Economics: private and public choice
Authors James D. Gwartney, Richard L. Stroup, Russell S. Sobel, and David Macpherson, believe that a course on principles of economics should focus on the power and relevance of the economic way of thinking. It is this belief and corresponding writing approach that has made Economics: Private and Public Choice one of South Western most solid and enduring texts. Throughout this text, the authors integrate applications and real-world data in an effort to make the basic concepts of economics come alive for the reader.
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additional aggregate demand aggregate supply average banks benefits buyers capital chapter competitive consumers consumption countries decision makers decline demand curve dollar domestic earnings economic economists elasticity employees equilibrium example Exhibit expand expansionary expected expenditures exports factors federal firm's firms fiscal policy foreign exchange market full employment future GDP deflator higher prices illustrates impact important incentive income increase indicates indifference curve individuals industry inflation rate investment investors Keynesian labor Laffer curve less loanable funds long-run lower macroeconomic marginal cost market price million monetary policy money supply nomic opportunity cost output percent Phillips curve potential price level production profit purchase quantity rate of inflation rate of unemployment real GDP real interest rates reduce relative rent seeking reserves resource prices result revenue rise sell sellers shift short run spending sumers supply curve tax rates tion trade U.S. dollar union United wages workers