Principles of Macroeconomics
This newly updated edition of a highly regarded the principles of macroeconomics text provides your students with the most up-to-date information available. Cases, tables, data, and more were updated to reflect 2003 data. The text also has a four-color internal and full supplement package that complements the text's superb conversational style, which engages students like none other. Principles of Macroeconomics, 4e represents the results Fred Gottheil's career as an outstanding professor and author. This edition is maintains the proven structure and style of previous editions while updating content to make it even more valuable to professors and students alike. The author continues to use familiar stories, illustrations, scenarios, and a direct-to-student writing style to appeal to students' interests. The narrative is built around questions, which cut the distance between the student and the unfamiliar concepts of economics. Instead of covering hundreds of topics superficially, the book presents basic concepts in depth and develops economic analysis step-by-step. The result—learning economics becomes relative, interactive and appealing versus mere passive course participation.
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THE BASICS Of ECONOMIC ANALYSIS
Positive and Normative Economics
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aggregate demand aggregate demand curve aggregate expenditure aggregate supply aggregate supply curve assets bank business cycle ceteris paribus circular flow consumption spending countercyclical create Crusoe currency decrease demand and supply demand curve demand deposits economic growth economists economy economy's equilibrium level equilibrium price example exchange rate exports fall Federal Reserve firms fiscal policy fishermen foreign full employment GDP deflator GOTTHEIL government spending graph higher households income multiplier inflation intended investment interest rate island Keynesian labor LDCs less level of national loan long run marginal propensity ment money supply national income nominal GDP opportunity cost panel payments percent Phillips curve price and quantity price level produce production possibilities curve quantity demanded quantity supplied rate of unemployment real GDP recession recessionary gap saving sell slope suppliers supply curve Suppose table in Exhibit tickets tion trade U.S. dollars wage workers yaps