Principles of Macroeconomics T 2.1.1

The textbook "Principles of Macroeconomics" is designed to meet the curriculum standards of most introductory macroeconomics courses, offering a comprehensive overview of the subject.

The inclusion of current examples is particularly notable, as they are presented in a manner that maintains political neutrality. This balanced approach effectively represents both Keynesian and classical economic perspectives, along with an exploration of economic concepts and their applications.

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Content Overview:

1. Welcome to Economics!
   1. What Economics Is and Why It's Important
   2. Microeconomics and Macroeconomics
   3. How Economists Use Theories and Models to Understand Economic Issues
   4. An Overview of Economic Systems
2. Choice in a World of Scarcity
   1. How Individuals Make Choices Based on Their Budget Constraint
   2. The Production Possibilities Frontier and Social Choices
   3. Confronting Objections to the Economic Approach
3. Demand and Supply
   1. Demand, Supply, and Equilibrium in Markets for Goods and Services
   2. Shifts in Demand and Supply for Goods and Services
   3. The Four-Step Process for Changes in Equilibrium Price and Quantity
   4. Price Ceilings and Price Floors
   5. Demand, Supply, and Efficiency
4. Labor and Financial Markets
   1. Demand and Supply at Work in Labor Markets
   2. Demand and Supply in Financial Markets
   3. The Market System as an Efficient Mechanism for Information
5. Elasticity
   1. Price Elasticity of Demand and Price Elasticity of Supply
   2. Polar Cases of Elasticity and Constant Elasticity
   3. Elasticity and Pricing
   4. Elasticity in Areas Other Than Price
6. The Macroeconomic Perspective
   1. Measuring the Size of the Economy: Gross Domestic Product
   2. Adjusting Nominal Values to Real Values
   3. Tracking Real GDP over Time
   4. Comparing GDP among Countries
   5. The Well-Being of Society Measured by GDP
7. Economic Growth
   1. The Relatively Recent Arrival of Economic Growth
   2. Labor Productivity and Economic Growth
   3. Components of Economic Growth
   4. Eeconomic Convergence
8. Unemployment
   1. The Definition and Computation of the Unemployment Rate
   2. Patterns of Unemployment
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   3. Causative Changes in Unemployment over the Short Run
   4. Causative Changes in Unemployment over the Long Run
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