13401nam 2200529 450 991015494670332120230808193918.01-292-10981-5(CKB)3710000000738227(MiAaPQ)EBC5185642(MiAaPQ)EBC5187669(MiAaPQ)EBC5483395(Au-PeEL)EBL5483395(OCoLC)1048792721(EXLCZ)99371000000073822720190320d2016 uy 0engurcnu||||||||rdacontentrdamediardacarrierMacroeconomics /Michael ParkinTwelfth edition, Global edition.Boston :Pearson,[2016]©20161 online resource (464 pages) color illustrations, photographsIncludes index.1-292-10970-X Cover -- Title Page -- Copyright Page -- ABOUT THE AUTHOR -- PREFACE -- Acknowledgments -- CONTENTS -- PART ONE: INTRODUCTION -- CHAPTER 1 WHAT IS ECONOMICS? -- Definition of Economics -- Two Big Economic Questions -- What, How, and For Whom? -- Do Choices Made in the Pursuit of Self-Interest also Promote the Social Interest? -- The Economic way of Thinking -- A Choice Is a Tradeoff -- Making a Rational Choice -- Benefit: What You Gain -- Cost: What You Must Give Up -- How Much? Choosing at the Margin -- Choices Respond to Incentives -- Economics as Social Science and Policy Tool -- Economist as Social Scientist -- Economist as Policy Adviser -- APPENDIX Graphs in Economics -- Graphing Data -- Scatter Diagrams -- Graphs Used in Economic Models -- Variables That Move in the Same Direction -- Variables That Move in Opposite Directions -- Variables That Have a Maximum or a Minimum -- Variables That Are Unrelated -- The Slope of a Relationship -- The Slope of a Straight Line -- The Slope of a Curved Line -- Graphing Relationships Among More Than Two Variables -- Ceteris Paribus -- When Other Things Change -- MATHE MAT ICAL NOTE Equations of Straight Lines -- AT ISSUE -- ECONOMICS IN THE NEWS -- CHAPTER 2 THE ECONOMIC PROBLEM -- Production Possibilities and Opportunity Cost -- Production Possibilities Frontier -- Production Efficiency -- Tradeoff Along the PPF -- Opportunity Cost -- Using Resources Efficiently -- The PPF and Marginal Cost -- Preferences and Marginal Benefit -- Allocative Efficiency -- Economic Growth -- The Cost of Economic Growth -- A Nation's Economic Growth -- Gains from Trade -- Comparative Advantage and Absolute Advantage -- Achieving the Gains from Trade -- Economic Coordination -- Firms -- Markets -- Property Rights -- Money -- Circular Flows Through Markets -- Coordinating Decisions -- ECONOMICS IN ACTION,.ECONOMICS IN THE NEWS -- CHAPTER 3 DEMAND AND SUPPLY -- Markets and Prices -- Demand -- The Law of Demand -- Demand Curve and Demand Schedule -- A Change in Demand -- A Change in the Quantity Demanded Versus a Change in Demand -- Supply -- The Law of Supply -- Supply Curve and Supply Schedule -- A Change in Supply -- A Change in the Quantity Supplied Versus a Change in Supply -- Market Equilibrium -- Price as a Regulator -- Price Adjustments -- Predicting Changes in Price and Quantity -- An Increase in Demand -- A Decrease in Demand -- An Increase in Supply -- A Decrease in Supply -- Changes in Both Demand and Supply -- MATHEMATICAL NOTE Demand, Supply, and Equilibrium -- ECONOMICS IN THE NEWS, -- PART ONE WRAP-UP Understanding the Scope of Economics Your Economic Revolution -- Talking with Esther Duflo -- PART TWO: MONITORING MACROECONOMIC PERFORMANCE -- CHAPTER 4 MEASURING GDP AND ECONOMIC GROWTH -- Gross Domestic Product -- GDP Defined -- GDP and the Circular Flow of Expenditure and Income -- Why "Domestic" and Why "Gross"? -- Measuring U.S. GDP -- The Expenditure Approach -- The Income Approach -- Nominal GDP and Real GDP -- Calculating Real GDP -- The Uses and Limitations of Real GDP -- The Standard of Living Over Time -- The Standard of Living Across Countries -- Limitations of Real GDP -- APPENDIX Graphs in Macroeconomics -- The Time-Series Graph -- Making a Time-Series Graph -- Reading a Time-Series Graph -- Ratio Scale Reveals Trend -- A Time-Series with a Trend -- Using a Ratio Scale -- MATHEMATICAL NOTE Chained-Dollar Real GDP -- ECONOMICS IN ACTION, -- AT ISSUE, -- ECONOMICS IN THE NEWS, -- CHAPTER 5 MONITORING JOBS AND INFLATION -- Employment and Unemployment -- Why Unemployment Is a Problem -- Current Population Survey -- Three Labor Market Indicators -- Other Definitions of Unemployment -- Most Costly Unemployment.Alternative Measures of Unemployment -- Unemployment and Full Employment -- Frictional Unemployment -- Structural Unemployment -- Cyclical Unemployment -- "Natural" Unemployment -- Real GDP and Unemployment Over the Cycle -- The Price Level, Inflation, and Deflation -- Why Inflation and Deflation are Problems -- The Consumer Price Index -- Reading the CPI Numbers -- Constructing the CPI -- Measuring the Inflation Rate -- Distinguishing High Inflation from a High Price Level -- The Biased CPI -- The Magnitude of the Bias -- Some Consequences of the Bias -- Alternative Price Indexes -- Core Inflation -- The Real Variables in Macroeconomics -- ECONOMICS IN ACTION, -- ECONOMICS IN THE NEWS, -- PART TWO: WRAP-UP Monitoring Macroeconomic Performance The Big Picture -- Talking with Richard Clarida -- PART THREE: MACROECONOMIC TRENDS -- CHAPTER 6 ECONOMIC GROWTH -- The Basics of Economic Growth -- Calculating Growth Rates -- Economic Growth Versus Business Cycle Expansion -- The Magic of Sustained Growth -- Applying the Rule of70 -- Long-Term Growth Trends -- Long-Term Growth in the U.S. Economy -- Real GDP Growth in the World Economy -- How Potential GDP Grows -- What Determines Potential GDP? -- What Makes Potential GDP Grow? -- Why Labor Productivity Grows -- Preconditions for Labor Productivity Growth -- Physical Capital Growth -- Human Capital Growth -- Technological Advances -- Is Economic Growth Sustainable? Theories, Evidence, and Policies -- Classical Growth Theory -- Neoclassical Growth Theory -- New Growth Theory -- New Growth Theory Versus Malthusian Theory -- Sorting Out the Theories -- The Empirical Evidence on the Causes of Economic Growth -- Policies for Achieving Faster Growth -- ECONOMICS IN ACTION, -- ECONOMICS IN THE NEWS, -- CHAPTER 7 FINANCE, SAVING, AND INVESTMENT -- Financial Institutions and Financial Markets -- Finance and Money.Capital and Financial Capital -- Capital and Investment -- Wealth and Saving -- Financial Capital Markets -- Financial Institutions -- Insolvency and Illiquidity -- Interest Rates and Asset Prices -- The Loanable Funds Market -- Funds that Finance Investment -- The Real Interest Rate -- The Demand for Loanable Funds -- The Supply of Loanable Funds -- Equilibrium in the Loanable Funds Market -- Changes in Demand and Supply -- Government in the Loanable Funds Market -- A Government Budget Surplus -- A Government Budget Deficit -- ECONOMICS IN ACTION, -- ECONOMICS IN THE NEWS, -- CHAPTER 8 MONEY, THE PRICE LEVEL, AND INFLATION -- What Is Money? -- Medium of Exchange -- Unit of Account -- Store of Value -- Money in the United States Today -- Depository Institutions -- Types of Depository Institutions -- What Depository Institutions Do -- Economic Benefits Provided by Depository Institutions -- How Depository Institutions Are Regulated -- Financial Innovation -- The Federal Reserve System -- The Structure of the Fed -- The Fed's Balance Sheet -- The Fed's Policy Tools -- How Banks Create Money -- Creating Deposits by Making Loans -- The Money Creation Process -- The Money Multiplier -- The Money Market -- The Influences on Money Holding -- The Demand for Money -- Shifts in the Demand for Money Curve -- Money Market Equilibrium -- The Quantity Theory of Money -- MATHEMATICAL NOTE The Money Multiplier -- ECONOMICS IN ACTION, -- AT ISSUE, -- ECONOMICS IN THE NEWS, -- CHAPTER 9 THE EXCHANGE RATE AND THE BALANCE OF PAYMENTS -- The Foreign Exchange Market -- Trading Currencies -- Exchange Rates -- Questions About the U.S. Dollar Exchange Rate -- An Exchange Rate Is a Price -- The Demand for One Money Is the Supply of Another Money -- Demand in the Foreign Exchange Market -- Demand Curve for U.S. Dollars -- Supply in the Foreign Exchange Market.Supply Curve for U.S. Dollars -- Market Equilibrium -- Changes in the Demand for U.S. Dollars -- Changes in the Supply of U.S. Dollars -- Changes in the Exchange Rate -- Arbitrage, Speculation, and Market Fundamentals -- Arbitrage -- Speculation -- Market Fundamentals -- Exchange Rate Policy -- Flexible Exchange Rate -- Fixed Exchange Rate -- Crawling Peg -- Financing International Trade -- Balance of Payments Accounts -- Borrowers and Lenders -- The Global Loanable Funds Market -- Debtors and Creditors -- Is U.S. Borrowing for Consumption? -- Current Account Balance -- Net Exports -- Where Is the Exchange Rate? -- ECONOMICS IN ACTION, -- ECONOMICS IN THE NEWS, -- PART THREE: WRAP-UP Understanding Macroeconomic Trends Expanding the Frontier -- Talking with Xavier Sala-i-Martin -- PART FOUR: MACROECONOMIC FLUCTUATIONS -- CHAPTER 10 AGGREGATE SUPPLY AND AGGREGATE DEMAND -- Aggregate Supply -- Quantity Supplied and Supply -- Long-Run Aggregate Supply -- Short-Run Aggregate Supply -- Changes in Aggregate Supply -- Aggregate Demand -- The Aggregate Demand Curve -- Changes in Aggregate Demand -- Explaining Macroeconomic Trends and Fluctuations -- Short-Run Macroeconomic Equilibrium -- Long-Run Macroeconomic Equilibrium -- Economic Growth and Inflation in the AS-AD Model -- The Business Cycle in the AS-AD Model -- Fluctuations in Aggregate Demand -- Fluctuations in Aggregate Supply -- Macroeconomic Schools of Thought -- The Classical View -- The Keynesian View -- The Monetarist View -- The Way Ahead -- ECONOMICS IN ACTION, -- ECONOMICS IN THE NEWS, -- CHAPTER 11 EXPENDITURE MULTIPLIERS -- Fixed Prices and Expenditure Plans -- Expenditure Plans -- Consumption and Saving Plans -- Marginal Propensities to Consume and Save -- Slopes and Marginal Propensities -- Consumption as a Function of Real GDP -- Import Function -- Real GDP with a Fixed Price Level.Aggregate Planned Expenditure.For the two-semester principles of economics course.    An intuitive and grounded approach to economics  Get students to think like an Economist using the latest policy and data while incorporating global issues. Macroeconomics, Twelfth Edition builds on the foundation of the previous edition and retains a thorough and careful presentation of the principles of economics. Macroeconomics emphasizes real-world applications, the development of critical thinking skills, diagrams renowned for pedagogy and clarity, and path-breaking technology.   Each chapter opens with one of today's central issues and is then revisited in the chapter ending Economics in the News feature. This Parkin hallmark encourages student to think critically about a news article relating to the issue, demonstrating how thinking like an economist can bring a clearer perspective to and deeper understanding of today's events. Students will begin to think about issues the way real economists do and learn how to explore difficult policy problems to make more informed decisions in their own economic lives.   MyEconLab is an online homework, tutorial, and assessment product designed to personalize learning and improve results. With a wide range of interactive, engaging, and assignable activities, students are encouraged to actively learn and retain tough course concepts.   Please note that the product you are purchasing does not include MyEconLab.     MyEconLab   Join over 11 million students benefiting from Pearson MyLabs.   This title can be supported by MyEconLab, an online homework and tutorial system designed to test and build your understanding. Would you like to use the power of MyEconLab to accelerate your learning?   You need both an access card and a course ID to access MyEconLab.   These are the steps you need to take:   1.  Make sure that your lectureris already using the system Ask your lecturer before purchasing a MyLab product as you will need a course ID from them before you can gain access to the system. 2.  Check whether an access card has been included with the book at a reduced cost If it has, it will be on the inside back cover of the book. 3. If you have a course ID but no access code, you can benefit from MyEconLab at a reduced price by purchasing a pack containing a copy of the book and an access code for MyEconLab (ISBN:9781292109848) 4.  If your lecturer is using the MyLab and you would like to purchase the product... Go to  www.myeconlab.com to buy access to this interactive study programme.   For educator access, contact your Pearson representative. To find out who your Pearson representative is, visit www.pearsoned.co.uk/replocator.MacroeconomicsMacroeconomics.339Parkin Michael1939-120704MiAaPQMiAaPQMiAaPQBOOK9910154946703321Macroeconomics3411545UNINA