This book presents a realistic picture of current economic thought through an understanding of theory and the application of issues. It discusses concepts in economics and how they relate to real issues in life. It delves into economics by looking at Crime, Labor Markets, Drug Use, Population etc, using the "tools" of economics.
About the Author xiii Preface xiv SECTION I THE ECONOMICS TOOLKIT 1 Chapter 1 An Introduction to the Economic Way of Th inking 3 Chapter 1 Appendix: Working with Graphs 18 Chapter 2 Production Possibilities 23 Chapter 3 Demand and Supply 40 Chapter 4 Consumer Surplus, Producer Surplus, and Economic Efficiency 67 Chapter 5 Elasticity 80 Chapter 5 Appendix: Elasticity and the Slope of Demand 94 Chapter 6 Measuring Economic Activity 97 Chapter 7 Inflation and the Measurement of Prices 115 Chapter 8 The Power and Limits of Markets 131 SECTION II MARKETS, MARKETS EVERYWHERE 143 Chapter 9 Wage Determination and Superstar Salaries 145 Chapter 10 The Minimum Wage 165 Chapter 11 International Trade of Goods 178 Chapter 12 Immigration and the International Trade of Labor 196 Chapter 13 Foreign Exchange and the International Trade of Money 212 Chapter 14 Farm Policy 222 Chapter 15 The Economics of Illegal Drugs 237 Chapter 16 Pollution, The Environment, and Global Warming 253 Chapter 17 The Economics of Education 271 Chapter 17 Appendix: Education as an Investment: Present and Future Values 288 Chapter 18 Competition and Monopoly 291 SECTION III SOCIAL ISSUES 309 Chapter 19 The Economics of Labor Market Discrimination 311 Chapter 20 Poverty and the Distribution of Income 329 Chapter 21 The Economics of Health Care 347 Chapter 22 Monetary Policy and the Federal Reserve 363 Chapter 23 Fiscal Policy and the Federal Budget 382 Appendix A Answers to Think for Yourself Questions 399 Appendix B Glossary 411 Index 419
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