(Ebook PDF) Essentials of Economics 12th Edition by Bradley Schiller 1266074678 9781266074677 full chapters

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ISBN-10 :  1266074678

ISBN-13 :  9781266074677

Author: Bradley R. Schiller

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.

Essentials of Economics 12th Table of 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

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