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PART ONE: INTRODUCTION TO ECONOMICS 1. What Is Economics? 2. Markets and Prices PART TWO: NATIONAL INCOME AND OUTPUT 3. National Income and Product 4. Business Fluctuations and Unemployment 5. The Determination of National Output and the Keynesian Multiplier 6. Fiscal Policy and National Output 7. Inflation PART THREE: MONEY, BANKING, AND STABILIZATION POLICY 8. Money and the Banking System 9. The Federal Reserve and Monetary Policy 10. Stagflation and Anti-Inflationary Measures 11. Productivity, Growth, and Technology Policy 12. Deficits, Public Debt, and the Federal Budget 13. Monetary Policy, Interest Rates, and Economic Activity 14. Controversies over Stabilization Policy PART FOUR: ECONOMIC DECISION MAKING: THE FIRM, THE CONSUMER, SOCIETY 15. The Business Firm: Organization, Motivation, and Optimal Input Decisions 16. Getting Behind the Demand and Supply Curves 17. Market Demand and Price Elasticity 18. Economic Efficiency, Market Supply, and Perfect Competition 19. Monopoly and Its Regulation 20. Monopolistic Competition, Oligopoly, and Antitrust Policy 21. Pollution and the Environment PART FIVE: THE DISTRIBUTION OF INCOME 22. The Supply and Demand for Labor 23. Interest, Rent, and Profits 24. Poverty, Income Inequality, and Discrimination PART SIX: GROWTH, THE GOVERNMENT, AND INTERNATIONAL ECONOMICS 25. Economic Growth 26.Public Goods and the Role of the Government 27. International Trade 28. Exchange Rates and the Balance of Payments

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The global Environment: An emergin world view The World's population :People and hunger Energy: Present and future problems Pollution:The hazard of Growth Resources: Land ,Water and Air Biosphere:Endangered species

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College Accounting is intended for use at its supplements are designed to provide entry-level students with a complete foundation in general financial accounting. The course is intended to serve as a springboard for those students entering the financial accounting field at the book- keeper level, as well as for those going on to a more advanced course of studies. Accounting is a skill. It uses the art of interpreting data and the science of recording that data within a disciplined system. To help the student learn the system, a building block approach is used: each topic is identified, discussed, and then demonstrated. However, a skill is best learned by doing. The wealth of end-of-chapter material, both for self-test and assignment purposes, encourages students to review and apply their newly gained knowledge. Each chapter begins with a brief look backwards at any pertinent information on which the new chapter will build. Showing how each chapter builds on previous chapters ties the text together and provides the student with a smooth transition from one topic to the next. In organizing the chapter topics, I have tried to follow as logical a sequence as possible. The book begins with the basic accounting cycle for a service-oriented business. I have focused on the service business in Chapters 1–10 because it repre- sents the largest segment of the economy and is the simplest for educational purposes. Chapter 7 discusses the types of special journals often used in small service busi- nesses. Early placement of special journals is also convenient for schools that are preparing students to enter the medical or legal clerical job market. Chapters 8-10 cover the two topics common to most businesses: cash and payroll. By completing Chapters 1-10 of this textbook, the student is prepared to do basic bookkee functions for a service business. The next sequence of chapters, 11- 14, deals with the accounting cycle for a merchandising business. Merchandising, as the second most common form of busi- ness, will also employ a number of your students in the future. Chapter 15 begins a sequence that explores the balance sheet items. It is included with the first half of the text because so many reviewers felt they would like to cover it. After all, Accounts Receivable is a topic that touches most businesses. The second half of the text explores the more advanced topics of the course. The series of chapters from 15 to 19, as I have indicated above, examines various balance sheet topics: Notes Receivable. Notes Payable, Merchandise Inventory, and Plant and Equipment, respectively. Chapter 15 is repeated in the second half of the text in recognition that instructors may prefer to include this topic in the second half of the COurse. Chapters 20 and 21 explore the owner's equity area by discussing partnerships and corporations. Chapters 22 through 26 discuss topics encountered in more com- plex business structures. Chapters 27 and 28 complete the text with a discussicn of how departmentalization and manufacturing affect financial accounting. Learning objectives The learning objectives are at the front of the chapter SO that students have a road map to guide them. To provide continuity, the objectives are identified throughout the text, the chapter sunmmary. end of chapter material. Key terms The key terms are identified at the start of the chapter so that students can begin to become familiar with them as soon as poss1ble. Steps to Success Whenever possible, tasks have been broken down into a Sernes ot basic steps. This provides the student with a memory and application tool. Ketresh Your Memory Accounting builds continually on what has gone betore. To assist the student in recalling a word, phrase, or calculation, the Retresh Your Memory feature provides a helpful reminder. It is designed to save the student time and reduce the frustration level. Internal Control Internal control is becoming increasingly important to the survival of businesses, Since students who will be entering the fhelds of businesS need to pay special attention to these issues, topics involving internal control are identified by a marginal notation. Comments in the illustrations When drawing on the blackboard, showing a slide, or projecting a transparency, instructors have the liberty of pointing out certain aspects of an illustration and commenting on them. I have tried to capture this tactic by using screened comments in the illustrations that draw the student's attention to an item he or she should notice. Placing accounts in their financial statement context Starting after Chapter 2, each time an account is introduced within the chapter, it is repeated at the end of the chapter in its context within the financial statements. This feature is for reinforcement of the financial statement formats as well as the accounts within each group. Yesterday, Today, and Tomorrow Each chapter ends with a brief discussion of accounting practices or procedures, and how technology can be used to accomplish them. Chapter Summary This provides students with a study tool for reviewing the highlights of the chapter. Each learning objective is summarized and keyed back to the chapter. Glossary The glossary restates the definition of terminology introduced in the chapter. Page references identify where the term was first used within the chapter so the student can review the appropriate section. You Try It Instead of having a demonstration problem, this text engages the student in solving a problem that emphasizes the chapter material. This practical application of chapter material is also a self-test because the Correct answerS appear with a discussion of the solution at the end of the chapter. Working papers are provided. Test Yourself This self-test quizzes students on the terminology covered in the chapter. Again, the answers are provided for concepts, theory, and instant feedback. If the answer to a guestion is false, a rationale for why is provided. This section includes true/false and fill-in-the-blank items. Questions These items reauire students to describe in their own words COncepS Or practices covered in the chapters, The answers require from one sentence to one short paragraph. GENERAL Exercises These include identification, matching, or short problems that ask the student to employ a single concept from the chapter. These are linked to the chapter material by learning obiective and can be used to identify each student's weak areas. Problenns-Series A and B These series contain similar problems so that the mstructor an assign the second set of problems in the second semester. Series B might also be used for additional assignments for students requiing more practice with certain concepts. The instructor has my assurance that like numbers in a different series cover the same material. For example, a student having difficulty with problem 2A can be assıgned problem 2B for additional practice. Both series have working papers provided at the back of the text. Problems -Series C This problem series is similar in nature to series A and B, but has been designed for use with the microcomputer software available with this text. Symbols denote whether a given problem is available on GLAS and/or SPATS (see pages xiii and xiv for details). Continuing Problem The study of accounting continuously builds on what the student has already learned. Every chapter studied relies on the base of knowledge since the first chapter. To reinforce this dependency on earlier learning, the continuing problem follows throughout the chapters of the book. The student participates in the accounting for one business as it matures. Each chapter adds another component- one that is covered in that particular chapter-but brings all records and practices forward from the previous chapters. The continuing problem is in fact a growing practice set. The working papers are included at the back of the text. Business Plant Accounting has long been recognized as the language of business and it is well known that accountants do not operate in a sealed environment. This text has been written to convey the relationship between accounting and management. For instance, certain accounting procedures are developed specifically to provide information for management. The business plan is one special feature designed to help the student make the transition from the academic world into the business world. Using this assignment with small groups of students encourages the active participation by each student in the formation of a business. Deciding what must be produced by the business and how it will affect the recording process places students in the real world decision-making process as they apply the knowledge they have received from that particular chapter. The assignment of the business plan will require active participation and the development of oral and written communication skills. Written Project Accounting has long been viewed as the language of business,"'" but how often do we teach communication skills? The written project at the end of each chapter requires the student to exercise and develop writing skills while reinforcing chapter material. Review Sections Students need a solid understanding of the accounting cycle before covering additional topics. To this end, I have included a brief review section after Chapter 6

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College Accounting is intended for use at its supplements are designed to provide entry-level students with a complete foundation in general financial accounting. The course is intended to serve as a springboard for those students entering the financial accounting field at the book- keeper level, as well as for those going on to a more advanced course of studies. Accounting is a skill. It uses the art of interpreting data and the science of recording that data within a disciplined system. To help the student learn the system, a building block approach is used: each topic is identified, discussed, and then demonstrated. However, a skill is best learned by doing. The wealth of end-of-chapter material, both for self-test and assignment purposes, encourages students to review and apply their newly gained knowledge. Each chapter begins with a brief look backwards at any pertinent information on which the new chapter will build. Showing how each chapter builds on previous chapters ties the text together and provides the student with a smooth transition from one topic to the next. In organizing the chapter topics, I have tried to follow as logical a sequence as possible. The book begins with the basic accounting cycle for a service-oriented business. I have focused on the service business in Chapters 1–10 because it repre- sents the largest segment of the economy and is the simplest for educational purposes. Chapter 7 discusses the types of special journals often used in small service busi- nesses. Early placement of special journals is also convenient for schools that are preparing students to enter the medical or legal clerical job market. Chapters 8-10 cover the two topics common to most businesses: cash and payroll. By completing Chapters 1-10 of this textbook, the student is prepared to do basic bookkee functions for a service business. The next sequence of chapters, 11- 14, deals with the accounting cycle for a merchandising business. Merchandising, as the second most common form of busi- ness, will also employ a number of your students in the future. Chapter 15 begins a sequence that explores the balance sheet items. It is included with the first half of the text because so many reviewers felt they would like to cover it. After all, Accounts Receivable is a topic that touches most businesses. The second half of the text explores the more advanced topics of the course. The series of chapters from 15 to 19, as I have indicated above, examines various balance sheet topics: Notes Receivable. Notes Payable, Merchandise Inventory, and Plant and Equipment, respectively. Chapter 15 is repeated in the second half of the text in recognition that instructors may prefer to include this topic in the second half of the COurse. Chapters 20 and 21 explore the owner's equity area by discussing partnerships and corporations. Chapters 22 through 26 discuss topics encountered in more com- plex business structures. Chapters 27 and 28 complete the text with a discussicn of how departmentalization and manufacturing affect financial accounting. Learning objectives The learning objectives are at the front of the chapter SO that students have a road map to guide them. To provide continuity, the objectives are identified throughout the text, the chapter sunmmary. end of chapter material. Key terms The key terms are identified at the start of the chapter so that students can begin to become familiar with them as soon as poss1ble. Steps to Success Whenever possible, tasks have been broken down into a Sernes ot basic steps. This provides the student with a memory and application tool. Ketresh Your Memory Accounting builds continually on what has gone betore. To assist the student in recalling a word, phrase, or calculation, the Retresh Your Memory feature provides a helpful reminder. It is designed to save the student time and reduce the frustration level. Internal Control Internal control is becoming increasingly important to the survival of businesses, Since students who will be entering the fhelds of businesS need to pay special attention to these issues, topics involving internal control are identified by a marginal notation. Comments in the illustrations When drawing on the blackboard, showing a slide, or projecting a transparency, instructors have the liberty of pointing out certain aspects of an illustration and commenting on them. I have tried to capture this tactic by using screened comments in the illustrations that draw the student's attention to an item he or she should notice. Placing accounts in their financial statement context Starting after Chapter 2, each time an account is introduced within the chapter, it is repeated at the end of the chapter in its context within the financial statements. This feature is for reinforcement of the financial statement formats as well as the accounts within each group. Yesterday, Today, and Tomorrow Each chapter ends with a brief discussion of accounting practices or procedures, and how technology can be used to accomplish them. Chapter Summary This provides students with a study tool for reviewing the highlights of the chapter. Each learning objective is summarized and keyed back to the chapter. Glossary The glossary restates the definition of terminology introduced in the chapter. Page references identify where the term was first used within the chapter so the student can review the appropriate section. You Try It Instead of having a demonstration problem, this text engages the student in solving a problem that emphasizes the chapter material. This practical application of chapter material is also a self-test because the Correct answerS appear with a discussion of the solution at the end of the chapter. Working papers are provided. Test Yourself This self-test quizzes students on the terminology covered in the chapter. Again, the answers are provided for concepts, theory, and instant feedback. If the answer to a guestion is false, a rationale for why is provided. This section includes true/false and fill-in-the-blank items. Questions These items reauire students to describe in their own words COncepS Or practices covered in the chapters, The answers require from one sentence to one short paragraph. GENERAL Exercises These include identification, matching, or short problems that ask the student to employ a single concept from the chapter. These are linked to the chapter material by learning obiective and can be used to identify each student's weak areas. Problenns-Series A and B These series contain similar problems so that the mstructor an assign the second set of problems in the second semester. Series B might also be used for additional assignments for students requiing more practice with certain concepts. The instructor has my assurance that like numbers in a different series cover the same material. For example, a student having difficulty with problem 2A can be assıgned problem 2B for additional practice. Both series have working papers provided at the back of the text. Problems -Series C This problem series is similar in nature to series A and B, but has been designed for use with the microcomputer software available with this text. Symbols denote whether a given problem is available on GLAS and/or SPATS (see pages xiii and xiv for details). Continuing Problem The study of accounting continuously builds on what the student has already learned. Every chapter studied relies on the base of knowledge since the first chapter. To reinforce this dependency on earlier learning, the continuing problem follows throughout the chapters of the book. The student participates in the accounting for one business as it matures. Each chapter adds another component- one that is covered in that particular chapter-but brings all records and practices forward from the previous chapters. The continuing problem is in fact a growing practice set. The working papers are included at the back of the text. Business Plant Accounting has long been recognized as the language of business and it is well known that accountants do not operate in a sealed environment. This text has been written to convey the relationship between accounting and management. For instance, certain accounting procedures are developed specifically to provide information for management. The business plan is one special feature designed to help the student make the transition from the academic world into the business world. Using this assignment with small groups of students encourages the active participation by each student in the formation of a business. Deciding what must be produced by the business and how it will affect the recording process places students in the real world decision-making process as they apply the knowledge they have received from that particular chapter. The assignment of the business plan will require active participation and the development of oral and written communication skills. Written Project Accounting has long been viewed as the language of business,"'" but how often do we teach communication skills? The written project at the end of each chapter requires the student to exercise and develop writing skills while reinforcing chapter material. Review Sections Students need a solid understanding of the accounting cycle before covering additional topics. To this end, I have included a brief review section after Chapter 6

📖 Contenu

College Accounting is intended for use at its supplements are designed to provide entry-level students with a complete foundation in general financial accounting. The course is intended to serve as a springboard for those students entering the financial accounting field at the book- keeper level, as well as for those going on to a more advanced course of studies. Accounting is a skill. It uses the art of interpreting data and the science of recording that data within a disciplined system. To help the student learn the system, a building block approach is used: each topic is identified, discussed, and then demonstrated. However, a skill is best learned by doing. The wealth of end-of-chapter material, both for self-test and assignment purposes, encourages students to review and apply their newly gained knowledge. Each chapter begins with a brief look backwards at any pertinent information on which the new chapter will build. Showing how each chapter builds on previous chapters ties the text together and provides the student with a smooth transition from one topic to the next. In organizing the chapter topics, I have tried to follow as logical a sequence as possible. The book begins with the basic accounting cycle for a service-oriented business. I have focused on the service business in Chapters 1–10 because it repre- sents the largest segment of the economy and is the simplest for educational purposes. Chapter 7 discusses the types of special journals often used in small service busi- nesses. Early placement of special journals is also convenient for schools that are preparing students to enter the medical or legal clerical job market. Chapters 8-10 cover the two topics common to most businesses: cash and payroll. By completing Chapters 1-10 of this textbook, the student is prepared to do basic bookkee functions for a service business. The next sequence of chapters, 11- 14, deals with the accounting cycle for a merchandising business. Merchandising, as the second most common form of busi- ness, will also employ a number of your students in the future. Chapter 15 begins a sequence that explores the balance sheet items. It is included with the first half of the text because so many reviewers felt they would like to cover it. After all, Accounts Receivable is a topic that touches most businesses. The second half of the text explores the more advanced topics of the course. The series of chapters from 15 to 19, as I have indicated above, examines various balance sheet topics: Notes Receivable. Notes Payable, Merchandise Inventory, and Plant and Equipment, respectively. Chapter 15 is repeated in the second half of the text in recognition that instructors may prefer to include this topic in the second half of the COurse. Chapters 20 and 21 explore the owner's equity area by discussing partnerships and corporations. Chapters 22 through 26 discuss topics encountered in more com- plex business structures. Chapters 27 and 28 complete the text with a discussicn of how departmentalization and manufacturing affect financial accounting. Learning objectives The learning objectives are at the front of the chapter SO that students have a road map to guide them. To provide continuity, the objectives are identified throughout the text, the chapter sunmmary. end of chapter material. Key terms The key terms are identified at the start of the chapter so that students can begin to become familiar with them as soon as poss1ble. Steps to Success Whenever possible, tasks have been broken down into a Sernes ot basic steps. This provides the student with a memory and application tool. Ketresh Your Memory Accounting builds continually on what has gone betore. To assist the student in recalling a word, phrase, or calculation, the Retresh Your Memory feature provides a helpful reminder. It is designed to save the student time and reduce the frustration level. Internal Control Internal control is becoming increasingly important to the survival of businesses, Since students who will be entering the fhelds of businesS need to pay special attention to these issues, topics involving internal control are identified by a marginal notation. Comments in the illustrations When drawing on the blackboard, showing a slide, or projecting a transparency, instructors have the liberty of pointing out certain aspects of an illustration and commenting on them. I have tried to capture this tactic by using screened comments in the illustrations that draw the student's attention to an item he or she should notice. Placing accounts in their financial statement context Starting after Chapter 2, each time an account is introduced within the chapter, it is repeated at the end of the chapter in its context within the financial statements. This feature is for reinforcement of the financial statement formats as well as the accounts within each group. Yesterday, Today, and Tomorrow Each chapter ends with a brief discussion of accounting practices or procedures, and how technology can be used to accomplish them. Chapter Summary This provides students with a study tool for reviewing the highlights of the chapter. Each learning objective is summarized and keyed back to the chapter. Glossary The glossary restates the definition of terminology introduced in the chapter. Page references identify where the term was first used within the chapter so the student can review the appropriate section. You Try It Instead of having a demonstration problem, this text engages the student in solving a problem that emphasizes the chapter material. This practical application of chapter material is also a self-test because the Correct answerS appear with a discussion of the solution at the end of the chapter. Working papers are provided. Test Yourself This self-test quizzes students on the terminology covered in the chapter. Again, the answers are provided for concepts, theory, and instant feedback. If the answer to a guestion is false, a rationale for why is provided. This section includes true/false and fill-in-the-blank items. Questions These items reauire students to describe in their own words COncepS Or practices covered in the chapters, The answers require from one sentence to one short paragraph. GENERAL Exercises These include identification, matching, or short problems that ask the student to employ a single concept from the chapter. These are linked to the chapter material by learning obiective and can be used to identify each student's weak areas. Problenns-Series A and B These series contain similar problems so that the mstructor an assign the second set of problems in the second semester. Series B might also be used for additional assignments for students requiing more practice with certain concepts. The instructor has my assurance that like numbers in a different series cover the same material. For example, a student having difficulty with problem 2A can be assıgned problem 2B for additional practice. Both series have working papers provided at the back of the text. Problems -Series C This problem series is similar in nature to series A and B, but has been designed for use with the microcomputer software available with this text. Symbols denote whether a given problem is available on GLAS and/or SPATS (see pages xiii and xiv for details). Continuing Problem The study of accounting continuously builds on what the student has already learned. Every chapter studied relies on the base of knowledge since the first chapter. To reinforce this dependency on earlier learning, the continuing problem follows throughout the chapters of the book. The student participates in the accounting for one business as it matures. Each chapter adds another component- one that is covered in that particular chapter-but brings all records and practices forward from the previous chapters. The continuing problem is in fact a growing practice set. The working papers are included at the back of the text. Business Plant Accounting has long been recognized as the language of business and it is well known that accountants do not operate in a sealed environment. This text has been written to convey the relationship between accounting and management. For instance, certain accounting procedures are developed specifically to provide information for management. The business plan is one special feature designed to help the student make the transition from the academic world into the business world. Using this assignment with small groups of students encourages the active participation by each student in the formation of a business. Deciding what must be produced by the business and how it will affect the recording process places students in the real world decision-making process as they apply the knowledge they have received from that particular chapter. The assignment of the business plan will require active participation and the development of oral and written communication skills. Written Project Accounting has long been viewed as the language of business,"'" but how often do we teach communication skills? The written project at the end of each chapter requires the student to exercise and develop writing skills while reinforcing chapter material. Review Sections Students need a solid understanding of the accounting cycle before covering additional topics. To this end, I have included a brief review section after Chapter 6

📖 Contenu

An introduction to accounting.Processing acconuting information.Income measurement and adjusting entries .Completion of the acounting cycle. Accounting repeorting for merchandising operations .Accounting systems and internal control.Cash and short-tem investistments.receivables.Inventory. Property,plant,and equipment,natural ,resources,intangibles.Current and long-term liabilities.Bonds payable and the time value of money . Entity alternatives and owners ;equity. Corpotions : additional equity issues and income.Long-term investments. Statement of cash flows.The foundation of financial accounting and reporting.Financial statements :Analysis and further disclosures

📖 Contenu

An introduction to accounting.Processing acconuting information.Income measurement and adjusting entries .Completion of the acounting cycle. Accounting repeorting for merchandising operations .Accounting systems and internal control.Cash and short-tem investistments.receivables.Inventory. Property,plant,and equipment,natural ,resources,intangibles.Current and long-term liabilities.Bonds payable and the time value of money . Entity alternatives and owners ;equity. Corpotions : additional equity issues and income.Long-term investments. Statement of cash flows.The foundation of financial accounting and reporting.Financial statements :Analysis and further disclosures

📖 Contenu

An introduction to accounting.Processing acconuting information.Income measurement and adjusting entries .Completion of the acounting cycle. Accounting repeorting for merchandising operations .Accounting systems and internal control.Cash and short-tem investistments.receivables.Inventory. Property,plant,and equipment,natural ,resources,intangibles.Current and long-term liabilities.Bonds payable and the time value of money . Entity alternatives and owners ;equity. Corpotions : additional equity issues and income.Long-term investments. Statement of cash flows.The foundation of financial accounting and reporting.Financial statements :Analysis and further disclosures

📖 Contenu

An introduction to accounting.Processing acconuting information.Income measurement and adjusting entries .Completion of the acounting cycle. Accounting repeorting for merchandising operations .Accounting systems and internal control.Cash and short-tem investistments.receivables.Inventory. Property,plant,and equipment,natural ,resources,intangibles.Current and long-term liabilities.Bonds payable and the time value of money . Entity alternatives and owners ;equity. Corpotions : additional equity issues and income.Long-term investments. Statement of cash flows.The foundation of financial accounting and reporting.Financial statements :Analysis and further discloSURES

📖 Contenu

An introduction to accounting.Processing acconuting information.Income measurement and adjusting entries .Completion of the acounting cycle. Accounting repeorting for merchandising operations .Accounting systems and internal control.Cash and short-tem investistments.receivables.Inventory. Property,plant,and equipment,natural ,resources,intangibles.Current and long-term liabilities.Bonds payable and the time value of money . Entity alternatives and owners ;equity. Corpotions : additional equity issues and income.Long-term investments. Statement of cash flows.The foundation of financial accounting and reporting.Financial statements :Analysis and further disclosures

📖 Contenu

Managerial accounting and management’s Need for information Cost concepts.Activity-based costing for product costing and responsibility Accounting Cost volume-profit relationships PRODUCT COST FRAMEWORK : Introduction to product costing Process cost accounting.Budgeting for operations . Master Budgeting example and financial modeling Profit Analysis through standard costs Profit Analysis-Gross profit and operating DECISION MAKING FRAMEWORK : Managerial decisions : Analysis of Relevant Information Capital Investment decisins Capital Investsment Decisions :Additional Issues Planning and Control in Decentralized Operations SPECIAL TOPICS Cost Estimation International Implications in a changing Envronnement INTERFACES OF FINANCIAL AND MANAGERIAL ACCOUNTING Financial Performance Analysis The Statement of cash Flows

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Acknowledgments To the Student To the Instructor Part 1 Foundations of Economics Economics: The Study of Scarcity and Production and Resources Unlimited Human Wants Some Basic Choices Economic Efficiency Opportunity Costs Positive versus Normative Economics Macroeconomics and Microeconomics Common Sense and Theory Economic Analysis Optional Material: Graphical Techniques in Economics Cartesian Coordinates Graphical Analysis Descriptive Graphs Analytical Graphs The Misuse of Graphs Applications Focus 1 Is Self-Interest Immoral or Unavoidable? Focus 2 Is Life Priceless? Chapter 2 Scarcity in a Changing World Circular Flows of Income Households Firms Government Specialization and Trade Comparative Advantage Division of Labor Production-Possibilities Frontiers Production Possibilities Diminishing Returns Economic Growth Unemployment, inflation, and National Defense Production Possibilities and Trade Allocative Mechanisms The Market System Brute Force Queuing Random Selection Government Tradition Converging Economic Systems Who Decides? Who Owns? Foundations of Capitalism Laissez-Faire Policies Is the United States at a Comparative Disadvantage? Focus 1 Focus 2 Are Economic Systems Converging? Demand and Supply Chapter 3 Thinking at the Margin Demand Individuals' Demand Curves The Law of Demand Market Demand Curves Other Influences on Demand Changes in Demand Changes in Quantity Demanded Versus Changes in Demand Supply The Law of Supply Other Influences on Supply Changes in Supply Changes in Quantity Supplied Versus Changes in Supply Market Equilibrium Supplies and Demands are independent Focus 1 Substitution and the Uses of Water as Its Price Changes Focus 2 Iraq, Kuwait, and the Supply of Oil Chapter 4 Markets and Equilibrium The Search for Equilibrium Changes in Supply Changes in Demand Shifts in Supply and Demand Transactions Costs Speculators Intermediaries Markets and Public Policy Price Controls Unemployment and Minimum Wage Laws Heroin Addiction The Market in Operation What? How? For Whom? Global Markets in Transition The Process of Worldwide Economic Integration Biography: Adam Smith Part 2 Core Concepts of Microeconomics Chapter5 Elasticity Elasticity and Responsiveness The Price Elasticity of Demand Ranges of Elasticity The Problem of Bases Determinants of Elasticity of Demand Elasticity Along a Demand Curve Other Elasticities of Demand Elasticity and Total Revenue The Price Elasticity of Supply Elasticities and Time Elasticity and Tax Burdens Tax Incidence Summary: Taxes and Elasticity Chapter6 Consumer Choice Commodities and Flows of Services Utility The Law of Diminishing Marginal Utility Consumer Equilibrium and Demand Total and Marginal Utility Balancing Marginal Utilities Maximizing Utility Price Adjustments and Marginal Utility Effects of Price Changes Consumer Surplus The Paradox of Value Information and Rational Choice Goods as Bundles of Attributes Uncertainty and Imperfect Information Bewildering Arrays of Choices Quality and Prices Caveat Emptor, Caveat Venditor, and Government Edict Optional Material: Indifference Curve Analysis Budget Lines indifference Curves Consumer Equilibrium Deriving Individual Demand Curves Income and Substitution effects Biography: Jeremy Bentham Biography: Thorstein Veblen Focus 1 Rational ignorance and Artificial Intelligence Chapter 7 Theory of the Firm The International Scope of Business The Anatomy of Business Production Why Do Firms Exist? Reducing Transaction Costs The Principal/Agent Problem Entrepreneurship Legal Forms of Business Sole Proprietorships Partnerships Corporations Other Forms of Enterprise Financing Business Operations Self-financing and Retained Earnings Common Stock Corporate Bonds Loans from Financial Intermediaries The Goals of Business Profit Maximization Separation of Ownership and Control Natural Selection Criticisms of the Corporate Culture Focus 1 So You Want to Be an entrepreneur Chapter 8 Production and Costs Production Functions Production in the Short Run Marginal and Average Physical Products of Labor The Short-Run Low of Diminishing Marginal Returns Short-Run Production Costs Variable Costs Average Costs Fixed Costs Marginal Costs Relating Costs to Production Costs in the Long Run Long Run Average Costs Least Cost Production Economies and Diseconomies of Scale Measuring Long-Run Average Costs Technological Change Optional Material: Isoquants and Production Isoquants Isocost Curves Substituting One Resource for Another Diminishing Marginal Returns Focus 1 Sunk Costs in Stud Poker Product Markets Part 3 Chapter9 The Competitive ideal The World of Pure Competition Competition Versus Rivalry Supply Responses and Time Short Run Competitive Pricing and Output Total Revenue - Total Cost Approach Marginal Revenue Equals Marginal Costs Approach Short Run Supply Curves of Purely Competitive Firms The Short Run Industry Supply Curve Long Run Adjustments in Competitive Industries Economic Profits as Market Signals The Process of Competition Long Run Equilibrium in a Competitive Industry Long Run Industry Supply Curves Evaluating Competitive Markets Economic Efficiency Social Welfare Some Shortcomings of Market Economies Decentralized Decisions and Freedoms Biography: Alfred Marsholl 194 Biography: Leon Walras and Vilfredo Pareto Chapter 10 Monopoly Monopoly Markets Monopoly Pricing and Output Market Power and Demand Barriers to Entry Regulatory Barriers Price Discrimination Requirements for Price Discrimination Profits from Price Discrimination Competitive Versus Monopoly Markets Differences in Prices and Outputs The Inefficiency of Monopoly Price Discrimination and Efficiency Biography: Auguste A. Cournot Monopoly and Inequity Focus 1 Patents, Trademarks, Copyrights, and Counterfeit Goods Focus 2 Arbitrage and Price Discrimination Chapter 11 Monopolistic Competition and Oligopoly Product Differentiation Advertising Monopolistic Competition Short Run Pricing and Output Long Run Adjustments Resource Allocation and Efficiency Oligopoly Dominance by a few Firms The Origins of Oligopoly Conscious Interdependence Oligopolistic Decision Making The Kinked Demand Curve Cartels Evaluating Oligopoly Biography: E. H. Chamberlin and Joan Robinson Focus 1 The International Market for Corporate Control Focus 2 The Rise and Fall of OPEC Chapter 12 Strategic Behavior Structure-Conduct-Performance The New Industrial Organization Game Theory Types of Games Prisoners Dilemma Moving First Dynamic Games Asymmetric Payoffs Asymmetric Information Moral Hazard Adverse Selection The Market for Lemons Efficiency Wages Screening and Signaling Business Strategies Contestable Markets Predatory Behavior Limit Pricing Sunk Costs as Entry Barriers Focus 1 The Winner's Curse Focus 2 Credentialism Chapter 13 Antitrust Policy Measuring Market Power The Lerner Index of Monopoly Power Market Concentration Ratios The Herfindahl-Hirschman lndex Mergers and Monopoly Power The Urge to Merge Major Merger Movements The Urge to Purge Public Policy Toward Business Antitrust Policy The Argument for Bigness The Antitrust Laws Exemptions from Antitrust Laws Monopolization and Monopoly Power The Antitrust Laws in Practice Oligopolies and Antitrust Merger Policy The Future of Antitrust Policy Is Antitrust Passé? Focus 1 State Actions on the Antitrust Front Focus 2 Von's Grocery --Only Numbers Matter Law and Economics: Aspen Skiing Company v. Aspen Highlands Skiing Corporation (1985) Part 4 Resource Markets Chapter 14 Competitive Labor Markets Delved Demands for Resources The Demand for Labor Marginal Revenue Product Shifts in Demands for Labor Marginal Factor Cost Elasticity of Demand for Labor The Supply of Labor Population and Labor Force Participation Labor-Leisure Choices Wage Structure and Rates Human Capital Wage Structures and Labor Supplies Labor Market Equilibrium Labor Market Efficiency Wages and Employment Wage Differentials Focus 1 Labor Supply and Taxes: A Global View Biography: J.B. Clark Focus 2 How Can You Compete in a Global Economy? Law and Economics: Age Discrimination (Metz v. Transit Mix) (1987) Chapter 15 Imperfect Competition in Labor Markets Monopolists' Diminished Labor Demands Monopsony in a Labor Market Wage Discrimination A Summary of Imperfect Competition by Employers Minimum Wage Laws and Monopsony Power Wage Differentials and Discrimination Occupational Crowding Decomposing Wage Differentials Comparable Worth Effects of Wage Discrimination Labor Unions Union Security The American Union Movement Unions and Collective Bargaining Union Strategies to Raise Wages Bilateral Monopoly Wage Setting and the Duration of Strikes Economic Effects of Labor Unions Union-Nonunion Wage Differentials Unions and Inflation Losses from Strikes Focus 1 Are Exploitation and Discrimination Caused by Capitalistic Greed? Chapter 16 Rent, Interest, Profits, and Capitalization Resource Ratios and Productivity Economic Rents Pure Land Rents Rents to Other Resources Rents and Efficiency Interest Interest Rates Markets for Financial Capital Entrepreneurs and Economic Profit Monopoly Profit Rewards for Innovation Risk Bearing and Uncertainty The Economic Role of Profits Capitalizing Income Streams Present Values Rates of Return Comparing Present Values and Rates of Return Capitalization and Competition The Marginal Productivity Theory of Income Distribution Biography: Henry George Focus 1 Are Lottery Tickets Sucker Bets? Focus 2 Capitalization and the NFL Law and Economics: Capitalizing on lnsider Information SEC V. Materia (1984) Part 5 Modern Microeconomic Issues Chapter 17 Market Failure and Public Finance Economic Roles for Government Market Failure: Allocation Monopoly Power Public Goods Externalities Providing for Public Goods Taxation Equity: The Benefit Principle Equity and Ability to Pay Tax Burdens and Efficiency Excess Burdens Neutrality The Current Tax System Personal Income Taxes Social Security Taxes Corporate Income Taxes Sales and Excise Taxes Inheritance and Gift Taxes Tax Reform Proposals Property Taxes Value Added Taxes (VATS) Flat Rate Taxes Consumption Taxes Focus 1 Tox Loopholes: Private Benefits and Public Costs Chapter 18 Public Choice Private Citizens and Politics Rational Voter Apathy Rational Political ignorance Systems of Voting Majority Rule Unanimity Point Voting Politicians and Parties "Lumpiness" in Voting The Median Voter Model Two-Party Systems Political Allocation Logrolling Special Interests Rent-Seeking Empire Building Bureaucracy The Growth of Government Market Failure Versus Government Failure Self-Corrections Focus 1 Government Contracts Chapter 19 Government Regulation The Growth of Government Regulation Why Is Business Regulated? The Public Interest and Business Regulation Externalities and Direct Regulation Regulating Natural Monopolies Does Business Gain From Regulation? Alternative Views of Regulation Arguments Favoring Consumer Protection Arguments Against Consumer Protection Economic Models of Regulation Consumer Protection Other Regulations in Practice Perspectives on Regulation Direct Costs of Regulation Indirect Costs of Regulation Deregulation and Reregulation Biography: Henry Stigler Focus 1 Have It Their Way Focus 2 The Airlines: Caveat Deregulator? Chapter 20 Environmental Economics Market Failure and the Environment Pollution as a Public Bad; Abatement as a Public Good Characteristics of Goods Property Rights and Environmental Quality The Evolution of Property Rights Externalities External Benefits External Costs Alternative Solutions to Pollution Is Zero Pollution Optimal? Effluent Charges and Subsidies Moral Suasion Market Solutions Regulations and Prohibition Are Any Abatement Policies Optimal? U.S. Environmental Policies Pollution Control in the United States The Future of Environmental Protection Focus 1 Solid Waste Recycling Focus 2 Should We Export Pollution? Chapter 21 The Economics of Agriculture The Farm Problem Low and Unstable Farm Income Competition and the Marginal Producer The Structure of Agriculture Number and Sizes of Farm Properties Farm Income and Wealth Causes of the Farm Problem Growth in Agricultural Productivity Demand Elasticities for Farm Products Immobility of Farm Resources Why Subsidize Agriculture? Traditional Farm Programs The Concept of Parity Crop Limitation Programs Farm Policies in the 1970s and 1980s Boom Years in the Early 1970s Recent Rural Hardships New Directions for Farm Policy Chapter 22 Income Distribution and Poverty Prosperity and Happiness Does Money Buy Happiness? Do Extra Dollars Mean More to the Poor Than to the Rich? Ethical Criteria for Distribution The Contribution Standard The Needs Standard The Equality Standard Inequality and Inequity Distribution in the United States Lorenz Curves The Changing Distribution of Income The Distribution of Wealth Determinants of Distribution Poverty in America What Does Poor Mean? Profiles of Poverty Government as a Provider for the Poor Types of Poverty Alternative Views of Poverty Economic Discrimination Public Policies to Eliminate Poverty Aid to Families with Dependent Children Welfare Reform Family Allowance Plans Negative Income Taxes Consolidation Workfare Focus 1 Pie Makers vs. Pie Splitters: China and the USSR Focus 2 Poverty: A Relative Concept Focus 3 Progress and Poverty Programs Chapter 23 International Trade The International Economy The Size and Scope of Trade Specialization and Comparative Advantage The Concept of Absolute Advantage Why Do Nations Trade? Short Run Specialization Gains Uniqueness Gains Gains From Trade International Political Stability Long Run Dynamic Gains Gains from Scale Assistance Net Gains From Specialization Short Run Gainers and Potential Losers Arguments Against Free Trade Individual Gainers and Losers Nationalism Trade Adjustment The Exploitation Doctrine Infant Industries Antidumping Retaliation Trade and Payments Deficits Job Destruction Power Monopoly/Monopsony Harmful Income Redistribution Exploiting National Defense Diversity Trade Barriers Tariffs Non-Tariff Barriers A Final Argument for Freer Trade Biography: David Ricardo Focus 1 Sources of Comparative and Competitive Advantages Focus 2 Regional Economic Integration Chapter 24 Comparative Systems: The Shift Toward Capitalism Perspectives on Capitalism The Recent Convergence Toward Capitalism Libertarianism Anarcho-Syndicalism Anarchism Syndicalism Evolutionary Socialism Fabian Socialism Utopian Socialism Christian Socialism Marxism: Revolutionary Socialism 1listory as Economic Dialectics Wages and Value Surplus value and Capital Accumulation Clas, Warfare Marxist Predictions Alternative Economic Systems The Soviet Economy in Transition The Chinese Experience Decentralized Socialism, Indicative Planniny, and Welfare Stutes Is Small Both Beautiful and Necessary? Buddhist economics Limits to Growth S47 Biography: Kurl Marx Epilogue Glossary Name Index Subject Index

📖 Contenu

Acknowledgments To the Student To the Instructor Part 1 Foundations of Economics Economics: The Study of Scarcity and Production and Resources Unlimited Human Wants Some Basic Choices Economic Efficiency Opportunity Costs Positive versus Normative Economics Macroeconomics and Microeconomics Common Sense and Theory Economic Analysis Optional Material: Graphical Techniques in Economics Cartesian Coordinates Graphical Analysis Descriptive Graphs Analytical Graphs The Misuse of Graphs Applications Focus 1 Is Self-Interest Immoral or Unavoidable? Focus 2 Is Life Priceless? Chapter 2 Scarcity in a Changing World Circular Flows of Income Households Firms Government Specialization and Trade Comparative Advantage Division of Labor Production-Possibilities Frontiers Production Possibilities Diminishing Returns Economic Growth Unemployment, inflation, and National Defense Production Possibilities and Trade Allocative Mechanisms The Market System Brute Force Queuing Random Selection Government Tradition Converging Economic Systems Who Decides? Who Owns? Foundations of Capitalism Laissez-Faire Policies Is the United States at a Comparative Disadvantage? Focus 1 Focus 2 Are Economic Systems Converging? Demand and Supply Chapter 3 Thinking at the Margin Demand Individuals' Demand Curves The Law of Demand Market Demand Curves Other Influences on Demand Changes in Demand Changes in Quantity Demanded Versus Changes in Demand Supply The Law of Supply Other Influences on Supply Changes in Supply Changes in Quantity Supplied Versus Changes in Supply Market Equilibrium Supplies and Demands are independent Focus 1 Substitution and the Uses of Water as Its Price Changes Focus 2 Iraq, Kuwait, and the Supply of Oil Chapter 4 Markets and Equilibrium The Search for Equilibrium Changes in Supply Changes in Demand Shifts in Supply and Demand Transactions Costs Speculators Intermediaries Markets and Public Policy Price Controls Unemployment and Minimum Wage Laws Heroin Addiction The Market in Operation What? How? For Whom? Global Markets in Transition The Process of Worldwide Economic Integration Biography: Adam Smith Part 2 Core Concepts of Microeconomics Chapter5 Elasticity Elasticity and Responsiveness The Price Elasticity of Demand Ranges of Elasticity The Problem of Bases Determinants of Elasticity of Demand Elasticity Along a Demand Curve Other Elasticities of Demand Elasticity and Total Revenue The Price Elasticity of Supply Elasticities and Time Elasticity and Tax Burdens Tax Incidence Summary: Taxes and Elasticity Chapter6 Consumer Choice Commodities and Flows of Services Utility The Law of Diminishing Marginal Utility Consumer Equilibrium and Demand Total and Marginal Utility Balancing Marginal Utilities Maximizing Utility Price Adjustments and Marginal Utility Effects of Price Changes Consumer Surplus The Paradox of Value Information and Rational Choice Goods as Bundles of Attributes Uncertainty and Imperfect Information Bewildering Arrays of Choices Quality and Prices Caveat Emptor, Caveat Venditor, and Government Edict Optional Material: Indifference Curve Analysis Budget Lines indifference Curves Consumer Equilibrium Deriving Individual Demand Curves Income and Substitution effects Biography: Jeremy Bentham Biography: Thorstein Veblen Focus 1 Rational ignorance and Artificial Intelligence Chapter 7 Theory of the Firm The International Scope of Business The Anatomy of Business Production Why Do Firms Exist? Reducing Transaction Costs The Principal/Agent Problem Entrepreneurship Legal Forms of Business Sole Proprietorships Partnerships Corporations Other Forms of Enterprise Financing Business Operations Self-financing and Retained Earnings Common Stock Corporate Bonds Loans from Financial Intermediaries The Goals of Business Profit Maximization Separation of Ownership and Control Natural Selection Criticisms of the Corporate Culture Focus 1 So You Want to Be an entrepreneur Chapter 8 Production and Costs Production Functions Production in the Short Run Marginal and Average Physical Products of Labor The Short-Run Low of Diminishing Marginal Returns Short-Run Production Costs Variable Costs Average Costs Fixed Costs Marginal Costs Relating Costs to Production Costs in the Long Run Long Run Average Costs Least Cost Production Economies and Diseconomies of Scale Measuring Long-Run Average Costs Technological Change Optional Material: Isoquants and Production Isoquants Isocost Curves Substituting One Resource for Another Diminishing Marginal Returns Focus 1 Sunk Costs in Stud Poker Product Markets Part 3 Chapter9 The Competitive ideal The World of Pure Competition Competition Versus Rivalry Supply Responses and Time Short Run Competitive Pricing and Output Total Revenue - Total Cost Approach Marginal Revenue Equals Marginal Costs Approach Short Run Supply Curves of Purely Competitive Firms The Short Run Industry Supply Curve Long Run Adjustments in Competitive Industries Economic Profits as Market Signals The Process of Competition Long Run Equilibrium in a Competitive Industry Long Run Industry Supply Curves Evaluating Competitive Markets Economic Efficiency Social Welfare Some Shortcomings of Market Economies Decentralized Decisions and Freedoms Biography: Alfred Marsholl 194 Biography: Leon Walras and Vilfredo Pareto Chapter 10 Monopoly Monopoly Markets Monopoly Pricing and Output Market Power and Demand Barriers to Entry Regulatory Barriers Price Discrimination Requirements for Price Discrimination Profits from Price Discrimination Competitive Versus Monopoly Markets Differences in Prices and Outputs The Inefficiency of Monopoly Price Discrimination and Efficiency Biography: Auguste A. Cournot Monopoly and Inequity Focus 1 Patents, Trademarks, Copyrights, and Counterfeit Goods Focus 2 Arbitrage and Price Discrimination Chapter 11 Monopolistic Competition and Oligopoly Product Differentiation Advertising Monopolistic Competition Short Run Pricing and Output Long Run Adjustments Resource Allocation and Efficiency Oligopoly Dominance by a few Firms The Origins of Oligopoly Conscious Interdependence Oligopolistic Decision Making The Kinked Demand Curve Cartels Evaluating Oligopoly Biography: E. H. Chamberlin and Joan Robinson Focus 1 The International Market for Corporate Control Focus 2 The Rise and Fall of OPEC Chapter 12 Strategic Behavior Structure-Conduct-Performance The New Industrial Organization Game Theory Types of Games Prisoners Dilemma Moving First Dynamic Games Asymmetric Payoffs Asymmetric Information Moral Hazard Adverse Selection The Market for Lemons Efficiency Wages Screening and Signaling Business Strategies Contestable Markets Predatory Behavior Limit Pricing Sunk Costs as Entry Barriers Focus 1 The Winner's Curse Focus 2 Credentialism Chapter 13 Antitrust Policy Measuring Market Power The Lerner Index of Monopoly Power Market Concentration Ratios The Herfindahl-Hirschman lndex Mergers and Monopoly Power The Urge to Merge Major Merger Movements The Urge to Purge Public Policy Toward Business Antitrust Policy The Argument for Bigness The Antitrust Laws Exemptions from Antitrust Laws Monopolization and Monopoly Power The Antitrust Laws in Practice Oligopolies and Antitrust Merger Policy The Future of Antitrust Policy Is Antitrust Passé? Focus 1 State Actions on the Antitrust Front Focus 2 Von's Grocery --Only Numbers Matter Law and Economics: Aspen Skiing Company v. Aspen Highlands Skiing Corporation (1985) Part 4 Resource Markets Chapter 14 Competitive Labor Markets Delved Demands for Resources The Demand for Labor Marginal Revenue Product Shifts in Demands for Labor Marginal Factor Cost Elasticity of Demand for Labor The Supply of Labor Population and Labor Force Participation Labor-Leisure Choices Wage Structure and Rates Human Capital Wage Structures and Labor Supplies Labor Market Equilibrium Labor Market Efficiency Wages and Employment Wage Differentials Focus 1 Labor Supply and Taxes: A Global View Biography: J.B. Clark Focus 2 How Can You Compete in a Global Economy? Law and Economics: Age Discrimination (Metz v. Transit Mix) (1987) Chapter 15 Imperfect Competition in Labor Markets Monopolists' Diminished Labor Demands Monopsony in a Labor Market Wage Discrimination A Summary of Imperfect Competition by Employers Minimum Wage Laws and Monopsony Power Wage Differentials and Discrimination Occupational Crowding Decomposing Wage Differentials Comparable Worth Effects of Wage Discrimination Labor Unions Union Security The American Union Movement Unions and Collective Bargaining Union Strategies to Raise Wages Bilateral Monopoly Wage Setting and the Duration of Strikes Economic Effects of Labor Unions Union-Nonunion Wage Differentials Unions and Inflation Losses from Strikes Focus 1 Are Exploitation and Discrimination Caused by Capitalistic Greed? Chapter 16 Rent, Interest, Profits, and Capitalization Resource Ratios and Productivity Economic Rents Pure Land Rents Rents to Other Resources Rents and Efficiency Interest Interest Rates Markets for Financial Capital Entrepreneurs and Economic Profit Monopoly Profit Rewards for Innovation Risk Bearing and Uncertainty The Economic Role of Profits Capitalizing Income Streams Present Values Rates of Return Comparing Present Values and Rates of Return Capitalization and Competition The Marginal Productivity Theory of Income Distribution Biography: Henry George Focus 1 Are Lottery Tickets Sucker Bets? Focus 2 Capitalization and the NFL Law and Economics: Capitalizing on lnsider Information SEC V. Materia (1984) Part 5 Modern Microeconomic Issues Chapter 17 Market Failure and Public Finance Economic Roles for Government Market Failure: Allocation Monopoly Power Public Goods Externalities Providing for Public Goods Taxation Equity: The Benefit Principle Equity and Ability to Pay Tax Burdens and Efficiency Excess Burdens Neutrality The Current Tax System Personal Income Taxes Social Security Taxes Corporate Income Taxes Sales and Excise Taxes Inheritance and Gift Taxes Tax Reform Proposals Property Taxes Value Added Taxes (VATS) Flat Rate Taxes Consumption Taxes Focus 1 Tox Loopholes: Private Benefits and Public Costs Chapter 18 Public Choice Private Citizens and Politics Rational Voter Apathy Rational Political ignorance Systems of Voting Majority Rule Unanimity Point Voting Politicians and Parties "Lumpiness" in Voting The Median Voter Model Two-Party Systems Political Allocation Logrolling Special Interests Rent-Seeking Empire Building Bureaucracy The Growth of Government Market Failure Versus Government Failure Self-Corrections Focus 1 Government Contracts Chapter 19 Government Regulation The Growth of Government Regulation Why Is Business Regulated? The Public Interest and Business Regulation Externalities and Direct Regulation Regulating Natural Monopolies Does Business Gain From Regulation? Alternative Views of Regulation Arguments Favoring Consumer Protection Arguments Against Consumer Protection Economic Models of Regulation Consumer Protection Other Regulations in Practice Perspectives on Regulation Direct Costs of Regulation Indirect Costs of Regulation Deregulation and Reregulation Biography: Henry Stigler Focus 1 Have It Their Way Focus 2 The Airlines: Caveat Deregulator? Chapter 20 Environmental Economics Market Failure and the Environment Pollution as a Public Bad; Abatement as a Public Good Characteristics of Goods Property Rights and Environmental Quality The Evolution of Property Rights Externalities External Benefits External Costs Alternative Solutions to Pollution Is Zero Pollution Optimal? Effluent Charges and Subsidies Moral Suasion Market Solutions Regulations and Prohibition Are Any Abatement Policies Optimal? U.S. Environmental Policies Pollution Control in the United States The Future of Environmental Protection Focus 1 Solid Waste Recycling Focus 2 Should We Export Pollution? Chapter 21 The Economics of Agriculture The Farm Problem Low and Unstable Farm Income Competition and the Marginal Producer The Structure of Agriculture Number and Sizes of Farm Properties Farm Income and Wealth Causes of the Farm Problem Growth in Agricultural Productivity Demand Elasticities for Farm Products Immobility of Farm Resources Why Subsidize Agriculture? Traditional Farm Programs The Concept of Parity Crop Limitation Programs Farm Policies in the 1970s and 1980s Boom Years in the Early 1970s Recent Rural Hardships New Directions for Farm Policy Chapter 22 Income Distribution and Poverty Prosperity and Happiness Does Money Buy Happiness? Do Extra Dollars Mean More to the Poor Than to the Rich? Ethical Criteria for Distribution The Contribution Standard The Needs Standard The Equality Standard Inequality and Inequity Distribution in the United States Lorenz Curves The Changing Distribution of Income The Distribution of Wealth Determinants of Distribution Poverty in America What Does Poor Mean? Profiles of Poverty Government as a Provider for the Poor Types of Poverty Alternative Views of Poverty Economic Discrimination Public Policies to Eliminate Poverty Aid to Families with Dependent Children Welfare Reform Family Allowance Plans Negative Income Taxes Consolidation Workfare Focus 1 Pie Makers vs. Pie Splitters: China and the USSR Focus 2 Poverty: A Relative Concept Focus 3 Progress and Poverty Programs Chapter 23 International Trade The International Economy The Size and Scope of Trade Specialization and Comparative Advantage The Concept of Absolute Advantage Why Do Nations Trade? Short Run Specialization Gains Uniqueness Gains Gains From Trade International Political Stability Long Run Dynamic Gains Gains from Scale Assistance Net Gains From Specialization Short Run Gainers and Potential Losers Arguments Against Free Trade Individual Gainers and Losers Nationalism Trade Adjustment The Exploitation Doctrine Infant Industries Antidumping Retaliation Trade and Payments Deficits Job Destruction Power Monopoly/Monopsony Harmful Income Redistribution Exploiting National Defense Diversity Trade Barriers Tariffs Non-Tariff Barriers A Final Argument for Freer Trade Biography: David Ricardo Focus 1 Sources of Comparative and Competitive Advantages Focus 2 Regional Economic Integration Chapter 24 Comparative Systems: The Shift Toward Capitalism Perspectives on Capitalism The Recent Convergence Toward Capitalism Libertarianism Anarcho-Syndicalism Anarchism Syndicalism Evolutionary Socialism Fabian Socialism Utopian Socialism Christian Socialism Marxism: Revolutionary Socialism 1listory as Economic Dialectics Wages and Value Surplus value and Capital Accumulation Clas, Warfare Marxist Predictions Alternative Economic Systems The Soviet Economy in Transition The Chinese Experience Decentralized Socialism, Indicative Planniny, and Welfare Stutes Is Small Both Beautiful and Necessary? Buddhist economics Limits to Growth S47 Biography: Kurl Marx Epilogue Glossary Name Index Subject Index

📖 Contenu

Acknowledgments To the Student To the Instructor Part 1 Foundations of Economics Economics: The Study of Scarcity and Production and Resources Unlimited Human Wants Some Basic Choices Economic Efficiency Opportunity Costs Positive versus Normative Economics Macroeconomics and Microeconomics Common Sense and Theory Economic Analysis Optional Material: Graphical Techniques in Economics Cartesian Coordinates Graphical Analysis Descriptive Graphs Analytical Graphs The Misuse of Graphs Applications Focus 1 Is Self-Interest Immoral or Unavoidable? Focus 2 Is Life Priceless? Chapter 2 Scarcity in a Changing World Circular Flows of Income Households Firms Government Specialization and Trade Comparative Advantage Division of Labor Production-Possibilities Frontiers Production Possibilities Diminishing Returns Economic Growth Unemployment, inflation, and National Defense Production Possibilities and Trade Allocative Mechanisms The Market System Brute Force Queuing Random Selection Government Tradition Converging Economic Systems Who Decides? Who Owns? Foundations of Capitalism Laissez-Faire Policies Is the United States at a Comparative Disadvantage? Focus 1 Focus 2 Are Economic Systems Converging? Demand and Supply Chapter 3 Thinking at the Margin Demand Individuals' Demand Curves The Law of Demand Market Demand Curves Other Influences on Demand Changes in Demand Changes in Quantity Demanded Versus Changes in Demand Supply The Law of Supply Other Influences on Supply Changes in Supply Changes in Quantity Supplied Versus Changes in Supply Market Equilibrium Supplies and Demands are independent Focus 1 Substitution and the Uses of Water as Its Price Changes Focus 2 Iraq, Kuwait, and the Supply of Oil Chapter 4 Markets and Equilibrium The Search for Equilibrium Changes in Supply Changes in Demand Shifts in Supply and Demand Transactions Costs Speculators Intermediaries Markets and Public Policy Price Controls Unemployment and Minimum Wage Laws Heroin Addiction The Market in Operation What? How? For Whom? Global Markets in Transition The Process of Worldwide Economic Integration Biography: Adam Smith Part 2 Core Concepts of Microeconomics Chapter5 Elasticity Elasticity and Responsiveness The Price Elasticity of Demand Ranges of Elasticity The Problem of Bases Determinants of Elasticity of Demand Elasticity Along a Demand Curve Other Elasticities of Demand Elasticity and Total Revenue The Price Elasticity of Supply Elasticities and Time Elasticity and Tax Burdens Tax Incidence Summary: Taxes and Elasticity Chapter6 Consumer Choice Commodities and Flows of Services Utility The Law of Diminishing Marginal Utility Consumer Equilibrium and Demand Total and Marginal Utility Balancing Marginal Utilities Maximizing Utility Price Adjustments and Marginal Utility Effects of Price Changes Consumer Surplus The Paradox of Value Information and Rational Choice Goods as Bundles of Attributes Uncertainty and Imperfect Information Bewildering Arrays of Choices Quality and Prices Caveat Emptor, Caveat Venditor, and Government Edict Optional Material: Indifference Curve Analysis Budget Lines indifference Curves Consumer Equilibrium Deriving Individual Demand Curves Income and Substitution effects Biography: Jeremy Bentham Biography: Thorstein Veblen Focus 1 Rational ignorance and Artificial Intelligence Chapter 7 Theory of the Firm The International Scope of Business The Anatomy of Business Production Why Do Firms Exist? Reducing Transaction Costs The Principal/Agent Problem Entrepreneurship Legal Forms of Business Sole Proprietorships Partnerships Corporations Other Forms of Enterprise Financing Business Operations Self-financing and Retained Earnings Common Stock Corporate Bonds Loans from Financial Intermediaries The Goals of Business Profit Maximization Separation of Ownership and Control Natural Selection Criticisms of the Corporate Culture Focus 1 So You Want to Be an entrepreneur Chapter 8 Production and Costs Production Functions Production in the Short Run Marginal and Average Physical Products of Labor The Short-Run Low of Diminishing Marginal Returns Short-Run Production Costs Variable Costs Average Costs Fixed Costs Marginal Costs Relating Costs to Production Costs in the Long Run Long Run Average Costs Least Cost Production Economies and Diseconomies of Scale Measuring Long-Run Average Costs Technological Change Optional Material: Isoquants and Production Isoquants Isocost Curves Substituting One Resource for Another Diminishing Marginal Returns Focus 1 Sunk Costs in Stud Poker Product Markets Part 3 Chapter9 The Competitive ideal The World of Pure Competition Competition Versus Rivalry Supply Responses and Time Short Run Competitive Pricing and Output Total Revenue - Total Cost Approach Marginal Revenue Equals Marginal Costs Approach Short Run Supply Curves of Purely Competitive Firms The Short Run Industry Supply Curve Long Run Adjustments in Competitive Industries Economic Profits as Market Signals The Process of Competition Long Run Equilibrium in a Competitive Industry Long Run Industry Supply Curves Evaluating Competitive Markets Economic Efficiency Social Welfare Some Shortcomings of Market Economies Decentralized Decisions and Freedoms Biography: Alfred Marsholl 194 Biography: Leon Walras and Vilfredo Pareto Chapter 10 Monopoly Monopoly Markets Monopoly Pricing and Output Market Power and Demand Barriers to Entry Regulatory Barriers Price Discrimination Requirements for Price Discrimination Profits from Price Discrimination Competitive Versus Monopoly Markets Differences in Prices and Outputs The Inefficiency of Monopoly Price Discrimination and Efficiency Biography: Auguste A. Cournot Monopoly and Inequity Focus 1 Patents, Trademarks, Copyrights, and Counterfeit Goods Focus 2 Arbitrage and Price Discrimination Chapter 11 Monopolistic Competition and Oligopoly Product Differentiation Advertising Monopolistic Competition Short Run Pricing and Output Long Run Adjustments Resource Allocation and Efficiency Oligopoly Dominance by a few Firms The Origins of Oligopoly Conscious Interdependence Oligopolistic Decision Making The Kinked Demand Curve Cartels Evaluating Oligopoly Biography: E. H. Chamberlin and Joan Robinson Focus 1 The International Market for Corporate Control Focus 2 The Rise and Fall of OPEC Chapter 12 Strategic Behavior Structure-Conduct-Performance The New Industrial Organization Game Theory Types of Games Prisoners Dilemma Moving First Dynamic Games Asymmetric Payoffs Asymmetric Information Moral Hazard Adverse Selection The Market for Lemons Efficiency Wages Screening and Signaling Business Strategies Contestable Markets Predatory Behavior Limit Pricing Sunk Costs as Entry Barriers Focus 1 The Winner's Curse Focus 2 Credentialism Chapter 13 Antitrust Policy Measuring Market Power The Lerner Index of Monopoly Power Market Concentration Ratios The Herfindahl-Hirschman lndex Mergers and Monopoly Power The Urge to Merge Major Merger Movements The Urge to Purge Public Policy Toward Business Antitrust Policy The Argument for Bigness The Antitrust Laws Exemptions from Antitrust Laws Monopolization and Monopoly Power The Antitrust Laws in Practice Oligopolies and Antitrust Merger Policy The Future of Antitrust Policy Is Antitrust Passé? Focus 1 State Actions on the Antitrust Front Focus 2 Von's Grocery --Only Numbers Matter Law and Economics: Aspen Skiing Company v. Aspen Highlands Skiing Corporation (1985) Part 4 Resource Markets Chapter 14 Competitive Labor Markets Delved Demands for Resources The Demand for Labor Marginal Revenue Product Shifts in Demands for Labor Marginal Factor Cost Elasticity of Demand for Labor The Supply of Labor Population and Labor Force Participation Labor-Leisure Choices Wage Structure and Rates Human Capital Wage Structures and Labor Supplies Labor Market Equilibrium Labor Market Efficiency Wages and Employment Wage Differentials Focus 1 Labor Supply and Taxes: A Global View Biography: J.B. Clark Focus 2 How Can You Compete in a Global Economy? Law and Economics: Age Discrimination (Metz v. Transit Mix) (1987) Chapter 15 Imperfect Competition in Labor Markets Monopolists' Diminished Labor Demands Monopsony in a Labor Market Wage Discrimination A Summary of Imperfect Competition by Employers Minimum Wage Laws and Monopsony Power Wage Differentials and Discrimination Occupational Crowding Decomposing Wage Differentials Comparable Worth Effects of Wage Discrimination Labor Unions Union Security The American Union Movement Unions and Collective Bargaining Union Strategies to Raise Wages Bilateral Monopoly Wage Setting and the Duration of Strikes Economic Effects of Labor Unions Union-Nonunion Wage Differentials Unions and Inflation Losses from Strikes Focus 1 Are Exploitation and Discrimination Caused by Capitalistic Greed? Chapter 16 Rent, Interest, Profits, and Capitalization Resource Ratios and Productivity Economic Rents Pure Land Rents Rents to Other Resources Rents and Efficiency Interest Interest Rates Markets for Financial Capital Entrepreneurs and Economic Profit Monopoly Profit Rewards for Innovation Risk Bearing and Uncertainty The Economic Role of Profits Capitalizing Income Streams Present Values Rates of Return Comparing Present Values and Rates of Return Capitalization and Competition The Marginal Productivity Theory of Income Distribution Biography: Henry George Focus 1 Are Lottery Tickets Sucker Bets? Focus 2 Capitalization and the NFL Law and Economics: Capitalizing on lnsider Information SEC V. Materia (1984) Part 5 Modern Microeconomic Issues Chapter 17 Market Failure and Public Finance Economic Roles for Government Market Failure: Allocation Monopoly Power Public Goods Externalities Providing for Public Goods Taxation Equity: The Benefit Principle Equity and Ability to Pay Tax Burdens and Efficiency Excess Burdens Neutrality The Current Tax System Personal Income Taxes Social Security Taxes Corporate Income Taxes Sales and Excise Taxes Inheritance and Gift Taxes Tax Reform Proposals Property Taxes Value Added Taxes (VATS) Flat Rate Taxes Consumption Taxes Focus 1 Tox Loopholes: Private Benefits and Public Costs Chapter 18 Public Choice Private Citizens and Politics Rational Voter Apathy Rational Political ignorance Systems of Voting Majority Rule Unanimity Point Voting Politicians and Parties "Lumpiness" in Voting The Median Voter Model Two-Party Systems Political Allocation Logrolling Special Interests Rent-Seeking Empire Building Bureaucracy The Growth of Government Market Failure Versus Government Failure Self-Corrections Focus 1 Government Contracts Chapter 19 Government Regulation The Growth of Government Regulation Why Is Business Regulated? The Public Interest and Business Regulation Externalities and Direct Regulation Regulating Natural Monopolies Does Business Gain From Regulation? Alternative Views of Regulation Arguments Favoring Consumer Protection Arguments Against Consumer Protection Economic Models of Regulation Consumer Protection Other Regulations in Practice Perspectives on Regulation Direct Costs of Regulation Indirect Costs of Regulation Deregulation and Reregulation Biography: Henry Stigler Focus 1 Have It Their Way Focus 2 The Airlines: Caveat Deregulator? Chapter 20 Environmental Economics Market Failure and the Environment Pollution as a Public Bad; Abatement as a Public Good Characteristics of Goods Property Rights and Environmental Quality The Evolution of Property Rights Externalities External Benefits External Costs Alternative Solutions to Pollution Is Zero Pollution Optimal? Effluent Charges and Subsidies Moral Suasion Market Solutions Regulations and Prohibition Are Any Abatement Policies Optimal? U.S. Environmental Policies Pollution Control in the United States The Future of Environmental Protection Focus 1 Solid Waste Recycling Focus 2 Should We Export Pollution? Chapter 21 The Economics of Agriculture The Farm Problem Low and Unstable Farm Income Competition and the Marginal Producer The Structure of Agriculture Number and Sizes of Farm Properties Farm Income and Wealth Causes of the Farm Problem Growth in Agricultural Productivity Demand Elasticities for Farm Products Immobility of Farm Resources Why Subsidize Agriculture? Traditional Farm Programs The Concept of Parity Crop Limitation Programs Farm Policies in the 1970s and 1980s Boom Years in the Early 1970s Recent Rural Hardships New Directions for Farm Policy Chapter 22 Income Distribution and Poverty Prosperity and Happiness Does Money Buy Happiness? Do Extra Dollars Mean More to the Poor Than to the Rich? Ethical Criteria for Distribution The Contribution Standard The Needs Standard The Equality Standard Inequality and Inequity Distribution in the United States Lorenz Curves The Changing Distribution of Income The Distribution of Wealth Determinants of Distribution Poverty in America What Does Poor Mean? Profiles of Poverty Government as a Provider for the Poor Types of Poverty Alternative Views of Poverty Economic Discrimination Public Policies to Eliminate Poverty Aid to Families with Dependent Children Welfare Reform Family Allowance Plans Negative Income Taxes Consolidation Workfare Focus 1 Pie Makers vs. Pie Splitters: China and the USSR Focus 2 Poverty: A Relative Concept Focus 3 Progress and Poverty Programs Chapter 23 International Trade The International Economy The Size and Scope of Trade Specialization and Comparative Advantage The Concept of Absolute Advantage Why Do Nations Trade? Short Run Specialization Gains Uniqueness Gains Gains From Trade International Political Stability Long Run Dynamic Gains Gains from Scale Assistance Net Gains From Specialization Short Run Gainers and Potential Losers Arguments Against Free Trade Individual Gainers and Losers Nationalism Trade Adjustment The Exploitation Doctrine Infant Industries Antidumping Retaliation Trade and Payments Deficits Job Destruction Power Monopoly/Monopsony Harmful Income Redistribution Exploiting National Defense Diversity Trade Barriers Tariffs Non-Tariff Barriers A Final Argument for Freer Trade Biography: David Ricardo Focus 1 Sources of Comparative and Competitive Advantages Focus 2 Regional Economic Integration Chapter 24 Comparative Systems: The Shift Toward Capitalism Perspectives on Capitalism The Recent Convergence Toward Capitalism Libertarianism Anarcho-Syndicalism Anarchism Syndicalism Evolutionary Socialism Fabian Socialism Utopian Socialism Christian Socialism Marxism: Revolutionary Socialism 1listory as Economic Dialectics Wages and Value Surplus value and Capital Accumulation Clas, Warfare Marxist Predictions Alternative Economic Systems The Soviet Economy in Transition The Chinese Experience Decentralized Socialism, Indicative Planniny, and Welfare Stutes Is Small Both Beautiful and Necessary? Buddhist economics Limits to Growth S47 Biography: Kurl Marx Epilogue Glossary Name Index Subject Index

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Acknowledgments To the Student To the Instructor Part 1 Foundations of Economics Economics: The Study of Scarcity and Production and Resources Unlimited Human Wants Some Basic Choices Economic Efficiency Opportunity Costs Positive versus Normative Economics Macroeconomics and Microeconomics Common Sense and Theory Economic Analysis Optional Material: Graphical Techniques in Economics Cartesian Coordinates Graphical Analysis Descriptive Graphs Analytical Graphs The Misuse of Graphs Applications Focus 1 Is Self-Interest Immoral or Unavoidable? Focus 2 Is Life Priceless? Chapter 2 Scarcity in a Changing World Circular Flows of Income Households Firms Government Specialization and Trade Comparative Advantage Division of Labor Production-Possibilities Frontiers Production Possibilities Diminishing Returns Economic Growth Unemployment, inflation, and National Defense Production Possibilities and Trade Allocative Mechanisms The Market System Brute Force Queuing Random Selection Government Tradition Converging Economic Systems Who Decides? Who Owns? Foundations of Capitalism Laissez-Faire Policies Is the United States at a Comparative Disadvantage? Focus 1 Focus 2 Are Economic Systems Converging? Demand and Supply Chapter 3 Thinking at the Margin Demand Individuals' Demand Curves The Law of Demand Market Demand Curves Other Influences on Demand Changes in Demand Changes in Quantity Demanded Versus Changes in Demand Supply The Law of Supply Other Influences on Supply Changes in Supply Changes in Quantity Supplied Versus Changes in Supply Market Equilibrium Supplies and Demands are independent Focus 1 Substitution and the Uses of Water as Its Price Changes Focus 2 Iraq, Kuwait, and the Supply of Oil Chapter 4 Markets and Equilibrium The Search for Equilibrium Changes in Supply Changes in Demand Shifts in Supply and Demand Transactions Costs Speculators Intermediaries Markets and Public Policy Price Controls Unemployment and Minimum Wage Laws Heroin Addiction The Market in Operation What? How? For Whom? Global Markets in Transition The Process of Worldwide Economic Integration Biography: Adam Smith Part 2 Core Concepts of Microeconomics Chapter5 Elasticity Elasticity and Responsiveness The Price Elasticity of Demand Ranges of Elasticity The Problem of Bases Determinants of Elasticity of Demand Elasticity Along a Demand Curve Other Elasticities of Demand Elasticity and Total Revenue The Price Elasticity of Supply Elasticities and Time Elasticity and Tax Burdens Tax Incidence Summary: Taxes and Elasticity Chapter6 Consumer Choice Commodities and Flows of Services Utility The Law of Diminishing Marginal Utility Consumer Equilibrium and Demand Total and Marginal Utility Balancing Marginal Utilities Maximizing Utility Price Adjustments and Marginal Utility Effects of Price Changes Consumer Surplus The Paradox of Value Information and Rational Choice Goods as Bundles of Attributes Uncertainty and Imperfect Information Bewildering Arrays of Choices Quality and Prices Caveat Emptor, Caveat Venditor, and Government Edict Optional Material: Indifference Curve Analysis Budget Lines indifference Curves Consumer Equilibrium Deriving Individual Demand Curves Income and Substitution effects Biography: Jeremy Bentham Biography: Thorstein Veblen Focus 1 Rational ignorance and Artificial Intelligence Chapter 7 Theory of the Firm The International Scope of Business The Anatomy of Business Production Why Do Firms Exist? Reducing Transaction Costs The Principal/Agent Problem Entrepreneurship Legal Forms of Business Sole Proprietorships Partnerships Corporations Other Forms of Enterprise Financing Business Operations Self-financing and Retained Earnings Common Stock Corporate Bonds Loans from Financial Intermediaries The Goals of Business Profit Maximization Separation of Ownership and Control Natural Selection Criticisms of the Corporate Culture Focus 1 So You Want to Be an entrepreneur Chapter 8 Production and Costs Production Functions Production in the Short Run Marginal and Average Physical Products of Labor The Short-Run Low of Diminishing Marginal Returns Short-Run Production Costs Variable Costs Average Costs Fixed Costs Marginal Costs Relating Costs to Production Costs in the Long Run Long Run Average Costs Least Cost Production Economies and Diseconomies of Scale Measuring Long-Run Average Costs Technological Change Optional Material: Isoquants and Production Isoquants Isocost Curves Substituting One Resource for Another Diminishing Marginal Returns Focus 1 Sunk Costs in Stud Poker Product Markets Part 3 Chapter9 The Competitive ideal The World of Pure Competition Competition Versus Rivalry Supply Responses and Time Short Run Competitive Pricing and Output Total Revenue - Total Cost Approach Marginal Revenue Equals Marginal Costs Approach Short Run Supply Curves of Purely Competitive Firms The Short Run Industry Supply Curve Long Run Adjustments in Competitive Industries Economic Profits as Market Signals The Process of Competition Long Run Equilibrium in a Competitive Industry Long Run Industry Supply Curves Evaluating Competitive Markets Economic Efficiency Social Welfare Some Shortcomings of Market Economies Decentralized Decisions and Freedoms Biography: Alfred Marsholl 194 Biography: Leon Walras and Vilfredo Pareto Chapter 10 Monopoly Monopoly Markets Monopoly Pricing and Output Market Power and Demand Barriers to Entry Regulatory Barriers Price Discrimination Requirements for Price Discrimination Profits from Price Discrimination Competitive Versus Monopoly Markets Differences in Prices and Outputs The Inefficiency of Monopoly Price Discrimination and Efficiency Biography: Auguste A. Cournot Monopoly and Inequity Focus 1 Patents, Trademarks, Copyrights, and Counterfeit Goods Focus 2 Arbitrage and Price Discrimination Chapter 11 Monopolistic Competition and Oligopoly Product Differentiation Advertising Monopolistic Competition Short Run Pricing and Output Long Run Adjustments Resource Allocation and Efficiency Oligopoly Dominance by a few Firms The Origins of Oligopoly Conscious Interdependence Oligopolistic Decision Making The Kinked Demand Curve Cartels Evaluating Oligopoly Biography: E. H. Chamberlin and Joan Robinson Focus 1 The International Market for Corporate Control Focus 2 The Rise and Fall of OPEC Chapter 12 Strategic Behavior Structure-Conduct-Performance The New Industrial Organization Game Theory Types of Games Prisoners Dilemma Moving First Dynamic Games Asymmetric Payoffs Asymmetric Information Moral Hazard Adverse Selection The Market for Lemons Efficiency Wages Screening and Signaling Business Strategies Contestable Markets Predatory Behavior Limit Pricing Sunk Costs as Entry Barriers Focus 1 The Winner's Curse Focus 2 Credentialism Chapter 13 Antitrust Policy Measuring Market Power The Lerner Index of Monopoly Power Market Concentration Ratios The Herfindahl-Hirschman lndex Mergers and Monopoly Power The Urge to Merge Major Merger Movements The Urge to Purge Public Policy Toward Business Antitrust Policy The Argument for Bigness The Antitrust Laws Exemptions from Antitrust Laws Monopolization and Monopoly Power The Antitrust Laws in Practice Oligopolies and Antitrust Merger Policy The Future of Antitrust Policy Is Antitrust Passé? Focus 1 State Actions on the Antitrust Front Focus 2 Von's Grocery --Only Numbers Matter Law and Economics: Aspen Skiing Company v. Aspen Highlands Skiing Corporation (1985) Part 4 Resource Markets Chapter 14 Competitive Labor Markets Delved Demands for Resources The Demand for Labor Marginal Revenue Product Shifts in Demands for Labor Marginal Factor Cost Elasticity of Demand for Labor The Supply of Labor Population and Labor Force Participation Labor-Leisure Choices Wage Structure and Rates Human Capital Wage Structures and Labor Supplies Labor Market Equilibrium Labor Market Efficiency Wages and Employment Wage Differentials Focus 1 Labor Supply and Taxes: A Global View Biography: J.B. Clark Focus 2 How Can You Compete in a Global Economy? Law and Economics: Age Discrimination (Metz v. Transit Mix) (1987) Chapter 15 Imperfect Competition in Labor Markets Monopolists' Diminished Labor Demands Monopsony in a Labor Market Wage Discrimination A Summary of Imperfect Competition by Employers Minimum Wage Laws and Monopsony Power Wage Differentials and Discrimination Occupational Crowding Decomposing Wage Differentials Comparable Worth Effects of Wage Discrimination Labor Unions Union Security The American Union Movement Unions and Collective Bargaining Union Strategies to Raise Wages Bilateral Monopoly Wage Setting and the Duration of Strikes Economic Effects of Labor Unions Union-Nonunion Wage Differentials Unions and Inflation Losses from Strikes Focus 1 Are Exploitation and Discrimination Caused by Capitalistic Greed? Chapter 16 Rent, Interest, Profits, and Capitalization Resource Ratios and Productivity Economic Rents Pure Land Rents Rents to Other Resources Rents and Efficiency Interest Interest Rates Markets for Financial Capital Entrepreneurs and Economic Profit Monopoly Profit Rewards for Innovation Risk Bearing and Uncertainty The Economic Role of Profits Capitalizing Income Streams Present Values Rates of Return Comparing Present Values and Rates of Return Capitalization and Competition The Marginal Productivity Theory of Income Distribution Biography: Henry George Focus 1 Are Lottery Tickets Sucker Bets? Focus 2 Capitalization and the NFL Law and Economics: Capitalizing on lnsider Information SEC V. Materia (1984) Part 5 Modern Microeconomic Issues Chapter 17 Market Failure and Public Finance Economic Roles for Government Market Failure: Allocation Monopoly Power Public Goods Externalities Providing for Public Goods Taxation Equity: The Benefit Principle Equity and Ability to Pay Tax Burdens and Efficiency Excess Burdens Neutrality The Current Tax System Personal Income Taxes Social Security Taxes Corporate Income Taxes Sales and Excise Taxes Inheritance and Gift Taxes Tax Reform Proposals Property Taxes Value Added Taxes (VATS) Flat Rate Taxes Consumption Taxes Focus 1 Tox Loopholes: Private Benefits and Public Costs Chapter 18 Public Choice Private Citizens and Politics Rational Voter Apathy Rational Political ignorance Systems of Voting Majority Rule Unanimity Point Voting Politicians and Parties "Lumpiness" in Voting The Median Voter Model Two-Party Systems Political Allocation Logrolling Special Interests Rent-Seeking Empire Building Bureaucracy The Growth of Government Market Failure Versus Government Failure Self-Corrections Focus 1 Government Contracts Chapter 19 Government Regulation The Growth of Government Regulation Why Is Business Regulated? The Public Interest and Business Regulation Externalities and Direct Regulation Regulating Natural Monopolies Does Business Gain From Regulation? Alternative Views of Regulation Arguments Favoring Consumer Protection Arguments Against Consumer Protection Economic Models of Regulation Consumer Protection Other Regulations in Practice Perspectives on Regulation Direct Costs of Regulation Indirect Costs of Regulation Deregulation and Reregulation Biography: Henry Stigler Focus 1 Have It Their Way Focus 2 The Airlines: Caveat Deregulator? Chapter 20 Environmental Economics Market Failure and the Environment Pollution as a Public Bad; Abatement as a Public Good Characteristics of Goods Property Rights and Environmental Quality The Evolution of Property Rights Externalities External Benefits External Costs Alternative Solutions to Pollution Is Zero Pollution Optimal? Effluent Charges and Subsidies Moral Suasion Market Solutions Regulations and Prohibition Are Any Abatement Policies Optimal? U.S. Environmental Policies Pollution Control in the United States The Future of Environmental Protection Focus 1 Solid Waste Recycling Focus 2 Should We Export Pollution? Chapter 21 The Economics of Agriculture The Farm Problem Low and Unstable Farm Income Competition and the Marginal Producer The Structure of Agriculture Number and Sizes of Farm Properties Farm Income and Wealth Causes of the Farm Problem Growth in Agricultural Productivity Demand Elasticities for Farm Products Immobility of Farm Resources Why Subsidize Agriculture? Traditional Farm Programs The Concept of Parity Crop Limitation Programs Farm Policies in the 1970s and 1980s Boom Years in the Early 1970s Recent Rural Hardships New Directions for Farm Policy Chapter 22 Income Distribution and Poverty Prosperity and Happiness Does Money Buy Happiness? Do Extra Dollars Mean More to the Poor Than to the Rich? Ethical Criteria for Distribution The Contribution Standard The Needs Standard The Equality Standard Inequality and Inequity Distribution in the United States Lorenz Curves The Changing Distribution of Income The Distribution of Wealth Determinants of Distribution Poverty in America What Does Poor Mean? Profiles of Poverty Government as a Provider for the Poor Types of Poverty Alternative Views of Poverty Economic Discrimination Public Policies to Eliminate Poverty Aid to Families with Dependent Children Welfare Reform Family Allowance Plans Negative Income Taxes Consolidation Workfare Focus 1 Pie Makers vs. Pie Splitters: China and the USSR Focus 2 Poverty: A Relative Concept Focus 3 Progress and Poverty Programs Chapter 23 International Trade The International Economy The Size and Scope of Trade Specialization and Comparative Advantage The Concept of Absolute Advantage Why Do Nations Trade? Short Run Specialization Gains Uniqueness Gains Gains From Trade International Political Stability Long Run Dynamic Gains Gains from Scale Assistance Net Gains From Specialization Short Run Gainers and Potential Losers Arguments Against Free Trade Individual Gainers and Losers Nationalism Trade Adjustment The Exploitation Doctrine Infant Industries Antidumping Retaliation Trade and Payments Deficits Job Destruction Power Monopoly/Monopsony Harmful Income Redistribution Exploiting National Defense Diversity Trade Barriers Tariffs Non-Tariff Barriers A Final Argument for Freer Trade Biography: David Ricardo Focus 1 Sources of Comparative and Competitive Advantages Focus 2 Regional Economic Integration Chapter 24 Comparative Systems: The Shift Toward Capitalism Perspectives on Capitalism The Recent Convergence Toward Capitalism Libertarianism Anarcho-Syndicalism Anarchism Syndicalism Evolutionary Socialism Fabian Socialism Utopian Socialism Christian Socialism Marxism: Revolutionary Socialism 1listory as Economic Dialectics Wages and Value Surplus value and Capital Accumulation Clas, Warfare Marxist Predictions Alternative Economic Systems The Soviet Economy in Transition The Chinese Experience Decentralized Socialism, Indicative Planniny, and Welfare Stutes Is Small Both Beautiful and Necessary? Buddhist economics Limits to Growth S47 Biography: Kurl Marx Epilogue Glossary Name Index Subject Index

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Managerial accounting and management’s Need for information Cost concepts.Activity-based costing for product costing and responsibility Accounting Cost volume-profit relationships PRODUCT COST FRAMEWORK : Introduction to product costing Process cost accounting.Budgeting for operations . Master Budgeting example and financial modeling Profit Analysis through standard costs Profit Analysis-Gross profit and operating DECISION MAKING FRAMEWORK : Managerial decisions : Analysis of Relevant Information Capital Investment decisins Capital Investsment Decisions :Additional Issues Planning and Control in Decentralized Operations SPECIAL TOPICS Cost Estimation International Implications in a changing Envronnement INTERFACES OF FINANCIAL AND MANAGERIAL ACCOUNTING Financial Performance Analysis The Statement of cash Flows

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Formes organisationnelles et marché financier Concepts fondamentaux de la gestion financière Valeur temporelle de l'argent Titres à revenu fixe : caractéristiques et évaluation Actions ordinaires : caractéristiques, valorisation et émission Analyse des risques et des rendements Évaluation des performances financières Analyse de l'effet de levier et des risques Analyse et prévision des flux de trésorerie Analyse des budgets d'investissement et des flux de trésorerie Critères de décision en matière de budgétisation des investissements Budgétisation des investissements et risque Le coût du capital La décision relative à la structure du capital Politique de dividendes Financement lié aux options : instruments et stratégies. Gestion des sources de financement à moyen terme Politique de fonds de roulement La gestion des liquidités et des titres négociables Gestion des comptes clients et des stocks Obtention de fonds à court terme Gestion financière internationale Restructuration d'entreprise

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Q&A Main Menu. File Menu. Design Menu--Existing File Name. Form Navigation Help at Main Menu. Function Key Assignments on Template. Help in Add Data Design Menu with New File Name. Design Screen with Ruler. Uneven Blank Even-edged Blank. Form-Design Navigation. New Form in a Data File.Illustration of Drawn Lines . Format Specifications. Formatting Specifications--Top Half. Formatting Specifications--Bottom Half. Global Format Options. Programming Statement. Customize Menu. Lookup Table with Program Spcc. Custom Help with Text Entered. Custom Help--Sta te Abbreviations. Access Control Form. Delete Form--Warning Received. Ditto Field Value from Previous Form. Ditto Previous Form in Its Entirety. Retrieve Spec with Resulting Forms. Table View Spec Screen Table View Navigation Keys. Retrieve Specification Restrictions. Text Restriction Characters. Search Options Box . Retrieve Specification Help Screen. Print Menu Ficld Specs for Mailing Label. File Print Options Screen. Define Page Menu Coordinate Printing. File Print Global Options Menu. Search Restrictions--All Information Types. Column/Sort Spec. Define Page with Headers and Footer Formatting Codes for Reports. Column Calculation Codes.Client Database Specifications. Cursor-Movement Commands.People's Names Fields Generic Adjectives