(Ebook PDF) Principles of Economics A Streamlined Approach ISE 4th edition by Robert Frank ISBN 9781264363476 1264363478 full chapters

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ISBN 10: 1264363478

ISBN 13: 9781264363476

Author: Robert H. Frank

Table of contents:

• Chapter 1 Thinking Like an Economist
• Economics: Studying Choice in a World of Scarcity
• Applying the Cost-Benefit Principle
• Economic Surplus
• Opportunity Cost
• The Role of Economic Models
• Three Important Decision Pitfalls
• Pitfall 1: Measuring Costs and Benefits as Proportions Rather than Absolute Dollar Amounts
• Pitfall 2: Ignoring Implicit Costs
• Pitfall 3: Failing to Think at the Margin
• Normative Economics versus Positive Economics
• Economics: Micro and Macro
• The Approach of This Text
• Economic Naturalism
• THE ECONOMIC NATURALIST 1.1
• THE ECONOMIC NATURALIST 1.2
• THE ECONOMIC NATURALIST 1.3
• Summary
• Key Terms
• Review Questions
• Problems
• Answers to Self-tests
• Appendix: Working with Equations, Graphs, and Tables
• Chapter 2 Supply and Demand
• What, How, and for Whom? Central Planning versus the Market
• Buyers and Sellers in Markets
• The Demand Curve
• The Supply Curve
• Market Equilibrium
• Rent Controls Reconsidered
• Pizza Price Controls?
• Predicting and Explaining Changes in Prices and Quantities
• Shifts in Demand
• THE ECONOMIC NATURALIST 2.1
• Shifts in the Supply Curve
• THE ECONOMIC NATURALIST 2.2
• Four Simple Rules
• THE ECONOMIC NATURALIST 2.3
• Efficiency and Equilibrium
• Cash on the Table
• Smart for One, Dumb for All
• THE ECONOMIC NATURALIST 2.4
• Summary
• Key Terms
• Review Questions
• Problems
• Answers to Self-tests
• Appendix: The Algebra of Supply and Demand
• Chapter 3 Demand and Elasticity
• The Law of Demand
• The Origins of Demand
• Needs versus Wants
• THE ECONOMIC NATURALIST 3.1
• Applying the Law of Demand
• Substitution at Work
• THE ECONOMIC NATURALIST 3.2
• THE ECONOMIC NATURALIST 3.3
• THE ECONOMIC NATURALIST 3.4
• The Importance of Income Differences
• THE ECONOMIC NATURALIST 3.5
• Individual and Market Demand Curves
• Horizontal Addition
• Elasticity
• Price Elasticity of Demand
• Price Elasticity Defined
• Determinants of Price Elasticity of Demand
• some representative elasticity estimates
• Using Price Elasticity of Demand
• The Economic Naturalist 3.6
• The Economic Naturalist 3.7
• A Graphical Interpretation of Price Elasticity
• Price Elasticity Changes along a Straight-Line Demand Curve
• Two Special Cases
• Elasticity and Total Expenditure
• Income Elasticity and Cross-Price Elasticity of Demand
• Summary
• Key Terms
• Review Questions
• Problems
• Answers to Self-tests
• Chapter 4 Perfectly Competitive Supply
• Thinking about Supply: The Importance ofOpportunity Cost
• Individual and Market Supply Curves
• Profit-Maximizing Firms in Perfectly Competitive Markets 95
• Profit Maximization
• The Demand Curve Facing a Perfectly Competitive Firm
• Production in the Short Run
• Choosing Output to Maximize Profit
• Price Equals Marginal Cost: The Seller’s Supply Rule
• Graphing Marginal Cost
• The “Law” of Supply
• Applying the Theory of Supply
• The Economic Naturalist 4.
• Determinants of Supply Revisited
• Technology
• Input Prices
• The Number of Suppliers
• Expectations
• Changes in Prices of Other Products
• The Price Elasticity of Supply
• Determinants of Supply Elasticity
• The Economic Naturalist 4.2
• Unique and Essential Inputs: The Ultimate Supply Bottleneck
• Summary
• Key Terms
• Chapter 5 Efficiency, Exchange, and the Invisible Hand in Action
• The Central Role of Economic Profit
• Three Types of Profit
• The Invisible Hand Theory
• Two Functions of Price
• Responses to Profits and Losses
• The Effect of Market Forces on Economic Profit
• The Importance of Free Entry and Exit
• The Invisible Hand in Action
• The Economic Naturalist 5.
• Economic Rent versus Economic Profit
• The Distinction between an Equilibrium and a Social Optimum
• Smart for One, Dumb for All
• The Economic Naturalist 5.2
• Market Equilibrium and Efficiency
• The Cost of Preventing Price Adjustments
• Summary
• Key Terms
• Review Questions
• Problems
• Answers to Self-tests
• Chapter 6 Monopoly, Oligopoly, and Monopolistic Competition
• Perfect and Imperfect Competition
• Different forms of Imperfect Competition
• The Essential Difference between Perfectly and Imperfectly Competitive Firms
• Five Sources of Market Power
• Exclusive Control over Important Inputs
• Patents and Copyrights
• Government Licenses or Franchises
• Economies of Scale and Natural Monopolies
• Network Economies
• Economies of scale and the importance of start-Up costs
• The Economic Naturalist 6.
• Profit Maximization for the Monopolist
• Marginal Revenue for the Monopolist
• The Monopolist’s Profit-Maximizing Decision Rule
• Being a Monopolist Doesn’t Guarantee an Economic Profit
• Why the Invisible Hand Breaks Down underMonopoly
• Using Discounts to Expand the Market
• Price Discrimination Defined
• The Economic Naturalist 6.2
• How Price Discrimination Affects Output
• The Hurdle Method of Price Discrimination
• Is Price Discrimination a Bad Thing?
• Examples of Price Discrimination
• The Economic Naturalist 6.
• Summary
• Key Terms
• Review Questions
• Problems
• Answers to Self-tests
• Chapter 7 Games and Strategic Behavior
• Using Game Theory to Analyze Strategic Decisions
• The Three Elements of a Game
• Nash Equilibrium
• The Prisoner’s Dilemma
• The Original Prisoner’s Dilemma
• The Economics of Cartels
• The Economic Naturalist 7.1
• Tit-for-Tat and the Repeated Prisoner’s Dilemma
• The Economic Naturalist 7.
• The Economic Naturalist 7.
• Games in Which Timing Matters
• Credible Threats and Promises
• Monopolistic Competition When Location Matters
• The Economic Naturalist 7.
• Commitment Problems
• Solving Commitment Problems with Psychological Incentives
• Summary
• Key Terms
• Review Questions
• Problems
• Answers to Self-tests
• Chapter 8 An Introduction to Behavioral Economics
• Judgmental Heuristics or Rules of Thumb
• Availability
• Representativeness
• Regression to the Mean
• The Economic Naturalist 8.1
• Anchoring and Adjustment
• Misinterpretation of Contextual Clues
• The Psychophysics of Perception
• The Difficulty of Actually Deciding
• Impulse-Control Problems
• The Economic Naturalist 8.
• Loss Aversion and Status Quo Bias
• The Economic Naturalist 8.
• Concerns about Relative Position
• The Economic Naturalist 8.
• The Economic Naturalist 8.
• Summary
• Key Terms
• Review Questions
• Problems
• Answers to Self-tests
• Chapter 9 Externalities and Property Rights
• External Costs and Benefits
• How Externalities Affect Resource Allocation
• The Coase Theorem
• Remedies for Externalities
• Laws and Regulations
• The Economic Naturalist 9.1
• The Optimal Amount of Negative Externalities Is Not Zero
• Compensatory Taxes and Subsidies
• The Economic Naturalist 9.
• Property Rights and the Tragedy of the Commons
• The Problem of Unpriced Resources
• The Effect of Private Ownership
• When Private Ownership Is Impractical
• The Economic Naturalist 9.
• The Economic Naturalist 9.
• Positional Externalities
• Payoffs That Depend on Relative Performance
• The Economic Naturalist 9.5
• Positional Arms Races and Positional Arms Control Agreements
• Social Norms as Positional Arms Control Agreements
• Summary
• Key Terms
• Review Questions
• Problems
• Answers to Self-tests
• Chapter 10 Using Economics to Make Better Policy Choices
• The Economics of Health Care
• The Case for Mandatory Immunization Laws
• Explaining Rising Health Care Costs
• Designing a Solution
• The HMO Revolution
• The Economic Naturalist 10.1
• The Problem with Health Care Provision through Private Insurance
• The Affordable Care Act of
• Using Price Incentives in Environmental Regulation
• Taxing Pollution
• Auctioning Pollution Permits
• Climate Change and Carbon Taxes
• Methods of Income Redistribution
• Welfare Payments and In-Kind Transfers
• Means-Tested Benefit Programs
• The Negative Income Tax
• Minimum Wages
• The Earned-Income Tax Credit
• Public Employment for the Poor
• A Combination of Methods
• Summary
• Key Terms
• Review Questions
• Problems
• Answers to Self-tests
• Chapter 11 International Trade and Trade Policy
• Comparative Advantage as a Basis for Trade
• A Supply and Demand Perspective on Trade
• Winners and Losers from Trade
• The Economic Naturalist 11.
• Protectionist policies: tariffs and quotas
• Tariffs
• Quotas
• The Economic Naturalist 11.2
• The Inefficiency of Protectionism
• The Economic Naturalist 11.
• Summary
• Key Terms
• Review Questions
• Problems
• Answers to Self-tests
• Chapter 12 Macroeconomics: The Bird’s-Eye View of the Economy
• The Major Macroeconomic Issues
• Economic Growth and Living Standards
• Productivity
• Recessions and Expansions
• Unemployment
• Inflation
• Economic Interdependence among Nations
• Macroeconomic Policy
• Types of Macroeconomic Policy
• Positive versus Normative Analyses of Macroeconomic Policy
• Aggregation
• Studying Macroeconomics: A Preview
• Summary
• Key Terms
• Review Questions
• Problems
• Answers to Self-tests
• Chapter 13 Measuring Economic Activity: GDP, Unemployment, and Inflation
• Gross Domestic Product: Measuring the Nation’s Output
• Market Value
• Final Goods and Services
• Produced in a Country during a Given Period
• Methods for Measuring GDP 307
• The Expenditure Method for Measuring GDP
• GDP and the Incomes of Capital and Labor
• Nominal GDP versus Real GDP
• The Economic Naturalist 13.1
• Real Gdp, Economic Growth, and Economic Well-Being
• Unemployment and the Unemployment Rate
• Measuring Unemployment
• The Costs of Unemployment
• The Duration of Unemployment
• The Unemployment Rate versus “True” Unemployment
• The Consumer Price Index and Inflation 320
• Inflation
• Adjusting for Inflation
• Deflating a Nominal Quantity
• Indexing to Maintain Buying Power
• The Economic Naturalist 13.
• Inflation Measurement and Quality Change
• The Costs of Inflation: Not What You Think
• The True Costs of Inflation
• Summary
• Key Terms
• Review Questions
• Problems
• Answers to Self-tests
• Chapter 14 Economic Growth, Productivity, and Living Standards
• The Remarkable Rise in Living Standards: The Record
• Why “Small” Differences in Growth Rates Matter
• Why Nations Become Rich: The Crucial Role of Average Labor Productivity
• The Determinants of Average Labor Productivity
• Human Capital
• The Economic Naturalist 14.1
• Physical Capital
• Land and Other Natural Resources
• Technology
• The Economic Naturalist 14.2
• Entrepreneurship and Management
• The Economic Naturalist 14.3
• The Political and Legal Environment
• Real Gdp and Economic Well-Being 357
• Why Real gdp Isn’t the Same as Economic Well-Being
• The Economic Naturalist 14.4
• But Gdp Is Related to Economic Well-Being
• The Economic Naturalist 14.
• Promoting Economic Growth
• Policies to Increase Human Capital
• The Economic Naturalist 14.6
• Policies That Promote Saving and Investment
• Policies That Support Research and Development
• The Legal and Political Framework
• The Poorest Countries: A Special Case?
• Are There Limits to Growth?
• Summary
• Key Terms
• Review Questions
• Problems
• Answers to Self-tests
• Chapter 15 The Labor Market: Workers, Wages, and Unemployment
• Five Important Labor Market Trends
• Trends in Real Wages
• Trends in Employment and Unemployment
• Supply and Demand in the Labor Market 376
• Wages and the Demand for Labor
• Shifts in the Demand for Labor
• The Economic Naturalist 15.1
• The Supply of Labor
• Shifts in the Supply of Labor
• Explaining the Trends in Real Wages and Employment
• Large Increases in Real Wages in Industrialized Countries
• Real Wage Growth in the United States Has Stagnated since the Early 1970s, While Employment Growth Has Been Rapid
• Increasing Wage Inequality: The Effects of Globalization and Technological Change
• The Economic Naturalist 15.
• Unemployment
• Types of Unemployment and Their Costs
• Impediments to Full Employment
• Summary
• Key Terms
• Review Questions
• Problems
• Answers to Self-tests
• Chapter 16 Saving and Capital Formation
• Saving and Wealth
• Stocks and Flows
• Capital Gains and Losses
• The Economic Naturalist 16.
• The Economic Naturalist 16.
• Why Do People Save?
• The Economic Naturalist 16.3
• Saving and the Real Interest Rate
• Saving, Self-Control, and Demonstration Effects
• The Economic Naturalist 16.
• National Saving and Its Components
• The Measurement of National Saving
• Private and Public Components of National Saving
• Public Saving and the Government Budget
• Is Low Household Saving a Problem?
• Investment and Capital Formation
• Saving, Investment, and Financial Markets
• The Economic Naturalist 16.
• Summary
• Key Terms
• Review Questions
• Problems
• Answers to Self-tests
• Chapter 17 Money, the Federal Reserve, and Global Financial Markets
• Money and its Uses
• The Economic Naturalist 17.1
• Measuring Money
• Commercial Banks and the Creation of Money
• The Money Supply with Both Currency and Deposits
• The Federal Reserve System 444
• The History and Structure of the Federal Reserve System
• Controlling the Money Supply: Open-Market Operations
• The Fed’s Role in Stabilizing Financial Markets: Banking Panics
• The Economic Naturalist 17.
• The Financial System and the Allocation of Saving to Productive Uses
• The Banking System
• The Economic Naturalist 17.3
• Bonds and Stocks
• Bond Markets, Stock Markets, and the Allocation of Savings
• The Informational Role of Bond and Stock Markets
• Risk Sharing and Diversification
• The Economic Naturalist 17.
• International Capital Flows
• Capital Flows and the Balance of Trade
• The Determinants of International Capital Flows
• Saving, Investment, and Capital Inflows
• The Saving Rate and the Trade Deficit
• The Economic Naturalist 17.
• Summary
• Key Terms
• Review Questions
• Problems
• Answers to Self-tests
• Chapter 18 Short-Term Economic Fluctuations and Fiscal Policy
• The Economic Naturalist 18.
• Recessions and Expansions
• The Economic Naturalist 18.2
• Some Facts about Short-Term Economic Fluctuations
• Output Gaps and Cyclical Unemployment
• Potential Output
• The Output Gap
• The Natural Rate of Unemployment and Cyclical Unemployment
• The Economic Naturalist 18.
• Why Do Short-Term Fluctuations Occur? A Preview and a Tale
• Alice’s Ice Cream Store: A Tale about Short-Run Fluctuations
• Recessions and Proposed Solutions: Keynes’s Analysis
• The Keynesian Model’s Crucial Assumption: Firms Meet Demand at Preset Prices
• The Economic Naturalist 18.4
• Aggregate Output and Spending
• Hey Big Spender! Consumer Spending and the Economy
• The Multiplier
• Stabilizing Spending: The Role of Fiscal Policy
• Government Purchases and Spending
• THE ECONOMIC NATURALIST 18.5
• Taxes, Transfers, and Aggregate Spending
• The Economic Naturalist 18.
• Fiscal Policy as a Stabilization Tool: Three Qualifications
• Fiscal Policy and the Supply Side
• The Problem of Deficits
• The Relative Inflexibility of Fiscal Policy
• Summary
• Key Terms
• Review Questions
• Problems
• Answers to Self-tests
• Chapter 19 Stabilizing the Economy: The Role of the Fed
• The Federal Reserve and Interest Rates: The Basic Model
• The Demand for Money
• Macroeconomic Factors That Affect the Demand for Money
• The Money Demand Curve
• The Economic Naturalist 19.1
• The Supply of Money and Money Market Equilibrium
• How the Fed Controls the Nominal Interest Rate
• The Role of the Federal Funds Rate in Monetary Policy
• Can the Fed Control the Real Interest Rate?
• The Federal Reserve and Interest Rates: A Closer Look
• Can the Fed Fully Control the Money Supply?
• Do Interest Rates Always Move Together?
• The Effects of Federal Reserve Actions on the Economy
• Aggregate Expenditure and the Real Interest Rate
• The Fed Fights a Recession
• The Economic Naturalist 19.2
• The Fed Fights Inflation
• The Economic Naturalist 19.
• The Economic Naturalist 19.
• The Economic Naturalist 19.5
• The Fed’s Policy Reaction Function
• The Economic Naturalist 19.
• Monetary Policymaking: Art or Science?
• Summary
• Key Terms
• Review Questions
• Problems
• Answers to Self-tests
• Chapter 20 Aggregate Demand, Aggregate Supply, and Inflation
• Inflation, Spending, and Output: The Aggregate Demand Curve
• Inflation, the Fed, and Why the AD Curve Slopes Downward
• Other Reasons for the Downward Slope of the AD Curve
• Factors That Shift the Aggregate Demand Curve
• Shifts of the AD Curve versus Movements along the AD Curve
• Inflation and Aggregate Supply
• Inflation Inertia
• The Output Gap and Inflation
• The Aggregate Demand–Aggregate Supply Diagram
• The Self-Correcting Economy
• Sources of Inflation 560
• Excessive Aggregate Spending
• The Economic Naturalist 20.1
• Inflation Shocks
• The Economic Naturalist 20.2
• Shocks to Potential Output
• The Economic Naturalist 20.3
• Controlling Inflation
• The Economic Naturalist 20.
• The Economic Naturalist 20.
• Summary
• Key Terms
• Review Questions
• Problems
• Answers to Self-tests
• Chapter 21 Exchange Rates and the Open Economy
• Exchange Rates
• Nominal Exchange Rates
• Flexible versus Fixed Exchange Rates
• The Real Exchange Rate
• The Economic Naturalist 21.
• The Determination of the Exchange Rate in the Long Run 587
• A Simple Theory of Exchange Rates: Purchasing Power Parity (PPP)
• Shortcomings of the PPP Theory
• The Determination of the Exchange Rate in the Short Run
• The Foreign Exchange Market: A Supply and Demand Analysis
• Changes in the Supply of Dollars
• Changes in the Demand for Dollars
• The Economic Naturalist 21.
• Monetary Policy and the Exchange Rate
• The Economic Naturalist 21.3
• The Exchange Rate as a Tool of Monetary Policy
• Fixed Exchange Rates 597
• How to Fix an Exchange Rate
• Speculative Attacks
• Monetary Policy and the Fixed Exchange Rate
• The Economic Naturalist 21.
• The Economic Naturalist 21.
• The Economic Naturalist 21.
• Should Exchange Rates Be Fixed or Flexible?
• The Economic Naturalist 21.
• Summary
• Key Terms

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