Principles of Macroeconomics

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Cengage Learning, Mar 1, 2007 - Business & Economics - 463 pages
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Bring the study of economics to life with Principles of Macroeconomics, 5th edition. Award-winning educator and author Fred Gottheil speaks directly to student experience through a conversational writing style and narrative that uses stories, familiar examples, engaging scenarios, and relevant examples from literature emphasizing that economic principles can be found in all aspects of modern life. The text focuses on the key questions and presents the basic concepts'developing economic analysis step-by-step. The result is a more interactive and enjoyable learning experience when compared to the pedantic approaches often found in texts. Each chapter in the fifth edition has been thoroughly revised to reflect the most relevant data and also emerging and critical issues such as the issues of Iraq, terrorism, Katrina, China, and more. We invite you to see for yourself how Fred Gottheil's approach will help to shorten the distance between students and the exciting study of economics.

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$80 billion absolute advantage acorn squash aggregate demand curve aggregate expenditure aggregate supply curve automobiles autonomous consumption bank billion budget business cycle capital capital deepening ceteris paribus circular flow classical economists comparative advantage compensation of employees consumer price index consumer sovereignty consumption curve consumption function consumption spending countercyclical create currency cyclical unemployment decrease deficit demand deposits deposits discouraged workers dollar earned economic growth economists economy economy's equation of exchange equi equilibrium level equilibrium price EUROS example exchange rate Exhibit exports factors of production fall FDIC federal funds rate Federal Reserve Federal Reserve System firms fiscal policy fish foreign foreign exchange market free trade frictional unemployment full employment GDP deflator government spending graph gross domestic product Gross national product guide dogs higher households hyperinflation income hypothesis income multiplier income tax increase inflation inflationary gap intended investment interest rate It's Jack Russell terrier John Maynard Keynes John Steinbeck Keynesian Keynesian economics Kim Deal labor less Let's level of national Life-cycle hypothesis loan Look macroeconomics marginal propensity monetarist money multiplier money supply NAIRU national income nomic nominal GDP normative economics OPEC open market operations opportunity cost panel paradox of thrift payments per capita income percent permanent income hypothesis Personal consumption expenditures Phillips curve price level produce production possibilities curve propensity to consume quantity demanded quantity supplied rate of unemployment real business cycle real GDP recessionary gap reserve requirement Robinson Crusoe saving shift Simon Kuznets store of value structural unemployment sumers sumption suppliers supply and demand supply-side economics Suppose That's trade transfer payments U.S. dollars underground economy United velocity of money wage Wayne Coyne Wealth of Nations workers yaps

About the author (2007)

Fred M. Gottheil is a professor of economics at the University of Illinois in Urbana-Champaign. He came to Illinois in 1960, planning to spend one year before returning to his native Canada. But he fell in love with the campus, the community, and the Midwest, and has been at Illinois ever since. He earned his undergraduate degree at McGill University in Montreal, Canada and his Ph.D. at Duke University. His primary teaching is the principles of economics, and on occasion, he has taught the history of economic thought, Marxian economics, and the economics of the Middle East. He is the author of "Marx's Economic Predictions" and numerous articles that have appeared in scholarly journals, among them the "American Economic Review", the "Canadian Journal of Economics", the "Journal of Post-Keynesian Economics" and the "Middle East Reviews." Although he enjoys research, his labor of love is teaching the principles course. His classes have been as large as 1,800 students. He has won a plethora of teaching from the university, the college, and department of economics. Aside from his research and publications as a professor of economics, Professor Gottheil is also on the university's medical faculty, co-teaching the College of Medicine's course on medicine and society. As well, he is director of the University of Illinois's Center of Economic Education. In this capacity, he organizes and team-teaches minicourses and workshops on the principles of economics. He was a White House consultant on the Middle East during the Carter Administration and offered expert testimony to several congressional committees. Professor Gottheil was a visiting professor at Northwestern University and at Hebrew University in Jerusalem, Israel. He has lectured at many universities in the United States, Canada, and abroad, including universities in Syria, Egypt, Israel, and Jordan.

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