Principles of Macroeconomics, 2nd Edition
Principles of Macroeconomics, 2nd edition introduces students to fundamental economic concepts with a focus on current examples, real-world applications, and updated data. Students are encouraged to think like economists, engaging with the material through individual and collaborative Chapter Projects, Group Activities, Reflection Questions, and more.
Second edition enhancements include new material on how the Fed conducts monetary policy post-Great Recession and updated content about the impacts of the COVID-19 pandemic on the global economy. The appendix includes a mathematics review section to target skill gaps in topics such as graphing, equation solving, and area calculations.
Principles of Macroeconomics is designed to provide students with a comprehensive understanding of core economic concepts, equipping them to think critically about the implications of these theories and principles both within a global framework and in their own lives.
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Formats: Software, Textbook, eBook
Product | ISBN |
---|---|
Software + eBook | 978-1-64277-675-1 |
Software + eBook + Textbook | 978-1-64277-674-4 |
Textbook | 978-1-64277-672-0 |
Table of Contents
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Chapter 1: Welcome to Economics!
- 1.1 What Is Economics, and Why Is It Important?
- 1.2 Economic Theories, Models, and Systems
- Chapter 1 Review
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Chapter 2: Choice in a World of Scarcity
- 2.1 How Individuals Make Choices Based on Their Budget Constraint
- 2.2 The Production Possibilities Frontier and Social Choices
- 2.3 Confronting Objections to the Economic Approach
- Chapter 2 Review
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Chapter 3: Demand and Supply
- 3.1 Demand, Supply, and Equilibrium in Markets for Goods and Services
- 3.2 Shifts in Demand and Supply for Goods and Services
- 3.3 Changes in Equilibrium Price and Quantity: The Four-Step Process
- 3.4 Price Ceilings and Price Floors
- 3.5 Demand, Supply, and Efficiency
- Chapter 3 Review
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Chapter 4: Labor and Financial Markets
- 4.1 Demand and Supply at Work in Labor Markets
- 4.2 Demand and Supply in Financial Markets
- 4.3 The Market System as an Efficient Mechanism for Information
- Chapter 4 Review
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Chapter 5: Elasticity
- 5.1 Price Elasticity of Demand and Price Elasticity of Supply
- 5.2 Polar Cases of Elasticity and Constant Elasticity
- 5.3 Elasticity and Pricing
- 5.4 Elasticity in Areas Other Than Price
- Chapter 5 Review
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Chapter 6: The Macroeconomic Perspective
- 6.1 Measuring the Size of the Economy: Gross Domestic Product
- 6.2 Adjusting Nominal Values to Real Values
- 6.3 Comparing GDP among Countries
- 6.4 How Well GDP Measures the Well-Being of Society
- Chapter 6 Review
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Chapter 7: Economic Growth
- 7.1 The Relatively Recent Arrival of Economic Growth
- 7.2 Labor Productivity and Economic Growth
- 7.3 Components of Economic Growth
- 7.4 Economic Convergence
- Chapter 7 Review
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Chapter 8: Unemployment
- 8.1 How Economists Define and Compute Unemployment Rate
- 8.2 Patterns of Unemployment
- 8.3 What Causes Changes in Unemployment over the Short Run
- 8.4 What Causes Changes in Unemployment over the Long Run
- Chapter 8 Review
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Chapter 9: Inflation
- 9.1 Tracking Inflation
- 9.2 How to Measure Changes in the Cost of Living
- 9.3 How the U.S. and Other Countries Experience Inflation
- 9.4 The Confusion over Inflation
- 9.5 Indexing and Its Limitations
- Chapter 9 Review
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Chapter 10: The International Trade and Capital Flows
- 10.1 Measuring Trade Balances
- 10.2 Trade Balances and Flows of Financial Capital
- 10.3 The National Saving and Investment Identity
- 10.4 The Pros and Cons of Trade Deficits and Surpluses
- 10.5 The Difference between Level of Trade and the Trade Balance
- Chapter 10 Review
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Chapter 11: The Aggregate Demand/Aggregate Supply Model
- 11.1 Building a Model of Aggregate Demand and Aggregate Supply
- 11.2 Shifts in Aggregate Supply
- 11.3 Shifts in Aggregate Demand
- 11.4 How the AD/AS Model Incorporates Growth, Unemployment, and Inflation
- 11.5 Keynes' Law and Say's Law in the AD/AS Model
- Chapter 11 Review
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Chapter 12: The Keynesian Perspective
- 12.1 Aggregate Demand in Keynesian Analysis
- 12.2 The Building Blocks of Keynesian Analysis
- 12.3 The Phillips Curve
- 12.4 Keynesian Policy and the Keynesian Perspective on Market Forces
- Chapter 12 Review
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Chapter 13: The Neoclassical Perspective
- 13.1 The Building Blocks of Neoclassical Analysis
- 13.2 The Policy Implications of the Neoclassical Perspective
- 13.3 Balancing Keynesian and Neoclassical Models
- Chapter 13 Review
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Chapter 14: Money and Banking
- 14.1 Defining Money by Its Functions
- 14.2 Measuring Money: Currency, M1, and M2
- 14.3 The Role of Banks
- 14.4 How Banks Create Money
- Chapter 14 Review
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Chapter 15: Monetary Policy and Bank Regulation
- 15.1 The Federal Reserve Banking System and Central Banks
- 15.2 Bank Regulation
- 15.3 How a Central Bank Executes Monetary Policy
- 15.4 Monetary Policy and Economic Outcomes
- 15.5 Pitfalls for Monetary Policy
- Chapter 15 Review
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Chapter 16: Exchange Rates and International Capital Flows
- 16.1 How the Foreign Exchange Market Works
- 16.2 Demand and Supply Shifts in Foreign Exchange Markets
- 16.3 Macroeconomic Effects of Exchange Rates
- 16.4 Exchange Rate Policies
- Chapter 16 Review
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Chapter 17: Government Budgets and Fiscal Policy
- 17.1 Government Spending
- 17.2 Taxation
- 17.3 Federal Deficits and the National Debt
- 17.4 Using Fiscal Policy to Fight Recession, Unemployment, and Inflation
- 17.5 Automatic Stabilizers
- 17.6 Practical Problems with Discretionary Fiscal Policy
- 17.7 The Question of a Balanced Budget
- Chapter 17 Review
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Chapter 18: The Impacts of Government Borrowing
- 18.1 How Government Borrowing Affects Investment and the Trade Balance
- 18.2 Fiscal Policy and the Trade Balance
- 18.3 How Government Borrowing Affects Private Saving
- 18.4 Fiscal Policy, Investment, and Economic Growth
- Chapter 18 Review
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Chapter 19: Macroeconomic Policy around the World
- 19.1 The Diversity of Countries and Economies across the World
- 19.2 Improving Countries' Standards of Living
- 19.3 Causes of Unemployment and Inflation around the World
- 19.4 Balance of Trade Concerns
- Chapter 19 Review
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Chapter 20: International Trade
- 20.1 Absolute and Comparative Advantage
- 20.2 What Happens When a Country Has an Absolute Advantage in All Goods
- 20.3 Intra-industry Trade between Similar Economies
- 20.4 The Benefits of Reducing Barriers to International Trade
- Chapter 20 Review
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Chapter 21: Globalization and Protectionism
- 21.1 Protectionism: An Indirect Subsidy from Consumers to Producers
- 21.2 International Trade and Its Effects on Jobs, Wages, and Working Conditions
- 21.3 Arguments in Support of Restricting Imports
- 21.4 Trade Policy
- Chapter 21 Review
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Appendix: Math Review
- A.1 Addition and Subtraction
- A.2 Multiplication and Division
- A.3 Order of Operations
- A.4 Algebraic Expressions
- A.5 Basics of Percent
- A.6 Linear Equations
- A.7 Graphing
- A.8 Calculating Area
- Appendix Review