Schaums Easy Outline of Principles of Economics

Schaums Easy Outline of Principles of Economics
Based on Schaum’s Outline of Theory and Problems of Principles of Economics
Dominick Salvatore, Eugene A. Diulio
Contents
Chapter 1 Introduction to Economics 1
Chapter 2 Demand, Supply, and Equilibrium 13
Chapter 3 Unemployment, Inflation, and
National Income 25
Chapter 4 Consumption, Investment,
Net Exports, and Government
Expenditures 37
Chapter 5 Traditional Keynesian Approach
to Equilibrium Output 46
Chapter 6 Fiscal Policy 56
Chapter 7 The Federal Reserve and Monetary
Policy 64
Chapter 8 Monetary Policy and Fiscal Policy 74
Chapter 9 Economic Growth and Productivity 81
Chapter 10 International Trade and Finance 88
Chapter 11 Theory of Consumer Demand
and Utility 96
Chapter 12 Production Costs 104
Chapter 13 Perfect Competition 111
Chapter 14 Monopoly 118
Chapter 15 Monopolistic Competition and
Oligopoly 125
Chapter 16 Demand for Economic Resources 132
Chapter 17 Pricing of Wages, Rent, Interest,
and Profits 139
Index 149
Index
AC (average costs), 106–107
AFC (average fixed costs), 106–
107
Aggregate demand, 26–28
Aggregate output, 28–29
Aggregate supply, 27–28, 51
AVC (average variable costs),
106–107
Average costs (AC), 106–107
Average fixed costs (AFC), 106–
107
Average variable costs (AVC),
106–107
Balance of payments, 91
Board of Governors (Federal Reserve), 68
Bretton Woods System, 93
Built-in stabilizers, 58–59
Business cycles, 29–30
Capital, 4
Capital accumulation, 82–83
CD (certificates of deposit), 66
Certificates of deposit (CD), 66
Ceteris paribus, 2
Circular flow of income and output, 48–49
Collusion, 128
Competition, 111–114
Competitive equilibrium realwage rate, 140–141
Consumer demand, 96–100
Consumer price index (CPI), 31–
32
Consumer surplus, 99–100
Consumption, 37–40
Cost-push inflation, 33
Costs, 4, 5, 104–109
CPI (consumer price index), 31–
32
Credit financial instruments, 65
Crowding-out effect, 75–76
Cyclical unemployment, 30
Debit financial instruments, 65
Debt, 59–60
Deficits, 59–60
Demand, 13–16
aggregate, 26–28
resource, 133–136
Demand-pull inflation, 33
Depository institutions, 66
Discount rate, 69
Discretionary fiscal policy, 57–58
Disinflation, 32
Economic growth, 81–85
Economic resources, 132–136
Economics, 1–3
Elasticity, 19–21
Equilibrium, 17–18
long-run, 114
Equilibrium output, 47–51
Eurodollars, 66
Exchange rates, 91–93
Expenditures:
government, 41–42, 56–57
Explicit costs, 104–105
Exports, 40–41
FDIC (Federal Deposit Insurance
Corporation), 66
Fed. See Federal Reserve System
Federal Deposit Insurance Corporation (FDIC), 66
Federal Open Market Committee
(FOMC), 68
Federal Reserve Bank, 68
Federal Reserve System, 64–71
Financial instruments, 65–66
Fiscal policy, 56–61, 74–78
FMOC (Federal Open Market
Committee), 68
Full employment, 31
GDP (Gross Domestic Product):
deflator, 32
gap, 47
nominal, 25–26
potential, 26
real, 26
Goods, 4
Government:
debt, 59–60
deficit, 59–60
expenditures, 41–42, 56–57
price determination, 18
taxes, 41–42, 56–57
Gross Domestic Product. See
GDP
Gross exports, 40
Gross imports, 40
Guns and butter, 5–6
Illiquid financial instruments, 65
Implicit costs, 104–105
Import quotas, 90
Imports, 40
Import tariffs, 90
Income-expenditure model, 47–
49
Individual demand curve, 98–
100
Inflation, 31–33
Interest, 144
Interest rate effect, 27
International purchasing power
effect, 27
International trade, 88–93
Investment, 40
Keynes, John Maynard, 47
Keynesian model, 47–51
Labor, 4
LAC (long-run average costs),
107–109
Land, 4, 143
Law of diminishing marginal utility, 96–97
Law of diminishing returns, 105,
107
Leakage-injection model, 49–50
Liquid financial instruments, 65
Long-run average costs (LAC),
107–109
Long-run costs, 107–109
Long-run equilibrium, 114
Loss, 114
150 PRINCIPLES OF ECONOMICSM1, 66–71
M2, 66
M3, 66
Malthus, Thomas, 82
Marginal costs (MC), 106–107
Marginal propensity to consume,
39
Marginal revenue (MR), 112–113
Marginal utility, 96–97
Market equilibrium, 18
Markets, 65–66
Market system, 7–8
MC (marginal costs), 106–107
Methodology of economics, 1–3
Models:
income-expenditure, 47–49
Keynesian, 47–51
leakage-injection, 49–50
Monetary policy, 64–71, 74–78
Monetary tools, 68–69
Money, 64–71
Monopolistic competition, 125–
127
Monopoly, 118–121
MR (marginal revenue), 112–
113
Multiplier, 50–51
Net exports, 40–41
Nominal GDP, 25–26
Oligopoly, 127–128
Open-market operations, 69–71
Opportunity cost, 4–5
Output
aggregate, 28–29
equilibrium, 47–51
with government expenditure
or taxes, 56–57
Paradox of thrift, 50
Peaks, 29
Perfect competition, 111–114
Population, 82–83
Potential GDP, 26
PPI (producer price index), 32
Price, 17–18
discrimination, 121
elasticity, 19–21
government determination,
18
level, 27
level changes, 76–78
resources, 132–133
wages, 139–143
Principle of increasing cost, 7
Producer price index (PPI), 32
Production costs, 104–109
Production-possibility frontier,
5–6
Productivity, 83
Profit, 113–114, 144–145
Profit maximization, 112–113,
119–120, 126–127
Quantity, 17–18
Quotas, 90
Real GDP, 26
Real wage rate, 139–140
Regulation, 121
Rent, 143–144
Repurchase agreements (RP), 66
Reserve requirement, 67, 68–69
Revenue, 112–113
RP (repurchase agreements), 66
SAC (short-run average costs),
107–109
INDEX 151Savings, 65
Scarcity, 3–5
market system, 7–8
Services, 4
Short run, 105
Short-run average costs (SAC),
107–109
Short-run costs, 105–107
Short-run loss, 114
Short-run profit, 114
Stabilizers, 58–59
Stagflation, 33
Supply, 16–17
aggregate, 27–28
elasticity, 20–21
Supply and demand, 27
Supply-side economics, 84–85
Tariffs, 90
Taxes, 41–42, 56–57
TC (total costs), 105–106
TFC (total fixed costs), 105–106
Total costs (TC), 105–106
Total fixed costs (TFC), 105–106
Total variable costs (TVC), 105–
106
Trade, 88–93
Trade deficits, 41, 91
Trade restrictions, 90–91
Troughs, 29–30
TVC (total variable costs), 105–
106
Unemployment, 30–31
Unions, 141–143
United States Steel, 128
USX, 128
Utility, 96–100
Utility maximization theory, 98–
99
Wage differentials, 141–143
Wage rate, 139–140
Wealth effect, 27
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