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This volume deals with both a new theoretical framework and the application of new economics in a number of issues that test the capability of new economics to tackle a number of economic problems. It offers detailed analysis and informed comment on the type of new economics in the aftermath of the financial crisis and the 'great recession'

The effects of economic decision making are far-reaching. Economics is more than just business--the course of government, society, and more has been determined, to a large degree, by economic players. This comprehensive volume takes a three-pronged approach to introduce readers to the essentials of economics: after providing an overview of basic economic concepts, it chronicles the development of economics as a discipline and then launches into an examination of the various economic systems in existence. Key economic thinkers and critical concepts are spotlighted in sidebars throughout the text to provide readers with a complete foundation in this vital social science.

This text aims to introduce the beginning student to the ... theoretical knowledge that economists possess. It also illustrates the usefulness of economic theory with a wealth of applications ... This text takes the "internation evolution" a step further by covering such topics as comparative advantage, the strategic trade model, and exchange rate theory early in the text ... and then integrating the use of these ideas throughout.-Pref. [Cont. from TofC] Perfectly competitive labor markets; Imperfectly competitive labor markets; Markets for natural and capital resources; Personal distribution of income, riches vs. poverty -- Government in the microeconomy: Antitrust policy; Regulation; Externalities and environmental economics; Public goods and public choices; Redistribution of income -- Glossary

Cover -- Volume 1 -- Title -- Copyright -- Contents -- Preface -- Introduction to Volume 1: Foundations of Economics -- A -- Accountant -- Accountants Skills and Job Tasks -- Generally Accepted Accounting Principles -- Professional Certifications and Types of Accountants -- Agriculture and the Environment -- American Economic Association -- American Federation of Labor and Congress of Industrial Organizations -- Ancient Thought, or Oeconomicus -- Animal Spirits -- Asset Allocation -- How to Create an Asset Allocation -- Rebalancing -- Tactical Asset Allocation -- Association of Environmental and Resource Economists -- Austrian Economic Thought -- B -- Banking -- History -- Payment Services -- Savings -- Borrowing -- Supplementary Financial Services -- Quasi-Banking Entities -- Banking Trends -- Banking, History of -- Banking in Europe -- The Founding of the Bank of England -- Modern Banking in the New World -- Merchant Banks -- U.S. Banking in the Modern Era -- Bankruptcy -- History of Bankruptcy -- Bankruptcy Process -- Bankruptcy Chapters -- Bankruptcy Considerations -- Basic Economic Questions -- Bastiat, Frédéric -- Behavioral Economics -- Behavioral Finance -- Bernoulli, Jacob -- Biodiversity -- Böhm-Bawerk, Eugen von -- Boulding, Kenneth -- Budget -- The Consumer Budget -- Pre-Budget: Track Expenses -- Creating the Budget or Spending Plan -- Common Budget Guidelines -- Monitoring the Budget -- Buffett, Warren -- C -- Cantillon, Richard -- Capital Gains and Losses -- History -- Present -- Capital Markets -- Capital Resources -- Capitalism -- Advantages of Capitalism -- Disadvantages of Capitalism -- Carlyle, Thomas -- Carnegie, Andrew -- Central Bank -- Central Planning -- Socialism -- Communism -- Fascism -- Positives and Negatives of Central Planning -- Charitable Donations -- Chicago School of Economic Thought

For students or anyone else who needs a refresher course in economics. This updated edition defines and distinguishes between macroeconomics and microeconomics. It demonstrates the uses of graphs and discusses the law of supply and demand, which is fundamental to understanding economic principles. A Macroeconomics section covers topics that include national output, inflation, types and costs of unemployment, aggregate demand and supply, the Keynesian model, fiscal and monetary policy, and open-market macroeconomics. Microeconomics topics covered include monopolies, forces that promote competition, game theory, labor markets and unions, economic profits, government spending, and taxation.--From publisher description

Preface -- Economics and the Economy -- The Market -- Markets and Economic Efficiency -- The Producer -- Market Structures -- Market Failure Versus Government Failure -- Factor Markets -- Distribution of Income -- The Objectives of Macroeconomic Policy -- Economic Growth -- Unemployment: Causes and Cures -- Inflation: Causes and Cures -- Business Cycles: Causes and Control -- Stabilizing the Economy -- International Trade -- Balance-of-Payments and Exchange Rates -- Issues in the International Economy -- Answers to Self-Test Questions -- Glossary -- Bibliography -- Index.