1. Chapter 1: Ten Principles of Economics
2. 1-1: How People Make Decisions
3. 1-1a: Principle #1: People Face Tradeoffs
4. 1-1b: Principle #2: The Cost of Something Is What You Give Up to Get It
5. 1-1c: Principle #3: Rational People Think at the Margin
6. 1-1d: Principle #4: People Respond to Incentives
7. 1-2: How People Interact
8. 1-2a: Principle #5: Trade Can Make Everyone Better Off
9. 1-2b: Principle #6: Markets Are Usually a Good Way to Organize Economic Activity
10. 1-2c: Principle #7: Governments Can Sometimes Improve Market Outcomes
11. 1-3: How the Economy as a Whole Works
12. 1-3a: Principle #8: A Country’s Standard of Living Depends on Its Ability to Produce Goods and Ser
13. 1-3b: Principle #9: Prices Rise When the Government Prints Too Much Money
14. 1-3c: Principle #10: Society Faces a Short-Run Tradeoff between Inflation and Unemployment
15. 1-4: Conclusion
16. Summary
17. Key Concepts
18. Questions for Review
19. Quick Check Multiple Choice
20. Problems and Applications
21. Chapter 2: Thinking Like an Economist
22. 2-1: The Economist as Scientist
23. 2-1a: The Scientific Method: Observation, Theory, and More Observation
24. 2-1b: The Role of Assumptions
25. 2-1c: Economic Models
26. 2-1d: Our First Model: The Circular-Flow Diagram
27. 2-1e: Our Second Model: The Production Possibilities Frontier
28. 2-1f: Microeconomics and Macroeconomics
29. 2-2: The Economist as Policy Adviser
30. 2-2a: Positive versus Normative Analysis
31. 2-2b: Economists in Ottawa
32. 2-2c: Why Economists’ Advice Is Not Always Followed
33. 2-3: Why Economists Disagree
34. 2-3a: Differences in Scientific Judgments
35. 2-3b: Differences in Values
36. 2-3c: Perception versus Reality
37. 2-4: Let’s Get Going
38. Summary
39. Key Concepts
40. Questions for Review
41. Quick Check Multiple Choice
42. Problems and Applications
43. Appendix: Graphing: A Brief Review
44. Graphs of a Single Variable
45. Graphs of Two Variables: The Coordinate System
46. Curves in the Coordinate System
47. Slope
48. Graphing Functions
49. Cause and Effect
50. Chapter 3: Interdependence and the Gains from Trade
51. 3-1: A Parable for the Modern Economy
52. 3-1a: Production Possibilities
53. 3-1b: Specialization and Trade
54. 3-2: Comparative Advantage: The Driving Force of Specialization
55. 3-2a: Absolute Advantage
56. 3-2b: Opportunity Cost and Comparative Advantage
57. 3-2c: Comparative Advantage and Trade
58. 3-2d: The Price of Trade
59. 3-3: Applications of Comparative Advantage
60. 3-3a: Should Sidney Crosby Shovel His Own Sidewalk?
61. 3-3b: Should Canada Trade with Other Countries?
62. Conclusion
63. Summary
64. Key Concepts
65. Questions for Review
66. Quick Check Multiple Choice
67. Problems and Applications
68. Chapter 4: The Market Forces of Supply and Demand
69. 4-1: Markets and Competition
70. 4-1a: What Is a Market?
71. 4-1b: What Is Competition?
72. 4-2: Demand
73. 4-2a: The Demand Curve: The Relationship between Price and Quantity Demanded
74. 4-2b: Market Demand versus Individual Demand
75. 4-2c: Shifts in the Demand Curve
76. 4-3: Supply
77. 4-3a: The Supply Curve: The Relationship between Price and Quantity Supplied
78. 4-3b: Market Supply versus Individual Supply
79. 4-3c: Shifts in the Supply Curve
80. 4-4: Supply and Demand Together
81. 4-4a: Equilibrium
82. 4-4b: Three Steps to Analyzing Changes in Equilibrium
83. 4-5: Conclusion: How Prices Allocate Resources
84. Summary
85. Key Concepts
86. Questions for Review
87. Quick Check Multiple Choice
88. Problems and Applicaitons
89. Chapter 5: Measuring a Nation’s Income
90. 5-1: The Economy’s Income and Expenditure
91. 5-2: The Measurement of Gross Domestic Product
92. 5-2a: “GDP Is the Market Value …”
93. 5-2b: “… Of All …”
94. 5-2c: “… Final …”
95. 5-2d: “… Goods and Services …”
96. 5-2e: “… Produced …”
97. 5-2f: “… Within a Country …”
98. 5-2g: “… In a Given Period of Time”
99. 5-3: The Components of GDP
100. 5-3a: Consumption
101. 5-3b: Investment
102. 5-3c: Government Purchases
103. 5-3d: Net Exports
104. 5-4: Real versus Nominal GDP
105. 5-4a: A Numerical Example
106. 5-4b: The GDP Deflator
107. 5-5: GDP and Economic Well-Being
108. 5-6: Conclusion
109. Summary
110. Key Concepts
111. Questions for Review
112. Quick Check Multiple Choice
113. Problems and Applications
114. Chapter 6: Measuring the Cost of Living
115. 6-1: The Consumer Price Index
116. 6-1a: How the Consumer Price Index Is Calculated
117. 6-1b: Problems in Measuring the Cost of Living
118. 6-1c: The GDP Deflator versus the Consumer Price Index
119. 6-2: Correcting Economic Variables for the Effects of Inflation
120. 6-2a: Dollar Figures from Different Times
121. 6-2b: Indexation
122. 6-2c: Real and Nominal Interest Rates
123. 6-3: Conclusion
124. Summary
125. Key Concepts
126. Questions for Reivew
127. Quick Check Multiple Choice
128. Problems and Applications
129. Chapter 7: Production and Growth
130. 7-1: Economic Growth around the World
131. 7-2: Productivity: Its Role and Determinants
132. 7-2a: Why Productivity Is So Important
133. 7-2b: How Productivity Is Determined
134. 7-3: Economic Growth and Public Policy
135. 7-3a: The Importance of Saving, Investment, and Stable Financial Markets
136. 7-3b: Diminishing Returns and the Catch-Up Effect
137. 7-3c: Investment from Abroad
138. 7-3d: Education
139. 7-3e: Health and Nutrition
140. 7-3f: Property Rights and Political Stability
141. 7-3g: Free Trade
142. 7-3h: Research and Development
143. 7-3i: Population Growth
144. 7-4: Conclusion: The Importance of Long-Run Growth
145. Summary
146. Key Concepts
147. Questions for Review
148. Quick Check Multiple Choice
149. Problems and Applications
150. Chapter 8: Saving, Investment, and the Financial System
151. 8-1: Financial Institutions in the Canadian Economy
152. 8-1a: Financial Markets
153. 8-1b: Financial Intermediaries
154. 8-1c: Summing Up
155. 8-2: Saving and Investment in the National Income Accounts
156. 8-2a: Some Important Identities
157. 8-2b: The Meaning of Saving and Investment
158. 8-3: The Market for Loanable Funds
159. 8-3a: Supply and Demand for Loanable Funds
160. 8-3b: Policy 1: Saving Incentives
161. 8-3c: Policy 2: Investment Incentives
162. 8-3d: Policy 3: Government Budget Deficits and Surpluses
163. Conclusion
164. Summary
165. Key Concepts
166. Questions for Review
167. Quick Check Multiple Choice
168. Problems and Applicatoins
169. Chapter 9: Unemployment and Its Natural Rate
170. 9-1: Identifying Unemployment
171. 9-1a: How Is Unemployment Measured?
172. 9-1b: Does the Unemployment Rate Measure What We Want It To?
173. 9-1c: How Long Are the Unemployed without Work?
174. 9-1d: Why Are There Always Some People Unemployed?
175. 9-2: Job Search
176. 9-2a: Why Some Frictional Unemployment Is Inevitable
177. 9-2b: Public Policy and Job Search
178. 9-2c: Employment Insurance
179. 9-3: Minimum-Wage Laws
180. 9-4: Unions and Collective Bargaining
181. 9-4a: The Economics of Unions
182. 9-4b: Are Unions Good or Bad for the Economy?
183. 9-5: The Theory of Efficiency Wages
184. 9-5a: Worker Health
185. 9-5b: Worker Turnover
186. 9-5c: Worker Effort
187. 9-6d: Worker Quality
188. Conclusion
189. Summary
190. Key Concepts
191. Questions for Reivew
192. Quick Check Multiple Choice
193. Problems and Applications
194. Chapter 10: The Monetary System
195. 10-1: The Meaning of Money
196. 10-1a: The Functions of Money
197. 10-1b: The Kinds of Money
198. 10-1c: Money in the Canadian Economy
199. 10-2: The Bank of Canada
200. 10-2a: The Bank of Canada Act
201. 10-2b: Monetary Policy
202. 10-3: Commercial Banks and the Money Supply
203. 10-3a: The Simple Case of 100 Percent-Reserve Banking
204. 10-3b: Money Creation with Fractional-Reserve Banking
205. 10-3c: The Money Multiplier
206. 10-3d: Bank Capital, Leverage, and the Financial Crisis of 2007–09
207. 10-3e: The Bank of Canada’s Tools of Monetary Control
208. 10-3f: Problems in Controlling the Money Supply
209. Conclusion
210. Summary
211. Key Concepts
212. Questions for Review
213. Quick Check Multiple Choice
214. Problems and Applications
215. Chapter 11: Money Growth and Inflation
216. 11-1: The Classical Theory of Inflation
217. 11-1a: The Level of Prices and the Value of Money
218. 11-1b: Money Supply, Money Demand, and Monetary Equilibrium
219. 11-1c: The Effects of a Monetary Injection
220. 11-1d: A Brief Look at the Adjustment Process
221. 11-1e: The Classical Dichotomy and Monetary Neutrality
222. 11-1f: Velocity and the Quantity Equation
223. 11-1g: The Inflation Tax
224. 11-1h: The Fisher Effect
225. 11-2: The Costs of Inflation
226. 11-2a: A Fall in Purchasing Power? The Inflation Fallacy
227. 11-2b: Shoeleather Costs
228. 11-2c: Menu Costs
229. 11-2d: Relative-Price Variability and the Misallocation of Resources
230. 11-2e: Inflation-Induced Tax Distortions
231. 11-2f: Confusion and Inconvenience
232. 11-2g: A Special Cost of Unexpected Inflation: Arbitrary Redistributions of Wealth
233. 11-2h: Inflation Is Bad, but Deflation May Be Worse
234. 11-3: Conclusion
235. Summary
236. Key Concepts
237. Questions for Reivew
238. Quick Check Multiple Choice
239. Problems and Applications
240. Chapter 12: Open-Economy Macroeconomics: Basic Concepts
241. 12-1: The International Flows of Goods and Capital
242. 12-1a: The Flow of Goods: Exports, Imports, and Net Exports
243. 12-1b: The Flow of Financial Resources: Net Capital Outflow
244. 12-1c: The Equality of Net Exports and Net Capital Outflow
245. 12-1d: Saving, Investment, and Their Relationship to the International Flows
246. 12-1e: Summing Up
247. 12-2: The Prices for International Transactions: Real and Nominal Exchange Rates
248. 12-2a: Nominal Exchange Rates
249. 12-2b: Real Exchange Rates
250. 12-3: A First Theory of Exchange-Rate Determination: Purchasing-Power Parity
251. 12-3a: The Basic Logic of Purchasing-Power Parity
252. 12-3b: Implications of Purchasing-Power Parity
253. 12-3c: Limitations of Purchasing-Power Parity
254. 12-4: Interest Rate Determination in a Small Open Economy with Perfect Capital Mobility
255. 12-4a: A Small Open Economy
256. 12-4b: Perfect Capital Mobility
257. 12-4c: Limitations to Interest Rate Parity
258. 12-5: Conclusion
259. Summary
260. Key Concepts
261. Questions for Review
262. Quick Check Multiple Choice
263. Problems and Applications
264. Chapter 13: A Macroeconomic Theory of the Small Open Economy
265. 13-1: Supply and Demand for Loanable Funds and for Foreign-Currency Exchange
266. 13-1a: The Market for Loanable Funds
267. 13-1b: The Market for Foreign-Currency Exchange
268. 13-1c: Disentangling Supply and Demand in the Market for Foreign-Currency Exchange
269. 13-2: Equilibrium in the Small Open Economy
270. 13-2a: Net Capital Outflow: The Link between the Two Markets
271. 13-2b: Simultaneous Equilibrium in Two Markets
272. 13-3: How Policies and Events Affect a Small Open Economy
273. 13-3a: Increase in World Interest Rates
274. 13-3b: Government Budget Deficits and Surpluses
275. 13-3c: Trade Policy
276. 13-3d: Political Instability and Capital Flight
277. 13-4: Conclusion
278. Summary
279. Key Concepts
280. Questions for Review
281. Quick Check Multiple Choice
282. Problems and Applications
283. Chapter 14: Aggregate Demand and Aggregate Supply
284. 14-1: Three Key Facts about Economic Fluctuations
285. 14-1a: Fact 1: Economic Fluctuations Are Irregular and Unpredictable
286. 14-1b: Fact 2: Most Macroeconomic Quantities Fluctuate Together
287. 14-1c: Fact 3: As Output Falls, Unemployment Rises
288. 14-2: Explaining Short-Run Economic Fluctuations
289. 14-2a: The Assumptions of Classical Economics
290. 14-2b: The Reality of Short-Run Fluctuations
291. 14-2c: The Model of Aggregate Demand and Aggregate Supply
292. 14-3: The Aggregate-Demand Curve
293. 14-3a: Why the Aggregate-Demand Curve Slopes Downward
294. 14-3b: Why the Aggregate-Demand Curve Might Shift
295. 14-4: The Aggregate-Supply Curve
296. 14-4a: Why the Aggregate-Supply Curve Is Vertical in the Long Run
297. 14-4b: Why the Long-Run Aggregate-Supply Curve Might Shift
298. 14-4c: Using Aggregate Demand and Aggregate Supply to Depict Long-Run Growth and Inflation
299. 14-4d: Why the Aggregate-Supply Curve Slopes Upward in the Short Run
300. 14-4e: Why the Short-Run Aggregate-Supply Curve Might Shift
301. 14-5: Two Causes of Economic Fluctuations
302. 14-5a: Effects of a Shift in Aggregate Demand
303. 14-5b: The Effects of a Shift in Aggregate Supply
304. 14-6: Conclusion
305. Summary
306. Key Concepts
307. Questions for Review
308. Quick Check Multiple Choice
309. Problems and Applications
310. Chapter 15: The Influence of Monetary and Fiscal Policy on Aggregate Demand
311. 15-1: How Monetary Policy Influences Aggregate Demand
312. 15-1a: The Theory of Liquidity Preference
313. 15-1b: The Downward Slope of the Aggregate-Demand Curve
314. 15-1c: Changes in the Money Supply
315. 15-1d: Open-Economy Considerations
316. 15-2: How Fiscal Policy Influences Aggregate Demand
317. 15-2a: Changes in Government Purchases
318. 15-2b: The Multiplier Effect
319. 15-2c: A Formula for the Spending Multiplier
320. 15-2d: Other Applications of the Multiplier Effect
321. 15-2e: The Crowding-Out Effect on Investment
322. 15-2f: Open-Economy Considerations
323. 15-2g: Changes in Taxes
324. 15-2h: Deficit Reduction
325. 15-3: Using Policy to Stabilize the Economy
326. 15-3a: The Case for Active Stabilization Policy
327. 15-3b: The Case against Active Stabilization Policy
328. 15-3c: Automatic Stabilizers
329. 15-3d: A Flexible Exchange Rate as an Automatic Stabilizer
330. 15-4: A Quick Summary
331. 15-5: Conclusion
332. Summary
333. Key Concepts
334. Questions for Review
335. Quick Check Multiple Choice
336. Problems and Applications
337. Chapter 16: The Short-Run Tradeoff between Inflation and Unemployment
338. 16-1: The Phillips Curve
339. 16-1a: Origins of the Phillips Curve
340. 16-1b: Aggregate Demand, Aggregate Supply, and the Phillips Curve
341. 16-2: Shifts in the Phillips Curve: The Role of Expectations
342. 16-2a: The Long-Run Phillips Curve
343. 16-2b: The Meaning of “Natural”
344. 16-2c: Reconciling Theory and Evidence
345. 16-2d: The Short-Run Phillips Curve
346. 16-2e: The Natural Experiment for the Natural-Rate Hypothesis
347. 16-3: Shifts in the Phillips Curve: The Role of Supply Shocks
348. 16-4: The Cost of Reducing Inflation
349. 16-4a: The Sacrifice Ratio
350. 16-4b: Rational Expectations and the Possibility of Costless Disinflation
351. 16-4c: Disinflation in the 1980s
352. 16-4d: The Zero-Inflation Target
353. 16-4e: Anchored Expectations
354. 16-4f: The 2008–09 Recession
355. 16-5: Looking Ahead
356. 16-6: Conclusion
357. Summary
358. Key Concepts
359. Questions for Review
360. Quick Check Multiple Choice
361. Problems and Applications
362. Chapter 17: Five Debates over Macroeconomic Policy
363. 17-1: Should Monetary and Fiscal Policymakers Try to Stabilize the Economy?
364. 17-1a: Pro: Policymakers Should Try to Stabilize the Economy
365. 17-1b: Con: Policymakers Should Not Try to Stabilize the Economy
366. 17-2: Should Monetary Policy Be Made by an Independent Central Bank?
367. 17-2a: Pro: Monetary Policy Should Be Made by an Independent Central Bank
368. 17-2b: Con: Monetary Policy Should Not Be Made by an Independent Central Bank
369. 17-3: Should the Central Bank Aim for Zero Inflation?
370. 17-3a: Pro: The Central Bank Should Aim for Zero Inflation
371. 17-3b: Con: The Central Bank Should Not Aim for Zero Inflation
372. 17-4: Should Governments Balance Their Budgets?
373. 17-4a: Pro: Governments Should Balance Their Budgets
374. 17-4b: Con: Governments Should Not Balance Their Budgets
375. 17-5: Should the Tax Laws Be Reformed to Encourage Saving?
376. 17-5a: Pro: The Tax Laws Should Be Reformed to Encourage Saving
377. 17-5b: Con: The Tax Laws Should Not Be Reformed to Encourage Saving
378. 17-6: Conclusion
379. Summary
380. Questions for Review
381. Quick Check Multiple Choice
382. Problems and Applicaitons

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