經濟學原理（英文版·第10版）/工商管理經典教材·核心課係列；教育部高校工商管理類教學指導委員會 下載 mobi epub pdf 電子書 2025

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卡爾·凱斯，雷·費爾，莎倫·奧斯特 著

齣版社： 中國人民大學齣版社

ISBN：9787300211091

版次：10

商品編碼：11689419

包裝：平裝

叢書名： 工商管理經典教材·核心課係列

開本：16開

齣版時間：2015-05-01

用紙：膠版紙

頁數：556

內容簡介

　　《經濟學原理（英文版·第10版）/工商管理經典教材·核心課係列；教育部高校工商管理類教學指導委員會》由美國韋爾斯利大學和哈佛大學的三位經濟學教授聯閤編著，是美國各大學普遍采用的經濟學教材之一。作為一本曆久彌新的經濟學教材，本書具有如下特色：
　　?與時俱進，及時追蹤經濟學前沿，反映美國當今經濟學的主流觀點。
　　?將經濟學的基本理論同現實生活及政策問題有機地結閤起來，教給讀者如何像經濟學傢那樣思考問題，運用經濟學來解釋真實世界中的現象。
　　?采取創新的、獨特的“故事—圖錶—公式”三級遞進式的寫作模式，即首先通過生動的事例引入概念，然後藉助圖錶來解釋，最後在恰當的地方列齣公式來進一步說明。這種循序漸進的結構使讀者學習經濟學成為一件賞心樂事。
　　?具有國際視野，精心編入瞭來自世界各國的案例，用以說明各個章節的理論和概念。
　　第10版是最新版，增加瞭對經濟衰退形勢的分析，補充瞭對央行政策的討論，更新瞭“實踐中的經濟學”等材料，更加強調國際化背景下不同國傢之間的相互依存關係。
　　《經濟學原理（英文版·第10版）/工商管理經典教材·核心課係列；教育部高校工商管理類教學指導委員會》非常適閤高校經濟學原理課程的雙語教學或全英語教學使用，也適閤對經濟學感興趣的讀者學習參考。

作者簡介

　　卡爾·凱斯（Karl E. Case）， 美國韋爾斯利大學經濟學講座教授，擁有哈佛大學博士學位。為美國標準普爾指數顧問委員會成員。與本書第二作者雷?費爾共同任職於波士頓聯邦儲備銀行。曾任哈佛大學本科生教育主任，榮獲Allyn青年教師奬。研究領域包括房地産、住房問題以及公共財政。

　　雷·費爾（Ray C. Fair）， 美國耶魯大學經濟學教授、耶魯Cowles基金會成員，計量經濟學協會會士，擁有麻省理工大學博士學位。主要研究領域是宏觀經濟學和計量經濟學，尤其是宏觀計量經濟建模問題。

　　莎倫·奧斯特（Sharon M. Oster）， 美國耶魯大學管理學院院長，經濟學與管理學講座教授。研究領域為産業組織。

目錄

PART IIntroduction To Economics1
The Scope and Method of Economics1
Why Study Economics? 2
ECONOMICS IN PRACTICE iPod and the World 6
The Scope of Economics 6
ECONOMICS IN PRACTICE Trust and Gender 9
The Method of Economics 9 An Invitation 15
Summary 15Problems 16
The Economic Problem： Scarcity and Choice17
Scarcity， Choice， and Opportunity Cost 18
ECONOMICS IN PRACTICE Frozen Foods and Opportunity Costs 20
Economic Systems and the Role of Government 31
Summary 34Problems 35
Demand， Supply， and Market Equilibrium39
Firms and Households： The Basic Decision- Making Units 39
Input Markets and Output Markets： The Circular Flow 40
Demand in Product/Output Markets 42 Supply in Product/Output Markets 52 Market Equilibrium 57
ECONOMICS IN PRACTICE High Prices for Tomatoes 61
ECONOMICS IN PRACTICE Why Do the Prices of Newspapers Rise? 63
Demand and Supply in Product Markets： A Review 63
Summary 64Problems 65
Demand and Supply Applications69
The Price System： Rationing and Allocating Resources 69
ECONOMICS IN PRACTICE Prices and Total Expenditure： A Lesson From the Lobster Industry in 2008–2009 71
Supply and Demand Analysis： An Oil Import Fee 76
ECONOMICS IN PRACTICE The Price Mechanism at Work for Shakespeare 77
Supply and Demand and Market Ef?ciency 79
Summary 83Problems 83
5Elasticity87
Price Elasticity of Demand 88
Calculating Elasticities 90
The Determinants of Demand Elasticity 97
ECONOMICS IN PRACTICE Elasticities at a Delicatessen in the Short Run and Long Run 98
Other Important Elasticities 99
Summary 101Problems 102
PART IIThe Market System： Choices Made by Households and Firms105
6Household Behavior and Consumer Choice109
Household Choice in Output Markets 109 The Basis of Choice： Utility 114
Income and Substitution Effects 118 Household Choice in Input Markets 120
ECONOMICS IN PRACTICE Substitution and Market Baskets 121
ECONOMICS IN PRACTICE What Happens When the Cost of Self-Discovery Falls? 124
A Review： Households in Output and Input Markets 125
1
Summary 126Problems 126
The Production Process： The Behavior of Profit-Maximizing Firms129
The Behavior of Pro?t-Maximizing Firms 130
The Production Process 134
ECONOMICS IN PRACTICE How Fast Should a Truck Driver Go? 138
Choice of Technology 138
Summary 140Problems 140
8Short-Run Costs and Output Decisions145
Costs in the Short Run 145
ECONOMICS IN PRACTICE Average and Marginal Costs at a College 156
Output Decisions： Revenues， Costs， and Pro?t Maximization 157
ECONOMICS IN PRACTICE Case Study in Marginal Analysis： An Ice Cream Parlor 160
Summary 163Problems 163
Long-Run Costs and Output Decisions167
Short-Run Conditions and Long-Run Directions 168
Long-Run Costs： Economies and Diseconomies of Scale 173
ECONOMICS IN PRACTICE Economies of Scale in the World Marketplace 175
ECONOMICS IN PRACTICE Economies of Scale in Solar 176
Long-Run Adjustments to Short-Run Conditions 178
ECONOMICS IN PRACTICE The Long-Run Average Cost Curve： Flat or U-Shaped? 179
ECONOMICS IN PRACTICE The Fortunes of the Auto Industry 182
ECONOMICS IN PRACTICE Why Are Hot Dogs So
Expensive in Central Park? 183
Output Markets： A Final Word 184
Summary 184Problems 185
Input Demand： The Labor and Land Markets189
Input Markets： Basic Concepts 189
ECONOMICS IN PRACTICE Sometimes Workers Play Hooky! 191
Labor Markets 193
ECONOMICS IN PRACTICE What is Denzel Washington’s Marginal Revenue Product in Broadway’s Fences? 197
Land Markets 198
The Firm’s Profit-Maximizing Condition in
Input Markets 200
Input Demand Curves 200
Summary 202Problems 203
Input Demand： The Capital Market and the Investment Decision205
Capital， Investment， and Depreciation 205
ECONOMICS IN PRACTICE Investment Banking， IPOs， and Electric Cars 207
The Capital Market 208
ECONOMICS IN PRACTICE Who Owns Stocks in the United States? 213
The Demand for New Capital and the Investment Decision 213
ECONOMICS IN PRACTICE Chinese Wind Power 215
A Final Word on Capital 217
Summary 218Problems 219
General Equilibrium and the Efficiency of Perfect Competition221
Market Adjustment to Changes in Demand 222 Allocative Ef?ciency and Competitive Equilibrium 224
ECONOMICS IN PRACTICE Ethanol and Land Prices 225
The Sources of Market Failure 230 Evaluating the Market Mechanism 232
Summary 232Problems 233
PART IIIMarket Imperfections and the Role of Government237
Monopoly and Antitrust Policy237
Imperfect Competition and Market Power： Core Concepts 237
Price and Output Decisions in Pure Monopoly Markets 239
ECONOMICS IN PRACTICE Managing the Cable Monopoly 248
The Social Costs of Monopoly 249 Price Discrimination 251 Remedies for Monopoly： Antitrust Policy 253
ECONOMICS IN PRACTICE Antitrust Rules Cover the NFL 255
Imperfect Markets： A Review and a Look Ahead 255
Summary 256Problems 257
14Oligopoly259
Market Structure in an Oligopoly 260
ECONOMICS IN PRACTICE Why Are Record Labels Losing Key Stars Like Madonna? 262
Oligopoly Models 263
Game Theory 266
ECONOMICS IN PRACTICE Price Fixing in Digital Music 272
Oligopoly and Economic Performance 272 The Role of Government 273
Summary 276Problems 277
15Monopolistic Competition279
Industry Characteristics 280
Product Differentiation and Advertising 281
ECONOMICS IN PRACTICE An Economist Makes Tea 284
ECONOMICS IN PRACTICE Can Information Reduce Obesity? 287
Price and Output Determination in Monopolistic Competition 288
Economic Ef?ciency and Resource
Allocation 292
Summary 292Problems 293
Externalities， Public Goods， and Social Choice295
Externalities and Environmental
Economics 295
ECONOMICS IN PRACTICE Ban on Oil Drillers 298
ECONOMICS IN PRACTICE Externalities Are All Around Us 304
ECONOMICS IN PRACTICE Climate Change 307
Public (Social) Goods 307 Social Choice 312
Government and the Market 315
Summary 315Problems 316
Uncertainty and Asymmetric Information319
Decision Making Under Uncertainty： The Tools 319
Asymmetric Information 323
ECONOMICS IN PRACTICE Adverse Selection in the Health Care Market 326
ECONOMICS IN PRACTICE How to Read
Advertisements 327
Incentives 329
Summary 330Problems 331
Income Distribution and Poverty333
The Sources of Household Income 333 The Distribution of Income 336
ECONOMICS IN PRACTICE The New Rich
Work! 339
The Utility Possibilities Frontier 342 The Redistribution Debate 343
Redistribution Programs and Policies 346
ECONOMICS IN PRACTICE Does Price Matter in Charitable Giving? 350
Government or the Market? A Review 351
Summary 351Problems 352
PART IVConcepts and Problems in Macroeconomics355
Introduction to Macroeconomics355
Macroeconomic Concerns 356
The Components of the Macroeconomy 358 A Brief History of Macroeconomics 361
ECONOMICS IN PRACTICE Macroeconomics in Literature 363
The U．S． Economy Since 1970 363
ECONOMICS IN PRACTICE John Maynard Keynes 365
Summary 366Problems 367
Measuring National Output and National Income369
Gross Domestic Product 369 Calculating GDP 371
ECONOMICS IN PRACTICE Where Does eBay Get Counted? 373
ECONOMICS IN PRACTICE GDP： One of the Great Inventions of the 20th Century 377
Nominal versus Real GDP 378 Limitations of the GDP Concept 381
Summary 383 Problems 384
Unemployment， Inflation， and Long-Run Growth387
Unemployment 387
ECONOMICS IN PRACTICE A Quiet Revolution： Women Join the Labor Force 391
In?ation 393
ECONOMICS IN PRACTICE The Politics of Cost-of- Living Adjustments 396
Long-Run Growth 398
Summary400 Problems 401
PART VThe Core of Macroeconomic Theory403
Aggregate Expenditure and Equilibrium Output405
The Keynesian Theory of Consumption 406
ECONOMICS IN PRACTICE Behavioral Biases in Saving Behavior 410
Planned Investment (I) 410
The Determination of Equilibrium Output (Income) 411
The Multiplier 415
ECONOMICS IN PRACTICE The Paradox of Thrift 418
Summary 419 Problems 420
The Government and Fiscal Policy423
Government in the Economy 424
Fiscal Policy at Work： Multiplier Effects 428 The Federal Budget 433
The Economy’s In?uence on the Government
Budget 438
ECONOMICS IN PRACTICEGovernments Disagree on How Much More Spending Is Needed 439
Summary 440 Problems 441
The Money Supply and the Federal Reserve System443
An Overview of Money 443
ECONOMICS IN PRACTICE Dolphin Teeth as Currency 445
How Banks Create Money 447 The Federal Reserve System 453
How the Federal Reserve Controls the Money Supply 457
Summary 463 Problems 463
Money Demand and the Equilibrium Interest Rate467
Interest Rates and Bond Prices 467
ECONOMICS IN PRACTICE Professor Serebryakov Makes an Economic Error 468
The Demand for Money 468
ECONOMICS IN PRACTICE ATMs and the Demand for Money 473
The Equilibrium Interest Rate 474
Summary 477 Problems 477
Aggregate Demand in the Goods and Money Markets481
Planned Investment and the Interest Rate 482
ECONOMICS IN PRACTICE Small Business and the Credit Crunch 483
Equilibrium in Both the Goods and Money Markets： The IS-LM Model 484
Policy Effects in the Goods and Money Markets 485
The Aggregate Demand (AD) Curve 489
Summary493 Problems 494
Aggregate Supply and the Equilibrium Price Level497
The Aggregate Supply Curve 497
The Equilibrium Price Level 500
The Long-Run Aggregate Supply Curve 501
ECONOMICS IN PRACTICE The Simple “Keynesian” Aggregate Supply Curve 502
Monetary and Fiscal Policy Effects 503
Causes of In?ation 505
ECONOMICS IN PRACTICE Inflationary Expectations in China 508
The Behavior of the Fed 509
ECONOMICS IN PRACTICE Markets Watch the Fed 511
Summary 514 Problems 515
The Labor Market In the Macroeconomy519
The Labor Market： Basic Concepts 519
The Classical View of the Labor Market 520
Explaining the Existence of Unemployment 522
ECONOMICS IN PRACTICE Does Unemployment Insurance Increase Unemployment or Only Protect the Unemployed? 524
The Short-Run Relationship Between the Unemployment Rate and In?ation 526 The Long-Run Aggregate Supply Curve， Potential Output， and the Natural Rate of Unemployment 531
Summary 533 Problems 534

精彩書摘

Preface
Our goal in the 10th edition, as it was in the first edition, is to instill in students a fascination with both the functioning of the economy and the power and breadth of economics. The first line of every edition of our book has been “The study of economics should begin with a sense of wonder.” We hope that readers come away from our book with a basic understand- ing of how market economies function, an appreciation for the things they do well, and a sense of the things they do poorly. We also hope that readers begin to learn the art and sci- ence of economic thinking and begin to look at some policy and even personal decisions in a different way.
What’s New in This Edition?
?The years 2008–2009 became the fifth recession in the United States since 1970. One of the new features of this edition is a discussion of this recession in the context of the overall history of the U.S. economy. This most recent recession, however, required more than the usual revisions, both because of its severity and because of the unusual nature of both the events leading up to it and some of the remedies employed by the govern- ment to deal with it.
?In June 2010, the balance sheet of the Federal Reserve had assets of $2.3 trillion. Of these
assets, half, or just over $1.1 trillion, was held in the form of mortgage-backed securities.
In 2007, the Fed held no mortgage-backed securities. In June 2010, commercial banks in
the United States held more than $900 billion in excess reserves at the Fed. In the past,
banks have held almost no excess reserves. These extraordinary changes at the Fed fol-
low on the heels of interventions by the federal government in financial operations of
numerous private banks like J.P. Morgan and Goldman Sachs, as well as in companies
like AIG and General Motors. These extraordinary actions required substantial changes
throughout the macroeconomic chapters of this book. New material describing these
interventions appear in a number of chapters, both in the text itself and in the Economics
in Practice boxes. Revisions were also necessary in the background discussions of mone-
tary policy, since the existence of excess reserves considerably complicates the usual
workings of monetary policy.
?In the microeconomics area, there has been a good deal of exciting new work in the areas
of economic development, behavioral economics, and experimental economics. This edition has added material in various places throughout the microeconomics chapters that describe this work.
?This edition has augmented the current research focus of many of the Economics in
Practice boxes. Historically, the boxes have focused principally on newspaper excerpts
related to the subject of the chapter. Beginning last edition and pushed through more
strongly this edition, we have added boxes that we hope will demonstrate more clearly
the ideas that lie at the heart of economic thinking. Thus, two thirds of the boxes in the
microeconomics and macroeconomics chapters relate an economic principle either to a
personal observation (why does Denzel Washington get paid what he does?) or to a
recent piece of economic research (new work by Emmanuel Saez on the fact that much
of modern wealth comes from wages rather than interest, Carola Frydman’s work on
executive compensation, and Rachel Croson’s work on gender and trust). When possi-
ble, we focus on work by younger scholars and on more recent research. It is our hope
that new students will be inspired by the wide breadth and exciting nature of the
research currently going on in economics as they read these boxes.
1
?A number of the chapters have been reworked to improve their readability. On the
microeconomics side, Chapters 9, 12, and 18 have been most affected. The other major
changes concern the new discussion needed for the 2008–2009 recession and the new
policy initiatives.
?We have added many new problems in the end-of-chapter materials, aiming for more
text-specific questions.
Economics is a social science. Its value is measured in part in terms of its ability to help us understand the world around us and to grapple with some of the social issues of the times: How do markets work, and why are they so powerful? Why do firms earn profits, and how are wages determined? Does it matter to consumers if there are many firms in an indus- try or only one? In 2006, the top 20 percent of the households in the United States earned 48 percent of all income generated. Why do we see this income inequality, and why has it been growing? There is enormous poverty in many parts of the world. Are there ways to intervene, either at the country level or the individual level? In almost any marketplace in the United States we see goods that were produced in countries from all over the world. U.S. goods also travel to far corners of the world to be sold to consumers in Europe, Asia, and Latin America. Why do we see the pattern we do? Across the globe, people are increasingly worried about global warming. What tools can an economist bring to the table in helping to solve this complex problem? These questions are microeconomic questions. To answer them, we need to learn how households and firms make decisions and how those decisions are interconnected. As we begin to see the way in which market outcomes—like prices, prof- its, industry growth, and the like—emerge from the interplay of decisions made by a legion of households and firms, acting largely in their own interests, we hope that the reader’s sense of wonder will grow.
As we go to press in 2010, the U.S. economy is slowly recovering from a very difficult downturn, with many people still unsuccessfully seeking work. What causes an economy to falter and unemployment rates to grow? More generally, how do we measure and under- stand economic growth? Are there government policies that can help prevent downturns or at least reduce their severity? In 2010, in the United States we hear increasing worries about the growing size of the government debt. Where did this debt come from, and are people right to be worried? These question are macroeconomic questions. The years 2008–2010 have been very challenging years in the macroeconomy for most of the world. In the United States the government has used policies never used before, and we have all—macroecono- mists and policy makers alike—struggled to figure out what works and what does not. For someone studying macroeconomics, we are in the middle of an enormously exciting time.
The Foundation
The themes of Principles of Economics, 10th edition, are the same themes of the first nine edi- tions. The purposes of this book are to introduce the discipline of economics and to provide a basic understanding of how economies function. This requires a blend of economic theory, institutional material, and real-world applications. We have maintained a balance between these ingredients in every chapter. The hallmark features of our book are its:
1.Three-tiered explanations of key concepts (stories-graphs-equations)
2.Intuitive and accessible structure
3.International coverage
Three-Tiered Explanations: Stories-Graphs-Equations
Professors who teach principles of economics are faced with a classroom of students with different abilities, backgrounds, and learning styles. For some students, analytical mater- ial is difficult no matter how it is presented; for others, graphs and equations seem to come naturally. The problem facing instructors and textbook authors is how to convey the core principles of the discipline to as many students as possible without selling the
better students short. Our approach to this problem is to present most core concepts in the following three ways:
First, we present each concept in the context of a simple intuitive story or example in words often followed by a table. Second, we use a graph in most cases to illustrate the story or example. And finally, in many cases where appropriate, we use an equation to present the concept with a mathematical formula.
Microeconomic Structure
The organization of the microeconomic chapters continues to reflect our belief that the best way to understand how market economies operate—and the best way to understand basic economic theory—is to work through the perfectly competitive model first, including dis- cussions of output markets (goods and services) and input markets (land, labor, and capi- tal), and the connections between them before turning to noncompetitive market structures such as monopoly and oligopoly. When students understand how a simple, perfectly com- petitive system works, they can start thinking about how the pieces of the economy “fit together.” We think this is a better approach to teaching economics than some of the more traditional approaches, which encourage students to think of economics as a series of dis- connected alternative market models.
Learning perfect competition first also enables students to see the power of the market sys- tem. It is impossible for students to discuss the efficiency of markets as well as the problems that arise from markets until they have seen how a simple, perfectly competitive market system produces and distributes goods and services. This is our purpose in Chapter 6 through 11.
Chapter 12, “General Equilibrium and the Efficiency of Perfect Competition,” is a piv- otal chapter that links simple, perfectly competitive markets with a discussion of market imperfections and the role of government. Chapter 13 through 15 cover three noncompeti- tive market structures—monopoly, monopolistic competition, and oligopoly. Chapter 16 covers externalities, public goods, and social choice. Chapter 17, which is new to this edition, covers uncertainty and asymmetric information. Chapter 18 coverT income distribution. The visual at the top of the next page (Figure II.2), gives you an overview of our structure.
Macroeconomic Structure
We remain committed to the view that it is a mistake simply to throw aggregate demand and aggregate supply curves at students in the first few chapters of a principles book. To under- stand the AS and AD curves, students need to know about the functioning of both the goods market and the money market. The logic behind the simple demand curve is wrong when it is applied to the relationship between aggregate demand and the price level. Similarly, the logic behind the simple supply curve is wrong when it is applied to the relationship between aggregate supply and the price level.
Part of teaching economics is teaching economic reasoning. Our discipline is built around deductive logic. Once we teach students a pattern of logic, we want and expect them to apply it to new circumstances. When they apply the logic of a simple demand curve or a simple supply curve to the aggregate demand or aggregate supply curve, the logic does not fit. We believe that the best way to teach the reasoning embodied in the aggregate demand and aggregate supply curves without creating confusion for students is to build up to those topics carefully.
In Chapter 22, “Aggregate Expenditure and Equilibrium Output,” and Chapter 23, “The Government and Fiscal Policy,” we examine the market for goods and services. In Chapter 24, “The Money Supply and the Federal Reserve System,” and Chapter 25, “Money Demand and the Equilibrium Interest Rate,” we examine the money market. We bring the two markets together in Chapter 26, “Aggregate Demand in the Goods and Money Markets,” which explains the links between aggregate output (Y) and the interest rate (r) and derives the AD curve. In Chapter 27, “Aggregate Supply and the Equilibrium Price Level,” we introduce the AS curve and determine the equilibrium price level (P). We then explain in Chapter 28, “The Labor Market in the Macroeconomy,” how the labor markets
Perfectly Competitive MarketsMarket Imperfections and the Role of
CHAPTER 6
Household Behavior
?Demand in output markets
?Supply in input markets
CHAPTERS 7–8
Firm Behavior
?Choice of technology
?Supply in output markets
?Demand in input markets
CHAPTERS 8–9
Equilibrium
in Competitive Output Markets
?Output prices
?Short run
?Long run
CHAPTERS 10–11
Competitive Input Markets
?Labor/land
-Wages/rents
?Capital/Investment
-Interest/profits
CHAPTER 12
The Competitive Market System
?General equilibrium and efficiency
Government
CHAPTERS 13–18
Market Imperfections and the Role of Government
?Imperfect market structures
-Monopoly
-Monopolistic competition
-Oligopoly
?Externalities, public goods, imperfect information, social choice
?Income distribution and poverty
? FIGURE II.2 Understanding the Microeconomy and the Role of Government
fits into this macroeconomic picture. The figure at the top of the next page (Figure V.1) gives you an overview of this structure.
One of the big issues in the organization of the macroeconomic material is whether long-run growth issues should be taught before short-run chapters on the determination of national income and countercyclical policy. In the last three editions, we moved a significant discussion of growth to Chapter 21,“Unemployment, Inflation, and Long-Run Growth,” and highlighted it.
International Coverage
As in previous editions, we continue to integrate international examples and applications throughout the text. This probably goes without saying: The days in which an introductory economics text could be written with a closed economy in mind have long since gone.
Tools for Learning
As authors and teachers, we understand the challenges of the principles of economics course. Our pedagogical features are designed to illustrate and reinforce key economic concepts through real-world examples and applications.
Economics in Practice
As described earlier, the Economics in Practice feature presents a real-world personal observa- tion, current research work, or a news article that supports the key concept of the chapter and helps students think critically about how economics is a part of their daily lives. The
CHAPTERS 22–23
The Goods-and-Services Market
?Planned aggregate expenditure Consumption (C) Planned investment (I) Government (G)
?Aggregate output (income) (Y)
CHAPTERS 24–25
The Money Market
?The supply of money
?The demand for money
?Interest rate (r)
CHAPTER 26
Connections between the goods-and-services market and the money market
rY
Aggregate Demand
?Aggregate demand curve
P
Y
CHAPTER 27
Aggregate Supply
?Aggregate supply curve
P
Y
?Equilibrium interest rate (r*)
?Equilibrium output (income) (Y*)
?Equilibrium price level (P*)
CHAPTER 28
The Labor Market
?The supply of labor
?The demand for labor
?Employment and unemployment
? FIGURE V.1 The Core of Macroeconomic Theory
end-of-chapter problem sets include a question specific to each Economics in Practice feature. Students can visit for additional updated news articles and related exercises.
Graphs
Reading and interpreting graphs is a key part of understanding economic concepts.
P
2.50
1.75
S
Equilibrium point
Excess demand
? FIGURE 3.9 Excess
Demand, or Shortage At a price of $1.75 per bushel, quantity demanded exceeds quantity supplied. When excess
demand exists, there is a tendency for price to rise. When quantity demanded equals quantity sup- plied, excess demand is elimi- nated and the market is in
= shortageD
equilibrium. Here the equilib-
rium price is $2.50 and the equi- librium quantity is 35,000 bushels.
025,000
35,000
50,000Q
Bushels of soybeans
Problems and Solutions
Each chapter ends with a problem set that asks students to think about and apply what they’ve learned in the chapter. These problems are not simple memorization questions. Rather, they ask students to perform graphical analysis or to apply economics to a real-world situation or policy decision. More challenging problems are indicated by an asterisk. Additional questions specific to the Economics in Practice feature have been added. Several problems have been updated. The solutions to all of the problems are available in the Instructor’s Manuals. Instructors can provide the solutions to their students so they can check their understanding and progress.
Resources for the Instructor
The following supplements are designed to make teaching and testing flexible and easy.
Instructor’s Manuals
Two Instructor’s Manuals, one for Principles of Microeconomics and one for Principles of Macroeconomics, were prepared by Tony Lima of California State University, East Bay (Hayward, California). The Instructor’s Manuals are designed to provide the utmost teaching support for instructors. They include the following content:
?Detailed Chapter Outlines include key terminology, teaching notes, and lecture
suggestions.
?Topics for Class Discussion provide topics and real-world situations that help ensure that
economic concepts resonate with students.
?Unique Economics in Practice features that are not in the main text provide extra real-
world examples to present and discuss in class.
?Teaching Tips provide tips for alternative ways to cover the material and brief reminders
on additional help to provide students. These tips include suggestions for exercises and
experiments to complete in class.
?Extended Applications include exercises, activities, and experiments to help make eco-
nomics relevant to students.
?Excel Workbooks, available for many chapters, make it easy to customize numerical
examples and produce graphs.
?Solutions are provided for all problems in the book.
Acknowledgments
We are grateful to the many people who helped us prepare the 10th edition. We thank David Alexander, our editor, and Lindsey Sloan and Melissa Pellerano, our project managers, for their help and enthusiasm.
Lori DeShazo, Executive Marketing Manager, carefully crafted the marketing message. Nancy Freihofer, production editor, and Nancy Fenton, our production managing editor, ensured that the production process of the book went smoothly. In addition, we also want to thank Marisa Taylor of GEX Publishing Services, who kept us on schedule, and Diahanne Dowridge, who researched the many photographs that appear in the book.
We want to give special thanks to Patsy Balin, Murielle Dawdy, and Tracy Waldman for their research assistance.
We also owe a debt of gratitude to those who reviewed and checked the 10th edition for accuracy. They provided us with valuable insight as we prepared this edition and its supple- ment package.
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