Simplified Real-World Economics: A Practical Guide for Managers and Small Business Owners
224
Simplified Real-World Economics: A Practical Guide for Managers and Small Business Owners
224Paperback(None)
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Overview
Product Details
| ISBN-13: | 9781604271676 |
|---|---|
| Publisher: | Ross, J. Publishing, Incorporated |
| Publication date: | 11/14/2019 |
| Edition description: | None |
| Pages: | 224 |
| Product dimensions: | 6.00(w) x 9.00(h) x 0.60(d) |
About the Author
Table of Contents
Introduction ix
About the Author xiii
WAVtm Page xv
Part I Introductory Topics 1
Chapter 1 Basic Economics-Wants and Needs 3
Exactly What Is Economics? 4
Scarcity 5
Wants and Needs 7
Decisions 8
Endnotes 9
Chapter 2 Managing Scarcity-Decisions 11
Artificial Demand and Fads 12
Real Scarcity 14
Choice Based on Scarcity 15
Evaluating Opportunity Cost 17
How Scarcity Shapes Core Values 19
Scarcity in a World of Inefficiency and Inequity 20
Induced Scarcity 23
Choice and Scarcity 25
The Role of Marginal Analysis 28
Endnotes 30
Chapter 3 Common Economic Myths 31
Economics and Taxes 31
Economics and the Future 35
Economics and Inflation 37
Economics and Unemployment 39
Truths, Not Myths 40
Endnotes 41
Part II Microeconomics 43
Chapter 4 Supply and Demand-How Markets Work 45
Overview, the Nature of Goods and Services 46
The Importance of Choice 47
Demand and Supply Functions 48
Stability and the Effects of Equilibrium 55
Excess Demand or Supply 56
Endnotes 57
Chapter 5 The Microeconomics Business Cycle 59
The Business Cycle and e-Commerce 60
Equilibrium in the Microeconomic System 62
Decisions and the Microeconomic Business Cycle 64
Basic Decisions and the Business Cycle 66
Endnotes 70
Chapter 6 Production and Output 71
The Factors of Production 72
Production Activities 73
Defining the Production Function 76
The Law of Diminishing Returns 78
Endnotes 80
Chapter 7 Price and Elasticity 81
Price and Elasticity 81
Cross-Price Elasticity 83
Product Substitutes and Complements 86
Income Elasticity 89
Supply Elasticity 92
Endnotes 93
Chapter 8 Substitutes and Complements 95
The Nature of Substitutes 95
The Nature of Complements 99
Endnotes 102
Chapter 9 Factor Markets 105
Factors of Production 106
The Competitive Factor Markets 108
Production Function and Profitability 112
The Theory of Perfect Competition 115
Diminishing Returns 116
Endnotes 118
Chapter 10 Marginal Analysis 119
Marginal Benefits and Marginal Costs 120
Marginal Revenue 121
Marginal Benefits 122
Marginal Cost 124
The Business Value of Marginal Analysis 126
Endnotes 129
Chapter 11 Market Equilibrium 131
External Factors 131
The Equilibrium Shift 135
Many Forms of Equilibrium 137
Endnotes 141
Chapter 12 Organizations: Perfect Competition 143
Ideal Conditions 143
Barriers to Entry 146
Barriers to Exit 148
Normal Profits 149
The Value of the Perfect Competition Model 151
Endnotes 153
Chapter 13 Competition and Economic Game Theory 155
Game Theory as an Economic Force 156
The Prisoner's Dilemma 158
Zero-Sum Games 161
Cooperative and Non-Cooperative Games 162
Tragedy of the Commons 163
Nash Equilibrium 165
Endnotes 166
Chapter 14 Market Structures 169
Perfect Competition 169
Assumptions in the Perfect Market 172
The Monopoly 173
The Oligopoly 175
Monopolistic Competition 176
Endnotes 178
Part III Macroeconomics 179
Chapter 15 Gross Domestic Product 181
Three Ways to Calculate GDP 182
Gross National Income (GNI) 184
Limitations of GDP 185
Endnotes 186
Chapter 16 Unemployment and Labor Force Participation 189
Unemployment and Its Economic Affects 191
Ideal Unemployment Levels 194
The Labor Participation Rate 196
Endnotes 198
Chapter 17 Inflation and Recession 199
Myths About Inflation 200
Calculating Inflation 202
The GDP Deflator and Price Indices 204
The Cost of Inflation 206
Inflation and Expectations 207
Challenges in Measuring Inflation 209
Theories of Inflation 210
Recession 212
Endnotes 214
Chapter 18 The Macroeconomics Business Cycle 217
Phases of the Business Cycle 218
Underlying Causes of the Business Cycle 219
Long-Term GDP Trends 220
Business Cycles and the Purpose of Macroeconomics 221
The Product-Based Business Cycle 222
Endnotes 223
Chapter 19 Consumption versus Savings 225
Marginal Propensity to Consume 225
MPC Variances by Standard of Living 227
Marginal Propensity to Save 228
The Multiplier Effect 229
Endnotes 231
Chapter 20 The Role of Government 233
Government Intervention 234
How Governments Act in the Economy 236
Government Rights and Duties 238
Endnotes 239
Bibliography 241
Glossary 251
Index 261