Sinopsis
The annual meeting of the American Economic Association draws thousands of economists, young and old, famous and obscure. There are booksellers, business meetings, and quite a few job interviews. But mainly the economists gather to talk and listen. During the busiest times, 60 or more presentations may be taking place simultaneously, on questions that range from the future of the stock market to who does the cooking in twoearner families.
What do these people have in common? An expert on the stock market probably knows very little about the economics of housework, and vice versa. Yet an economist who wanders into the wrong seminar and ends up listening to presentations on some unfamiliar topic is nonetheless likely to hear much that is familiar. The reason is that all economic analysis is based on a set of common principles that apply to many different issues. Some of these principles involve individual choice—for economics is, first of all, about the choices that individuals make. Do you choose to work during the summer or take a backpacking trip? Do you buy a new CD or go to a movie? These decisions involve making a choice from among a limited number of alternatives limited because no one can have everything that he or she wants. Every question in economics at its most basic level involves individuals making choices.
Content
- Basic Economic Concepts
- Supply and Demand
- Measurement of Economic Performance
- National Income and Price Determination
- Financial Sector
- Inflation, Unemployment, and Stabilization Policies
- Economic Growth and Productivity
- The Open Economy: International Trade and Finance
- Behind the Demand Curve: Consumer Choice
- Behind the Supply Curve: Profit, Production, and Costs
- Market Structures: Perfect Competition and Monopoly
- Market Structures: Imperfect Competition
- Factor Markets
- Market Failure and the Role of Government
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