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ISBN-10: 0618127933

ISBN-13: 9780618127931

Edition: 5th 2002

Authors: William J. Boyes, Michael Melvin

List price: $153.56
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This fifth edition provides an array of pedagogical features to help students engage with key economic concepts. It provides a framework that facilitates the comprehension, application and retention of core economic ideas.
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Book details

List price: $153.56
Edition: 5th
Copyright year: 2002
Publisher: CENGAGE Learning
Publication date: 7/13/2001
Binding: Paperback
Pages: 950
Size: 8.00" wide x 10.00" long x 1.00" tall
Weight: 4.070
Language: English

Michael Melvin is currently Head of Currency Research at Barclays Global Investors. He also retains affiliations at the Arizona State University Department of Economics and the Haas School of Business at the University of California, Berkeley. Dr. Melvin received his Ph.D. in economics from UCLA in 1980. He has served as a visiting scholar at the Federal Reserve Board and the International Monetary Fund, was a Fulbright Professor at the University of Frankfurt, and has been a visiting professor at UCLA, Northwestern University, U.C. San Diego, and the University of Hawaii. His field of specialization is International Finance, and he is the coeditor of the Journal of International Money and Finance.

Contents Note: Each chapter begins with a Preview and includes a Summary, Key Terms, Exercises, and Internet Exercises/Resources. I. Introduction to the Price System 1. Economics: The World Around You The Definition of Economics The Economic Approach Economic Insight: "Free" Air? Economically Speaking: "Pumped Up Over Cheap Gas?" Appendix to Chapter 1: Working with Graphs Reading Graphs Constructing a Graph Slopes 2. Choice, Opportunity Costs, and Specialization Opportunity Costs Specialization and Trade Economically Speaking: "The Car Sector Braces for Stiffer Competition" 3. Markets, Demand and Supply, and the Price System Markets Demand Supply Equilibrium: Putting Demand and Supply Together Economic Insight: "The Foreign Exchange Market" Economically Speaking: "A Sleuth for Landlords with Eviction in Mind" 4. The Market System and the Private Sector The Market System Households Business Firms The International Sector Linking the Sectors Economic Insight: "Adam Smith" Economic Insight: "The Successful Entrepreneur (Sometimes It''s Better to Be Lucky Than Good)" Economically Speaking: "Zooming in on Wills" 5. The Public Sector The Circular Flow The Role of Government in the Market System Overview of the United States Government Government in Other Economies Economic Insight: "Government Creates a Market for Fishing Rights" Economically Speaking: "A Big ''Nein'' to Deutsche Telekom; Telecommunications: Germany Still Doesn''t Have a Completely Open Market" II. Macroeconomic Basics 6. National Income Accounting Measures of Output and Income Nominal and Real Measures Flows of Income and Expenditures Economic Insight: "The Value of Homemaker Services" Economic Insight: "The Consumer Price Index" Economically Speaking: "Consumer Price Index Carries Clout" 7. An Introduction to the Foreign Exchange Market and the Balance of Payments The Foreign Exchange Market The Balance of Payments Economic Insight: "Active Trading Around the World" Economic Insight: "Black Markets in Foreign Exchange" Economically Speaking: "High Gas Prices, Weak Euro Result in Room Availability, Less-Crowded Facilities at Popular U.S. National Parks" 8. Unemployment and Inflation Business Cycles Unemployment Inflation Economic Insight: "The Underground Economy" Economically Speaking: "Greenspan: Skills Wanted; Fed Chief Says Job Training Key to Prosperity in U.S" 9. Macroeconomic Equilibrium: Aggregate Demand and Supply Aggregate Demand, Aggregate Supply, and Business Cycles Factors That Influence Aggregate Demand The Aggregate Demand Curve Aggregate Supply Aggregate Demand and Supply Equilibrium Economic Insight: "How Lack of Information in the Short Run Affects Wages in the Long Run" Economic Insight: "OPEC and Aggregate Supply" Economically Speaking: "Opinions Differ in Consumer Confidence Polls" 10. Aggregate Expenditures Consumption and Saving Investment Government Spending Net Exports The Aggregate Expenditures Function Economic Insight: "Permanent Income, Life Cycles, and Consumption" Economically Speaking: "U.S. Trade Deficit with China Widens; Record Gap Shows up as Summit Nears" Appendix to Chapter 10: An Algebraic Model of Aggregate Expenditures 11. Incomes and Expenditures Equilibrium Equilibrium Income and Expenditures Changes in Equilibrium Income and Expenditures Aggregate Expenditures and Aggregate Demand Economic Insight: "John Maynard Keynes" Economic Insight: "The Paradox of Thrift" Economically Speaking: "A Hard Landing in the U.S. "Will Hit Asia"" Appendix to Chapter 11: An Algebraic Model of Income and Expenditures Equilibrium III. Macroeconomic Policy 12. Fiscal Policy Fiscal Policy and Aggregate Demand Fiscal Policy in the United States Fiscal Policy in Different Countries Economic Insight: "Supply-Side Economics and the Laffer Curve" Economic Insight: "The Taxpayer''s Federal Government Credit Card Statement" Economically Speaking: "Overflowing Government Coffers Should Purchase Fresh Thinking" Appendix to Chapter 12: An Algebraic Examination of the Balanced-Budget Change in Fiscal Policy 13. Money and Banking What Is Money? Banking Banks and the Money Supply Economic Insight: "Islamic Banking" Economically Speaking: "They Love Our Money" 14. Monetary Policy The Federal Reserve System Implementing Monetary Policy Monetary Policy and Equilibrium Income Economically Speaking: "What''s on a 20 Dollar Bill?" Economically Speaking: "Fed Gives Interest Rates Another Nudge: Central Bank Concerned about Inflation, But Stocks Roar Higher" 15. Macroeconomic Policy: Tradeoffs, Expectations, Credibility, and Sources of Business Cycles The Phillips Curve The Role of Expectations Credibility and Time Inconsistency Sources of Business Cycles The Link Between Monetary and Fiscal Policies Economic Insight: "The Natural Rate of Unemployment" Economically Speaking: "Greenspan Grilled: Congress Questions Inflation, Rates, Dollar" 16. Macroeconomic Viewpoints: New Keynesian, Monetarist, and New Classical Keynesian Economics Monetarist Economics New Classical Economics Comparison and Influence Economic Insight: "Milton Friedman" Economically Speaking: "Sun Is Finally Setting on Economic Conservation" 17. Macroeconomic Links Between Countries Prices and Exchange Rates Interest Rates and Exchange Rates Policy Effects International Policy Coordination Economically Speaking: "Expats'' Currency Conundrum/American Investors Try to Predict Future of the Dollar" IV. Economic Growth and Development 18. Economic Growth Defining Economic Growth The Determinants of Growth Productivity Economic Insight: "Technological Advance: The Change in the Price of Light" Economically Speaking: "U.S. Updating Its Economic Measurements" 19. Development Economics The Developing World Obstacles to Growth Development Strategies Foreign Investment and Aid Economics in Transition from Socialism Economic Insight: "Development and Cultural Values in Sub-Saharan Africa" Economically Speaking: "We Need the Will to Feed the Hungry" V. Product Market Basics 20. Elasticity: Demand and Supply The Price of Elasticity of Demand The Use of Price Elasticity of Demand Determinants of the Price Elasticity of Demand Other Demand Elasticities Supply Elasticities Economic Insight: "Price, Revenue, and Profit" Economically Speaking: "Equal Pricing Bill Passed" 21. Consumer Choice Decisions Utility and Choice The Demand Curve Again Economic Insight: "Does Money Buy Happiness?" Economically Speaking: "Sudden Wealth Syndrome" Appendix to Chapter 21: Indifference Analysis Indifference Curves Budget Constraint Consumer Equilibrium 22. Supply: The Costs of Doing Business Firms and Production From Production to Costs Cost Schedules and Cost Curves The Long Run Economic Insight: "Overhead" Economically Speaking: "Monopoly: Old Concept in a New Era" VI. Product Markets 23. Profit Maximization Profit Maximization Marginal Revenue and Marginal Cost Selling Environments or Market Structure