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Table of Contents

PART 1 INTRODUCTION TO ECONOMICS

CHAPTER 1 EXPLORING ECONOMICS

MODULE 1 What Is Economics?

MODULE 2 Production Possibilities for a Nation

MODULE 3 The World of Economics

CHAPTER 2 COMPARING ECONOMIC SYSTEMS

MODULE 4 Using Resources to Achieve Economic Goals

MODULE 5 Types of Economic Systems

MODULE 6 The Modern Market Economy

CHAPTER 3 MAKING ECONOMIC DECISIONS

MODULE 7 Understanding Costs and Benefits

MODULE 8 Rational Decision Making

MODULE 9 Behavioral Economics: Decision Making in Practice

PART 2 SUPPLY AND DEMAND: FUNDAMENTAL FORCES IN MARKETS

CHAPTER 4 THE DEMAND FOR GOODS AND SERVICES

MODULE 10 Determining Demand

MODULE 11 Shifts of the Demand Curve

MODULE 12 Elasticity of Demand

CHAPTER 5 THE SUPPLY OF GOODS AND SERVICES

MODULE 13 Understanding Supply

MODULE 14 Shifts of the Supply Curve

MODULE 15 Production, Cost, and the Profit-Maximizing Output Level

CHAPTER 6 PRICES AND QUANTITIES: PUTTING SUPPLY AND DEMAND TOGETHER

MODULE 16 Supply and Demand

MODULE 17 Changes in Supply and Demand

MODULE 18 Shortages, Surpluses, and the Role of Prices

PART 3 MARKET EFFICIENCY AND WELFARE

CHAPTER 7 BUSINESS ORGANIZATIONS

MODULE 19 Businesses and the Economy

MODULE 20 Types of Businesses

MODULE 21 How Businesses Grow

MODULE 22 Business Ethics

CHAPTER 8 MARKET STRUCTURE

MODULE 23 Monopoly

MODULE 24 Oligopoly and Monopolistic Competition

MODULE 25 Regulating Market Power

CHAPTER 9 MARKET FAILURE AND GOVERNMENT FAILURE

MODULE 26 When the Invisible Hand Is All Thumbs: Market Failure

MODULE 27 The Heavy Hand of Government: Government Failure

PART 4 APPLICATIONS OF MICROECONOMICS

CHAPTER 10 TAXES: THE PRICE OF A FUNCTIONING GOVERNMENT

MODULE 28 Why and How Are We Taxed?

MODULE 29 Responding to Taxes

MODULE 30 Evaluating Taxes

CHAPTER 11 LABOR MARKETS

MODULE 31 Labor Demand

MODULE 32 Labor Supply and Labor Market Equilibrium

MODULE 33 The Skills of Workers and the Quality of Jobs

CHAPTER 12 PERSONAL FINANCE: MANAGING YOUR MONEY

MODULE 34 Finding a Job

MODULE 35 Creating a Budget

MODULE 36 Essential Elements of Personal Finance

MODULE 37 Investing and Personal Financial Planning

PART 5 MACROECONOMICS

CHAPTER 13 MACROECONOMIC PERFORMANCE

MODULE 38 Measuring National Output and Income

MODULE 39 Economic Growth

MODULE 40 Business Cycles

CHAPTER 14 UNEMPLOYMENT AND INFLATION

MODULE 41 Unemployment

MODULE 42 Inflation

MODULE 43 Unemployment, Inflation, and the Business Cycle

CHAPTER 15 FISCAL POLICY

MODULE 44 Government Revenue and Spending

MODULE 45 Deficits and the National Debt

MODULE 46 Managing the Business Cycle

CHAPTER 16 MONEY, BANKING, AND FINANCIAL MARKETS

MODULE 47 What Is Money?

MODULE 48 The Banking System

MODULE 49 The Role of Financial Markets in the Real Economy

CHAPTER 17 THE FEDERAL RESERVE SYSTEM AND MONETARY POLICY

MODULE 50 The Federal Reserve System

MODULE 51 The Federal Reserve and Traditional Monetary Policy

MODULE 52 Extraordinary Times, Extraordinary Tools

PART 6 INTERNATIONAL TRADE AND DEVELOPMENT

CHAPTER 18 TRADE AND THE GLOBAL ECONOMY

MODULE 53 The Benefits of International Trade

MODULE 54 Barriers to Trade

MODULE 55 Foreign Exchange and the Balance of Trade

CHAPTER 19 ECONOMIC DEVELOPMENT AND GLOBAL CHALLENGES

MODULE 56 Measuring Economic Development

MODULE 57 Economic Issues in Developing Countries

MODULE 58 Globalization and Its Challenges

PERSONAL FINANCE HANDBOOK

SECTION 1: Take It to the Bank

SECTION 2: Get Interested in Money Math

SECTION 3: Learn to Earn

SECTION 4: Save and Invest Money

SECTION 5: Give Yourself Some Credit

SECTION 6: Borrow without Sorrow

SECTION 7: Manage Your Money

SECTION 8: Protect Yourself from Risk

SKILLS HANDBOOK

SECTION 1: Critical Thinking Skills

SECTION 2: Data Bank

SECTION 3: Atlas

SECTION 4: Reading Graphs and Other Visual

SECTION 5: Test- Taking Skills

GLOSSARY/GLOSARIO

REVIEWERS

INDEX

Authors

Alan Krueger

Alan B. Krueger is the Bendheim Professor of Economics and Public Affairs at Princeton University.  He received a bachelor’s degree with honors from Cornell University and an A.M. degree and Ph.D. in Economics from Harvard University.  Krueger currently serves as Chairman of President Obama’s Council of Economic Advisers and is a member of the President’s Cabinet.  He previously served as Assistant Secretary for Economic Policy and Chief Economist of the U.S. Department of the Treasury (2009-10), and as Chief Economist of the U.S. Department of Labor (1994-95).  He has been a member of the Executive Committee of the American Economic Association (2005-07) and was Chief Economist for the Council for Economic Education (2003-09).  While at the Council for Economic Education, Alan helped to draft the Voluntary National Content Standards in Economics, serving as Co-Chair of the committee.  He was elected a fellow of the American Academy of Arts & Sciences and of the Econometric Society.  He was a columnist for the New York Times.  Among his many scholarly publications are What Makes a Terrorist: Economics and the Roots of Terrorism and Education Matters: A Selection of Essays on Education.  When not in Washington, D.C., Alan lives in Princeton, NJ, with his wife, Lisa, a high school math teacher.  They have two grown children. 

David A. Anderson

David Anderson is the Paul G. Blazer Professor of Economics at Centre College. He received his BA in economics from the University of Michigan and his MA and PhD in economics from Duke University. Anderson has been involved in the AP® Economics programs for more than two decades. For five years he led the grading of one or both of the AP® Economics exams, and he speaks regularly at AP® conferences and workshops. He has authored dozens of scholarly articles and 15 books, including Explorations in Economics, Survey of Economics, Cracking the AP® Economics Exam, Economics by Example, Favorite Ways to Learn Economics, and Environmental Economics and Natural Resource Management . His research is primarily on economic education, environmental economics, law and economics, and labor economics. Anderson loves teaching introductory economics and has won awards for excellence and innovation in the classroom. His favorite hobby is running, and he competes in marathons and triathlons. He lives in Danville, Kentucky, with his wife and two children.

David Anderson

David Anderson is the Paul G. Blazer Professor of Economics at Centre College. He received his BA in economics from the University of Michigan and his MA and PhD in economics from Duke University. Anderson has been involved in the AP® Economics program since 1994. For five years he led the grading of one or both of the AP® Economics exams, and he speaks regularly at AP® conferences and workshops. He has authored dozens of scholarly articles and 15 books, including Survey of Economics, Explorations in Economics, Cracking the AP® Economics Exam, Economics by Example, Favorite Ways to Learn Economics, and Environmental Economics and Natural Resource Management. His research is primarily on economic education, environmental economics, law and economics, and labor economics. Anderson loves teaching introductory economics and has won awards for excellence and innovation in the classroom. His favorite hobby is running, and he competes in marathons and triathlons. His family resides in Danville, Kentucky.

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