ESSENTIALS OF ECONOMICS FIFTH EDITIONPDF电子书下载

Section Ⅰ BASICS 1

chapter 1

The Challenge of Economics 1

The Central Problem of Scarcity 3

The Three Basic Economic Questions 4

WHAT to Produce 4

HOW to Produce 11

FOR WHOM to Produce 12

The Mechanisms of Choice 12

The Political Process 13

The Market Mechanism 13

Central Planning 14

Mixed Economies 14

Undesirable Choices 14

Market Failure 14

Government Failure 17

What Economics Is All About 19

Macro vs.Micro 19

Theo vs.Reality 20

Politics vs.Economics 20

Modest Expectations 21

Summary 22

Appendix：Using Graphs 25

Slopes 26

Shis 27

Linear vs.Nonlinear Curves 29

Causation 29

Headlines 3

Will Your Kids Be Better Off？ 3

North Korea Says It Is Running Out of Food 9

Russia Tightens Its Belt 9

Declining Faith in Government 18

chapter2 The U.S.Economy 30

What America Produces 32

How Much Output 32

The Mix of Output 35

Changing Industre Structure 38

How America Produces 40

Factors of Production 40

Business Organizations 42

Government Regulation 43

Striking a Balance 45

For Whom America Produces 45

The Distribution of Income 46

Income Mobility 47

In-Kind Income 47

Taxes and Transfers 48

Summary 50

Headlines 42

The Education Gap between Rich and Poor Nations 42

Income Share of the Rich 48

chapter 3 Supply and Demand 54

Market Participants 56

Goals 56

Constraints 56

Specialization and Exchange 56

Market Interactions 57

The Two Markets 57

Dollars and Exchange 58

Supply and Demand 59

Demand 59

Individual Demand 59

Determinants of Demand 62

Ceterus Paribus 63

Shifts in Demand 63

Movements vs.Shifts 64

Market Demand 64

The Market Demand Curve 65

The Use of Demand Curves 67

Supply 67

Determinants of Supply 68

The Market Supply Curve 68

Shifts in Supply 69

Equilibrium 70

Market Clearing 71

Surplus and Shortage 72

Changes in Equilibrium 74

Disequilibrium Pricing 76

Price Ceilings 77

Price Floors 78

Laissez Faire 79

Policy Perspectives 80

Free Tuition in California！ 80

Summary 81

Headlines 62

Higher Alcohol Prices and Student Drinking 62

Natural Gas Prices Rise as Temps Fall 65

California Forced to Turn the Lights Off 70

For Fans，What’s 4 Nights for U2？ 72

Buyers Line Up for Sony’s PIayStation 2 73

U2 Tour Turning Out 2 Be “Disaster” in Ticket Sales 74

Beef Prices on the Way Up 76

Section Ⅱ MICROECONOMICS 86

chapter 4 Consumer Demand 86

Patterns of Consumption 88

Determinants of Demand 88

The Sociopsychiatric Explanation 89

The Economic Explanation 89

The Demand Curve 91

Utility Theory 91

Price and Quantity 93

Price Elasticity 95

Elastic vs.Inelastic Demand 96

Price Elasticity and Total Revenue 97

Determinants of Elasticity 99

Policy Perspectives 100

Caveat Emptor：The Role of Advertising 100

Summary 102

Headlines 90

Men vs.Women：How They Spend 90

iTunes Music Store Hits Five Million Downloads 95

Dramatic Rise in Teenage Smoking 97

Cigarette Tax，Highest in Nation，Cuts Sales by Half 100

Where the Pitch Is Loudest 101

chapter 5 Supply Decisions 108

Capacity Constraints：The Production Function 110

Efficiency 111

Capacity 112

Marginal Physical Product 112

Law of Diminishing Returns 113

Short Run vs.Long Run 114

Costs of Production 114

Total Cost 114

Which Costs Matter？ 116

Average Cost 117

Marginal Cost 117

Supply Horizons 119

The Short-Run Production Decision 120

The Long-Run Investment Decision 120

Economic vs.Accounting Costs 121

Economic Cost 122

Economic Profit 123

Policy Perspectives 123

Invest in Labor or Capital？ 123

Summary 124

Headlines 114

“We Pretend to Work，They Pretend to Pay Us” 114

Mercedes-Benz 121

McDonald’s Plans Expansion in China 121

chapter 6 Competition 128

Market Structure 130

Perfect Competition 132

No Market Power 132

Price Takers 132

Market Demand vs.Firm Demand 133

The Firm’s Production Decision 134

Output and Revenues 135

Revenues vs.Profits 135

Profit Maximization 135

Price 135

Marginal Cost 135

Profit-Maximizing Rate of Output 137

Total Profit 139

Supply Behavior 140

A Firm’s Supply 140

Market Supply 141

Industry Entry and Exit 142

Entry 142

Tendency toward Zero Economic Profits 143

Exit 144

Equilibrium 144

Low Barriers to Entry 146

Market Characteristics 146

Policy Perspectives 147

The Virtues of Competition 147

Summary 149

Headlines 133

Southern Farmers Hooked on New Cash Crop 133

Cheaper Wireless Talk 144

Whiskered Catfish Stir a New Trade Controversy 145

T-Shirt Shop Owners Lament：Too Many T-Shirt Shops 147

chapter 7 Monopoly 152

Monopoly Structure 154

Monopoly = Industry 154

Price vs.Marginal Revenue 154

Monopoly Behavior 157

Profit Maximization 157

The Production Decision 157

The Monopoly Price 157

Monopoly Profits 158

Barriers to Entry 159

Threat of Entry 159

Patent Protection：Polaroid vs.Kodak 160

Other Entry Barriers 161

Comparative Outcomes 163

Competition vs.Monopoly 163

Near Monopolies 163

WHAT Gets Produced 165

FOR WHOM 166

HOW 166

Any Redeeming Qualities？ 166

Research and Development 166

Entrepreneurial Incentives 167

Economies of Scale 167

Natural Monopolies 168

Contestable Markets 168

Structure vs.Behavior 169

Policy Perspectives 169

Flying Monopoly Air 169

Summary 171

Headlines 161

Suit Threat Slows Linux Sales 161

Judge Says Microsoft Broke Antitrust Law 162

OPEC Votes to Cut Production 164

Music Firms Settle Lawsuit 165

2 Drug Firms Agree to Settle Pricing Suit 167

Following the Fares 171

chapter 8 The Labor Market 176

Labor Supply 178

Income vs.Leisure 179

Market Supply 180

Labor Demand 181

Derived Demand 181

Marginal Physical Product 183

Marginal Revenue Product 184

The Law of Diminishing Returns 184

The Hiring Decision 187

The Firm’s Demand for Labor 187

Market Equilibrium 189

Equilibrium Wage 189

Equilibrium Employment 189

Changing Market Outcomes 190

Changes in Productivity 190

Changes in Price 190

Legal Minimum Wages 191

Labor Unions 192

Policy Perspectives 194

Capping CEO Pay 194

Summary 197

Headlines 178

In Moscow，25，000 Apply for 630 Jobs at McDonald’s 178

Less Pay，More Play 180

Boeing to Issue Layoff Notices 181

Majoring in Money 182

Top Dollar，Top Coaches 188

Senate GOP Blocks Minimum Wage Hike 191

Disney Chief May Reap $771 Million 195

What’s a President Worth？ 196

chapter 9 Government Intervention 200

Market Failure 202

The Nature of Market Failure 202

Sources of Market Failure 203

Public Goods 203

Joint Consumption 203

The Free-Rider Dilemma 204

Externalities 206

Consumption Decisions 206

Production Decisions 209

Social vs.Private Costs 211

Policy Options 212

Market Power 214

Restricted Supply 214

Antitrust Policy 216

Equity 217

Macro Instability 218

Policy Perspectives 218

Trust in Government？ 218

Summary 220

Headlines 205

Napster Gets Napped 205

Passive Smoke Doesn’t Kill—or Does It？ 207

Breathe Easy 214

Forced Recycling Is a Waste 215

Section Ⅲ MACROECONOMICS 224

chapter 10 The Business Cycle 224

Assessing Macro Performance 227

GDP Growth 227

Business Cycles 227

Real GDP 228

Erratic Growth 229

Unemployment 232

The Labor Force 232

The Unemployment Rate 233

The Full-Employment Goal 234

Inflation 236

Relative vs.Average Prices 236

Redistributions 238

Uncertainty 243

Measuring Inflation 243

The Price-Stability Goal 244

Summary 245

Headlines 226

Market in Panic as Stocks Are Dumped in 12，894，600 Share Day：Bankers Halt It 226

Economy Contracts in 3rd Quarter 228

Depression Slams World Economies 230

How Unemployment Affects the Family 234

Inflation and the Weimar Republic 237

Tuition Is Up 11.5% at Community Colleges 238

chapter 11 Aggregate Supply and Demand 250

A Macro View 252

Macro Outcomes 252

Macro Determinants 252

Stable or Unstable？ 253

Classical Theory 253

The Keynesian Revolution 254

The Aggregate Supply-Demand Model 255

Aggregate Demand 256

Aggregate Supply 257

Macro Equilibrium 258

Macro Failure 259

Undesirable Outcomes 260

Unstable Outcomes 261

Shift Factors 262

Competing Theories of Short-Run Instability 265

Demand-Side Theories 265

Supply-Side Theories 267

Eclectic Explanations 267

Policy Options 267

Fiscal Policy 268

Monetary Policy 268

Supply-Side Policy 268

Policy Perspectives 269

The Changing Choice of Policy Levers 269

Summary 270

Headlines 261

Too Much Supply，Too Little Demand 261

Falling Stocks Smash Nest Eggs 263

Attack Puts Chill on European Businesses 264

Difficult Passage 264

Consumers Are Spending Big Time 266

chapter 12 Fiscal Policy 274

Components of Aggregate Demands 276

Consumption 276

Investment 277

Government Spending 277

Net Exports 278

Equilibrium 278

The Nature of Fiscal Policy 279

Fiscal Stimulus 280

More Government Spending 280

Tax Cuts 284

Inflation Worries 286

Fiscal Restraint 287

Budget Cuts 288

Tax Hikes 288

Fiscal Guidelines 289

Policy Perspectives 289

Unbalanced Budgets 289

Summary 291

Headlines 277

Consumer Confidence Plunges to Two-Year Low 277

Retailers See Results from Child Tax Credit Checks 285

Tax Cuts Could Improve Growth 287

chapter 13 Money and Banks 294

The Uses of Money 296

Many Types of Money 296

The Money Supply 297

Cash vs.Money 297

Transaction Accounts 298

Basic Money Supply 298

Near Money 299

Aggregate Demand 300

Creation of Money 300

Deposit Creation 300

A Monopoly Bank 301

Reserve Requirements 303

Excess Reserves 304

A Multibank World 304

The Money Multiplier 304

Limits to Deposit Creation 306

Excess Reserves as Lending Power 306

The Macro Role of Banks 306

Financing Aggregate Demand 306

Constraints on Money Creation 308

Policy Perspectives 308

Digital Money 308

Summary 309

Headlines 297

Goods Replace Rubles in Russia’s Vast Web of Trade 297

Writing Checks Going Out of Style 299

chapter 14 Monetary Policy 312

The Federal Reserve System 314

Federal Reserve Banks 314

The Board of Governors 315

The Fed Chairman 316

Monetary Tools 316

Reserve Requirements 316

The Discount Rate 318

Open-Market Operations 320

Powerful Levers 322

Shifting Aggregate Demand 322

Expansionary Policy 323

Restrictive Policy 323

Price vs.Output Effects 325

Aggregate Demand 325

Aggregate Supply 325

Policy Perspectives 327

Fixed Rules or Discretion？ 327

Summary 328

Headlines 318

Central Bank in China Raises Reserve Requirement 318

Fed Cuts Key Rate by Half a Point 320

Fed Increases Dosage of Anti-Inflation Medicine 324

chapter 15 Economic Growth 332

The Nature of Growth 334

Short-Run Changes in Capacity Use 334

Long-Run Changes in Capacity 334

Nominal vs.Real GDP 335

Growth Indexes 336

The GDP Growth Rate 336

GDP per Capita：A Measure of Living Standards 337

GDP per Worker：A Measure of Productivity 340

Sources of Productivity Growth 340

Labor Quality 341

Capital Investment 341

Management 341

Research and Development 342

Policy Levers 342

Education and Training 342

Immigration Policy 343

Investment Incentives 343

Savings Incentives 344

Government Finances 345

Deregulation 345

Economic Freedom 346

Policy Perspectives 347

Is More Growth Desirable？ 347

Summary 349

Headlines 338

What Economic Growth Has Done for U.S.Families 338

O Canada，You’re One Tough Cookie 343

Americans Save Little 344

Economic Freedom and Per Capita Income 347

Keeping Up with the Patels and the Wangs 348

chapter 16 Theory and Reality 352

Policy Levers 354

Fiscal Policy 354

Monetary Policy 357

Supply-Side Policy 359

Idealized Uses 361

Case 1：Recession 361

Case 2：Inflation 362

Case 3：Stagflation 363

Fine-Tuning 363

The Economic Record 363

Why Things Don’t Always Work 365

Goal Conflicts 365

Measurement Problems 366

Design Problems 368

Implementation Problems 369

Policy Perspectives 372

Hands Off or Hands On？ 372

Summary 374

Headlines 357

Budget Deficit May Surpass $450 Billion 357

Falling Consumer Confidence Could Alter Fed Outlook 359

Macro Performance in the 1990s 365

Despite Job Losses，the Recession Is Finally Declared Officially Over 367

Tough Calls in Economic Forecasting 368

Japanese Tighten Belts 369

Budget Economics，Politics Collide 371

Section Ⅳ INTERNATIONAL 378

chapter 17 International Trade 378

U.S.Trade Patterns 380

Imports 380

Exports 380

Trade Balances 380

Motivation to Trade 382

Production and Consumption without Trade 383

Trade Increases Specialization and World Output 385

Comparative Advantage 386

Opportunity Costs 386

Absolute Costs Don’t Count 387

Terms of Trade 387

Limits to the Terms of Trade 387

The Market Mechanism 388

Protectionist Pressures 389

Microeconomic Losers 389

The Net Gain 390

Barriers to Trade 391

Tariffs 391

Quotas 391

Nontariff Barriers 393

Exchange Rates 394

Global Pricing 395

Appreciation/Depreciation 395

Foreign Exchange Markets 395

Policy Perspectives 397

Policing World Trade 397

Summary 399

Headlines 381

Exports in Relation to GDP 381

Whining over Wine 389

A Litany of Losers 390

Sugar Quota a Sour Deal 394

China Quickly Rebuffs Pressure from U.S.to Strengthen Its Currency 397

Bush Sets Tariffs on Steel Imports 398

Glossary 403

Index 407