Economics And Finance
ECN8065
Principles of Economics

Principles of Economics covers the scope and sequence for a two-semester principles of economics course. The text also includes many current examples, including; discussions on the great recession, the controversy among economists over the Affordable Care Act (Obamacare), the recent government shutdown, and the appointment of the United States’ first female Federal Reserve chair, Janet Yellen. The pedagogical choices, chapter arrangements, and learning objective fulfillment were developed and vetted with feedback from educators dedicated to the project. The outcome is a balanced approach to micro and macro economics, to both Keynesian and classical views, and to the theory and application of economics concepts. Current events are treated in a politically-balanced way, as well.

Choice in a World of Scar...

Choice in a World of Scarcity Introduction to Choice in a World of Scarcity How Individuals Make Choices Based on Their Budget Constraint The Production Possibilities Frontier and Social Choices Confronting Objections to the Economic Approach

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Choice in a World of Scarcity

Consumer Choices

Consumer Choices Introduction to Consumer Choices Consumption Choices How Changes in Income and Prices Affect Consumption Choices Labor-Leisure Choices Intertemporal Choices in Financial Capital Markets

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Consumer Choices

Cost and Industry Structu...

Cost and Industry Structure Introduction to Cost and Industry Structure Explicit and Implicit Costs, and Accounting and Economic Profit The Structure of Costs in the Short Run The Structure of Costs in the Long Run

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Cost and Industry Structure

Demand and Supply

Demand and Supply Introduction to Demand and Supply Price Ceilings and Price Floors Demand, Supply, and Equilibrium in Markets for Goods and Services Shifts in Demand and Supply for Goods and Services Changes in Equilibrium Price and Quantity: The Four-Step Process

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Demand and Supply

Economic Growth

Economic Growth Introduction to Economic Growth The Relatively Recent Arrival of Economic Growth Labor Productivity and Economic Growth Components of Economic Growth Economic Convergence

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Economic Growth

Elasticity

Elasticity Introduction to Elasticity Price Elasticity of Demand and Price Elasticity of Supply Polar Cases of Elasticity and Constant Elasticity Elasticity and Pricing Elasticity in Areas Other Than Price

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Elasticity

Environmental Protection ...

Environmental Protection and Negative Externalities Introduction to Environmental Protection and Negative Externalities The Economics of Pollution Command-and-Control Regulation Market-Oriented Environmental Tools The Benefits and Costs of U.S. Environmental Laws International Environmental Issues The Tradeoff between Economic Output and Environmental Protection

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Environmental Protection and Negative Externalitie...

Exchange Rates and Intern...

Exchange Rates and International Capital Flows Introduction to Exchange Rates and International Capital Flows How the Foreign Exchange Market Works Demand and Supply Shifts in Foreign Exchange Markets Macroeconomic Effects of Exchange Rates Exchange Rate Policies

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Exchange Rates and International Capital Flows

Financial Markets

Financial Markets Introduction to Financial Markets How Businesses Raise Financial Capital How Households Supply Financial Capital How to Accumulate Personal Wealth

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Financial Markets

Globalization and Protect...

Globalization and Protectionism Introduction to Globalization and Protectionism Protectionism: An Indirect Subsidy from Consumers to Producers International Trade and Its Effects on Jobs, Wages, and Working Conditions Arguments in Support of Restricting Imports How Trade Policy Is Enacted: Globally, Regionally, and Nationally The Tradeoffs of Trade Policy

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Globalization and Protectionism

Government Budgets and Fi...

Government Budgets and Fiscal Policy Introduction to Government Budgets and Fiscal Policy Government Spending Taxation Federal Deficits and the National Debt Using Fiscal Policy to Fight Recession, Unemployment, and Inflation Automatic Stabilizers Practical Problems with Discretionary Fiscal Policy The Question of a Balanced Budget

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Government Budgets and Fiscal Policy

Inflation

Inflation Introduction to Inflation Tracking Inflation How Changes in the Cost of Living are Measured How the U.S. and Other Countries Experience Inflation The Confusion Over Inflation Indexing and Its Limitations

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Inflation

Information, Risk, and In...

Information, Risk, and Insurance Introduction to Information, Risk, and Insurance The Problem of Imperfect Information and Asymmetric Information Insurance and Imperfect Information

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Information, Risk, and Insurance

International Trade

International Trade Introduction to International Trade Absolute and Comparative Advantage What Happens When a Country Has an Absolute Advantage in All Goods Intra-industry Trade between Similar Economies The Benefits of Reducing Barriers to International Trade

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International Trade

Issues in Labor Markets: ...

Issues in Labor Markets: Unions, Discrimination, Immigration Introduction to Issues in Labor Markets: Unions, Discrimination, Immigration Unions Employment Discrimination Immigration

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Issues in Labor Markets: Unions, Discrimination, I...

Labor and Financial Marke...

Labor and Financial Markets Introduction to Labor and Financial Markets Demand and Supply at Work in Labor Markets Demand and Supply in Financial Markets The Market System as an Efficient Mechanism for Information

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Labor and Financial Markets

Macroeconomic Policy Arou...

Macroeconomic Policy Around the World Introduction to Macroeconomic Policy around the World The Diversity of Countries and Economies across the World Improving Countries’ Standards of Living Causes of Unemployment around the World Causes of Inflation in Various Countries and Regions Balance of Trade Concerns

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Macroeconomic Policy Around the World

Monetary Policy and Bank ...

Monetary Policy and Bank Regulation Introduction to Monetary Policy and Bank Regulation The Federal Reserve Banking System and Central Banks Bank Regulation How a Central Bank Executes Monetary Policy Monetary Policy and Economic Outcomes Pitfalls for Monetary Policy

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Monetary Policy and Bank Regulation

Money and Banking

Money and Banking Introduction to Money and Banking Defining Money by Its Functions Measuring Money: Currency, M1, and M2 The Role of Banks How Banks Create Money

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Money and Banking

Monopolistic Competition ...

Monopolistic Competition and Oligopoly Introduction to Monopolistic Competition and Oligopoly Monopolistic Competition Oligopoly

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Monopolistic Competition and Oligopoly

Monopoly

Monopoly Introduction to a Monopoly How Monopolies Form: Barriers to Entry How a Profit-Maximizing Monopoly Chooses Output and Price

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Monopoly

Monopoly and Antitrust Po...

Monopoly and Antitrust Policy Introduction to Monopoly and Antitrust Policy Corporate Mergers Regulating Anticompetitive Behavior Regulating Natural Monopolies The Great Deregulation Experiment

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Monopoly and Antitrust Policy

Perfect Competition

Perfect Competition Introduction to Perfect Competition Perfect Competition and Why It Matters How Perfectly Competitive Firms Make Output Decisions Entry and Exit Decisions in the Long Run Efficiency in Perfectly Competitive Markets

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Perfect Competition

Positive Externalities an...

Positive Externalities and Public Goods Introduction to Positive Externalities and Public Goods Why the Private Sector Under Invests in Innovation How Governments Can Encourage Innovation Public Goods

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Positive Externalities and Public Goods

Poverty and Economic Ineq...

Poverty and Economic Inequality Introduction to Poverty and Economic Inequality Drawing the Poverty Line The Poverty Trap The Safety Net Income Inequality: Measurement and Causes Government Policies to Reduce Income Inequality

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Poverty and Economic Inequality

Public Choice

Public Choice Introduction to Public Choice Voter Participation and Costs of Elections Special Interest Politics Flaws in the Democratic System of Government

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Public Choice

The Aggregate Supply-Aggr...

The Aggregate Supply-Aggregate Demand Model Introduction to the Aggregate Supply–Aggregate Demand Model Macroeconomic Perspectives on Demand and Supply Building a Model of Aggregate Supply and Aggregate Demand Shifts in Aggregate Supply Shifts in Aggregate Demand How the AS–AD Model Incorporates Growth, Unemployment, and Inflation Keynes’ Law and Say’s Law in the AS–AD Model

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The Aggregate Supply-Aggregate Demand Model

The International Trade a...

The International Trade and Capital Flows Introduction to the International Trade and Capital Flows Measuring Trade Balances Trade Balances in Historical and International Context Trade Balances and Flows of Financial Capital The National Saving and Investment Identity The Pros and Cons of Trade Deficits and Surpluses The Difference between Level of Trade and the Trade Balance

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The International Trade and Capital Flows

The Keynesian Perspective

The Keynesian Perspective Introduction to the Keynesian Perspective Aggregate Demand in Keynesian Analysis The Building Blocks of Keynesian Analysis The Phillips Curve The Keynesian Perspective on Market Forces

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The Keynesian Perspective

The Macroeconomic Impacts...

The Macroeconomic Impacts of Government Borrowing Introduction to the Impacts of Government Borrowing How Government Borrowing Affects Investment and the Trade Balance Fiscal Policy, Investment, and Economic Growth How Government Borrowing Affects Private Saving Fiscal Policy and the Trade Balance

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The Macroeconomic Impacts of Government Borrowing

The Macroeconomic Perspec...

The Macroeconomic Perspective Introduction to the Macroeconomic Perspective Measuring the Size of the Economy: Gross Domestic Product Adjusting Nominal Values to Real Values Tracking Real GDP over Time Comparing GDP among Countries How Well GDP Measures the Well-Being of Society

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The Macroeconomic Perspective

The Neoclassical Perspect...

The Neoclassical Perspective Introduction to the Neoclassical Perspective The Building Blocks of Neoclassical Analysis The Policy Implications of the Neoclassical Perspective Balancing Keynesian and Neoclassical Models

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The Neoclassical Perspective

Unemployment

Unemployment Introduction to Unemployment How the Unemployment Rate is Defined and Computed Patterns of Unemployment What Causes Changes in Unemployment over the Short Run What Causes Changes in Unemployment over the Long Run

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Unemployment

Welcome to Economics!

Welcome to Economics! Introduction What Is Economics, and Why Is It Important? Microeconomics and Macroeconomics How Economists Use Theories and Models to Understand Economic Issues How Economies Can Be Organized: An Overview of Economic Systems

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Welcome to Economics!