Simplified Real-World Economics by Thomsett, Michael -- Read -- Imperial Library of Trantor

Index

Cover Title Page Copyright Contents Introduction About the Author Wav™ Page Part I: Introductory Topics

Chapter 1. Basic Economics—Wants and Needs

Exactly What Is Economics? Scarcity Wants and Needs Decisions Endnotes

Chapter 2. Managing Scarcity—Decisions

Artificial Demand and Fads Real Scarcity Choice Based on Scarcity Evaluating Opportunity Cost How Scarcity Shapes Core Values Scarcity in a World of Inefficiency and Inequity Induced Scarcity Choice and Scarcity The Role of Marginal Analysis Endnotes

Chapter 3. Common Economic Myths

Economics and Taxes Economics and the Future Economics and Inflation Economics and Unemployment Truths, Not Myths Endnotes

Part II: Microeconomics

Chapter 4. Supply and Demand—How Markets Work

Overview, the Nature of Goods and Services The Importance of Choice Demand and Supply Functions Stability and the Effects of Equilibrium Excess Demand or Supply Endnotes

Chapter 5. The Microeconomics Business Cycle

The Business Cycle and e-Commerce Equilibrium in the Microeconomic System Decisions and the Microeconomic Business Cycle Basic Decisions and the Business Cycle Endnotes

Chapter 6. Production and Output

The Factors of Production Production Activities Defining the Production Function The Law of Diminishing Returns Endnotes

Chapter 7. Price and Elasticity

Price and Elasticity Cross-Price Elasticity Product Substitutes and Complements Income Elasticity Supply Elasticity Endnotes

Chapter 8. Substitutes and Complements

The Nature of Substitutes The Nature of Complements Endnotes

Chapter 9. Factor Markets

Factors of Production The Competitive Factor Markets Production Function and Profitability The Theory of Perfect Competition Diminishing Returns Endnotes

Chapter 10. Marginal Analysis

Marginal Benefits and Marginal Costs Marginal Revenue Marginal Benefits Marginal Cost The Business Value of Marginal Analysis Endnotes

Chapter 11. Market Equilibrium

External Factors The Equilibrium Shift Many Forms of Equilibrium Endnotes

Chapter 12. Organizations: Perfect Competition

Ideal Conditions Barriers to Entry Barriers to Exit Normal Profits The Value of the Perfect Competition Model Endnotes

Chapter 13. Competition and Economic Game Theory

Game Theory as an Economic Force The Prisoner’s Dilemma Zero-Sum Games Cooperative and Non-Cooperative Games Tragedy of the Commons Nash Equilibrium Endnotes

Chapter 14. Market Structures

Perfect Competition Assumptions in the Perfect Market The Monopoly The Oligopoly Monopolistic Competition Endnotes

Part III: Macroeconomics

Chapter 15. Gross Domestic Product

Three Ways to Calculate GDP Gross National Income (GNI) Limitations of GDP Endnotes

Chapter 16. Unemployment and Labor Force Participation

Unemployment and Its Economic Affects Ideal Unemployment Levels The Labor Participation Rate Endnotes

Chapter 17. Inflation and Recession

Myths About Inflation Calculating Inflation The GDP Deflator and Price Indices The Cost of Inflation Inflation and Expectations Challenges in Measuring Inflation Theories of Inflation Recession Endnotes

Chapter 18. The Macroeconomics Business Cycle

Phases of the Business Cycle Underlying Causes of the Business Cycle Long-Term GDP Trends Business Cycles and the Purpose of Macroeconomics The Product-Based Business Cycle Endnotes

Chapter 19. Consumption versus Savings

Marginal Propensity to Consume MPC Variances by Standard of Living Marginal Propensity to Save The Multiplier Effect Endnotes

Chapter 20. The Role of Government

Government Intervention How Governments Act in the Economy Government Rights and Duties Endnotes

Bibliography Glossary