A real-world look at economics and its applications "Economics" is renowned for its conversational writing style, and for treating standard economic concepts as tools for making judgments as opposed to inflexible rules. This latest edition features updated international analysis along with more in-depth coverage of increasingly vital outsourcing issues than any other principles text. A new discussion of behavioral economics includes an examination of the work of Richard Thaler, the ultimatum game, and the status quo bias.
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Thinking Like an Economist
The Economic Organization of Society
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adjustment aggregate demand aggregate supply analysis average total cost banks billion bonds chapter Classical economists competitive consider consumers contractionary contractionary monetary policy currency debt decisions decrease demand curve determine developing countries discussion dollar economic effect elasticity example exchange rate Exhibit expectations exports fall financial assets firms fiscal policy goals graph growth important increase individuals industry inelastic inflation inputs institutions interest rate investment Keynesian model loans long-run macro policy model macroeconomic marginal cost marginal revenue marginal utility money supply monopolist monopolistic competition monopoly multiplier nominal opportunity cost payments percent perfect competition Phillips curve potential income potential output price level problems production possibility curve profit quantity demanded quantity supplied real output real-world reason reserves rise sell shift short-run slope social spending structure suppliers supply and demand supply curve theory trade deficit U.S. economy United wage