Tough Cookie343

Americans Save Little344

Economic Freedom and Per Capita Income347

Keeping Up with the Patels and the Wangs348

chapter 16 Theory and Reality352

Policy Levers354

Fiscal Policy354

Monetary Policy357

Supply-Side Policy359

Idealized Uses361

Case 1：Recession361

Case 2：Inflation362

Case 3：Stagflation363

Fine-Tuning363

The Economic Record363

Why Things Don’t Always Work365

Goal Conflicts365

Measurement Problems366

Design Problems368

Implementation Problems369

Policy Perspectives372

Hands Off or Hands On？372

Summary374

Headlines357

Budget Deficit May Surpass $450 Billion357

Falling Consumer Confidence Could Alter Fed Outlook359

Macro Performance in the 1990s365

Despite Job Losses，the Recession Is Finally Declared Officially Over367

Tough Calls in Economic Forecasting368

Japanese Tighten Belts369

Budget Economics，Politics Collide371

Section Ⅳ INTERNATIONAL378

chapter 17 International Trade378

U.S.Trade Patterns380

Imports380

Exports380

Trade Balances380

Motivation to Trade382

Production and Consumption without Trade383

Trade Increases Specialization and World Output385

Comparative Advantage386

Opportunity Costs386

Absolute Costs Don’t Count387

Terms of Trade387

Limits to the Terms of Trade387

The Market Mechanism388

Protectionist Pressures389

Microeconomic Losers389

The Net Gain390

Barriers to Trade391

Tariffs391

Quotas391

Nontariff Barriers393

Exchange Rates394

Global Pricing395

Appreciation/Depreciation395

Foreign Exchange Markets395

Policy Perspectives397

Policing World Trade397

Summary399

Headlines381

Exports in Relation to GDP381

Whining over Wine389

A Litany of Losers390

Sugar Quota a Sour Deal394

China Quickly Rebuffs Pressure from U.S.to Strengthen Its Currency397

Bush Sets Tariffs on Steel Imports398

Glossary403

Index407