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Macro Chapter The Business Cycle—This introduction to macro examines the up and down history of the economy, then looks at the impact of cyclical instability on unemployment, inflation, and the distribution of income.
The goal here is to get students to recognize why macro instability is a foremost societal concern. The latest macro data are incorporated, along with 3 new News Wires, 9 new Problems, and 4 new Discussion Questions. Chapter Aggregate Supply and Demand—This chapter gives students a conceptual overview of the macro economy, highlighting the role that market forces and other factors play in shaping macro outcomes. Aggregate supply AS and aggregate demand AD are assessed, with an emphasis on the distinction between curve positions and curve shifts the source of instability.
The bottom line is that either AS or AD must shift if macro outcomes are to change. There are 3 new News Wires highlighting shift factors, 6 new Problems, and 2 new Discussion Questions. Chapter Fiscal Policy—This chapter highlights the potential of changes in govern- ment spending and taxes to shift the AD curve. The implications of fiscal policy for budget deficits are also examined.
Updated budget data are included, along with 9 new Problems. Chapter Money and Banks—ApplePay and Bitcoins are used to illustrate differ- ences between payment services and money. A new News Wire focuses on the methods of payment consumers utilize. The core of the chapter depicts how deposit creation and the money multiplier work, using a step-by-step illustration of each.
Chapter Monetary Policy—In this chapter, students first get an overview of how the Federal Reserve is organized, including an introduction to Janet Yellen. Then the 3 basic tools of monetary policy are illustrated, with an emphasis on how open-market operations work.
The narrative then focuses on how the use of these monetary tools shifts the AD curve, ultimately impacting both output and prices. The chapter includes 6 new Problems. Chapter Economic Growth—The challenge of every society is to grow its economy and lift living standards.
There are 5 new Problems. Impediments to better outcomes are explored and the chapter ends by asking students whether they favor more or less policy intervention. Lots of new data are incorpo- rated, along with 4 new Problems and 2 new Discussion Questions. International Chapter International Trade—Students are first introduced to patterns of global trade, highlighting international differences in export dependence and trade balances.
Of importance is also a discussion of the sources of resistance to free trade and the impact of trade barriers. In addition to updating all data, 2 new News Wires, 5 new Problems, and 2 new Discussion Questions are included.
Essentials of Economics is de- signed specifically to support your assurance of learning initiatives with a simple yet powerful solution. Each test bank question for Essentials of Economics maps to a specific chapter learning objective listed in the text. You can then use the reporting features of Connect to aggregate student results in similar fashion, making the collection and presentation of assurance of learning data simple and easy.
Un- derstanding the importance and value of AACSB accreditation, Essentials of Economics, 10e, recognizes the curricula guidelines detailed in the AACSB standards for business ac- creditation by connecting selected questions in the text and the test bank to the six general knowledge and skill guidelines in the AACSB standards.
The statements contained in Essentials of Economics, 10e, are provided only as a guide for the users of this textbook. The AACSB leaves content coverage and assessment within the purview of individual schools, the mission of the school, and the faculty.
While Essen- tials of Economics, 10e, and the teaching package make no claim of any specific AACSB qualification or evaluation, we have within Essentials of Economics, 10e, labeled selected questions according to the six general knowledge and skills areas. You can e-mail our product specialists 24 hours a day to get product training online. Or you can search our knowledge bank of frequently asked questions on our support website. For Cus- tomer Support, call or visit www.
One of our technical support analysts will be able to assist you in a timely fashion. The manual has been fully. A brief summary of the chapter. Also accessible on the website. These include several focus questions and outside research. Digital co-author Karen Gebhardt and Nancy Rumore of University of Southwestern Louisiana assessed every problem in the Test Bank, assigning each problem a letter grade and identi- fying errors and opportunities for improvement.
This author team assures a high level of quality and consistency of the test questions and the greatest possible correlation with the content of the text. The computerized Test Bank is available in EZ Test, a flexible and easy-to-use electronic testing program that accommodates a wide range of question types, including user-created questions. The program is available for Windows, Macintosh, and Linux environments. Additionally, you can access the test bank through McGraw-Hill Connect.
They are equally use- ful to the student in the classroom as lecture aids or for personal review at home or the computer lab. The slides use animation to show students how graphs build and shift. These require the student to access data or materials on a website and then use,.
Professors can insert the exact images from the textbook into their presentation slides or simply post them for student viewing on their course manage- ment site. As the future be- comes the present, however, we will provide new two-page News Flashes describing major economic events and related to specific text references.
These News Flashes provide good lecture material and can be copied for student use. They are also available via the Instructor Resource Material in Connect. Four to six News Flashes are sent to adopters each year. Karen is a distinguished teacher who has won numerous awards for her pedagogical prowess at Colorado State University. She has assumed responsibility for the digital content of the Essentials learning package, including an overhaul of the test bank, the Connect program, LearnSmart, and other digital products.
She has done a marvelous job not only improving the content of each digital supplement but also enhancing the sym- metry between the text and all dimensions of the digital products. Reviewers and users of past editions of Essentials have also contributed to the evolution of this text.
Bruns, Bacone College Douglas N. Clark, University of Florida Norman R. Van Scyoc, University of Wisconsin—Oshkosh. Dennis D. Since its first publi- cation, it has been the dominant text in the one-semester survey course.
I hope that its brevity, content, style, and novel features will keep it at the top of the charts for years to come. As the author, I would appreciate hearing how well Essentials lives up to that standard. Manufacturing: Output vs. At the beginning of that century, life was hard and short. Life expectancy was only 47 years for whites and a shockingly low 33 years for blacks and other minorities. People who survived infancy faced substantial risk of early death from tuberculosis, influenza, pneumonia, or gastritis.
Work was a lot harder back then, too. Those who lived in cities typically worked 60 hours a week for wages of only 22 cents an hour. Hours were long, jobs were physically demanding, and workplaces were often dirty and unsafe. People didn't have much to show for all that work. By today's standards, nearly everyone was poor back then. Very few people had telephones, and even fewer had cars. There were no television sets, no home freezers, no microwaves, no dishwashers or central air conditioning, and no computers.
Even indoor plumbing was a luxury. All this, of course, sounds like ancient history. We seldom imagine what life would be like without the abundance of goods and services we encounter daily. Nor do we often ponder how hard work might still be had factories, offices, and homes not been transformed by technology. We ought to ponder, however, how we got so affluent. Billions of people around the world are still as poor today as we were in How did we get so rich?
Was it our high moral standards that made us rich? Was it our religious convictions? Did politics have anything to do with it? Did extending suffrage to women, ending prohibition, or repealing the military draft raise our living standards? Was the tremendous expansion of the public sector the catalyst for growth? Were we just lucky? Some people say America has prospered because our nation was blessed with an abundance of natural resources. But other countries are larger.
Many others have more oil, more arable land, more gold, more people, and more math majors. Yet few nations have prospered as much as the United States.
Students of history can't ignore the role that economic systems might have played in these developments. Way back in the English economist Adam Smith asserted that a free market economy would best promote economic growth and raise living standards. As he saw it, people who own a business want to make a profit. To do so, they have to create new products, improve old ones, reduce costs and prices, and advance technology. As this happens, the economy grows, more jobs are created, and living standards rise.
Market capitalism, Adam Smith reasoned, would foster prosperity. Karl Marx, a German philosopher, had a very different view of market capitalism. The capitalists who owned the land, the factories, and the machinery would keep wages low and their own lifestyles high. They would continue exploiting the working class until it rose up and overthrew the social order.
Subsequent history gave Adam Smith the upper hand. The gap in living standards between communist and capitalist nations got so wide that communism effectively collapsed. People in those countries wanted a different economic system—one that would deliver the goods capitalist consumers were already enjoying. They sought the rules, the mechanisms, the engine that would propel their living standards upward.
Even in the United States the quest for greater prosperity continues. As rich as we are, we always want more. We need to have the newest iPhone, a larger TV, a bigger home, a faster car, and a more exotic vacation. Will the economy keep churning out more goods and services every year like some perpetual motion machine? Things didn't turn out nearly that bad, but millions of Americans lost their jobs, their savings, and even their homes in — As the output of the U.
Could that happen? NOTE: People always want more than they have. People worry not only about the resilience of the economic system but also about resource limitations.
We now depend on oil, water, and other resources to fuel our factories and irrigate our farms. What happens when we run out of these resources? Do the factories shut down? Do the farms dry up? Does economic growth stop? An end to world economic growth would devastate people in other nations.
Most people in the world have incomes far below American standards. Even in China, where incomes have been rising rapidly, daily living standards are below those that U. To attain current U. Will consumers around the world get the kind of persistent economic growth the United States has enjoyed?
Will living standards here and abroad rise, stagnate, or fall in future years? How does it work? Who determines the price of a textbook in a market economy? Who decides how many textbooks will be produced? Will everyone who needs a textbook get one? And why are gasoline prices so high? How about jobs? Who decides how many jobs are available or what wages they pay in a market economy?
What keeps an economy growing? Or stops it in its tracks? Question: When your children are at the age you are now, do you think their standard of living will be better, about the same, or worse than yours is now? NOTE: Will you be better off than your parents? For living standards to keep rising, the economy must continue to grow.
Will that happen? To understand how an economy works, we have to ask and answer a lot of questions. Among the most important are these:.
We won't answer all of these questions in this first chapter. But we will get a sense of what the study of economics is all about and why the answers to these questions are so important. The land area of the United States stretches over 3. We have a population of million people, about half of whom work.
With so many resources, the United States produces an enormous volume of output. But it is never enough: Consumers always want more. We want not only faster cars, more clothes, and larger TVs but also more roads, better schools, and more police protection. Why can't we have everything we want? The answer is fairly simple: Our wants exceed our resources. As abundant as our resources might appear, they are not capable of producing everything we want.
The same kind of problem makes doing homework so painful. You have only 24 hours in a day. You can spend it watching movies, shopping, hanging out with friends, sleeping, tweeting, using Facebook, or doing your homework. With only 24 hours in a day, you can't do everything you want to, however: Your time is scarce.
So you must choose which activities to pursue—and which to forgo. Economics offers a framework for explaining how we make such choices. The goal of economic theory is to figure out how we can use our scarce resources in the best possible way. Consider again your decision to read this chapter right now.
Hopefully, you'll get some benefit from finishing it. You'll also incur a cost, however. The time you spend reading could be spent doing something else. You're probably missing a good show on TV right now. Giving up that show is the opportunity cost of reading this chapter. You have sacrificed the opportunity to watch TV in order to finish this homework.
The rational thing to do is to weigh the benefits of doing your homework against the implied opportunity cost and then make a choice. The larger society faces a similar dilemma. For the larger economy, time is also limited. So, too, are the resources needed to produce desired goods and services. To get more houses, more cars, or more movies, we need not only time but also resources to produce these things.
These resources—land, labor, capital, and entrepreneurship—are the basic ingredients of production. They are called factors of production. The more factors of production we have, the more we can produce in a given period of time. As we've already noted, our available resources always fall short of our output desires. The central problem here again is scarcity, a situation where our desires for goods and services exceed our capacity to produce them. The central problem of scarcity forces every society to make difficult choices.
Specifically, every nation must resolve three critical questions about the use of its scarce resources:. We first examine the nature of each question and then look at how different countries answer these three basic questions. The WHAT question is quite simple. We've already noted that there isn't enough time in the day to do everything you want to.
You must decide what to do with your time. The economy confronts a similar question: There aren't enough resources in the economy to produce all the goods and services society desires. Because wants exceed resources, we have to decide WHAT goods and services we want most, sacrificing less desired products.
It represents a menu of output choices. Point C indicates that we could produce a combination of OD units of consumer goods and the quantity OE of military output. To get more military output e. We must decide what to produce i. Our goal is to select the best possible mix of output. To make that selection, we first need to know how much of each good we could produce. That will depend in part on how many resources we have available.
The first thing we need to do, then, is count our factors of production. The more we have of these factors, the more output we can produce. Technology is also critical. The more advanced our technological and managerial abilities, the more output we will be able to produce with available factors of production.
If we inventoried all our resources and technology, we could figure out what the physical limits to production are. To simplify the computation, suppose we wanted to produce only consumer goods. How much could we produce? Surely not an infinite amount. With limited stocks of land, labor, capital, and technology, output would have a finite limit. The limit is represented by point A in Figure 1. That is to say, the vertical distance from the origin point O to point A represents the maximum quantity of consumer goods that could be produced this year.
To produce the quantity A of consumer goods, we would have to use all available factors of production. At point A no resources would be available for producing military goods. The choice of maximum consumer output implies zero military output. We could make other choices about WHAT to produce. Point B illustrates another extreme. The horizontal distance from the origin point O to point B represents our maximum capacity to produce military goods. To get that much military output, we would have to devote all available resources to that single task.
At point B, we wouldn't be producing any consumer goods. We would be well protected but ill nourished and poorly clothed wearing last year's clothes. We could instead produce a combination of consumer and military goods. Point C represents one such combination.
To get to point C, we have to forsake maximum consumer goods output point A and use some of our scarce resources to produce military goods. Point C is just one of many combinations we could produce. We could produce any combination of output represented by points along the curve in Figure 1. It is, in effect, an economic menu from which one specific combination of goods and services must be selected.
The production possibilities curve puts the basic issue of WHAT to produce in graphic terms. The same choices can be depicted in numerical terms as well. Table 1. The output mix A allocates all resources to home construction, leaving nothing to produce missiles.
If missiles are desired, the level of home construction must be cut back. To produce 50 missiles mix B , home construction activity must be cut back to Notice that every time we increase missile production moving from A to F , house construction must be reduced. The question of WHAT to produce boils down to choosing one specific mix of output—a specific combination of missiles and houses. TABLE 1. Here the choices are defined in terms of missiles or houses. More missiles can be produced only if some resources are diverted from home construction.
Only one of these output combinations can be produced in a given time period. Selecting that mix is a basic economic issue. During World War II, we converted auto plants to produce military vehicles. Clothing manufacturers cut way back on consumer clothing in order to produce more uniforms for the army, navy, and air force.
The government also drafted 12 million men to bear arms. By shifting resources from the production of consumer goods to the production of military goods, we were able to move down along the production possibilities curve in Figure 1.
By fully 40 percent of all our output consisted of military goods. Consumer goods were so scarce that everything from butter to golf balls had to be rationed.
The figure also illustrates how quickly we reallocated factors of production to consumer goods after the war ended. By less than 4 percent of U. We had moved close to point A in Figure 1. OutputThe share of total output devoted to national defense has risen sharply in war years and fallen in times of peace. The defense buildup of the s increased the military share to more than 6 percent of total output. The end of the Cold War reversed that buildup, releasing resources for other uses the peace dividend.
Source: Congressional Research Service. In military output absorbed nearly 15 percent of America's total production. We're not spending anywhere near that kind of military money, however. After the Korean War, the share of U. In the process, the U. As those personnel found civilian jobs, they increased consumer output.
That increase in nonmilitary output is called the peace dividend. The wars in Iraq and Afghanistan absorbed even more resources. The economic cost of those efforts is measured in lost consumer output. The money spent by the government on war might otherwise have been spent on schools, highways, or other nondefense projects. The National Guard personnel called up for the war would otherwise have stayed home and produced consumer goods including disaster relief. These costs of war are illustrated in Figure 1.
Notice how consumer goods output declines from C1 to C2 when military output increases from M1 to M2. The military buildup associated with the move from point R to point S reduces consumption output from C1 to C2. Page In some countries the opportunity cost of military output seems far too high. North Korea, for example, has the fourth largest army in the world.
Yet North Korea is a relatively small country. Consequently it must allocate a huge share of its resources to feed, clothe, and arm its military. As Figure 1. That compares with a military share of only 3. North Korea has the highest cost, using nearly 15 percent of its resources for military purposes. Although China's army is twice as large, its military share of output is much smaller 2. Source: U. North Korea's rocket program is costly.
With that much money North Korea could have purchased 4. North Korea's ambitious nuclear program costs nearly triple that amount. The burden of North Korea's military program is evident in the country's widespread poverty and periodic starvation. Resources used for the military aren't available for producing food. North Korea's military has a high price tag. That is substantially less than the American standard of living was in and a tiny fraction of today's U.
A militaristic society would prefer a mix of output closer to point B in Figure 1. By contrast, Iceland has no military and so produces at point A. In general, one specific mix of output is optimal for a country—that is, a mix that represents the best possible allocation of resources across competing uses. Locating and producing that optimal mix of output is the essence of the WHAT challenge.
The same desire for an optimal mix of output drives your decisions on the use of scarce time. There is only one best way to use your time on any given day. Other uses won't necessarily kill you, but they won't do you as much good. If you had no concern for future jobs or income, there would be little point in doing homework now. Then you'll have more human capital knowledge and skills later to pursue job opportunities.
The larger society confronts the same choice between present and future consumption. We could use all our resources to produce consumer goods this year. If we did, however, there wouldn't be any factors of production available to build machinery, factories, or telecommunications networks.
Yet these are the kinds of investment that enhance our capacity to produce. If we want the economy to keep growing—and our living standards to rise —we must allocate some of our scarce resources to investment rather than current consumption. The resultant economic growth will expand our production possibilities outward, allowing us to produce more goods in future years. The phenomenon of economic growth is illustrated in Figure 1. Such shifts occur when we acquire more resources e. Our decision about WHAT to produce must take future growth into account.
Investment in machinery and buildings has increased our capital stock even faster. These additional factors of production, together with advancing technology, have expanded shifted outward our production possibilities. HOW to Produce. The second basic economic question concerns HOW we produce output. Should this class be taught in an auditorium or in small discussion sections? Should it meet twice a week or only once? Should the instructor make more use of computer aids? Should, heaven forbid, this textbook be replaced with online text files?
Of these many possibilities, one way is presumably best, given the resources and technology available. That best way is HOW we want the course taught. Educational researchers and a good many instructors spend a lot of time trying to figure out the best way of teaching a course. Pig farmers do the same thing. They know they can fatten pigs up with a lot of different grains and other food.
They can also vary breeding patterns, light exposure, and heat. They can use more labor in the feeder process or more machinery. Faced with so many choices, pig farmers try to find the best way of raising pigs. Should pig farmers be free to breed pigs and to dispose of waste in any way they desire?
Or should the government regulate how pigs are produced? Department of Agriculture. The HOW question isn't just an issue of getting more output from available inputs. It also encompasses our use of the environment. Should the waste from pig farms be allowed to contaminate the air, groundwater, or local waterways?
Or do we want to keep the water clean for other uses? Humanitarian concerns may also come into play. Should live pigs be processed without any concern for their welfare? Or should the processing be designed to minimize trauma? The HOW question encompasses all such issues.
Although people may hold different views on these questions, everyone shares a common goal: to find an optimal method of producing goods and services. The best possible answer to the HOW question will entail both efficiency in the use of factors of production and adequate safeguards for the environment and other social concerns.
Our goal is to find that answer. Then we have to slice it up. Should everyone get an equal slice of the pie? Or can some people have big pieces of the pie while others get only crumbs? A pie can be divided up in many ways. Personally, I like a distribution that gives me a big slice even if that leaves less for others. Maybe you feel the same way. Whatever your feelings, however, there is likely to be a lot of disagreement about what distribution is best. Maybe we should just give everyone an equal slice.
But should everyone get an equal slice even if some people helped bake the pie while others contributed nothing? The Little Red Hen of the children's fable felt perfectly justified eating all the bread she made herself after her friends and neighbors refused to help sow the seeds, harvest the grain, or bake it.
Slices of the pie are distributed, however, based on need hunger, desire rather than on productive contributions. In a communal utopia there is no direct link between work and consumption. People who work hard to bake the pie may feel cheated if nonworkers get just as large a slice. Worse still, people may decide to exert less effort if they see no tangible reward to working. If that happens, the size of the pie may shrink, and everyone will be worse off.
The challenge of economics -- The U. Consumer demand -- Supply decisions -- Competition -- Monopoly -- The labor market -- Government intervention -- pt. The business cycle -- Aggregate supply and demand -- Fiscal policy -- Money and banks -- Monetary policy -- Economic growth -- Theory and reality -- pt.
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