Essentials of Economics
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Explore the essential principles of this exciting subject and engage with real-life issues facing our world today. Essentials of Economics, 9th edition by John Sloman and Dean Garratt provides a clear, concise and engaging introduction to economics, making it the ideal textbook if you are studying on a one-semester or non-specialist course. The new edition has been thoroughly updated to include analysis and insights into real global problems, such as the climate emergency, the Russian invasion of Ukraine, the Covid-19 pandemic, and the cost-of-living crisis.
It also discusses how economic thinking and government policies might be applied to address them. Key features include topical examples, news stories and case studies to explain and illustrate key economic concepts activities, questions, and useful summaries to help you check your understanding and progress Key ideas are highlighted, explained and linked throughout the text to help you see connections and start to think like an economist Up-to-date charts and tables throughout the book reflect the most recent economic data Access the free student website that accompanies this book for additional learning support, including animated explainers of key economic models, 225 extra case studies and answers to in-text questions.
Also available with MyLab® Economics MyLab® is the teaching and learning platform that allows instructors to reach every student with powerful self-study material and assessments. By combining trusted author content with digital tools and a flexible platform, MyLab Economics personalises the learning experience and improves results for each student. If you would like to purchase both the physical text and MyLab Economics search for: 9781292440248 Essentials of Economics 9th Edition with MyLab Economics Package consists of: 9781292440101 Essentials of Economics 9th Edition 9781292440057 Essentials of Economics 9th Edition MyLab Economics 9781292440064 Essentials of Economics 9th Edition Pearson eText.
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- Höfundar: John Sloman, Dean Garratt
- Útgáfa:9
- Útgáfudagur: 2023-03-16
- Engar takmarkanir á útprentun
- Engar takmarkanir afritun
- Format:ePub
- ISBN 13: 9781292440149
- Print ISBN: 9781292440101
- ISBN 10: 1292440147
Efnisyfirlit
- Cover Page
- Title
- Copyright
- About the Authors
- Contents
- Preface
- Student and Lecturer Resources
- Acknowledgements
- Part A INTRODUCTION
- 1 Economic issues
- 1.1 Global Economic Issues
- COVID-19 and the global health emergency
- Global inflation
- The environment and the global climate emergency
- 1.2 The Core of Economics
- The problem of scarcity
- Demand and supply
- 1.3 Dividing Up the Subject
- Microeconomics
- 1.1 The Opportunity Costs of Studying: What are you sacrificing?
- Macroeconomics
- 1.2 Business Cycles: The inherent volatility of economies
- 1.4 Modelling Economic Relationships
- The production possibility curve
- The circular flow of goods and incomes
- Models and data
- 1.3 Nominal and Real House Prices: Going through the roof
- 1.5 Economic Systems
- The command economy
- 1.4 Command Economies: Rise and fall of planning in Russia
- The free-market economy
- The price mechanism
- The mixed market economy
- 1.1 Global Economic Issues
- 1 Economic issues
- 2 Markets, demand and supply
- 2.1 Demand
- The relationship between demand and price
- The demand curve
- Other determinants of demand
- Movements along and shifts in the demand curve
- 2.2 Supply
- Supply and price
- The supply curve
- Other determinants of supply
- Movements along and shifts in the supply curve
- 2.3 The Determination of Price
- Equilibrium price and output
- 2.1 UK House Prices: Unearthing the foundations of house price patterns
- 2.2 Stock Market Prices: Taking stock of share prices
- 2.3 Commodity Prices: Riding the commodities Big Dipper
- Movement to a new equilibrium
- 2.4 The Free-Market Economy
- Advantages of a free-market economy
- Problems with a free-market economy
- 2.1 Demand
- 3.1 Price Elasticity of Demand
- The price elasticity of demand
- Measuring the price elasticity of demand
- Interpreting the figure for elasticity
- Determinants of price elasticity of demand
- 3.1 The Measurement of Elasticity
- 3.2 Price Elasticity of Demand and Consumer Expenditure
- 3.3 Price Elasticity of Supply (PεS)
- 3.2 Advertising and its Effect on Demand Curves: How to increase sales and price
- The determinants of price elasticity of supply
- 3.4 Other Elasticities
- Income elasticity of demand
- Cross-price elasticity of demand
- 3.3 Elasticities and Relationships: Where there's a relationship, there's an elasticity
- 3.5 Markets and Adjustment over Time
- Short-run and long-run adjustment
- Price expectations and speculation
- 3.4 Short Selling: Gambling on a fall in share prices
- 3.6 Markets Where Prices are Controlled
- Setting a minimum (high) price
- Setting a maximum (low) price
- 3.5 A Minimum Unit Price for Alcohol: A way of reducing alcohol consumption
- 3.6 UK Payday Loan Cap: Capping the cost of short-term credit
- 3.7 The Effect of Imposing Taxes on Goods: Who ends up paying?
- 4.1 Consumer Choice
- Utility and the rational consumer
- 4.1 Satisfaction and Consumer Demand: Identifying the benefit drivers
- The rational consumer's optimal combination of goods
- 4.2 Optimal Consumption Bundles: Equi-marginal principle in consumption
- 4.2 The Timing of Costs and Benefits
- Intertemporal choices
- Maximising utility with intertemporal choices
- 4.3 Uncertainty and Risk
- Choice under risk and uncertainty
- 4.3 Intertemporal Decision Making and the Rational Consumer: Incorporating impatience into models of consumer choice
- Attitudes towards risk
- Insurance: a way of removing risks
- 4.4 Futures Markets: A way of reducing uncertainty
- Choices under asymmetric information
- 4.5 Problems with Insurance Markets: Adverse selection and moral hazard
- 4.4 Behavioural Economics
- What is behavioural economics?
- Processing limited information
- Taking other people into account
- Biased behaviour
- Implications for economic policy
- 4.6 Nudging People: How to change behaviour without taking away choice
- 5.1 Production and Costs: Short Run
- Short-run and long-run changes in production
- Production in the short run: the law of diminishing returns
- Measuring costs of production
- 5.1 Diminishing Returns in the Bread Shop: Is the baker using his loaf?
- Costs and output
- 5.2 Malthus and the Dismal Science of Economics: Population growth + diminishing returns = starvation
- 5.3 The Relationship Between Averages and Marginals
- 5.4 Costs and the Economic Vulnerability of Firms: The behaviour of costs and firms' financial well-being
- 5.2 Production and Costs: Long Run
- The scale of production
- Long-run average cost
- 5.5 The Optimum Combinations of Inputs: Equi-marginal principle in production
- The relationship between long-run and short-run average cost curves
- Long-run cost curves in practice
- Postscript: decision- making in different time periods
- 5.6 Minimum Efficient Scale: The extent of economies of scale in practice
- 5.3 Revenue
- Total, average and marginal revenue
- Average and marginal revenue curves when price is not affected by the firm's output
- Average and marginal revenue curves when price varies with output
- Shifts in revenue curves
- 5.4 Profit Maximisation
- Some qualifications
- 5.5 Problems with Traditional Theory
- Explaining actual producer behaviour
- Alternative aims
- 6.1 The Degree of Competition
- 6.2 Perfect Competition
- Assumptions
- The short-run equilibrium of the firm
- The short-run supply curve
- The long-run equilibrium of the firm
- 6.3 Monopoly
- What is a monopoly?
- Barriers to entry
- 6.1 E-Commerce: Has technology shifted market power?
- Equilibrium price and output
- Monopoly versus perfect competition: which best serves the public interest?
- Potential competition or potential monopoly? The theory of contestable markets
- 6.2 Breaking the Monopoly on live Premier League Football: The sky is the limit for the English Premier League
- 6.4 Monopolistic Competition
- Assumptions
- Equilibrium of the firm
- Non-price competition
- Monopolistic competition and the public interest
- 6.5 Oligopoly
- The two key features of oligopoly
- Competition and collusion
- Collusive oligopoly
- 6.3 OPEC: The history of the world's most famous cartel
- Non-collusive oligopoly: the breakdown of collusion
- Non-collusive oligopoly: assumptions about rivals' behaviour
- Oligopoly and the consumer
- 6.4 Buying Power: What's being served up by the UK grocery sector?
- 6.6 Game Theory
- Simultaneous single-move games
- Repeated simultaneous-move games
- Sequential-move games
- 6.5 The Prisoners' Dilemma: Choosing whether to deny or confess
- 6.7 Price Discrimination
- Advantages to the firm
- Price discrimination and the public interest
- 6.6 Profit-Maximising Prices and Output For a Third-Degree Price Discriminating Firm: Identifying different prices in different markets
- 7.1 Wage Determination in a Perfect Market
- Perfect labour markets
- The supply of labour
- 7.1 Labour Market Trends: Patterns in employment
- The demand for labour: the marginal productivity theory
- Wages and profits under perfect competition
- 7.2 Wage Determination in Imperfect Markets
- Firms with power
- The role of trade unions
- Bilateral monopoly
- 7.2 Wages under Bilateral Monopoly: All to play for?
- The efficiency wage hypothesis
- 7.3 Inequality
- Types of inequality
- Measuring the size distribution of income
- The functional distribution of income
- 7.3 The Gender Pay Gap: Wage inequalities between men and women
- The distribution of wealth
- Causes of inequality
- 7.4 Minimum Wage Legislation: A way of helping the poor?
- 7.5 Inequality and Economic Growth: Macroeconomic implications of income inequality
- 7.4 The Redistribution of Income
- Taxation
- Benefits
- 7.6 Uk Tax Credits: An escape from the poverty trap?
- The tax/benefit system and the problem of disincentives: the 'poverty trap'
- 8.1 Social Efficiency
- 8.2 Market Failures: Externalities and Public Goods
- Externalities
- Public goods
- 8.1 The Tragedy of the Commons: The depletion of common resources
- 8.3 Market Failures: Monopoly Power
- Deadweight loss under monopoly
- Conclusions
- 8.4 Other Market Failures
- Imperfect information
- Immobility of factors and time lags in response
- Protecting people's interests
- 8.2 Should Health-Care Provision be Left to the Market?: A case of multiple market failures
- Other objectives
- How far can economists go in advising governments?
- 8.5 Government Intervention: Taxes and Subsidies
- The use of taxes and subsidies
- Assessing the use of taxes and subsidies
- 8.6 Government Intervention: Laws and Regulation
- Laws prohibiting or regulating undesirable structures or behaviour
- Regulatory bodies
- 8.7 Other Forms of Government Intervention
- Changes in property rights
- Provision of information
- The direct provision of goods and services
- Nationalisation and privatisation
- 8.8 More or Less Intervention?
- Drawbacks of government intervention
- Advantages of the free market
- Should there be more or less intervention in the market?
- 8.9 The Environment: A Case Study in Market Failure
- The environmental problem
- Market failures
- Policy alternatives
- 8.3 Green Taxes: Are they the answer to the problem of pollution?
- 8.4 Trading our Way out of Climate Change: The EU carbon trading system
- 8.5 The Problem of Urban Traffic Congestion: Does Singapore have the answer?
- How much can we rely on governments?
- 9 Aggregate demand and the business cycle
- 9.1 Introduction to Macroeconomics
- Key macroeconomic issues
- Government macroeconomic policy
- 9.2 Economic Volatility and the Business Cycle
- The hypothetical business cycle
- The business cycle in practice
- Spending, output and the business cycle
- 9.1 Output Gaps and the Business Cycle: An alternative measure of excess or deficient demand
- 9.3 The Circular Flow of Income Model
- The inner flow, withdrawals and injections
- The relationship between withdrawals and injections
- Equilibrium in the circular flow
- 9.4 Simple Keynesian Model of National Income Determination
- Showing equilibrium with a Keynesian diagram
- The withdrawals and injections approach
- The income and expenditure approach
- 9.2 The Consumption Function: The relationship between consumption and income
- 9.5 The Multiplier
- The withdrawals and injections approach
- The income and expenditure approach
- The multiplier: a numerical illustration
- The multiplier and the full-employment level of national income
- 9.6 The Volatility of Private-Sector Spending
- Consumption cycles
- Instability of investment
- The role of the financial sector
- 9.3 Confidence and Spending: Does confidence help to forecast spending?
- Why do booms and recessions come to an end? What determines the turning points?
- 9.7 Appendix Measuring National Income and Output
- The product method
- The income method
- The expenditure method
- From GDP to national income
- Households' disposable income
- Taking account of inflation
- 9.4 Making Sense of Nominal and Real GDP: The interesting case of nominal and real Japanese GDP
- 9.1 Introduction to Macroeconomics
- 10.1 The AD/AS Model
- The aggregate demand curve
- The aggregate supply curve
- Equilibrium
- 10.1 Short-run Aggregate Supply: The importance of micro foundations
- 10.2 Alternative Perspectives on Aggregate Supply
- The short-run aggregate supply curve
- The long-run aggregate supply curve
- Areas of general agreement
- 10.3 Introduction to Long-Term Economic Growth
- Long-run growth and the AD/AS model
- Comparing the growth performance of different countries
- The causes of economic growth
- 10.4 Economic Growth without Technological Progress
- Capital accumulation and capital deepening
- 10.2 Measuring Labour Productivity: Mind the UK productivity gap
- 10.3 Getting Intensive with Physical Capital: Capital intensity and labour productivity
- A simple model of growth
- The neoclassical growth model
- 10.5 Economic Growth with Technological Progress
- Technological progress and the neoclassical model
- Endogenous growth theory
- 10.4 UK Human Capital: Estimating the capabilities of the labour force
- 11.1 The Meaning and Functions of Money
- The functions of money
- What should count as money?
- 11.2 The Financial System
- The banking system
- 11.1 Financial Intermediation: What is it that banks do?
- Deposit taking and lending
- 11.2 The Growth of Banks' Balance Sheets: The rise of wholesale funding
- Profitability, liquidity and capital adequacy
- Strengthening international regulation of capital adequacy and liquidity
- 11.3 The Rise of Securitisation: Spreading the risk or promoting a crisis?
- The central bank
- The role of the money markets
- 11.3 The Supply of Money
- The creation of credit
- The creation of credit: the real world
- What causes money supply to rise?
- The flow of funds equation
- Credit cycles
- The relationship between money supply and the rate of interest
- 11.4 Minsky's Financial Instability Hypothesis: Are credit cycles inevitable?
- 11.4 The Demand for Money
- What determines the size of the demand for money?
- 11.5 Equilibrium
- Equilibrium in the money market
- The link between the money and goods markets
- 11.6 Money Supply, Aggregate Demand and Inflation
- The equation of exchange
- Money and aggregate demand
- 12.1 Unemployment
- Measuring unemployment
- Unemployment trends
- 12.1 The Costs of Unemployment: Is it just the unemployed who suffer?
- Unemployment and the labour market
- Types of disequilibrium unemployment
- 12.2 The Duration of Unemployment: Taking a dip in the unemployment pool
- Types of equilibrium unemployment (or natural unemployment)
- Long-term changes in unemployment
- 12.2 Inflation
- Introduction to the causes of inflation
- 12.3 Inflation and Living Standards: The return of inflation
- 12.4 Cost-push Inflation: Cost-push inflation and supply shocks
- 12.3 The Relationship Between Output, Unemployment and Inflation: The Short Run
- The AD/AS model
- The Phillips curve
- 12.5 Mind the Gap: Do output gaps explain inflation?
- 12.4 The Relationship Between Inflation and Unemployment: Introducing Expectations
- The expectations-augmented Phillips curve
- Natural rate hypothesis
- The accelerationist hypothesis
- New classical perspective
- 12.6 The Accelerationist Hypothesis: The race to outpace inflationary expectations
- Keynesian views
- 12.5 Inflation Rate Targeting
- 13.1 Fiscal Policy and the Public Finances
- Roles for fiscal policy
- Public-sector finances
- Sustainability of public finances
- The business cycle and the public finances
- The fiscal stance
- 13.2 The Use of Fiscal Policy
- 13.1 Primary Surpluses and Sustainable Public Finances: The fiscal arithmetic of government debt
- 13.2 The Fiscal Impulse: Assessing a country's fiscal stance
- The effectiveness of fiscal policy
- Problems of magnitude
- The problem of timing
- Fiscal rules
- 13.3 The Evolution of the Stability and Growth Pact in the EU: A supranational fiscal framework
- 13.3 Monetary Policy
- The policy setting
- Control of the money supply over the medium and long term
- Short-term monetary measures
- Techniques to control the money supply
- Techniques to control interest rates
- 13.4 The Operation of Monetary Policy in the UK: Managing the reserves
- 13.5 Monetary Policy in the Eurozone: The role of the ECB
- 13.6 Quantitative Easing: Rethinking monetary policy in hard times
- Using monetary policy
- 13.4 Demand-Side Policy
- Attitudes towards demand management
- The case for rules and policy frameworks
- The case for discretion
- Central banks and a Taylor rule
- Conclusions
- 13.5 Supply-Side Policy
- Market-orientated supply-side policies
- Interventionist supply-side policies
- The link between demand-side and supply-side policies
- 13.7 Public Funding of Apprenticeships: Reforms to apprenticeships in England
- 14 Globalisation and international trade
- 14.1 Global Interdependence
- Interdependence through trade
- 14.1 Trade Imbalance in the USA and China: An illustration of economic and financial interdependencies
- Financial interdependence
- International business cycles
- Global policy response
- 14.2 The Advantages of Trade
- Trading patterns
- 14.2 Trading Places: Partners in trade
- Specialisation as the basis for trade
- The law of comparative advantage
- The gains from trade based on comparative advantage
- Other reasons for gains from trade
- The terms of trade
- 14.3 Arguments for Restricting Trade
- Arguments in favour of restricting trade
- 14.3 Do we Exploit Foreign Workers by Buying Cheap Foreign Imports?
- Problems with protection
- 14.4 The World Trading System and the WTO
- 14.4 The Doha Development Agenda: A new direction for the WTO?
- 14.5 Trading Blocs
- Types of preferential trading arrangement
- The direct effects of a customs union: trade creation and trade diversion
- Longer-term effects of a customs union
- Preferential trading in practice
- 14.6 The European Union
- From customs union to common market
- 14.5 Features of The Single Market
- The benefits and costs of the single market
- Completing the internal market
- The effect of the new member states
- 14.7 The UK and Brexit
- Alternative trading arrangements
- Long-term growth, trade and Brexit
- 14.8 Trade and Developing Countries
- The relationship between trade and development
- Trade strategies
- Approach 1: Exporting primaries – exploiting comparative advantage
- Approach 2: Import-substituting industrialisation (ISI)
- Approach 3: Exporting manufactures – a possible way forward?
- 14.6 The Evolving Comparative Advantage of China: Riding the dragon
- 14.1 Global Interdependence
- 15.1 The Balance of Payments Account
- The current account
- The capital account
- The financial account
- 15.2 Exchange Rates
- 15.1 Nominal and Real Exchange Rates: Searching for a real advantage
- Determination of the rate of exchange in a free market
- 15.3 Exchange Rates and the Balance of Payments
- Exchange rates and the balance of payments: no government or central bank intervention
- 15.2 Dealing in Foreign Currencies: A daily juggling act
- Exchange rates and the balance of payments: with government or central bank intervention
- 15.4 Fixed Versus Floating Exchange Rates
- Advantages of fixed exchange rates
- Disadvantages of fixed exchange rates
- Advantages of a free-floating exchange rate
- 15.3 The Importance of International Financial Movements: How a current account deficit can coincide with an appreciating exchange rate
- Disadvantages of a free-floating exchange rate
- Exchange rates in practice
- 15.4 The Euro/Dollar See-Saw: Ups and downs in the currency market
- 15.5 The Origins of the Euro
- The ERM
- The Maastricht Treaty and the road to the single currency
- 15.6 Economic and Monetary Union (EMU) in Europe
- Birth of the euro
- Advantages of the single currency
- Opposition to EMU
- 15.5 Optimal Currency Areas: When it pays to pay in the same currency
- Future of the euro
- 15.7 Debt and Developing Countries
- The oil shocks of the 1970s
- Dealing with the debt
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