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Macroeconomics: A Contemporary Introduction

By William A. McEachern

11th Edition © 2017
Discipline:Economics
Course:Principles of Economics
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Now you can "teach by example" with the unique approach to economics found only in McEachern's acclaimed MACROECONOMICS: A CONTEMPORARY INTRODUCTION, 11E. The text uses examples and illustrations that your students will recognize when they show up for class the first day, because they already have at least 17 years of personal experience with economic choices, institutions, and events. This book truly leads by example, taking a "just-in-time" approach that introduces material just as it is needed to develop an argument. Clear and interesting exposition combines with case studies, recent research findings, and a focused design. Relevant case studies are integrated into the flow of each chapter. Each chapter includes a one-page case study in the printed book as well as a second case study online. The book's well-crafted approach is enhanced with resources, such as Aplia® and MindTap, that help improve student understanding and help you streamline tasks and save valuable time.

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MindTap Economics for McEachern's Macroeconomics: A Contemporary Introduction, 11th Edition is the digital learning solution that powers students from memorization to mastery. It gives you complete c…

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About this product

Now you can "teach by example" with the unique approach to economics found only in McEachern's acclaimed MACROECONOMICS: A CONTEMPORARY INTRODUCTION, 11E. The text uses examples and illustrations that your students will recognize when they show up for class the first day, because they already have at least 17 years of personal experience with economic choices, institutions, and events. This book truly leads by example, taking a "just-in-time" approach that introduces material just as it is needed to develop an argument. Clear and interesting exposition combines with case studies, recent research findings, and a focused design. Relevant case studies are integrated into the flow of each chapter. Each chapter includes a one-page case study in the printed book as well as a second case study online. The book's well-crafted approach is enhanced with resources, such as Aplia® and MindTap, that help improve student understanding and help you streamline tasks and save valuable time.

BOOK IS FULLY INTEGRATED WITH APLIA®, THE MOST SUCCESSFUL ONLINE PRODUCT FOR ECONOMICS. Aplia® offers interactive tools to help better prepare macroeconomics students. For you, the instructor, Aplia® provides access to high-quality, auto-graded assignments that ensure your students put forth effort on a regular basis throughout the term.

MINDTAP® OFFERS A PERSONALIZED TEACHING EXPERIENCE THAT GUIDES STUDENTS IN ANALYZING, APPLYING, AND IMPROVING THINKING. Measure skills and outcomes with ease. Personalized teaching becomes yours through a Learning Path built with key student objectives and your syllabus in mind. Control what students see and when they see it. Relevant readings, multimedia, and activities take students from basic knowledge to analysis and application. Analytics and reports provide a snapshot of class progress, time in course, engagement and completion rates.

CLEAR, COLOR-CODED GRAPHS ENHANCE UNDERSTANDING. Special care has been taken to ensure all graphics are understandable with curves that are systematically color-coded to enhance student understanding.

"TO REVIEW" ENSURES STUDENT COMPREHENSION. These helpful sections sum up lengthy concepts. Brief one-sentence questions, inserted into the flow of the text, make certain that students comprehend the macroeconomic concepts they're studying and are ready to continue through the material.

Table of contents

Chapters

Cover Page
Title Page
Copyright Page
About the Author
Dedication
Preface
Acknowledgments
Part 1. Introduction to Economics
Part 2. Fundamentals of Macroeconomics
Part 3. Fiscal and Monetary Policy
Part 4. International Economics

Part 1. Introduction to Economics

1. The Art and Science of Economic Analysis
Preview this section ↗
1-1. The Economic Problem: Scarce Resources, Unlimited Wants ↗
1-1a. Resources ↗
1-1b. Goods and Services ↗
1-1c. Economic Decision Makers and Markets ↗
1-1d. A Simple Circular-Flow Model ↗
1-2. The Art of Economic Analysis ↗
1-2a. Rational Self-Interest ↗
1-2b. Choice Requires Time and Information ↗
1-2c. Economic Analysis is Marginal Analysis ↗
1-2d. Microeconomics and Macroeconomics ↗
1-3. The Science of Economic Analysis ↗
1-3a. The Role of Theory ↗
1-3b. The Scientific Method ↗
1-3c. Normative versus Positive ↗
1-3d. Economists Tell Stories ↗
1-3e. Predicting Average Behavior ↗
1-3f. Some Pitfalls of Faulty Economic Analysis ↗
1-3g. If Economists are so Smart, Why aren't they Rich? ↗
1-4. Conclusion ↗
Summary ↗
Key Concepts ↗
Questions for Review ↗
Problems and Exercises ↗
Appendix. Understanding Graphs ↗
2. Economic Tools and Economic Systems
2-1. Choice and Opportunity Cost
2-1a. Opportunity Cost
2-1b. Opportunity Cost Is Subjective
2-1c. Sunk Cost and Choice
2-2. Comparative Advantage, Specialization, and Exchange
2-2a. The Law of Comparative Advantage
2-2b. Absolute Advantage Versus Comparative Advantage
2-2c. Specialization and Exchange
2-2d. Division of Labor and Gains From Specialization
2-3. The Economy's Production Possibilities
2-3a. Efficiency and the Production Possibilities Frontier, or PPF
2-3b. Inefficient and Unattainable Production
2-3c. The Shape of the PPF
2-3d. What Can Shift the PPF?
2-3e. What We Learn From the PPF
2-4. Economic Systems
2-4a. Three Questions Every Economic System Must Answer
2-4b. Pure Capitalism
2-4c. Pure Command System
2-4d. Mixed and Transitional Economies
2-4e. Economies Based on Custom or Religion
2-5. Conclusion
Summary
Key Concepts
Questions for Review
Problems and Exercises
3. Economic Decision Makers
3-1. The Household
3-1a. The Evolution of the Household
3-1b. Households Maximize Utility
3-1c. Households as Resource Suppliers
3-1d. Households as Demanders of Goods and Services
3-2. The Firm
3-2a. The Evolution of the Firm
3-2b. Types of Firms
3-2c. Cooperatives
3-2d. Not-for-Profit Organizations
3-2e. Why Does Household Production Still Exist?
3-3. The Government
3-3a. The Role of Government
3-3b. Government's Structure and Objectives
3-3c. The Size and Growth of Government
3-3d. Sources of Government Revenue
3-3e. Tax Principles and Tax Incidence
3-4. The Rest of the World
3-4a. International Trade
3-4b. Exchange Rates
3-4c. Trade Restrictions
3-5. Conclusion
Summary
Key Concepts
Questions for Review
Problems and Exercises
4. Demand, Supply, and Markets
4-1. Demand
4-1a. Law of Demand
4-1b. Demand Schedule and Demand Curve
4-2. What Shifts a Demand Curve?
4-2a. Consumer Income
4-2b. Prices of Other Goods
4-2c. Consumer Expectations
4-2d. Number or Composition of Consumers
4-2e. Consumer Tastes
4-3. Supply
4-3a. Supply Schedule and Supply Curve
4-4. What Shifts a Supply Curve?
4-4a. State of Technology and Know-How
4-4b. Resource Prices
4-4c. Prices of Other Goods
4-4d. Producer Expectations
4-4e. Number of Producers in the Market
4-5. Demand and Supply Create a Market
4-5a. Markets
4-5b. Market Equilibrium
4-6. Changes in Equilibrium Price and Quantity
4-6a. Shifts of the Demand Curve
4-6b. Shifts of the Supply Curve
4-6c. Simultaneous Shifts of Demand and Supply Curves
4-7. Disequilibrium
4-7a. Price Floors
4-7b. Price Ceilings
4-8. Conclusion
Summary
Key Concepts
Questions for Review
Problems and Exercises

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