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For the one-semester course in Principles of Microeconomics. An Introduction to the Functioning of the Economy and the Power and Breadth of Economics Reviewers tell us that Case/Fair/Oster is one of the all-time bestselling Principles of Economics texts because they trust it to be clear, thorough, and complete. Readers of Principles of Microeconomics, Twelfth Edition come away with a basic understanding of how market economies function, an appreciation for the things they do well, and a sense of things they do poorly. With the latest research and added exercises, readers begin to learn the art and science of economic thinking and start to look at some policy and even personal decisions in a different way.   Also Available with MyEconLab® This title is available with MyEconLab–an online homework, tutorial, and assessment program designed to work with this text to engage students and improve results. Within its structured environment, students practice what they learn, test their understanding, and pursue a personalized study plan that helps them better absorb course material and understand difficult concepts.

 

Table of Content:

  1. Part I Introduction to Economics
  2. 1 The Scope and Method of Economics
  3. Chapter Outline and Learning Objectives
  4. Why Study Economics?
  5. To Learn a Way of Thinking
  6. Opportunity Cost
  7. Marginalism
  8. Efficient Markets—No Free Lunch
  9. To Understand Society
  10. To Be an Informed Citizen
  11. The Scope of Economics
  12. Microeconomics and Macroeconomics
  13. The Diverse Fields of Economics
  14. The Method of Economics
  15. Theories and Models
  16. All Else Equal
  17. Expressing Models in Words, Graphs, and Equations
  18. Cautions and Pitfalls
  19. What Is Really Causal?
  20. Testing Theories and Models: Empirical Economics
  21. Economic Policy
  22. Efficiency
  23. Equity
  24. Growth
  25. Stability
  26. An Invitation
  27. Summary
  28. 1.1 Why Study Economics?
  29. 1.2 The Scope of Economics
  30. 3 The Method of Economics
  31. Review Terms and Concepts
  32. Problems
  33. 1.1 Why Study Economics
  34. Learning Objective:
  35. 1.2 The Scope of Economics
  36. Learning Objective:
  37. 1.3 The Method of Economics
  38. Learning Objective:
  39. Chapter 1 Appendix: How to Read and Understand Graphs
  40. Time Series Graphs
  41. Graphing Two Variables
  42. Plotting Income and Consumption Data for Households
  43. Slope
  44. Some Precautions
  45. Appendix Summary
  46. Appendix Review Terms And Concepts
  47. Appendix Problems
  48. CHAPTER 1 APPENDIX : How to Read and Understand Graphs
  49. Learning Objective:
  50. 2 The Economic Problem: Scarcity and Choice
  51. Chapter Outline and Learning Objectives
  52. Scarcity, Choice, and Opportunity Cost
  53. Scarcity and Choice in a One-Person Economy
  54. Opportunity Cost
  55. Scarcity and Choice in an Economy of Two or More
  56. Specialization, Exchange, and Comparative Advantage
  57. A Graphical Presentation of the Production Possibilities and Gains from Special­ization
  58. Weighing Present and Expected Future Costs and Benefits
  59. Capital Goods and Consumer Goods
  60. The Production Possibility Frontier
  61. Negative Slope and Opportunity Cost
  62. The Law of Increasing Opportunity Cost
  63. Unemployment
  64. Inefficiency
  65. The Efficient Mix of Output
  66. Economic Growth
  67. Sources of Growth and the Dilemma of Poor Countries
  68. The Economic Problem
  69. Economic Systems and the Role of Government
  70. Command Economies
  71. Laissez-Faire Economies: The Free Market
  72. Consumer Sovereignty
  73. Individual Production Decisions: Free Enterprise
  74. Distribution of Output
  75. Price Theory
  76. Mixed Systems, Markets, and Governments
  77. Looking Ahead
  78. Summary
  79. 2.1 Scarcity, Choice, and Opportunity Cost
  80. 2.2 Economic Systems and The Role of Government
  81. Review Terms and Concepts
  82. Problems
  83. 2.1 Scarcity, Choice, and Opportunity Cost
  84. Learning Objective:
  85. 2.2 Economic Systems and the Role of Government
  86. Learning Objective:
  87. 3 Demand, Supply, and Market Equilibrium
  88. Chapter Outline and Learning Objectives
  89. Firms and Households: The Basic Decision-Making Units
  90. Input Markets and Output Markets: The Circular Flow
  91. Demand in Product/Output Markets
  92. Changes in Quantity Demanded versus Changes in Demand
  93. Price and Quantity Demanded: The Law of Demand
  94. Demand Curves Slope Downward
  95. Other Properties of Demand Curves
  96. Other Determinants of Household Demand
  97. Income and Wealth
  98. Prices of Other Goods and Services
  99. Tastes and Preferences
  100. Expectations
  101. Shift of Demand versus Movement along a Demand Curve
  102. From Household Demand to Market Demand
  103. Supply in Product/Output Markets
  104. Price and Quantity Supplied: The Law of Supply
  105. Other Determinants of Supply
  106. The Cost of Production
  107. The Prices of Related Products
  108. Shift of Supply versus Movement along a Supply Curve
  109. From Individual Supply to Market Supply
  110. Market Equilibrium
  111. Excess Demand
  112. Excess Supply
  113. Changes in Equilibrium
  114. Demand and Supply in Product Markets: A Review
  115. Looking Ahead: Markets and the Allocation of Resources
  116. Summary
  117. 3.1 Firms and Households: The Basic Decision-Making Units
  118. 3.2 Input Markets and Output Markets: The Circular Flow
  119. 3.3 Demand in Product/Output Markets
  120. 3.4 Supply in Product/Output Markets
  121. 3.5 Market Equilibrium
  122. Review Terms and Concepts
  123. Problems
  124. 3.1 Firms and Households: The Basic Decision-Making Units
  125. Learning Objective:
  126. 3.2 Input Markets and Output Markets: The Circular Flow
  127. Learning Objective:
  128. 3.3 Demand in Product/ Output Markets
  129. Learning Objective:
  130. 3.4 Supply in Product/Output Markets
  131. Learning Objective:
  132. 3.5 Market Equilibrium
  133. Learning Objective:
  134. 4 Demand and Supply Applications
  135. Chapter Outline and Learning Objectives
  136. The Price System: Rationing and Allocating Resources
  137. Price Rationing
  138. Constraints on the Market and Alternative Rationing Mechanisms
  139. Oil, Gasoline, and OPEC
  140. Rationing Mechanisms for Concert and Sports Tickets
  141. Prices and the Allocation of Resources
  142. Price Floor
  143. Supply and Demand Analysis: An Oil Import Fee
  144. Supply and Demand and Market Efficiency
  145. Consumer Surplus
  146. Producer Surplus
  147. Competitive Markets Maximize the Sum of Producer and Consumer Surplus
  148. Potential Causes of Deadweight Loss From Under- and Overproduction
  149. Looking Ahead
  150. Summary
  151. 4.1 The Price System: Rationing And Allocating Resources
  152. 4.2 Supply and Demand Analysis: An Oil Import Fee
  153. 4.3 Supply and Demand and Market Efficiency
  154. Review Terms and Concepts
  155. Problems
  156. 4.1 The Price System: Rationing and Allocating Resources
  157. Learning Objective:
  158. 4.2 Supply and Demand Analysis: An Oil Import Fee
  159. Learning Objective:
  160. 4.3 Supply and Demand and Market Efficiency
  161. Learning Objective:
  162. 5 Elasticity
  163. Chapter Outline and Learning Objectives
  164. Price Elasticity of Demand
  165. Slope and Elasticity
  166. Types of Elasticity
  167. Calculating Elasticities
  168. Calculating Percentage Changes
  169. Elasticity Is a Ratio of Percentages
  170. The Midpoint Formula
  171. Point Elasticity
  172. Elasticity Changes along a Straight-Line Demand Curve
  173. Elasticity and Total Revenue
  174. The Determinants of Demand Elasticity
  175. Availability of Substitutes
  176. The Importance of Being Unimportant
  177. Luxuries versus Necessities
  178. The Time Dimension
  179. Other Important Elasticities
  180. Income Elasticity of Demand
  181. Cross-Price Elasticity of Demand
  182. Elasticity of Supply
  183. What Happens When We Raise Taxes: Using Elasticity
  184. Looking Ahead
  185. Summary
  186. 5.1 Price Elasticity of Demand
  187. 5.2 Calculating Elasticities
  188. 5.3 The Determinants of Demand Elasticity
  189. 5.4 Other Important Elasticities
  190. 5.5 What Happens When We Raise Taxes: Using Elasticity
  191. Review Terms and Concepts
  192. Problems
  193. 5.1 Price Elasticity of Demand
  194. Learning Objective:
  195. 5.2 Calculating Elasticities
  196. Learning Objective:
  197. 5.3 The Determinants of Demand Elasticity
  198. Learning Objective:
  199. 5.4 Other Important Elasticities
  200. Learning Objective:
  201. 5.5 What Happens When We Raise Taxes: Using Elasticity
  202. Learning Objective:
  203. Part II The Market System
  204. 6 Household Behavior and Consumer Choice
  205. Chapter Outline and Learning Objectives
  206. Household Choice in Output Markets
  207. The Determinants of Household Demand
  208. The Budget Constraint
  209. Preferences, Tastes, Trade-Offs, and Opportunity Cost
  210. The Budget Constraint More Formally
  211. The Equation of the Budget Constraint
  212. Budget Constraints Change When Prices Rise or Fall
  213. The Basis of Choice: Utility
  214. Diminishing Marginal Utility
  215. Allocating Income to Maximize Utility
  216. The Utility-Maximizing Rule
  217. Diminishing Marginal Utility and Downward-Sloping Demand
  218. Income and Substitution Effects
  219. The Income Effect
  220. The Substitution Effect
  221. Household Choice in Input Markets
  222. The Labor Supply Decision
  223. The Price of Leisure
  224. Income and Substitution Effects of a Wage Change
  225. Saving and Borrowing: Present versus Future Consumption
  226. A Review : Households in Output and Input Markets
  227. Summary
  228. 6.1 Household Choice In Output Markets
  229. 6.2 The Basis of Choice: Utility
  230. 6.3 Income and Substitution Effects
  231. 6.4 Household Choice In Input Markets
  232. Review Terms and Concepts
  233. Problems
  234. 6.1 Household Choice in Output Markets
  235. Learning Objective:
  236. 6.2 The Basis of Choice: Utility
  237. Learning Objective:
  238. 6.3 Income and Substitution Effects
  239. Learning Objective:
  240. 6.4 Household Choice in Input Markets
  241. Learning Objective:
  242. Chapter 6 Appendix: Indifference Curves
  243. Learning Objective
  244. Assumptions
  245. Deriving Indifference Curves
  246. Properties of Indifference Curves
  247. Consumer Choice
  248. Deriving a Demand Curve from Indifference Curves and Budget Constraints
  249. Appendix Summary
  250. Appendix Review Terms and Concepts
  251. Appendix Problems
  252. Appendix 6A: Indifference Curves
  253. Learning Objective:
  254. 7 The Production Process: The Behavior of Profit-Maximizing Firms
  255. Chapter Outline and Learning Objectives
  256. The Behavior of Profit-Maximizing Firms
  257. Profits and Economic Costs
  258. Normal Rate of Return
  259. Short-Run versus Long-Run Decisions
  260. The Bases of Decisions: Market Price of Outputs, Available Technology, and Input Prices
  261. The Production Process
  262. Production Functions: Total Product, Marginal Product, and Average Product
  263. Marginal Product and the Law of Diminishing Returns
  264. Marginal Product versus Average Product
  265. Production Functions with Two Variable Factors of Production
  266. Choice of Technology
  267. Looking Ahead: Cost and Supply
  268. Summary
  269. 7.1 The Behavior of Profit-Maximizing Firms
  270. 7.2 The Production Process
  271. 7.3 Choice of Technology
  272. Review Terms and Concepts
  273. Problems
  274. 7.1 The Behavior of Profit-Maximizing Firms
  275. Learning Objective:
  276. 7.2 The Production Process
  277. Learning Objective:
  278. 7.3 Choice of Technology
  279. Learning Objective:
  280. Chapter 7 Appendix: Isoquants and Isocosts
  281. Learning Objective
  282. New Look at Technology: Isoquants
  283. Factor Prices and Input Combinations: Isocosts
  284. MyEconLab
  285. Finding the Least-Cost Technology with Isoquants and Isocosts
  286. The Cost-Minimizing Equilibrium Condition
  287. Appendix Summary
  288. Appendix Review Terms and Concepts
  289. Appendix Problems
  290. Appendix 7A: Isoquants and Isocosts
  291. 8 Short-Run Costs and Output Decisions
  292. Chapter Outline and Learning Objectives
  293. Costs in the Short Run
  294. Fixed Costs
  295. Total Fixed Cost (TFC)
  296. Average Fixed Cost (AFC)
  297. Variable Costs
  298. Total Variable Cost (TVC)
  299. Marginal Cost (MC)
  300. The Shape of the Marginal Cost Curve in the Short Run
  301. Graphing Total Variable Costs and Marginal Costs
  302. Average Variable Cost (AVC)
  303. Graphing Average Variable Costs and Marginal Costs
  304. Total Costs
  305. Average Total Cost (ATC)
  306. The Relationship between Average Total Cost and Marginal Cost
  307. Short-Run Costs: A Review
  308. Output Decisions: Revenues, Costs, and Profit Maximization
  309. Perfect Competition
  310. Total Revenue and Marginal Revenue
  311. Comparing Costs and Revenues to Maximize Profit
  312. The Profit-Maximizing Level of Output
  313. A Numerical Example
  314. The Short-Run Supply Curve
  315. Looking Ahead
  316. Summary
  317. 8.1 Costs In The Short Run
  318. 8.2 Output Decisions: Revenues, Costs, and Profit Maximization
  319. Review Terms and Concepts
  320. Problems
  321. 8.1 Costs in the Short Run
  322. Learning Objective:
  323. 8.2 Output Decisions: Revenues, Costs, and Profit Maximization
  324. 9 Long-Run Costs and Output Decisions
  325. Short-Run Conditions and Long-Run Directions
  326. Maximizing Profits
  327. Example: The Blue Velvet Car Wash
  328. Graphic Presentation
  329. Minimizing Losses
  330. Producing at a Loss to Offset Fixed Costs
  331. The Short-Run Industry Supply Curve
  332. Long-Run Directions: A Review
  333. Long-Run Costs: Economies and Diseconomies of Scale
  334. 9.2 Learning Objective
  335. Increasing Returns to Scale
  336. The Sources of Economies of Scale
  337. Constant Returns to Scale
  338. Diseconomies of Scale
  339. U-Shaped Long-Run Average Costs
  340. Long-Run Adjustments to Short-Run Conditions
  341. Short-Run Profits: Moves In and Out of Equilibrium
  342. The Long-Run Adjustment Mechanism: Investment Flows Toward Profit Opportunities
  343. Output Markets: A Final Word
  344. Summary
  345. 9.1 Short-Run Conditions and Long-Run Directions
  346. 9.2 Long-Run Costs: Economies and Diseconomies of Scale
  347. 9.3 Long-Run Adjustments to Short-Run Conditions
  348. Review Terms and Concepts
  349. Problems
  350. 9.1 Short-Run Conditions and Long-Run Directions
  351. Learning Objective:
  352. 9.2 Long-Run Costs: Economies and Diseconomies of Scale
  353. Learning Objective:
  354. 9.3 Long-Run Adjustments to Short-Run Conditions
  355. Learning Objective:
  356. Chapter 9 Appendix
  357. External Economies and Diseconomies
  358. Learning Objective
  359. The Long-Run Industry Supply Curve
  360. Appendix Summary
  361. External Economies And Diseconomies p. 204
  362. The Long-Run Industry Supply Curve p. 205
  363. Appendix Review Terms and Concepts
  364. Appendix Problems
  365. Appendix 9A: External Economies and Diseconomies and the Long-Run Industry Supply Curve
  366. Learning Objective:
  367. 10 Input Demand: The Labor and Land Markets
  368. Chapter Outline and Learning Objectives
  369. Input Markets: Basic Concepts
  370. Demand for Inputs: A Derived Demand
  371. Marginal Revenue Product
  372. Labor Supply
  373. Labor Markets
  374. The Firm’s Labor Market Decision
  375. Comparing Marginal Revenue and Marginal Cost to Maximize Profits
  376. Many Labor Markets
  377. Land Markets
  378. Rent and the Value of Output Produced on Land
  379. Input Demand Curves
  380. Shifts in Factor Demand Curves
  381. The Demand for Outputs
  382. The Quantity of Complementary and Substitutable Inputs
  383. The Prices of Other Inputs
  384. Technological Change
  385. Profit-Maximizing Condition in Input Markets
  386. Looking Ahead
  387. Summary
  388. 10.1 Input Markets: Basic Concepts
  389. 10.2 Labor Markets
  390. 10.3 Land Markets
  391. 10.4 Input Demand Curves
  392. 10.5 The Firm’s Profit-Maximizing Condition In Input Markets
  393. Review Terms and Concepts
  394. Problems
  395. 10.1 Input Markets: Basic Concepts
  396. Learning Objective:
  397. 10.2 Labor Markets
  398. Learning Objective:
  399. 10.3 Land Markets
  400. Learning Objective:
  401. 10.4 Input Demand Curves
  402. Learning Objective:
  403. 10.5 The Firm’s Profit-Maximizing Condition in Input Markets
  404. Learning Objective:
  405. 11 Input Demand: The Capital Market and the Investment Decision
  406. Chapter Outline and Learning Objectives
  407. Capital, Investment, and Depreciation
  408. Capital
  409. Tangible Capital
  410. Social Capital: Infrastructure
  411. Intangible Capital
  412. Measuring Capital
  413. Investment and Depreciation
  414. The Capital Market
  415. Capital Income: Interest and Profits
  416. Interest
  417. Profits
  418. Functions of Interest and Profit
  419. Financial Markets in Action
  420. Case A: Business Loans
  421. Case B: Venture Capital
  422. Case C: Retained Earnings
  423. Case D: The Stock Market
  424. Mortgages and the Mortgage Market
  425. Capital Accumulation and Allocation
  426. The Demand for New Capital and the Investment Decision
  427. Forming Expectations
  428. The Expected Benefits of Investments
  429. The Expected Costs of Investments
  430. Comparing Costs and Expected Return
  431. The Expected Rate of Return and the Marginal Revenue Product of Capital
  432. A Final Word on Capital
  433. Summary
  434. 11.1 Capital, Investment, and Depreciation
  435. 11.2 The Capital Market
  436. 11. 3 The Demand For New Capital and The Investment Decision
  437. Review Terms and Concepts
  438. Problems
  439. 11.1 Capital, Investment, and Depreciation
  440. Learning Objective:
  441. 11.2 The Capital Market
  442. Learning Objective:
  443. 11.3 The Demand for New Capital and the Investment Decision
  444. Learning Objective:
  445. 12 General Equilibrium and the Efficiency of Perfect Competition
  446. Chapter Outline and Learning Objectives
  447. Market Adjustment to Changes in Demand
  448. Allocative Efficiency and Competitive Equilibrium
  449. Pareto Efficiency
  450. Example: Budget Cuts in Massachusetts
  451. The Efficiency of Perfect Competition
  452. Efficient Allocation of Resources Among Firms
  453. Efficient Distribution of Outputs Among Households
  454. Producing What People Want: The Efficient Mix of Output
  455. Perfect Competition versus Real Markets
  456. The Sources of Market Failure
  457. Imperfect Competition
  458. Public Goods
  459. Externalities
  460. Imperfect Information
  461. Evaluating the Market Mechanism
  462. Summary
  463. 12.1 Market Adjustment To Changes In Demand
  464. 12.2 Allocative Efficiency and Competitive Equilibrium
  465. 12.3 The Sources of Market Failure
  466. 12.4 Evaluating The Market Mechanism
  467. Review Terms and Concepts
  468. Problems
  469. 12.1 Market Adjustments to Changes in Demand
  470. Learning Objective:
  471. 12.2 Allocative Efficiency and Competitive Equilibrium
  472. Learning Objective:
  473. 12.3 The Sources of Market Failure
  474. Learning Objective:
  475. Part III Market Imperfections and the Role of Government
  476. 13 Monopoly and Antitrust Policy
  477. Chapter Outline and Learning Objectives
  478. Imperfect Competition and Market Power: Core Concepts
  479. Forms of Imperfect Competition and Market Boundaries
  480. Price and Output Decisions in Pure Monopoly Markets
  481. Demand in Monopoly Markets
  482. Marginal Revenue and Market Demand
  483. The Monopolist’s Profit-Maximizing Price and Output
  484. The Absence of a Supply Curve in Monopoly
  485. Perfect Competition and Monopoly Compared
  486. Monopoly in the Long Run: Barriers to Entry
  487. Economies of Scale
  488. Patents
  489. Government Rules
  490. Ownership of a Scarce Factor of Production
  491. Network Effects
  492. The Social Costs of Monopoly
  493. Inefficiency and Consumer Loss
  494. Rent-Seeking Behavior
  495. Price Discrimination
  496. Examples of Price Discrimination
  497. Remedies for Monopoly: Antitrust Policy
  498. Major Antitrust Legislation
  499. The Sherman Act of 1890
  500. The Clayton Act and the Federal Trade Commission, 1914
  501. Imperfect Markets: A Review and a Look Ahead
  502. Summary
  503. 13.1 Imperfect Competition and Market Power: Core Concepts
  504. 13.2 Price and Output Decisions in Pure Monopoly Markets
  505. 13.3 The Social Costs of Monopoly
  506. 13.4 Price Discrimination
  507. 13.5 Remedies for Monopoly: Antitrust Policy
  508. Review Terms and Concepts
  509. Problems
  510. 13.1 Imperfect Competition and Market Power: Core Concepts
  511. Learning Objective:
  512. 13.2 Price and Output Decisions in Pure Monopoly Markets
  513. Learning Objective:
  514. 13.3 The Social Costs of Monopoly
  515. Learning Objective:
  516. 13.4 Price Discrimination
  517. Learning Objective:
  518. 13.5 Remedies for Monopoly: Antitrust Policy
  519. Learning Objective:
  520. 14 Oligopoly
  521. Chapter Outline and Learning Objectives
  522. Market Structure in an Oligopoly
  523. Oligopoly Models
  524. Learning Objective
  525. The Collusion Model
  526. The Price-Leadership Model
  527. The Cournot Model
  528. Game Theory
  529. Learning Objective
  530. Repeated Games
  531. A Game with Many Players: Collective Action Can Be Blocked by a Prisoner’s Dilemma
  532. Oligopoly and Economic Performance
  533. 4 Learning Objective
  534. Industrial Concentration and Technological Change
  535. The Role of Government
  536. 5 Learning Objective
  537. Regulation of Mergers
  538. A Proper Role for Government?
  539. Summary
  540. 14.1 Market Structure in an Oligopoly
  541. 14.2 Oligopoly Models
  542. 14.3 Game Theory
  543. 14.4 Oligopoly and Economic Performance
  544. 14.5 The Role of Government
  545. Review Terms and Concepts
  546. Problems
  547. 14.1 Market Structure in an Oligopoly
  548. Learning Objective:
  549. 14.2 Oligopoly Models
  550. Learning Objective:
  551. 14.3 Game Theory
  552. Learning Objective:
  553. 14.4 Oligopoly and Economic Performance
  554. Learning Objective:
  555. 14.5 The Role of Government
  556. Learning Objective:
  557. 15 Monopolistic Competition
  558. Chapter Outline and Learning Objectives
  559. Industry Characteristics
  560. Product Differentiation and Advertising
  561. How Many Varieties?
  562. How Do Firms Differentiate Products?
  563. Advertising
  564. The Case for Advertising
  565. The Case against Product Differentiation and Advertising
  566. Open Questions
  567. Price and Output Determination in Monopolistic Competition
  568. Product Differentiation and Demand Elasticity
  569. Price/Output Determination in the Short Run
  570. Price/Output Determination in the Long Run
  571. Economic Efficiency and Resource Allocation
  572. Summary
  573. 15.1 Industry Characteristics
  574. 15.2 Product Differentiation and Advertising
  575. 15.3 Price and Output Determination in Monopolistic Competition
  576. 15.4 Economic Efficiency and Rescource Allocation
  577. Review Terms and Concepts
  578. Problems
  579. 15.1 Industry Characteristics
  580. Learning Objective:
  581. 15.2 Product Differentiation and Advertising
  582. Learning Objective:
  583. 15.3 Price and Output Determination in Monopolistic Competition
  584. Learning Objective:
  585. 15.4 Economic Efficiency and Resource Allocation
  586. Learning Objective:
  587. 16 Externalities, Public Goods, and Common Resources
  588. Chapter Outline and Learning Objectives
  589. Externalities and Environmental Economics
  590. Marginal Social Cost and Marginal Cost Pricing
  591. Acid Rain and the Clean Air Act
  592. Other Externalities
  593. Some Examples of Positive Externalities
  594. Costs and Benefits of Pollution
  595. Internalizing Externalities
  596. Private Bargaining and Negotiation
  597. Environmental Standards
  598. Taxes and Subsidies
  599. Measuring Social Costs
  600. Subsidizing External Benefits
  601. Tradeable Emissions Permits: Selling or Auctioning Pollution Rights
  602. Public (Social) Goods
  603. The Characteristics of Public Goods
  604. Public Provision of Public Goods
  605. Optimal Provision of Public Goods
  606. The Samuelson–Musgrave Theory
  607. The Problems of Optimal Provision
  608. Local Provision of Public Goods: Tiebout Hypothesis
  609. Common Resources
  610. Summary
  611. 16.1 Externalities and Environmental Economics
  612. 16.2 Public (Social) Goods
  613. 16.3 Common Resources
  614. Review Terms and Concepts
  615. Problems
  616. 16.1 Externalities and Environmental Economics
  617. Learning Objective:
  618. 16.2 Public (Social) Goods
  619. Learning Objective:
  620. 16.3 Common Resources
  621. Learning Objective:
  622. 17 Uncertainty and Asymmetric Information
  623. Chapter Outline and Learning Objectives
  624. Decision Making Under Uncertainty: The Tools
  625. Expected Value
  626. Expected Utility
  627. Attitudes Toward Risk
  628. Asymmetric Information
  629. Adverse Selection
  630. Adverse Selection and Lemons
  631. Adverse Selection and Insurance
  632. Reducing Adverse Selection Problems
  633. Market Signaling
  634. Moral Hazard
  635. Incentives
  636. Labor Market Incentives
  637. Summary
  638. 17.1 Decision Making Under Uncertainty: The Tools
  639. 17.2 Asymmetric Information
  640. 17.3 Incentives
  641. Review Terms and Concepts
  642. Problems
  643. 17.1 Decision Making Under Uncertainty: The Tools
  644. Learning Objective:
  645. 17.2 Asymmetric Information
  646. Learning Objective:
  647. 17.3 Incentives
  648. Learning Objective:
  649. 18 Income Distribution and Poverty
  650. Chapter Outline and Learning Objectives
  651. The Sources of Household Income
  652. Wages and Salaries
  653. Income from Property
  654. Income from the Government: Transfer Payments
  655. The Distribution of Market Income
  656. Income Inequality in the United States
  657. Changes in the Distribution of Income
  658. The Lorenz Curve and the Gini Coefficient
  659. Causes of Inequality in Market Income
  660. Inequality in Wage Income
  661. Required Skills and Human Capital
  662. Compensating Differentials
  663. Discrimination
  664. Household Composition
  665. Inequality in Property Income
  666. Arguments for and Against Reducing Market-Income Inequality
  667. Arguments Against Redistribution
  668. Arguments in Favor of Redistribution
  669. Social Obligations
  670. Utilitarian Justice
  671. Social Contract Theory—Rawlsian Justice
  672. Redistribution of Income Through Taxes and Transfers
  673. The Tax System
  674. Income Taxes
  675. The Earned Income Tax Credit (EITC)
  676. The Transfer System
  677. Social Security
  678. Temporary Assistance to Needy Families (TANF)
  679. Unemployment Compensation
  680. Health Care: Medicaid and Medicare
  681. Supplemental Nutrition Assistance Program (SNAP)
  682. Housing Programs
  683. Redistribution Effects of Taxes and Transfers in 2011
  684. Change in U.S. Inequality Over Time: 1979–2011
  685. Poverty
  686. The Minimum Wage
  687. The Distribution of Wealth
  688. Income Inequality in Other Countries
  689. Government or the Market? A Review
  690. Summary
  691. 18.1 The Sources of Household Income
  692. 18.2 The Distribution of MARKET Income
  693. 18.3 Causes of Inequality In Market Income
  694. 18.4 Arguments for and Against Reducing Market-Income Inequality
  695. 18.5 Redistribution of Income Through Taxes and Transfers
  696. 18.6 Poverty
  697. 18.7 The Minimum Wage
  698. 18.8 The Distribution of Wealth
  699. 18.9 Income Inequality in Other Countries
  700. Review Terms and Concepts
  701. Problems
  702. 18.1 The Sources of Household Income
  703. Learning Objective:
  704. 18.2 The Distribution of Market Income
  705. Learning Objective:
  706. 18.3 Causes of Inequality in Market Income
  707. Learning Objective:
  708. 18.4 Arguments For and Against Reducing Market-Income Inequality
  709. Learning Objective:
  710. 18.5 Redistribution of Income Through Taxes and Transfers
  711. Learning Objective:
  712. 18.6 Poverty
  713. Learning Objective:
  714. 18.7 The Minimum Wage
  715. Learning Objective:
  716. 18.8 The Distribution of Wealth
  717. Learning Objective:
  718. 18.9 Income Inequality in Other Countries
  719. Learning Objective:
  720. 19 Public Finance: The Economics of Taxation
  721. Chapter Outline and Learning Objectives
  722. The Basics of Taxation
  723. Taxes: Basic Concepts
  724. Taxes on Stocks versus Taxes on Flows
  725. Proportional, Progressive, and Regressive Taxes
  726. Marginal versus Average Tax Rates
  727. How Much Does a Deduction Save You in Taxes?
  728. Tax Incidence: Who Pays?
  729. The Incidence of Payroll Taxes
  730. Labor Supply and Labor Demand Curves in Perfect Competition: A Review
  731. Imposing a Payroll Tax: Who Pays?
  732. The Incidence of Corporate Profits Taxes
  733. The Burden of the Corporate Tax
  734. The Overall Incidence of Taxes in the United States: Empirical Evidence
  735. Excess Burdens and the Principle of Neutrality
  736. Measuring Excess Burdens
  737. Excess Burdens and the Degree of Distortion
  738. The Principle of Second Best
  739. Optimal Taxation
  740. Tax Equity
  741. What Is the “Best” Tax Base?
  742. Income versus Consumption as the Best Tax Base
  743. Wealth as the Best Tax Base
  744. No Simple Answer
  745. Social Choice
  746. The Voting Paradox
  747. Government Inefficiency: Theory of Public Choice
  748. Rent-Seeking Revisited
  749. Summary
  750. 19.1 The Basics of Taxation
  751. 19.2 Tax Incidence: Who Pays?
  752. 19.3 Excess Burdens and the Principle of Neutrality
  753. 19.4 The Principle of Second Best
  754. 19.5 Tax Equity
  755. 19.6 Social Choice
  756. Review Terms and Concepts
  757. Problems
  758. 19.1 The Basics of Taxation
  759. Learning Objective:
  760. 19.2 Tax Incidence: Who Pays?
  761. Learning Objective:
  762. 19.3 Excess Burdens and the Principle of Neutrality
  763. Learning Objective:
  764. 19.4 The Principle of Second Best
  765. Learning Objective:
  766. 19.5 Tax Equity
  767. Learning Objective:
  768. 19.6 Social Choice
  769. Learning Objective:
  770. Part IV The World Economy
  771. 20 International Trade, Comparative Advantage, and Protectionism
  772. Chapter Outline and Learning Objectives
  773. Trade Surpluses and Deficits
  774. The Economic Basis for Trade: Comparative Advantage
  775. Absolute Advantage versus Comparative Advantage
  776. Gains from Mutual Absolute Advantage
  777. Gains from Comparative Advantage
  778. Why Does Ricardo’s Plan Work?
  779. Terms of Trade
  780. Exchange Rates
  781. Trade and Exchange Rates in a Two-Country/Two-Good World
  782. Exchange Rates and Comparative Advantage
  783. The Sources of Comparative Advantage
  784. The Heckscher-Ohlin Theorem
  785. Other Explanations for Observed Trade Flows
  786. Trade Barriers: Tariffs, Export Subsidies, and Quotas
  787. U.S. Trade Policies, GATT, and the WTO
  788. Economic Integration
  789. Free Trade or Protection?
  790. The Case for Free Trade
  791. The Case for Protection
  792. Protection Saves Jobs
  793. Some Countries Engage in Unfair Trade Practices
  794. Cheap Foreign Labor Makes Competition Unfair
  795. Protection Safeguards National Security
  796. Protection Discourages Dependency
  797. Environmental Concerns
  798. Protection Safeguards Infant Industries
  799. An Economic Consensus
  800. Summary
  801. 20.1 Trade Surpluses and Deficits
  802. 20.2 The Economic Basis for Trade: Comparative Advantage
  803. 20.3 The Sources of Comparative Advantage
  804. 20.4 Trade Barriers: Tariffs, Export Subsidies, and Quotas
  805. 20.5 Free Trade or Protection?
  806. Review Terms and Concepts
  807. Problems
  808. 20.1 Trade Surpluses and Deficits
  809. Learning Objective:
  810. 20.2 The Economic Basis for Trade: Comparative Advantage
  811. Learning Objective:
  812. 20.3 The Sources of Comparative Advantage
  813. Learning Objective:
  814. 20.4 Trade Barriers: Tariffs, Export Subsidies, and Quotas
  815. Learning Objective:
  816. 20.5 Free Trade or Protection?
  817. Learning Objective:
  818. 21 Economic Growth in Developing Economies
  819. Chapter Outline and learning objectives
  820. Life in the Developing Nations: Population and Poverty
  821. Economic Development: Sources and Strategies
  822. The Sources of Economic Development
  823. Capital Formation
  824. Human Resources and Entrepreneurial Ability
  825. Infrastructure Capital
  826. Strategies for Economic Development
  827. The Role of Government
  828. The Movement from Agriculture to Industry
  829. Exports or Import Substitution?
  830. Microfinance
  831. Two Examples of Development: China and India
  832. Development Interventions
  833. Random and Natural Experiments: Some New Techniques in Economic Development
  834. Education Ideas
  835. Health Improvements
  836. Summary
  837. 21.1 Life in the Developing Nations: Population and Poverty
  838. 21.2 Economic Development: Sources and Strategies
  839. 21.3 Development Interventions
  840. Review Terms and Concepts
  841. Problems
  842. 21.1 Life in the Developing Nations: Population and Poverty
  843. Learning Objective:
  844. 21.2 Economic Development: Sources and Strategies
  845. Learning Objective:
  846. 21.3 Development Interventions
  847. Learning Objective:
  848. Part V Methodology
  849. 22 Critical Thinking about Research
  850. Chapter Outline and learning objectives
  851. Selection Bias
  852. Causality
  853. Correlation versus Causation
  854. Random Experiments
  855. Regression Discontinuity
  856. Difference-in-Differences
  857. Statistical Significance
  858. Regression Analysis
  859. Summary
  860. 22.1 Selection Bias
  861. 22.2 Causality
  862. 22.3 Statistical Significance
  863. 22.4 Regression Analysis
  864. Review Terms and Concepts
  865. Problems
  866. 22.1 Selection Bias
  867. Learning Objective:
  868. 22.2 Causality
  869. Learning Objective:
  870. 22.3 Statistical Significance
  871. Learning Objective:
  872. 22.4 Regression Analysis
  873. Learning Objective:
  874. Glossary
  875. Index
  876. A
  877. B
  878. C
  879. D
  880. E
  881. F
  882. G
  883. H
  884. I
  885. J
  886. K
  887. L
  888. M
  889. N
  890. O
  891. P
  892. Q
  893. R
  894. S
  895. T
  896. U
  897. V
  898. W
  899. X
  900. Y
  901. Z
  902. Photo Credits

 

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