Essentials of Economic, 12th Edition
- Length: 1159 pages
- Edition: 12
- Language: English
- Publisher: McGraw Hill
- Publication Date: 2022-03-30
- ISBN-10: 1265115516
- ISBN-13: 9781265115517
- Sales Rank: #2770684 (See Top 100 Books)
Written specifically for the one semester survey of economics course, Schiller’s Essentials of Economics is known for seeking the best possible answers to the basic questions of WHAT, HOW, and FOR WHOM to produce. Schiller is dedicated to introducing core economic principles in a real-world context by focusing on trending policies and front-page developments. As in earlier editions, the twelfth edition strives to engage students by illustrating economics with examples of applied economy theory found in real-world institutions, policy debates, and global developments like COVID-19.
Essentials of Economics is thoroughly integrated with the adaptive digital tools available in McGraw Hill’s Connect, proven to increase student engagement and success in the course. Coauthor Karen Gebhardt has closely aligned digital resources to the text benefiting both students and instructors. Essentials of Economics features the latest suite of Connect resources including SmartBook 2.0.
Cover Title Page Copyright About the Authors Connect Preface McGraw Hill Series Contents in Brief Contents Section I BASICS Chapter 1: THE CHALLENGE OF ECONOMICS How Did We Get So Rich? The Central Problem of Scarcity Three Basic Economic Questions WHAT to Produce HOW to Produce FOR WHOM to Produce The Mechanisms of Choice The Political Process The Market Mechanism Central Planning Mixed Economies What Economics Is All About Market Failure Government Failure Macro versus Micro Theory versus Reality Politics versus Economics Modest Expectations Policy Perspectives Summary Appendix–Using Graphs Slopes Shifts Linear versus Nonlinear Curves Causation News Wires Never Enough Money! Will Your Kids Be Better Off? North Korea Unveils “Most Powerful Weapon” Biden Wants $1.9 Trillion Chapter 2: THE U.S. ECONOMY What America Produces How Much Output The Mix of Output Changing Industry Structure How America Produces Factors of Production The Private Sector: Business Types The Government’s Role Striking a Balance FOR WHOM America Produces The Distribution of Income Income Mobility Government Redistribution: Taxes and Transfers Policy Perspectives Summary News Wires Why Are the Finns So Happy? U.S. Manufacturing: Output vs. Jobs Since 1975 The Education Gap between Rich and Poor Nations Income Share of the Rich Chapter 3: SUPPLY AND DEMAND Market Participants Goals Constraints Specialization and Exchange Market Interactions The Two Markets Dollars and Exchange Supply and Demand Demand Individual Demand The Demand Schedule and Demand Curve Determinants of Demand Ceteris Paribus Shifts in Demand Movements versus Shifts Market Demand The Market Demand Curve The Use of Demand Curves Supply Determinants of Supply The Market Supply Curve Shifts in Supply Equilibrium Market Clearing Market Shortage Market Surplus Changes in Equilibrium Disequilibrium Pricing Price Ceilings Price Floors Laissez Faire Policy Perspectives Summary News Wires Campus Drinking and Alcohol Prices Low Gas Prices Threaten EV Sales Rents Rising in Hurricane’s Wake Scalpers Profiting Greatly from Pope’s Visit Apple iPhone 12 Pro Sells Out San Francisco’s Homeless Population Fueled by Rent Controls Section II Microeconomics Chapter 4: CONSUMER DEMAND Patterns of Consumption Determinants of Demand The Sociopsychiatric Explanation The Economic Explanation The Demand Curve Utility Theory Price and Quantity Price Elasticity Elastic versus Inelastic Demand Price Elasticity and Total Revenue Determinants of Price Elasticity Other Changes in Consumer Behavior Changes in Income Policy Perspectives Summary News Wires Men versus Women: How They Spend Apple Slashes the Price of iPhone 11 Oregon Hikes Cigarette Tax by $2 A Starbucks Java Jolt Just Got More Expensive Chapter 5: SUPPLY DECISIONS Capacity Constraints: The Production Function Efficiency Capacity Marginal Physical Product Law of Diminishing Returns Short Run versus Long Run Costs of Production Total Cost Which Costs Matter? Average Cost Marginal Cost Supply Horizons The Short-Run Production Decision The Long-Run Investment Decision Economic versus Accounting Costs Economic Cost Economic Profit Policy Perspectives Summary News Wires “We Pretend to Work; They Pretend to Pay Us” Tesla Production May Approach 1 Million; Tesla Building Texas Gigafactory Chapter 6: COMPETITION Market Structure Perfect Competition No Market Power Price Takers Market Demand versus Firm Demand The Firm’s Production Decision Output and Revenues Revenues versus Profits Profit Maximization Price Marginal Cost Profit-Maximizing Rate of Output Total Profit Supply Behavior A Firm’s Supply Market Supply Industry Entry and Exit Entry Tendency toward Zero Economic Profits Exit Equilibrium Low Barriers to Entry Market Characteristics Policy Perspectives Summary News Wires Catfish Farmers on the Hook Catfish Farmers Quitting The T-Shirt Business: Too Much Competition Chapter 7: MONOPOLY Monopoly Structure Monopoly = Industry Price versus Marginal Revenue Monopoly Behavior Profit Maximization The Production Decision The Monopoly Price Monopoly Profits Barriers to Entry Threat of Entry Patent Protection: Polaroid versus Kodak Other Entry Barriers Comparative Outcomes Competition versus Monopoly Near Monopolies WHAT Gets Produced FOR WHOM HOW Any Redeeming Qualities? Research and Development Entrepreneurial Incentives Economies of Scale Natural Monopolies Contestable Markets Structure versus Behavior Policy Perspectives Summary News Wires Big Legal Bills for Little Golf Balls Judge Rules Microsoft Abused Monopoly Power Tuna Firms Guilty of Price-Fixing Stifling Would-Be Competition Chapter 8: THE LABOR MARKET Labor Supply Income versus Leisure Market Supply Labor Demand Derived Demand Marginal Physical Product Marginal Revenue Product The Law of Diminishing Returns The Hiring Decision The Firm’s Demand for Labor Market Equilibrium Equilibrium Wage Equilibrium Employment Changing Market Outcomes Changes in Productivity Changes in Price Legal Minimum Wages Labor Unions Policy Perspectives Summary News Wires Amazon’s Career Day Attracts over 300,000 Job Seekers American Airlines Warns of More Layoffs Most Lucrative College Degrees Alabama’s Nick Saban Gets $200,000 Bonus for Title Win Biden Proposes $15 Minimum Wage Chapter 9: GOVERNMENT INTERVENTION Market Failure The Nature of Market Failure Sources of Market Failure Public Goods Joint Consumption The Free-Rider Dilemma Externalities Consumption Decisions Production Decisions Social versus Private Costs Policy Options Market Power Restricted Supply Antitrust Policy Inequity Macro Instability Policy Perspectives Summary News Wires Israel’s “Iron Dome” Works! Secondhand Smoke Kills More Than 600,000 People a Year: Study Biden Halts Keystone Pipeline Breathing Easier Bloomberg: Forced Recycling a Waste Section III Macroeconomics Chapter 10: THE BUSINESS CYCLE Assessing Macro Performance GDP Growth Business Cycles Real GDP Erratic Growth Unemployment The Labor Force The Unemployment Rate The Full Employment Goal Inflation Relative versus Average Prices Redistributions Uncertainty Measuring Inflation The Price Stability Goal Policy Perspectives Summary News Wires Market in Panic as Stocks Are Dumped in 12,894,600-Share Day; Bankers Halt It Lockdowns Hit One-Third of Economy Depression Slams World Economies How Unemployment Affects the Family Shippers, Retailers Hiring Thousands for the Holiday Season Hyperinflation Brings Weimar Republic to a Standstill College Costs Keep Rising Chapter 11: AGGREGATE SUPPLY AND DEMAND A Macro View Macro Outcomes Macro Determinants Stable or Unstable? Classical Theory The Keynesian Revolution The Aggregate Supply–Demand Model Aggregate Demand Aggregate Supply Macro Equilibrium Macro Failure Undesirable Outcomes Unstable Outcomes Shift Factors Competing Theories of Short-Run Instability Demand-Side Theories Supply-Side Theories Eclectic Explanations Policy Options Fiscal Policy Monetary Policy Supply-Side Policy Policy Perspectives Summary News Wires Job Losses Surge Consumer Confidence Plunges Harvey Slams into Houston Area Chapter 12: FISCAL POLICY Components of Aggregate Demand Consumption Investment Government Spending Net Exports Equilibrium The Nature of Fiscal Policy Fiscal Stimulus More Government Spending Income Transfers Tax Cuts Inflation Worries Fiscal Restraint Budget Cuts Tax Hikes Fiscal Guidelines Policy Perspectives Summary News Wires Recession Looming Amazon Prime Day Surpasses $10 Billion in Sales Congress Passes Biden Relief Package Trump Tax Cuts Boost Spending Retailers Bracing for Spending Slowdown Chapter 13: MONEY AND BANKS The Uses of Money Many Types of Money The Money Supply Cash versus Money Transactions Accounts Basic Money Supply Near Money Aggregate Demand Creation of Money Deposit Creation A Monopoly Bank Reserve Requirements Excess Reserves A Multibank World The Money Multiplier Limits to Deposit Creation Excess Reserves as Lending Power The Macro Role of Banks Financing Aggregate Demand Constraints on Money Creation Policy Perspectives Summary News Wires Fish for Flour: Venezuela’s Barter Economy How Would You Like to Pay for That? Chapter 14: MONETARY POLICY The Federal Reserve System Federal Reserve Banks The Board of Governors The Fed Chair Monetary Tools Reserve Requirements The Discount Rate Open Market Operations Powerful Levers Shifting Aggregate Demand Expansionary Policy Restrictive Policy Interest Rate Targets Price versus Output Effects Aggregate Demand Aggregate Supply Policy Perspectives Summary News Wires China Cuts Reserve Requirements Fed Cuts Key Interest Again Chapter 15: ECONOMIC GROWTH The Nature of Growth Short-Run Changes in Capacity Use Long-Run Changes in Capacity Nominal versus Real GDP Growth Indexes The GDP Growth Rate GDP per Capita: A Measure of Living Standards GDP per Worker: A Measure of Productivity Sources of Productivity Growth Labor Quality Capital Investment Management Research and Development Policy Levers Education and Training Immigration Policy Investment Incentives Savings Incentives Government Finances Deregulation Economic Freedom Policy Perspectives Summary News Wires What Economic Growth Has Done for U.S. Families Americans Save Little Improvement in Economic Freedom and Economic Growth Section IV International Chapter 16: INTERNATIONAL TRADE U.S. Trade Patterns Imports Exports Trade Balances Motivation to Trade Production and Consumption without Trade Trade Increases Specialization and World Output Comparative Advantage Opportunity Costs Absolute Costs Don’t Count Terms of Trade Limits to the Terms of Trade The Market Mechanism Protectionist Pressures Microeconomic Losers The Net Gain Barriers to Trade Tariffs Quotas Nontariff Barriers Exchange Rates Global Pricing Appreciation/Depreciation Foreign Exchange Markets Policy Perspectives Summary News Wires Exports in Relation to GDP Angry French Winemakers Destroy Spanish Wine Stocks Winners and Losers from Trump Steel Tariff Mexico Accepts Trump’s Offer on Sugar Quotas Paris Just Got Cheaper for American Tourists Section V Capstone Chapter 17: THEORY VERSUS REALITY Policy Tools Fiscal Policy Monetary Policy Supply-Side Policy Idealized Uses Case 1: Recession Case 2: Inflation Case 3: Stagflation Fine-Tuning The Economic Record Why Things Don’t Always Work Goal Conflicts Measurement Problems Design Problems Implementation Problems Policy Perspectives Summary News Wires Macro Performance, 2000–2017 One Year Later, NBER Acknowledges Start of Recession Glossary Index
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