Essentials of Economics 10th Edition by N Gregory Mankiw ISBN 9780357723166 0357723163

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ISBN 10: 0357723163
ISBN 13: 9780357723166
Author: N Gregory Mankiw

Essentials of Economics 10th Edition Table of contents:

Part I. Introduction

Chapter 1. Ten Principles of Economics

1-1. How People Make Decisions

1-1a. Principle 1: People Face Trade-Offs

1-1b. Principle 2: The Cost of Something Is What You Give Up to Get It

1-1c. Principle 3: Rational People Think at the Margin

1-1d. Principle 4: People Respond to Incentives

1-2. How People Interact

1-2a. Principle 5: Trade Can Make Everyone Better Off

1-2b. Principle 6: Markets Are Usually a Good Way to Organize Economic Activity

1-2c. Principle 7: Governments Can Sometimes Improve Market Outcomes

1-3. How the Economy as a Whole Works

1-3a. Principle 8: A Country’s Standard of Living Depends on Its Ability to Produce Goods and Services

1-3b. Principle 9: Prices Rise When the Government Prints Too Much Money

1-3c. Principle 10: Society Faces a Short-Run Trade-Off between Inflation and Unemployment

1-4. Conclusion

Chapter in a Nutshell

Key Concepts

Questions for Review

Problems and Applications

Chapter 2. Thinking Like an Economist

2-1. The Economist as Scientist

2-1a. The Scientific Method: Observation, Theory, and More Observation

2-1b. The Role of Assumptions

2-1c. Economic Models

2-1d. Our First Model: The Circular-Flow Diagram

2-1e. Our Second Model: The Production Possibilities Frontier

2-1f. Microeconomics and Macroeconomics

2-2. The Economist as Policy Adviser

In the News: Why Tech Companies Hire Economists

2-2a. Positive versus Normative Analysis

2-2b. Economists in Washington

2-2c. Why Economists’ Advice Is Often Not Followed

2-3. Why Economists Disagree

2-3a. Differences in Scientific Judgments

2-3b. Differences in Values

2-3c. Perception versus Reality

2-4. Let’s Get Going

Chapter in a Nutshell

Key Concepts

Questions for Review

Problems and Applications

Appendix. Graphing: A Brief Review

Chapter 3. Interdependence and the Gains from Trade

3-1. A Parable for the Modern Economy

3-1a. Production Possibilities

3-1b. Specialization and Trade

3-2. Comparative Advantage: The Driving Force of Specialization

3-2a. Absolute Advantage

3-2b. Opportunity Cost and Comparative Advantage

3-2c. Comparative Advantage and Trade

3-2d. The Price of the Trade

3-3. Applications of Comparative Advantage

3-3a. Should Naomi Osaka Mow Her Own Lawn?

3-3b. Should the United States Trade with Other Countries?

3-4. Conclusion

In The News: Economics within a Marriage

Chapter in a Nutshell

Key Concepts

Questions for Review

Problems and Applications

Part II. How Markets Work

Chapter 4. The Market Forces of Supply and Demand

4-1. Markets and Competition

4-1a. What Is a Market?

4-1b. What Is Competition?

4-2. Demand

4-2a. The Demand Curve: The Relationship between Price and Quantity Demanded

4-2b. Market Demand versus Individual Demand

4-2c. Shifts in the Demand Curve

4-3. Supply

4-3a. The Supply Curve: The Relationship between Price and Quantity Supplied

4-3b. Market Supply versus Individual Supply

4-3c. Shifts in the Supply Curve

4-4. Supply and Demand Together

4-4a. Equilibrium

4-4b. Three Steps to Analyzing Changes in Equilibrium

In The News: Price Increases after Disasters

4-5. Conclusion: How Prices Allocate Resources

Chapter in a Nutshell

Key Concepts

Questions for Review

Problems and Applications

Chapter 5. Elasticity and Its Application

5-1. The Elasticity of Demand

5-1a. The Price Elasticity of Demand and Its Determinants

5-1b. The Price Elasticity of Demand, with Numbers

5-1c. The Midpoint Method: A Better Way to Calculate Percentage Changes and Elasticities

5-1d. The Variety of Demand Curves

5-1e. Total Revenue and the Price Elasticity of Demand

5-1f. Elasticity and Total Revenue along a Linear Demand Curve

5-1g. Other Demand Elasticities

5-2. The Elasticity of Supply

5-2a. The Price Elasticity of Supply and Its Determinants

5-2b. The Price Elasticity of Supply, with Numbers

5-2c. The Variety of Supply Curves

5-3. Three Applications of Supply, Demand, and Elasticity

5-3a. Can Good News for Farming Be Bad News for Farmers?

5-3b. Why Has OPEC Failed to Keep the Price of Oil High?

5-3c. Does Drug Interdiction Increase or Decrease Drug-Related Crime?

In The News: Elasticity of Supply and Demand in the Ride-share Market

5-4. Conclusion

Chapter in a Nutshell

Key Concepts

Questions for Review

Problems and Applications

Chapter 6. Supply, Demand, and Government Policies

6-1. The Surprising Effects of Price Controls

6-1a. How Price Ceilings Affect Market Outcomes

6-1b. How Price Floors Affect Market Outcomes

6-1c. Evaluating Price Controls

6-2. The Surprising Study of Tax Incidence

6-2a. How Taxes on Sellers Affect Market Outcomes

6-2b. How Taxes on Buyers Affect Market Outcomes

6-2c. Elasticity and Tax Incidence

In The News: Should the Minimum Wage Be $15 an Hour?

6-3. Conclusion

Chapter in a Nutshell

Key Concepts

Questions for Review

Problems and Applications

Part III. Markets and Welfare

Chapter 7. Consumers, Producers, and the Efficiency of Markets

7-1. Consumer Surplus

7-1a. Willingness to Pay

7-1b. Using the Demand Curve to Measure Consumer Surplus

7-1c. How a Lower Price Raises Consumer Surplus

7-1d. What Does Consumer Surplus Measure?

7-2. Producer Surplus

7-2a. Cost and the Willingness to Sell

7-2b. Using the Supply Curve to Measure Producer Surplus

7-2c. How a Higher Price Raises Producer Surplus

7-3. Market Efficiency

7-3a. Benevolent Social Planners

7-3b. Evaluating the Market Equilibrium

7-4. Conclusion: Market Efficiency and Market Failure

In The News: How Ticket Resellers Help Allocate Scarce Resources

Chapter in a Nutshell

Key Concepts

Questions for Review

Problems and Applications

Chapter 8. Application: The Costs of Taxation

8-1. The Deadweight Loss of Taxation

8-1a. How a Tax Affects Market Participants

8-1b. Deadweight Losses and the Gains from Trade

8-2. The Determinants of the Deadweight Loss

The Deadweight Loss Debate Case Study:

8-3. Deadweight Loss and Tax Revenue as Taxes Vary

The Laffer Curve and Supply-Side Economics Case Study:

8-4. Conclusion

Chapter in a Nutshell

Key Concepts

Questions for Review

Problems and Applications

Chapter 9. Application: International Trade

9-1. The Determinants of Trade

9-1a. The Equilibrium without Trade

9-1b. The World Price and Comparative Advantage

9-2. The Winners and Losers from Trade

9-2a. The Gains and Losses of an Exporting Country

9-2b. The Gains and Losses of an Importing Country

9-2c. The Effects of a Tariff

9-2d. The Lessons for Trade Policy

9-2e. Other Benefits of International Trade

9-3. The Arguments for Restricting Trade

9-3a. The Jobs Argument

9-3b. The National-Security Argument

9-3c. The Infant-Industry Argument

9-3d. The Unfair-Competition Argument

9-3e. The Protection-as-a-Bargaining-Chip Argument

In The News: Trade as a Tool for Economic Development

9-4. Conclusion

Chapter in a Nutshell

Key Concepts

Questions for Review

Problems and Applications

Part IV. The Economics of the Public Sector

Chapter 10. Externalities

10-1. Externalities and Market Inefficiency

10-1a. Welfare Economics: A Recap

10-1b. Negative Externalities

10-1c. Positive Externalities

10-2. Public Policies toward Externalities

10-2a. Command-and-Control Policies: Regulation

10-2b. Market-Based Policy 1: Corrective Taxes and Subsidies

10-2c. Market-Based Policy 2: Tradable Pollution Permits

10-2d. Objections to the Economic Analysis of Pollution

10-3. Private Solutions to Externalities

10-3a. The Types of Private Solutions

10-3b. The Coase Theorem

10-3c. Why Private Solutions Do Not Always Work

In The News: The Coase Theorem in Action

10-4. Conclusion

Chapter in a Nutshell

Key Concepts

Questions for Review

Problems and Applications

Chapter 11. Public Goods and Common Resources

11-1. The Different Kinds of Goods

11-2. Public Goods

11-2a. The Free-Rider Problem

11-2b. Some Important Public Goods

11-2c. The Difficult Job of Cost–Benefit Analysis

11-3. Common Resources

11-3a. The Tragedy of the Commons

11-3b. Some Important Common Resources

In The News: Road Pricing

11-4. Conclusion: Property Rights and Government Action

Chapter in a Nutshell

Key Concepts

Questions for Review

Problems and Applications

Part V. Firm Behavior and the Organization of Industry

Chapter 12. The Costs of Production

12-1. What Are Costs?

12-1a. Total Revenue, Total Cost, and Profit

12-1b. Why Opportunity Costs Matter

12-1c. The Cost of Capital Is an Opportunity Cost

12-1d. Economists and Accountants Measure Profit Differently

12-2. Production and Costs

12-2a. The Production Function

12-2b. From the Production Function to the Total-Cost Curve

12-3. The Many Measures of Cost

12-3a. Fixed and Variable Costs

12-3b. Average and Marginal Cost

12-3c. Cost Curves and Their Shapes

12-3d. Typical Cost Curves

12-4. Costs in the Short Run and in the Long Run

12-4a. The Relationship between Short-Run and Long-Run Average Total Cost

12-4b. Economies and Diseconomies of Scale

12-5. Conclusion

Chapter in a Nutshell

Key Concepts

Questions for Review

Problems and Applications

Chapter 13. Firms in Competitive Markets

13-1. What Is a Competitive Market?

13-1a. The Meaning of Competition

13-1b. The Revenue of a Competitive Firm

13-2. Profit Maximization and the Competitive Firm’s Supply Curve

13-2a. A Simple Example of Profit Maximization

13-2b. The Marginal-Cost Curve and the Firm’s Supply Decision

13-2c. The Firm’s Short-Run Decision to Shut Down

13-2d. Spilt Milk and Other Sunk Costs

13-2e. The Firm’s Long-Run Decision to Exit or Enter a Market

13-2f. Measuring Profit in Our Graph for the Competitive Firm

13-2g. A Brief Recap

13-3. The Supply Curve in a Competitive Market

13-3a. The Short Run: Market Supply with a Fixed Number of Firms

13-3b. The Long Run: Market Supply with Entry and Exit

13-3c. Why Do Competitive Firms Stay in Business If They Make Zero Profit?

13-3d. A Shift in Demand in the Short Run and Long Run

13-3e. Why the Long-Run Supply Curve Might Slope Upward

13-4. Conclusion: Behind the Supply Curve

Chapter in a Nutshell

Key Concepts

Questions for Review

Problems and Applications

Chapter 14. Monopoly

14-1. Why Monopolies Arise

14-1a. Monopoly Resources

14-1b. Government-Created Monopolies

14-1c. Natural Monopolies

14-2. How Monopolies Make Production and Pricing Decisions

14-2a. Monopoly versus Competition

14-2b. A Monopoly’s Revenue

14-2c. Profit Maximization

14-2d. A Monopoly’s Profit

14-3. The Welfare Cost of Monopolies

14-3a. The Deadweight Loss

14-3b. The Monopoly’s Profit: A Social Cost?

14-4. Price Discrimination

14-4a. A Parable about Pricing

14-4b. The Moral of the Story

14-4c. The Analytics of Price Discrimination

14-4d. Examples of Price Discrimination

14-5. Public Policy toward Monopolies

14-5a. Increasing Competition with Antitrust Laws

14-5b. Regulation

14-5c. Public Ownership

14-5d. Above All, Do No Harm

In The News: Will the Biden Administration Expand the Scope of Antitrust Policy?

14-6. Conclusion: The Prevalence of Monopolies

Chapter in a Nutshell

Key Concepts

Questions for Review

Problems and Applications

Part VI. The Data of Macroeconomics

Chapter 15. Measuring a Nation’s Income

15-1. The Economy’s Income and Expenditure

15-2. The Measurement of GDP

15-2a. “GDP Is the Market Value …”

15-2b. “… of All …”

15-2c. “… Final …”

15-2d. “… Goods and Services …”

15-2e. “… Produced …”

15-2f. “… Within a Country …”

15-2g. “… In a Given Period.”

15-3. The Components of GDP

15-3a. Consumption

15-3b. Investment

15-3c. Government Purchases

15-3d. Net Exports

15-4. Real versus Nominal GDP

15-4a. A Numerical Example

15-4b. The GDP Deflator

15-5. Is GDP a Good Measure of Economic Well-Being?

International Differences in GDP and the Quality of Life Case Study:

In The News: Sex, Drugs, and GDP

15-6. Conclusion

Chapter in a Nutshell

Key Concepts

Questions for Review

Problems and Applications

Chapter 16. Measuring the Cost of Living

16-1. The Consumer Price Index

16-1a. How the CPI Is Calculated

16-1b. Problems in Measuring the Cost of Living

16-1c. The GDP Deflator versus the Consumer Price Index

16-2. Correcting Economic Variables for the Effects of Inflation

16-2a. Dollar Figures from Different Times

16-2b. Indexation

16-2c. Real and Nominal Interest Rates

16-3. Conclusion

Chapter in a Nutshell

Key Concepts

Questions for Review

Problems and Applications

Part VII. The Real Economy in the Long Run

Chapter 17. Production and Growth

17-1. Economic Growth around the World

17-2. Productivity: Its Role and Determinants

17-2a. Why Productivity Is So Important

17-2b. How Productivity Is Determined

17-3. Economic Growth and Public Policy

17-3a. Saving and Investment

17-3b. Diminishing Returns and the Catch-Up Effect

17-3c. Investment from Abroad

17-3d. Education

17-3e. Health and Nutrition

17-3f. Property Rights and Political Stability

17-3g. Free Trade

17-3h. Research and Development

17-3i. Population Growth

In the News: The Secret Sauce of American Prosperity

17-4. Conclusion: The Importance of Long-Run Growth

Chapter in a Nutshell

Key Concepts

Questions for Review

Problems and Applications

Chapter 18. Saving, Investment, and the Financial System

18-1. Financial Institutions in the U.S. Economy

18-1a. Financial Markets

18-1b. Financial Intermediaries

18-1c. Summing Up

18-2. Saving and Investment in the National Income Accounts

18-2a. Some Important Identities

18-2b. The Meaning of Saving and Investment

18-3. The Market for Loanable Funds

18-3a. Supply and Demand for Loanable Funds

18-3b. Policy 1: Saving Incentives

18-3c. Policy 2: Investment Incentives

18-3d. Policy 3: Government Budget Deficits and Surpluses

18-4. Conclusion

Chapter in a Nutshell

Key Concepts

Questions for Review

Problems and Applications

Chapter 19. The Basic Tools of Finance

19-1. Present Value: Measuring the Time Value of Money

19-2. Managing Risk

19-2A. Risk Aversion

19-2b. The Markets for Insurance

19-2c. Diversification of Firm-Specific Risk

19-2d. The Trade-Off between Risk and Return

19-3. Asset Valuation

19-3a. Fundamental Analysis

19-3b. The Efficient Markets Hypothesis

19-3c. Market Irrationality

In The News: The Perils of Investing with a Y Chromosome

19-4. Conclusion

Chapter in a Nutshell

Key Concepts

Questions for Review

Problems and Applications

Chapter 20. Unemployment

20-1. Identifying Unemployment

20-1a. How Is Unemployment Measured?

20-1b. Does the Unemployment Rate Measure What We Want It to Measure?

20-1c. How Long Are the Unemployed without Work?

20-1d. Why Are There Always Some People Unemployed?

20-2. Job Search

20-2a. Why Some Frictional Unemployment Is Inevitable

20-2b. Public Policy and Job Search

20-2c. Unemployment Insurance

20-3. Minimum-Wage Laws

Who Earns the Federal Minimum Wage? Case Study:

20-4. Unions and Collective Bargaining

20-4a. The Economics of Unions

20-4b. Are Unions Good or Bad for the Economy?

20-5. The Theory of Efficiency Wages

20-5a. Worker Health

20-5b. Worker Turnover

20-5c. Worker Quality

20-5d. Worker Effort

20-5e. Worker Morale

In The News: Efficiency Wages in Practice

20-6. Conclusion

Chapter in a Nutshell

Key Concepts

Questions for Review

Problems and Applications

Part VIII. Money and Prices in the Long Run

Chapter 21. The Monetary System

21-1. The Meaning of Money

21-1a. The Functions of Money

21-1b. The Kinds of Money

21-1c. Money in the U.S. Economy

21-2. The Federal Reserve System

21-2a. The Fed’s Organization

21-2b. The Federal Open Market Committee

21-3. Banks and the Money Supply

21-3a. The Simple Case of 100-Percent-Reserve Banking

21-3b. Money Creation with Fractional-Reserve Banking

21-3c. The Money Multiplier

21-3d. Bank Capital, Leverage, and the Financial Crisis of 2008–2009

21-4. The Fed’s Tools of Monetary Control

21-4a. How the Fed Influences the Quantity of Reserves

21-4b. How the Fed Influences the Reserve Ratio

21-4c. Problems in Controlling the Money Supply

21-4d. The Federal Funds Rate

In The News: A Trip to Jekyll Island

21-5. Conclusion

Chapter in a Nutshell

Key Concepts

Questions for Review

Problems and Applications

Chapter 22. Money Growth and Inflation

22-1. The Classical Theory of Inflation

22-1a. The Level of Prices and the Value of Money

22-1b. Money Supply, Money Demand, and Monetary Equilibrium

22-1c. The Effects of a Monetary Injection

22-1d. A Brief Look at the Adjustment Process

22-1e. The Classical Dichotomy and Monetary Neutrality

22-1f. Velocity and the Quantity Equation

22-1g. The Inflation Tax

22-1h. The Fisher Effect

22-2. The Costs of Inflation

22-2a. A Fall in Purchasing Power? The Inflation Fallacy

22-2b. Shoeleather Costs

22-2c. Menu Costs

22-2d. Relative-Price Variability and the Misallocation of Resources

22-2e. Inflation-Induced Tax Distortions

22-2f. Confusion and Inconvenience

22-2g. A Special Cost of Unexpected Inflation: Arbitrary Redistributions of Wealth

22-2h. Inflation Is Bad, but Deflation May Be Worse

In The News: Life during Hyperinflation

22-3. Conclusion

Chapter in a Nutshell

Key Concepts

Questions for Review

Problems and Applications

Part IX. Short-Run Economic Fluctuations

Chapter 23. Aggregate Demand and Aggregate Supply

23-1. Three Key Facts about Economic Fluctuations

23-1a. Fact 1: Economic Fluctuations Are Irregular and Unpredictable

23-1b. Fact 2: Most Macroeconomic Quantities Fluctuate Together

23-1c. Fact 3: As Output Falls, Unemployment Rises

23-2. Explaining Short-Run Economic Fluctuations

23-2a. The Assumptions of Classical Economics

23-2b. The Reality of Short-Run Fluctuations

23-2c. The Model of Aggregate Demand and Aggregate Supply

23-3. The Aggregate-Demand Curve

23-3a. Why the Aggregate-Demand Curve Slopes Downward

23-3b. Why the Aggregate-Demand Curve Might Shift

23-4. The Aggregate-Supply Curve

23-4a. Why the Aggregate-Supply Curve Is Vertical in the Long Run

23-4b. Why the Long-Run Aggregate-Supply Curve Might Shift

23-4c. Using Aggregate Demand and Aggregate Supply to Depict Long-Run Growth and Inflation

23-4d. Why the Aggregate-Supply Curve Slopes Upward in the Short Run

23-4e. Why the Short-Run Aggregate-Supply Curve Might Shift

23-5. Two Causes of Economic Fluctuations

23-5a. The Effects of a Shift in Aggregate Demand

23-5b. The Effects of a Shift in Aggregate Supply

In the News: The Strange Downturn of 2020

23-6. Conclusion

Chapter in a Nutshell

Key Concepts

Questions for Review

Problems and Applications

Chapter 24. The Influence of Monetary and Fiscal Policy on Aggregate Demand

24-1. How Monetary Policy Influences Aggregate Demand

24-1a. The Theory of Liquidity Preference

24-1b. The Downward Slope of the Aggregate-Demand Curve

24-1c. Changes in the Money Supply

24-1d. The Role of Interest-Rate Targets in Fed Policy

24-1e. The Zero Lower Bound

24-2. How Fiscal Policy Influences Aggregate Demand

24-2a. Changes in Government Purchases

24-2b. The Multiplier Effect

24-2c. A Formula for the Spending Multiplier

24-2d. Other Applications of the Multiplier Effect

24-2e. The Crowding-Out Effect

24-2f. Changes in Taxes

24-3. Using Policy to Stabilize the Economy

24-3a. The Case for Active Stabilization Policy

24-3b. The Case against Active Stabilization Policy

24-3c. Automatic Stabilizers

24-4. Conclusion

Chapter in a Nutshell

Key Concepts

Questions for Review

Problems and Applications

The Keynesian Cross

1. The Big Idea

2. The Basic Model

2a. The Determinants of Planned Expenditure

2b. The Equilibrium

2c. The Adjustment to Equilibrium

3. Applying the Model

3a. How to Shrink a Recessionary Gap

3b. The Paradox of Thrift

4. Conclusion: Back to the Aggregate-Demand Curve

Chapter in a Nutshell

Key Concepts

Questions for Review

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