Exploring Economics - International Student Edition

Eighth Edition

Robert L. Sexton

Other Titles in:
Economics (General) | Macroeconomics | Microeconomics

January 2019 | SAGE Publications, Inc

Description
Contents

The excitement of learning economics for the first time.
The experience of a lifetime of teaching it.

The eighth edition of Exploring Economics captures the excitement of learning economics for the first time through a lively and encouraging narrative that connects economics to the world in a way that is familiar to students. Author Robert L. Sexton draws on over 25 years of teaching experience to capture students’ attention, focusing on core concepts and expertly weaving in examples from current events and popular culture to make even classic economic principles modern and relatable. The text sticks to the basics and applies a thoughtful learning design, segmenting its presentation into brief, visually appealing, self-contained sections that are easier for students to digest and retain compared to sprawling text.

Thoughtfully placed section quizzes, interactive summaries, and problem sets help students check their comprehension at regular intervals and develop the critical thinking skills that will allow them to “think like economists.” Combined with a complete teaching and learning package including online homework and flexible teaching options, Exploring Economics is sure to help you ignite your students’ passion for the field and reveal its practical application in the world around them.

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Part I: Introduction

Chapter 1: The Role and Method of Economics

1.1 Economics: A Brief Introduction

1.2 Economic Behavior

1.3 Economic Theories and Models

1.4 Pitfalls to Avoid in Scientific Thinking

1.5 Positive Statements and Normative Statements

Chapter 2: Economics: Eight Powerful Ideas

2.1 Idea 1: People Face Scarcity and Costly Trade-Offs

2.2 Idea 2: People Engage in Rational Decision Making and Marginal Thinking

2.3 Idea 3: People Respond Predictably to Changes in Incentives

2.4 Idea 4: Specialization and Trade Can Make People Better Off

2.5 Idea 5: Markets Can Improve Economic Efficiency

2.6 Idea 6: Appropriate Government Policies Can Improve Market Outcomes

2.7 Idea 7: Government Policies May Help Stabilize the Economy

2.8 Idea 8: Increasing Productivity Leads to Economic Growth

Chapter 3: Scarcity, Trade-Offs, and Production Possibilities

3.1 The Three Economic Questions Every Society Faces

3.2 The Circular Flow Model

3.3 The Production Possibilities Curve

3.4 Economic Growth and the Production Possibilities Curve

Part II: Supply and Demand

Chapter 4: Demand, Supply, and Market Equilibrium

4.1 Markets

4.2 Demand

4.3 Shifts in the Demand Curve

4.4 Supply

4.5 Shifts in the Supply Curve

4.6 Market Equilibrium Price and Quantity

Chapter 5: Markets in Motion and Price Controls

5.1 Changes in Market Equilibrium

5.2 Price Controls

Chapter 6: Elasticities

6.1 Price Elasticity of Demand

6.2 Total Revenue and the Price Elasticity of Demand

6.3 Other Types of Demand Elasticities

6.4 Price Elasticity of Supply

Part III: Market Efficiency, Market Failure, and the Public System

Chapter 7: Market Efficiency and Welfare

7.1 Consumer Surplus and Producer Surplus

7.2 The Welfare Effects of Taxes, Subsidies, and Price Controls

Chapter 8: Market Failure

8.1 Externalities

8.2 Public Policy and the Environment

8.3 Property Rights and the Environment

8.4 Public Goods

8.5 Asymmetric Information

Chapter 9: Public Finance and Public Choice

9.1 Public Finance: Government Spending and Taxation

9.2 Public Choice

Part IV: Households and Market Structure

Chapter 10: Consumer Choice Theory

10.1 Consumer Behavior

10.2 The Consumer's Choice

10.3 Behavioral Economics

Chapter 11: The Firm: Production and Costs

11.1 Firms and Profits: Total Revenues Minus Total Costs

11.2 Production in the Short Run

11.3 Costs in the Short Run

11.4 The Shape of the Short-Run Cost Curves

11.5 Cost Curves: Short Run versus Long Run

Chapter 12: Firms in Perfectly Competitive Markets

12.1 A Perfectly Competitive Market

12.2 An Individual Price Taker's Demand Curve

12.3 Profit Maximization

12.4 Short-Run Profits and Losses

12.5 Long-Run Equilibrium

12.6 Long-Run Supply

Chapter 13: Monopoly and Antitrust

13.1 Monopoly: The Price Maker

13.2 Demand and Marginal Revenue in Monopoly

13.3 The Monopolist's Equilibrium

13.4 Monopoly and Welfare Loss

13.5 Monopoly Policy

13.6 Price Discrimination and Peak Load Pricing

Chapter 14: Monopolistic Competition and Product Differentiation

14.1 Monopolistic Competition

14.2 Price and Output Determination in Monopolistic Competition

14.3 Monopolistic Competition versus Perfect Competition

14.4 Advertising

Chapter 15: Oligopoly and Strategic Behavior

15.1 Oligopoly

15.2 Collusion and Cartels

15.3 Other Oligopoly Models

15.4 Game Theory and Strategic Behavior

Part V: Input Markets and Microeconomic Policy Issues

Chapter 16: The Markets for Labor, Capital, and Land

16.1 Input Markets

16.2 Supply and Demand in the Labor Market

16.3 Labor Market Equilibrium

16.4 Labor Unions

16.5 The Markets for Land and Capital

Chapter 17: Income, Poverty, and Health Care

17.1 Income Distribution

17.2 Income Redistribution

17.3 The Economics of Discrimination

17.4 Poverty

17.5 Health Care

Part VI: Macroeconomic Foundations

Chapter 18: Introduction to Macroeconomics: Unemployment, Inflation, and Economic Fluctuations

18.1 Macroeconomic Goals

18.2 Employment and Unemployment

18.3 Types of Unemployment

18.4 Reasons for Unemployment

18.5 Inflation

18.6 Economic Fluctuations

Chapter 19: Measuring Economic Performance

19.1 National Income Accounting: A Standardized Way to Measure Economic Performance

19.2 Measuring Total Production

19.3 Other Measure of Total Production and Total Income

19.4 Problems in Calculating an Accurate GDP

19.5 Problems with GDP as a Measure of Economic Welfare

Chapter 20: Economic Growth in the Global Economy

20.1 Economic Growth

20.2 Determinants of Economic Growth

20.3 Public Policy and Economic Growth

20.4 Population and Economic Growth

Chapter 21: Financial Markets, Saving, and Investment

21.1 Financial Institutions and Intermediaries

21.2 Saving, Investment, and the Financial System

21.3 The Financial Crisis of 2008

Part VII: The Macroeconomic Models

Chapter 22: Aggregate Demand and Aggregate Supply

22.1 The Determinants of Aggregate Demand

22.2 The Aggregate Demand Curve

22.3 Shifts in the Aggregate Demand Curve

22.4 The Aggregate Supply Curve

22.5 Shifts in the Aggregate Supply Curve

22.6 Macroeconomic Equilibrium: The Short Run and the Long Run

Chapter 23: The Aggregate Expenditure Model

23.1 The Simple Aggregate Expenditure Model

23.2 Finding Equilibrium in the Aggregate Expenditure Model

23.3 Adding Investment, Government Purchases, and Net Exports

23.4 Shifts in Aggregate Expenditure and the Multiplier

23.5 From Aggregate Expenditures to Aggregate Demand

Part VIII: Macroeconomic Policy

Chapter 24: Fiscal Policy

24.1 Fiscal Policy

24.2 Fiscal Policy and the AD/AS Model

24.3 The Multiplier Effect

24.4 Supply-Side Effects of Tax Cuts

24.5 Possible Obstacles to Effective Fiscal Policy

24.6 Automatic Stabilizers

24.7 The National Debt

Chapter 25: Money, Banking, and the Federal Reserve System

25.1 What is Money?

25.2 Measuring Money

25.3 How Banks Create Money

25.4 The Money Multiplier

25.5 The Federal Reserve System

25.6 How Does the Federal Reserve Change the Money Supply?

25.7 Bank Failures

Chapter 26: Monetary Policy

26.1 Money, Interest Rates, and Aggregate Demand

26.2 Expansionary and Contractionary Monetary Policy

26.3 Money and Inflation--The Long Run

26.4 Problems in Implementing Monetary and Fiscal Policy

Chapter 27: Issues in Macroeconomic Theory and Policy

27.1 The Phillips Curve

27.2 The Phillips Curve over Time

27.3 Rational Expectations

27.4 Controversies in Macroeconomic Policy

Part IX: The Global Economy

Chapter 28: International Trade

28.1 The Growth in World Trade

28.2 Comparative Advantage and Gains from Trade

28.3 Supply and Demand in International Trade

28.4 Tariffs, Import Quotas, and Subsidies

Chapter 29: International Finance

29.1 The Balance of Payments

29.2 Exchange Rates

29.3 Equilibrium Changes in the Foreign Exchange Market

29.4 Flexible Exchange Rates

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