Economics / / Michael Parkin, Melanie Powell, Kent Matthews

• Autore: Parkin Michael
• Pubblicazione: Harlow : , : Pearson, , 2014; ©2014
• Edizione: 9th edition.
• Descrizione fisica: 1 online resource (815 pages) : illustrations (some color), photographs, tables, graphs
• Disciplina: 330
• Soggetto topico: Economics
• Persona (resp. second.): PowellMelanie; MatthewsKent
• Note generali: Includes index.
• Nota di contenuto: Cover -- Contents -- Guided Tour for Students -- Preface -- 1 What Is Economics? -- A Definition of Economics -- Two Big Economic Questions -- What, How and For Whom? -- Does the Pursuit of Self-interest Unintentionally Promote the Social Interest? -- The Economic Way of Thinking -- A Choice Is a Trade-Off -- 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 a Social Science and Policy Tool -- Economist as Social Scientist -- Economist as Policy Adviser -- SUMMARY -- STUDY PLAN PROBLEMS AND APPLICATIONS -- ADDITIONAL PROBLEMS AND APPLICATIONS -- CHAPTER 1 APPENDIX: Graphs in Economics -- Graphing Data -- Scatter Diagrams -- Breaks in the Axes -- Misleading Graphs -- Correlation and Causation -- Graphs Used in Economic Models -- Variables That Move in the SameDirection -- 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 -- MATHEMATICAL NOTE: Equations of Straight Lines -- 2 The Economic Problem -- Production Possibilities and Opportunity Cost -- Production Possibilities Frontier -- Production Efficiency -- Trade-Off Along the PPF -- Opportunity Cost -- Using Resources Efficiently -- The PPF and Marginal Cost -- Preferences and Marginal Benefit -- Efficient Use of Resources -- Economic Growth -- The Cost of 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. ; READING BETWEEN THE LINES: The Rising Opportunity Cost of Food -- 3 Demand and Supply -- Markets and Prices -- A Competitive Market -- 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 -- All the Possible Changes in Demand and Supply -- READING BETWEEN THE LINES: Demand and Supply: The Price of a Loaf -- MATHEMATICAL NOTE: Demand, Supply and Equilibrium -- 4 Elasticity -- Price Elasticity of Demand -- Calculating Price Elasticity of Demand -- Inelastic and Elastic Demand -- The Factors That Influence the Elasticity of Demand -- Elasticity Along a Linear Demand Curve -- Total Revenue and Elasticity -- Your Expenditure and Your Elasticity -- More Elasticities of Demand -- Income Elasticity of Demand -- Cross Elasticity of Demand -- Elasticity of Supply -- Calculating the Elasticity of Supply -- The Factors That Influence the Elasticity of Supply -- READING BETWEEN THE LINES: Elasticity: Demand for Wine -- 5 Efficiency and Equity -- Resource Allocation Methods -- Market Price -- Command -- Majority Rule -- Contest -- First-Come, First-Served -- Lottery -- Personal Characteristics -- Force -- Benefit, Cost and Surplus -- Demand, Willingness to Pay and Value -- Individual Demand and Market Demand -- Consumer Surplus -- Supply and Marginal Cost -- Supply, Cost and Minimum Supply-Price -- Individual Supply and Market Supply -- Producer Surplus -- Is the Competitive Market Efficient?. ; Efficiency of Competitive Equilibrium -- Market Failure -- Sources of Market Failure -- Alternatives to the Market -- Is the Competitive Market Fair? -- It's Not Fair if the Result Isn't Fair -- It's Not Fair if the Rules Aren't Fair -- Case Study: A Shortage of HotelRooms in a Natural Disaster -- READING BETWEEN THE LINES: Making Traffic Flow Efficiently -- 6 Government Actions in Markets -- A Housing Market with a Rent Ceiling -- A Housing Shortage -- Increased Search Activity -- Black Market -- Inefficiency of Rent Ceilings -- Are Rent Ceilings Fair? -- Allocating Housing Among Demanders -- A Labour Market with a Minimum Wage -- Minimum Wage Brings Unemployment -- Is the Minimum Wage Fair? -- Inefficiency of a Minimum Wage -- Taxes -- Tax Incidence -- A Tax on Sellers -- A Tax on Buyers -- Equivalence of Tax on Buyers and Sellers -- Tax Incidence and Elasticity of Demand -- Tax Incidence and Elasticity of Supply -- Taxes and Efficiency -- Taxes and Fairness -- Production Quotas and Subsidies and Price Supports -- Production Quotas -- Production Subsidies -- Price Supports -- Markets for Illegal Goods -- READING BETWEEN THE LINES: Inefficient Farm Subsidies -- 7 Global Markets in Action -- How Global Markets Work -- International Trade Today -- What Drives International Trade? -- Why the UK Imports Cars -- Why the UK Exports Chemicals -- Winners, Losers and the Net Gain from Trade -- Gains and Losses from Imports -- Gains and Losses from Exports -- Gains for All -- International Trade Restrictions -- Tariffs -- Import Quotas -- Export Subsidies -- Other Import Barriers -- The Case Against Protection -- Helps an Infant Industry Grow -- Counteracts Dumping -- Saves Domestic Jobs -- Allows Us to Compete with Cheap Foreign Labour -- Penalises Lax Environmental Standards -- Prevents Rich Countries from Exploiting Developing Countries. ; Reduces Offshore Outsourcing that Sends Good UK Jobs Abroad -- Avoiding Trade Wars -- Why Is International Trade Restricted? -- Compensating Losers -- READING BETWEEN THE LINES: EU-Korea Free Trade Deal -- 8 Households' Choices -- Consumption Possibilities -- The Budget Line -- The Budget Equation -- Preferences and Indifference Curves -- Marginal Rate of Substitution -- Degree of Substitutability -- Predicting Consumer Behaviour -- Best Affordable Choice -- A Change in Price -- A Change in Income -- Substitution Effect and Income Effect -- New Ways of Explaining Households' Choices -- Behavioural Economics -- Neuroeconomics -- Controversy -- READING BETWEEN THE LINES: Prime Beef versus Value Steak -- 9 Organising Production -- The Firm and Its Economic Problem -- The Firm's Goal -- Accounting Profit -- Economic Accounting -- Opportunity Cost of Production -- Economic Accounting: A Summary -- The Firm's Decisions -- The Firm's Constraints -- Technological and Economic Efficiency -- Technological Efficiency -- Economic Efficiency -- Information and Organisation -- Command Systems -- Incentive Systems -- The Principal-Agent Problem -- Coping with the Principal-Agent Problem -- Types of Business Organisations -- Pros and Cons of Different Types of Firms -- Markets and the Competitive Environment -- Identifying a Market Structure -- UK Market Structures -- Produce or Outsource? Firms and Markets -- Firm Coordination -- Market Coordination -- Why Firms? -- READING BETWEEN THE LINES: Competition in Markets for Internet Advertising -- 10 Output and Costs -- Time Frames for Decisions -- The Short Run -- The Long Run -- Short-Run Technology Constraint -- Product Schedules -- Product Curves -- Total Product Curve -- Marginal Product Curve -- Average Product Curve -- Short-Run Cost -- Total Cost -- Marginal Cost -- Average Cost -- Marginal Cost and Average Cost. ; Why the Average Total Cost Curve Is U-Shaped -- Cost Curves and Product Curves -- Shifts in the Cost Curves -- Long-Run Cost -- The Production Function -- Short-Run Cost and Long-Run Cost -- The Long-Run Average Cost Curve -- Economies and Diseconomies of Scale -- READING BETWEEN THE LINES: JLR Expanding Engine Plant Capacity -- CHAPTER 10 APPENDIX: Producing at Least Cost -- Isoquants and Factor Substitution -- An Isoquant Map -- The Marginal Rate of Substitution -- Isocost Lines -- The Isocost Equation -- The Isocost Map -- The Effect of Factor Prices -- The Least-Cost Technique -- Marginal Rate of Substitution and Marginal Products -- Marginal Cost -- Making Connections -- 11 Perfect Competition -- What Is Perfect Competition? -- How Perfect Competition Arises -- Price Takers -- Economic Profit and Revenue -- The Firm's Decisions -- The Firm's Output Decision -- Marginal Analysis -- Temporary Shutdown Decision -- The Firm's Short-Run Supply Curve -- Output, Price and Profit in the Short Run -- Market Supply in the Short Run -- Short-Run Equilibrium -- A Change in Demand -- Profits and Losses in the Short Run -- Output, Price and Profit in the Long Run -- Entry and Exit -- A Closer Look at Entry -- A Closer Look at Exit -- Long-Run Equilibrium -- Changes in Demand and Supply as Technology Advances -- An Increase in Demand -- A Decrease in Demand -- Technological Advances Change Supply -- Competition and Efficiency -- Efficient Use of Resources -- Choices, Equilibrium and Efficiency -- READING BETWEEN THE LINES: Perfect Competition in iPhone 'Apps' -- 12 Monopoly -- Monopoly and How It Arises -- How Monopoly Arises -- Monopoly Price-Setting Strategies -- A Single-Price Monopoly's Output and Price Decision -- Price and Marginal Revenue -- Marginal Revenue and Elasticity -- Price and Output Decision -- Single-Price Monopoly and Competition Compared. ; Comparing Price and Output.
• Sommario/riassunto: Economics touches almost every aspect of life, from climate change to terrorism, taxes to house prices, wages, to how much time to spend studying! Thinking like an economist will enable you to evaluate economic policies, understand human behaviour, and make more informed decisions. This comprehensive revision retains the hallmarks of previous editions, with a thorough and detailed presentation of the principles of economics and on the development of your critical thinking skills. With the addition of new features, such as At Issue and Economics in the News, this new edition uses real-world examples and applications to incorporate the latest developments in the Eurozone and UK policy. The leading economists in the news today started out like you, as students taking a course in the principles of economics. Like them, you can learn to think like an economist, and this book will show you how. 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 lecturer is 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:9781292063898) 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 &nbsp.
• Titolo autorizzato: Economics
• ISBN: 9781292009513 (PDF); 9781292009537 (eText); 1292009519; 1292009454; 1306463807; 9781292009452 (print)
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Lingua di pubblicazione: Inglese
• Record Nr.: 9910153061503321
• Lo trovi qui: Univ. Federico II
• Serie: Always learning.