Sinopsis
The study of economics should begin with a sense of wonder. Pause for a moment and consider a typical day in your life. It might start with a bagel made in a local bakery with flour produced in Minnesota from wheat grown in Kansas and bacon from pigs raised in Ohio packaged in plastic made in New Jersey. You spill coffee from Colombia on your shirt made in Texas from textiles shipped from South Carolina. After class you drive with a friend on an interstate highway that is part of a system that took 20 years and billions of dollars to build. You stop for gasoline refined in Louisiana from Saudi Arabian crude oil brought to the United States on a supertanker that took 3 years to build at a shipyard in Maine.
Later you log onto theWeb with a laptop assembled in Indonesia from parts made in China and Skype with your brother in Mexico City, and you call a buddy on your iPhone with parts from a dozen countries.You use or consume tens of thousands of things, both tangible and intangible, every day: buildings,music, staples, paper, toothpaste, tweezers, pizza, soap, digital watches, fire protection, banks, electricity, eggs, insurance, football fields, buses, rugs, subways, health services, sidewalks, and so forth. Somebody made all these things. Somebody organized men and women and materials to produce and distribute them. Thousands of decisions went into their completion. Somehow they got to you.
In the United States, over 139 million people—almost half the total population—work at hundreds of thousands of different jobs producing over $14 trillion worth of goods and services every year. Some cannot find work; some choose not to work. Some are rich; others are poor. The United States imports over $200 billion worth of automobiles and parts and about $300 billion worth of petroleum and petroleum products each year; it exports around $62 billion worth of agricultural products, including food. Every month the United States buys around $25 billion worth of goods and services from China, while China buys about $5 billion worth from the United States. High-rise office buildings go up in central cities. Condominiums and homes are built in the suburbs. In other places, homes are abandoned and boarded up. Some countries are wealthy. Others are impoverished. Some are growing. Some are not. Some businesses are doing well. Others are going bankrupt. As the 10th edition of our text goes to press, the world is beginning to recover from a period during which many people felt the pain of a major economic downturn. In the United States at the beginning of 2010 more than 15 million people who wanted to work could not find a job. Millions around the world found themselves with falling incomes and wealth.
Content
- The Scope and Method of Economics
- The Economic Problem: Scarcity and Choice
- Demand, Supply, and Market Equilibrium
- Demand and Supply Applications
- Introduction to Macroeconomics
- Measuring National Output and National Income
- Unemployment, Inflation, and Long-Run Growth
- Aggregate Expenditure and Equilibrium Output
- The Government and Fiscal Policy
- The Money Supply and the Federal Reserve System
- Money Demand and the Equilibrium Interest Rate
- Aggregate Demand in the Goods and Money Markets
- Aggregate Supply and the Equilibrium Price Level
- The Labor Market In the Macroeconomy
- Financial Crises, Stabilization, and Deficits
- Household and Firm Behavior in the Macroeconomy: A Further Look
- Long-Run Growth
- Alternative Views in Macroeconomics
- International Trade, Comparative Advantage, and Protectionism
- Open-Economy Macroeconomics: The Balance of Payments and Exchange Rates
- Economic Growth in Developing and Transitional Economies
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