Principles of Macroeconomics 3e covers the scope and sequence of most one semester introductory macroeconomics courses. The third edition takes a balanced approach to the theory and application of macroeconomics concepts. The text uses conversational language and ample illustrations to explore economic theories, and provides a wide array of examples using both fictional and real-world scenarios. The third edition has been carefully and thoroughly updated to reflect current data and understanding, as well as to provide a deeper background in diverse contributors and their impacts on economic thought and analysis. For example, the third edition highlights the research and views of a broader group of economists. Brief references and deeply explored socio-political examples have also been updated to showcase the critical – and sometimes unnoticed – ties between economic developments and topics relevant to students.
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This book is licensed under a Creative Commons License (CC BY). You can download the ebook Principles of Macroeconomics 3e for free.
- Title
- Principles of Macroeconomics 3e
- Publisher
- OpenStax
- Author(s)
- Daniel MacDonald, David Shapiro, Steven A. Greenlaw
- Published
- 2022-12-14
- Edition
- 3
- Format
- eBook (pdf, epub, mobi)
- Pages
- 629
- Language
- English
- ISBN-10
- 171147147X
- ISBN-13
- 9781711471471
- License
- CC BY
- Book Homepage
- Free eBook, Errata, Code, Solutions, etc.
Chapter 1 Welcome to Economics! Introduction 1.1 What Is Economics, and Why Is It Important? 1.2 Microeconomics and Macroeconomics 1.3 How Economists Use Theories and Models to Understand Economic Issues 1.4 How To Organize Economies: An Overview of Economic Systems Key Terms Key Concepts and Summary Self-Check Questions Review Questions Critical Thinking Questions Chapter 2 Choice in a World of Scarcity Introduction to 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 Key Terms Key Concepts and Summary Self-Check Questions Review Questions Critical Thinking Questions Problems Chapter 3 Demand and Supply Introduction to 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 Key Terms Key Concepts and Summary Self-Check Questions Review Questions Critical Thinking Questions Problems Chapter 4 Labor and Financial Markets Introduction to 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 Key Terms Key Concepts and Summary Self-Check Questions Review Questions Critical Thinking Questions Problems Chapter 5 Elasticity Introduction to 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 Key Terms Key Concepts and Summary Self-Check Questions Review Questions Critical Thinking Questions Problems Chapter 6 The Macroeconomic Perspective Introduction to the Macroeconomic Perspective 6.1 Measuring the Size of the Economy: Gross Domestic Product 6.2 Adjusting Nominal Values to Real Values 6.3 Tracking Real GDP over Time 6.4 Comparing GDP among Countries 6.5 How Well GDP Measures the Well-Being of Society Key Terms Key Concepts and Summary Self-Check Questions Review Questions Critical Thinking Questions Problems Chapter 7 Economic Growth Introduction to 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 Key Terms Key Concepts and Summary Self-Check Questions Review Questions Critical Thinking Questions Problems Chapter 8 Unemployment Introduction to 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 Key Terms Key Concepts and Summary Self-Check Questions Review Questions Critical Thinking Questions Problems Chapter 9 Inflation Introduction to 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 Key Terms Key Concepts and Summary Self-Check Questions Review Questions Critical Thinking Questions Problems Chapter 10 The International Trade and Capital Flows Introduction to the International Trade and Capital Flows 10.1 Measuring Trade Balances 10.2 Trade Balances in Historical and International Context 10.3 Trade Balances and Flows of Financial Capital 10.4 The National Saving and Investment Identity 10.5 The Pros and Cons of Trade Deficits and Surpluses 10.6 The Difference between Level of Trade and the Trade Balance Key Terms Key Concepts and Summary Self-Check Questions Review Questions Critical Thinking Questions Problems Chapter 11 The Aggregate Demand/Aggregate Supply Model Introduction to the Aggregate Supply–Aggregate Demand Model 11.1 Macroeconomic Perspectives on Demand and Supply 11.2 Building a Model of Aggregate Demand and Aggregate Supply 11.3 Shifts in Aggregate Supply 11.4 Shifts in Aggregate Demand 11.5 How the AD/AS Model Incorporates Growth, Unemployment, and Inflation 11.6 Keynes’ Law and Say’s Law in the AD/AS Model Key Terms Key Concepts and Summary Self-Check Questions Review Questions Critical Thinking Questions Problems Chapter 12 The Keynesian Perspective Introduction to 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 The Keynesian Perspective on Market Forces Key Terms Key Concepts and Summary Self-Check Questions Review Questions Critical Thinking Questions Chapter 13 The Neoclassical Perspective Introduction to 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 Key Terms Key Concepts and Summary Self-Check Questions Review Questions Critical Thinking Questions Problems Chapter 14 Money and Banking Introduction to 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 Key Terms Key Concepts and Summary Self-Check Questions Review Questions Critical Thinking Questions Problems Chapter 15 Monetary Policy and Bank Regulation Introduction to 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 Key Terms Key Concepts and Summary Self-Check Questions Review Questions Critical Thinking Questions Problems Chapter 16 Exchange Rates and International Capital Flows Introduction to 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 Key Terms Key Concepts and Summary Self-Check Questions Review Questions Critical Thinking Questions Problems Chapter 17 Government Budgets and Fiscal Policy Introduction to 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 Key Terms Key Concepts and Summary Self-Check Questions Review Questions Critical Thinking Questions Problems Chapter 18 The Impacts of Government Borrowing Introduction to 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 Key Terms Key Concepts and Summary Self-Check Questions Review Questions Critical Thinking Questions Problems Chapter 19 Macroeconomic Policy Around the World Introduction to 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 around the World 19.4 Causes of Inflation in Various Countries and Regions 19.5 Balance of Trade Concerns Key Terms Key Concepts and Summary Self-Check Questions Review Questions Critical Thinking Questions Problems Chapter 20 International Trade Introduction to 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 Key Terms Key Concepts and Summary Self-Check Questions Review Questions Critical Thinking Questions Problems Chapter 21 Globalization and Protectionism Introduction to 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 How Governments Enact Trade Policy: Globally, Regionally, and Nationally 21.5 The Tradeoffs of Trade Policy Key Terms Key Concepts and Summary Self-Check Questions Review Questions Critical Thinking Questions Problems Appendix A The Use of Mathematics in Principles of Economics Appendix B The Expenditure-Output Model Appendix C How Open Market Operations Affect Balance Sheets in a Limited Reserves Environment Answer Key Chapter 1 Chapter 2 Chapter 3 Chapter 4 Chapter 5 Chapter 6 Chapter 7 Chapter 8 Chapter 9 Chapter 10 Chapter 11 Chapter 12 Chapter 13 Chapter 14 Chapter 15 Chapter 16 Chapter 17 Chapter 18 Chapter 19 Chapter 20 Chapter 21 References Index
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