Introductory Economics

Economics

ISBN:

978-1-959142-70-6

Introductory Economics

Scott Findley, PhD Dwight Israelsen, PhD

Economic forces shape everyday life, from the cost of college to the interest rate on a mortgage, and most of them are beyond our control. This resource helps students understand them and make better decisions as individuals and as voters. Starting with scarcity, choice, and the role of economists, students move through markets, supply and demand, and the core measures of the economy: GDP, inflation, and unemployment. They explore why some countries are rich while others are poor, the roles of saving, investment, and financial institutions, and how money and monetary policy work. Using aggregate demand and supply models, students examine how policymakers use monetary and fiscal policy to stabilize the economy, building economic literacy and a clearer view of real-world developments.

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Chapter 1: What Is “Economics” and What Do Economists Do? Chapter 2: Allocative Efficiency and the Benefits of Exchange Chapter 3: Markets, Supply, and Demand Chapter 4: GDP: National Output is National Income Chapter 5: The Consumer Price Index and Inflation: Measuring Changes in the Cost of Living Chapter 6: Unemployment Chapter 7: Growth and Development: Why Are Some Countries Rich while Others Are Poor? Chapter 8: Saving, Investment Spending, and the Role of Financial Institutions Chapter 9: Money and the Monetary System Chapter 10: Monetary Theory, Monetary Policy, and the Relationship between Money and Inflation Chapter 11: Aggregate Demand, Aggregate Supply, and Economic Equilibrium Chapter 12: Macroeconomic Fluctuations and Countercyclical Stabilization Policy Chapter 13: Macroeconomic Stabilization in Practice: The Use of Monetary and Fiscal Policies

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