Principles of economics in a nutshell / Lorenzo Garbo, Dorene Isenberg and Nicholas Reksten.

Format:

Book

Author/Creator:

Garbo, Lorenzo, author.

Isenberg, Dorene, 1949- author.

Reksten, Nicholas, author.

Language:

English

Subjects (All):

Economics.

Physical Description:

1 online resource (163 pages)

Edition:

1st ed.

Place of Publication:

Abingdon, Oxon ; New York, NY : Routledge, 2020.

Summary:

"Principles of Economics in a Nutshell provides a succinct overview of contemporary economic theory. This key text introduces economics as a social science, presenting the discipline as an evolving field shaped within an historical context rather than a fixed set of ideas. Chapters on microeconomics introduce concepts of scarcity and tradeoffs, market analysis (the Marshallian cross of supply and demand) and the theory of the firm and market structure. Chapters on macroeconomics begin with an explanation of national income accounting, followed by discussions of macroeconomic theory in the goods market and in the money market from both a Keynesian and Classical view. The text concludes with examples of how to expand upon core material; using the examples of wage discrimination and climate change, it examines these issues from the perspectives of feminist and ecological economics. This book will be of great importance to students new to economics and is ideal for use on single-semester Principles courses or as a primer on economics courses in other settings. The text is fully supported by online resources, which include a set of analytical questions and suggestions for further reading for each chapter"-- Provided by publisher.

Contents:

Cover

Half Title

Epigraph

Title Page

Copyright Page

Contents

List of figures

List of tables

Preface

Chapter 1 More than just the stock market: introduction to economics

1.1 Economics as a social science

1.2 On the scientific character of economics, ideology, and perspectives

1.3 Concept of economic system

1.4 Founders of modern economics

1.5 Alternative economic paradigms: feminist and ecological economics

Chapter 2 Not in the Garden of Eden: scarcity and tradeoffs

2.1 Scarcity and inevitable trade-off among activities

2.2 Production Possibility Frontier (PPF) and opportunity cost

2.3 A special case of PPF: the budget constraint

Chapter 3 Led by an invisible hand: the market

3.1 Markets: a general introduction

3.2 Market demand

3.3 Market supply

3.4 Price adjustment mechanism (market mechanism)

3.5 Government interventions: price floors and price ceilings

3.6 Market failures: public goods and externalities

3.7 Price elasticity of demand: sensitivity of the quantity demanded of a good to its own price

3.8 Income elasticity of demand

Chapter 4 Inside the magic box: productivity, costs, and profit maximization

4.1 Introduction to the Neoclassical firm: production function

4.2 Short-run vs. long-run in production

4.3 Short-run profit maximization: concepts of economic and normal profits

4.4 A survey of market structures

4.5 Total revenues for the perfectly competitive firm

4.6 Building block of short-run cost analysis: marginal productivity of labor

4.7 Short-run cost functions

4.8 Profit maximization in perfect competition (short-run)

4.9 Profit maximization in monopoly

Chapter 5 Understanding the wealth of nations: national income accounting

5.1 Circular flows and fundamental macroeconomic identities.

5.2 Macroeconomic goals and national income accounting

5.3 Business cycles and trend

5.4 What else should count? Measuring time use

Chapter 6 In the short-run we are alive: macroeconomic theory and policy: the goods market

6.1 Introduction to the Classical - or supply-side -theoretical framework

6.2 Classical framework - The Loanable Funds Model: determination of the interest rate in the real side of the economy

6.3 Macroeconomic policy in the Classical framework: goods market

6.4 Introduction to the Keynesian theoretical framework

6.5 The Keynesian Cross: determination of equilibrium income (or output)

6.6 Expenditure multipliers

6.7 Macroeconomic policy in the Keynesian framework: goods market

Chapter 7 Money changes everything: macroeconomic theory and policy: the money market

7.1 What is money?

7.2 Money creation

7.3 Classical theory: the quantity identity (and theory) of money

7.4 The Central Bank and the interest rate: the Keynesian monetary system

Chapter 8 The embedded economy

8.1 Introduction

8.2 Feminist economics

8.3 Ecological economics

8.4 Putting it together: the beginning of economic wisdom

Index.

Notes:

Description based on print version record.

ISBN:

1-000-04375-4

1-000-04373-8

0-429-31673-9

OCLC:

1135097825