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Understanding Economics
Understanding Economics: A Contemporary Perspective, 2/e
Mark Lovewell, Ryerson Polytechnic University


Table of Contents

Part 1: Working With Economics
___1.The Economic Problem
___What Economists Do
Economic Choice
The Production Possibilities Model
Economic Systems
Advancing Economic Thought: Adam Smith
Sideline: Economics as an Art (Economic Models)
2.Demand and Supply
The Role of Demand
The Role of Supply
How Competitive Markets Operate
Advancing Economic Thought: William Stanley Jevons
Sideline: Rising Through the Ranks (Indifference Curves)
3.Competitive Dynamics and Government
Price Elasticity of Demand
Price Elasticity of Supply
Price Controls
Spillover Effects
Advancing Economic Thought: Alfred Marshall
Sideline: For the Public Good (The Economic Role of Government)
 
Part 2: Efficiency and Equity
4.Costs of Production
Business Organization
Production, Costs, and Profit
Production in the Short Run
Costs in the Short Run
Production and Costs in the Long Run
Advancing Economic Thought: John Kenneth Galbraith
Sideline: The Profit Game
5.Perfect Competition
Market Structures
Perfect Competition in the Short Run
Perfect Competition in the Long Run
Benefits of Perfect Competition
Advancing Economic Thought: Karl Marx
6.Monopoly and Imperfect Competition
Demand Differences
Monopoly
Imperfect Competition
Traits of Imperfect Competition
Advancing Economic Thought: Joseph Schumpeter
Sideline: Pumping up Price (OPEC)
7.Wages, Rent, Interest, and Profit
How Resource Markets Operate
Other Topics Relating to Resource Demand
Wages and Their Determinants
Other Resource Incomes
Advancing Economic Thought: David Ricardo
Sideline: Power in Numbers (Labour Unions)
8.Income Distribution
The Distribution of Income
Poverty
The Canadian Welfare Society
Advancing Economic Thought: Thomas Malthus
 
Part 3: Economic Stability
9.Measures of Economic Activity
Gross Domestic Product
GDP and Living Standards
Other Economic Measures
Advancing Economic Thought: Mahbub ul Haq
10.Inflation and Unemployment
Inflation
Unemployment
Advancing Economic Thought: David Foot
11.Economic Fluctuations
Aggregate Demand
Aggregate Supply
Equilibrium
Economic Growth and Business Cycles
Advancing Economic Thought: Paul Romer
12.Fiscal Policy
Fiscal Policy
The Spending Multiplier
Impact of Fiscal Policy
Appendix: The Aggregate Expenditures Model
Advancing Economic Thought: John Maynard Keynes
Sideline: The Debate Over Public Debt
13.Money
Money and its Uses
The Money Market
Money Creation
Advancing Economic Thought: Harold Innis
Sideline: As Good as Gold (History of Money)
14.Monetary Policy
The Bank of Canada
Monetary Policy
Tools of Monetary Policy
Inflation and Unemployment
Advancing Economic Thought: Milton Friedman
Sideline: Zeroing In (Bank of Canada Policy)
 
Part 4: Canada in the Global Economy
15.The Foreign Sector
The Balance of Payments
Exchange Rates
Exchange Rate Systems
Advancing Economic Thought: Judith Maxwell
Sideline: Going Global
16.Foreign Trade
Canada's Foreign Trade
The Case for Trade
The Impact of Trade Protection
Trade Policies
Advancing Economic Thought: John Helliwell
17.Economic Growth
Economic Growth
Economic Development
Advancing Economic Thought: Nuala Beck
Sideline: Finding the Key: Long-term Growth and the Role of Ideas





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