CHAPTER 1 – WHAT IS ECONOMICS ALL ABOUT · Web viewCHAPTER 1: What Economics Is About Chapter Section Print Study Resources Media Study Resources Introduction Text Setting the Scene

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CHAPTER 1: What Economics Is About

Chapter Section Print Study Resources Media Study Resources

Introduction Text Setting the Scene Internet Activity (http://arnold.swlearning.com) http://netec.wustl.edu/JokEc.html

Definitions of Economics

Internet Activity (http://arnold.swlearning.com) http://rfe.org

Economic Categories

Text Self-TestStudy Guide* Problem 4

Internet Activity (http://arnold.swlearning.com) http://www.whitehouse.gov

Key Concepts in Economics

Text Analyzing the Scene (4), “Economics In Everyday Life: Blogging,” “Economics In Popular Culture: Why LeBron James Isn’t in College,” and Self-TestStudy Guide* Problems 1, 2, 3, and 5How to Think Like an Economist* Ch. 1, “Can You Get Too Much of a Good Thing,” and Ch. 2, “There is a Right Amount of Everything”Favorite Ways to Learn Economics* Classroom Experiment 1.A, “Economics Is All Around Us: Hot Dog Vendors on the Beach,” Problem Set 1.1, “Allocating Resources,” Problem Set 1.2, “Calculating Opportunity Cost,” Problem Set 1.3, “Marginal Analysis,” and Classroom Experiment 9.B, “Outguessing the Fed (among others): Internet Stock Market Games”Economics in the Movies* Scene 1: “Opportunity Cost: The Family Man” and Scene 15: “Efficiency: Along Came Polly”

ThomsonNOW for Arnold Concise (http://www.thomsonedu.com/thomsonnow) Economic Applications: EconNews,

“SUVs May Become Less Likely to Crack When They Roll Over” (Source: The Wall Street Journal Online, August 2005) and “How Much is a Manatee Worth?” (Source: The Chronicle of Higher Education, March 2004)

The Graphing Workshop “Working with Graphs”

Economists Build and

Test Theories

Text Self-TestStudy Guide* Theory on a TV ShowHow to Think Like an Economist* Ch. 3, “Have a Question, Build a Theory,” and Ch. 5, “Why Is It Harder to Predict than to Explain?”

End-of-Chapter

Resources

Text “A Reader Asks: What’s In Store for an Economics Major?”Issues in American Economic History* Ch. 1, “Introduction”

Appendix A: Working with

Diagrams

Favorite Ways to Learn Economics* Classroom Experiment 4.B, “Learning Graphs the Fun Way: Blind Curve”

ThomsonNOW for Arnold Concise (http://www.thomsonedu.com/thomsonnow) SketchIt Exercises 1-1 and 1-2

*These resources are available for expanded coverage. You may learn more about these resources, as well as purchase them, by visiting http://www.swlearning.com.



http://www.whitehouse.gov/


http://rfe.org/


http://netec.wustl.edu/JokEc.html


CHAPTER 2: Economic Activities: Producing and Trading


Introduction Text Setting the Scene The

Production Possibilities

Frontier

Text Analyzing the Scene (2), “Economics In Everyday Life: Liberals, Conservatives, and the PPF” and Self-TestStudy Guide* Problems 3-10

Graphing Exercises* Exercise 1: “The Production Possibilities Frontier”

Favorite Ways to Learn Economics* Classroom Experiment 1.B, “Production Possibilities Frontier Experiment: Links and Smiles,” Problem Set 1.4, “Production Possibility Curves,” and Problem Set 1.5, “Shifting Production Possibility Curves”

ThomsonNOW for Arnold Concise (http://www.thomsonedu.com/thomsonnow) The Graphing Workshop “Production

Possibilities Frontier” SketchIt Exercises 2.1 and 2.2 Ask the Instructor Video What Does

Barbed Wire Have to Do With Externalities?

Internet Activity (http://arnold.swlearning.com) http://stats.bls.gov

Trade or Exchange

Text Analyzing the Scene (2) and Self-TestStudy Guide* Problems 1 and 2

ThomsonNOW for Arnold Concise (http://www.thomsonedu.com/thomsonnow) Ask the Instructor Video Does It Sometimes Cost Too Much to Save a Life?

Production, Trade and

Specialization

Text Analyzing the Scene, “Economics In Popular Culture: Jerry Seinfeld, the Doorman, and Adam Smith,” “Economics In Popular Culture: Elvis, Comparative Advantage, and Specialization,” Thinking Like an Economist and Self-Test Economics in the Movies* Scene 10: “Comparative Advantage: Babe”

End-of-Chapter

Resources

Text “A Reader Asks: How Will Economics Help Me If I’m a History Major?”Economic Report of the President* “Economic Report of the President,” “Annual Report of the Council of Economic Advisers*” and “Overview”Issues In American Economic History* Ch. 3, “Economic Systems Before the Opening of the New World” and Ch. 4, “The Age of Exploration and Spanish Colonization”



http://stats.bls.gov/



CHAPTER 3: Supply and Demand


Introduction Text Setting the Scene Demand Text Thinking Like an Economist,

Analyzing the Scene, “Economics In the World: U4E (((H)))^5 Yours Forever, Big Hug, High Five,” Thinking Like an Economist and Self-Test Study Guide* Problems 8 and 10Graphing Exercises* Exercise 2: “Demand”Favorite Ways to Learn Economics* Problem Set 2.2, “Shifting Demand Curves”

ThomsonNOW for Arnold Concise (http://www.thomsonedu.com/thomsonnow) The Graphing Workshop “Demand”Internet Activities (http://arnold.swlearning.com) http://www.car.org/ and http://www.gpoaccess.gov/eop/index.html

Supply Text Self-Test Graphing Exercises* Exercise 3: “Supply”Favorite Ways to Learn Economics*

Problem Set 2.3, “Shifting Supply Curves”

ThomsonNOW for Arnold Concise The Graphing Workshop “Supply” Economic Application: EconNews, “It’s

Sunny Out. Turn on the Solar Panels, Please…” (Source: The Wall Street Journal, June 2005)

The Market: Putting

Supply and Demand Together

Text “Economics In Everyday Life: Getting to Class on Time,” Analyzing the Scene and Self-Test

Study Guide* Problems 1-5Graphing Exercises* Exercise 11: “Consumers’ Surplus”Favorite Ways to Learn Economics* Classroom Experiment 2.A, “Buying and Selling Snipes in the Pit Market,” Classroom Experiment 2.B, “Penning Supply and Demand Curves,” Problem Set 2.1, “Graphing Supply and Demand,” Problem Set 2.8, “You Don’t Have To Be Old To Be a Classic,” Problem Set 2.11, “Consumer and Producer Surplus,” Problem Set 2.15, “Consumer Surplus” Problem Set 2.16, “Producer Surplus” and Classroom 11.A, “Getting into the (Circular) Flow of Things”Economics in the Movies* Scene 2: “Gains from Exchange: Out of Sight”

ThomsonNOW for Arnold Concise The Graphing Workshop “Market

Equilibrium” Ask the Instructor Video Do the Terms

“Shortage” and “Scarcity” Mean the Same Thing?

Economic Applications: EconNews, “Job Growth is Great, but it May Bring an Unwelcome Houseguest: Inflation,” (Source: The New York Times Online, August 2005), “Goodbye Y2K, Hello DST” (Source: The USA Today, August 2005) and “Kodak Struggles to Learn from Its Past Mistakes” (Source: The Economist, May 2005)

Internet Activities (http://arnold.swlearning.com) http://www.car.org/ and http://www.gpoaccess.gov/eop/index.html

Price Controls

Text “Economics In Everyday Life: Supply and Demand on a Freeway,” Thinking Like an Economist, Analyzing the Scene and Self-TestStudy Guide* Problems 6, 7, and 9Favorite Ways to Learn Economics* Problem Set 2.7, “Here Is a Message for Us,” Problem Set 2.9, “Price Floor,” Problem Set 2.10, “Price Ceiling,” and Problem Set 2.12, “The Cost of Taxation”

ThomsonNOW for Arnold Concise The Graphing Workshop “Price Controls” Economic Application: EconNews, “Defying

Historical Lessons, Hawaii sets Gasoline Price Caps…Again!” (Source: The Wall Street Journal Online, August 2005)

End-of-Chapter

Resources

Text “A Reader Asks: How Does Knowing About Supply and Demand Help Me?”

Economic Report of the President* Ch. 8, “Regulating Energy Markets”


http://www.gpoaccess.gov/eop/index.html

http://www.car.org/


http://www.gpoaccess.gov/eop/index.html

http://www.car.org/


CHAPTER 4: Macroeconomic Measurements

Chapter Section Print Study Resources Media Study ResourcesIntroduction Text Setting the Scene

Macroeconomic Measurements

ThomsonNOW for Arnold Concise (http://www.thomsonedu.com/thomsonnow) Ask the Instructor Video Does New Technology Destroy Jobs?

Measuring Prices Text Analyzing the Scene (2), Thinking Like an Economist, “Economics In Popular Culture: Who Earned More as President: John F. Kennedy or George W. Bush?” and Self-Test

Study Guide* Problems 1-5Favorite Ways to Learn Economics*

Classroom Experiment 8.A, “COLAs and Living Burger-to-Burger on Route 66,” Problem Set 8.1, “The Consumer Price Index,” Problem Set 8.2, “Inflation” and Problem Set 8.3, “Benchmarking Inflation”

ThomsonNOW for Arnold Concise Economic Applications: EconNews,

“Measuring Housing Prices” (Source: The New York Times Online, June 2005) and “Job Numbers Down in May” (Source: The New York Times Online, June 2005)

Economic Application: EconData, “What Is the Consumer Price Index?”

Internet Activities http://www.odci.gov and http://www.bls.gov/cpi/home.htm

Measuring Unemployment

Text “Economics In the World: What Explains the Increasing Percentage of Women in the Labor Force?” and Self-TestStudy Guide* Problems 6-9Favorite Ways to Learn Economics* Problem Set 8.6, “Calculating the Unemployment Rate,” Problem Set 8.7, “Types of Unemployment,” Problem Set 8.8, “The Natural Rate of Unemployment” and Problem Set 8.10, “The Misery Index”Economics in the Movies* Scene 3: “The Great Depression: Seabiscuit”

ThomsonNOW for Arnold Concise Economic Application: Policy Debate,

“Is a ‘Jobless Recovery’ a Necessary Part of the ‘New Economy?’”

Economic Application: EconData, “What is the Civilian Unemployment Rate?”

Internet Activities (http://arnold.swlearning.com) http://www.odci.gov and http://www.bls.gov/cpi/home.htm

Gross Domestic Product

Text Analyzing the Scene and Self-Test Study Guide* Problems 10 and 13Favorite Ways to Learn Economics* Problem Set 8.4, “Gross Domestic Product”Economics in the Movies* Scene 9, “Measuring Economic Performance: Traffic”

ThomsonNOW for Arnold Concise Economic Applications: EconNews, “Consumer Confidence Drops” (Source: The New York Times Online, July 2005)

The Expenditure Approach to

Computing GDP for a Real-World

Economy

Text Self-TestStudy Guide* Problem 11, 12, and 14Favorite Ways to Learn Economics* Problem Set 11.3, “The Aggregate Expenditure Model”

Real GDP Text “Economics In Everyday Life: Does the State of the Economy Influence How People Vote?” and Self-Test Study Guide* Problems 15-17Favorite Ways to Learn Economics* Problem Set 8.9, “Real vs. Nominal Values”

ThomsonNOW for Arnold Concise Economic Application: EconNews, “Is the Recession Really Over?” (Source: Talon News, July 2003)

End-of-Chapter Resources

Text “A Reader Asks: Where Do I Go to Learn the Specifics of Jobs and Wages?”


http://www.bls.gov/cpi/home.htm

http://www.odci.gov/


http://www.bls.gov/cpi/home.htm

http://www.odci.gov/

CHAPTER 5: Aggregate Demand and Aggregate Supply


Introduction Text Setting the SceneThe Two

Sides to an EconomyAggregate Demand

Text Thinking Like an Economist, “Economics In Everyday Life: Looking at Consumption,” Analyzing the Scene and Self-Test

Study Guide* Problems 1, 3, 10, and 11Graphing Exercises* Exercise 5:

“Aggregate Demand”

ThomsonNOW for Arnold Concise (http://www.thomsonedu.com/thomsonnow) SketchIt Exercise 5-1 Economic Application: EconNews, “Two

Keys to Long-Term Economic Recovery” (Source: The New York Times Online, July 2004)

Economic Application: EconData, “What Is the Interest Rate Spread?”

Short-Run Aggregate

Supply

Text Self-Test Study Guide* Problem 2Graphing Exercises* Exercise 6:

“Aggregate Supply”

Putting AD and SRAS Together: Short-Run

Equilibrium

Text “Economics In Popular Culture: Aggregate Demand, the Great Depression, and Scrabble,” Analyzing the Scene, Thinking Like an Economist, and Self-Test

Study Guide* Problems 4, 5, 7, 8, and 9Graphing Exercises* Exercise 7: “Aggregate

Demand and Aggregate Supply: In the Short Run”Favorite Ways to Learn Economics* Problem

Set 11.4, “Aggregate Supply and Aggregate Demand”

ThomsonNOW for Arnold Concise (http://www.thomsonedu.com/thomsonnow) The Graphing Workshop “Aggregate Demand & Aggregate Supply”Internet Activities (http://arnold.swlearning.com) http://stats.bls.gov and http://www.bls.gov

Long-Run Aggregate

Supply

Text Self-Test Study Guide* Problem 6

End-of-Chapter

Resources

Text “A Reader Asks: Do My Job Prospects Depend on AD and SRAS?”

Issues in American Economic History* Ch. 12, “The Roaring Twenties and the Depressed Thirties”


http://www.bls.gov/



CHAPTER 6: The Self-Regulating Economy


Introduction Text Setting the Scene ThomsonNOW for Arnold Concise (http://www.thomsonedu.com/thomsonnow) The Graphing Workshop “Self Adjustment to Potential Output”

The Classical View

Text Analyzing the Scene (2) and Self–Test ThomsonNOW for Arnold Concise (http://www.thomsonedu.com/thomsonnow) Ask the Instructor Video How Does the

Government Affect the Economy? The Graphing Workshop “Loanable Funds

Market”Internet Activities (http://arnold.swlearning.com) http://www.frbsf.org and http://www.bls.gov

Three States of the

Economy

Text Self-Test Study Guide* Problems 1-5Graphing Exercises* Exercise 8:

“Aggregate Demand and Aggregate Supply: In the Long Run”

ThomsonNOW for Arnold Concise (http://www.thomsonedu.com/thomsonnow) SketchIt Exercises 6-1 and 6-2Internet Activity (http://arnold.swlearning.com) http://www.bls.gov

The Self-Regulating Economy

Text Analyzing the Scene (2), Thinking Like an Economist, “Economics In Technology: The Natural Unemployment Rate, Technology, and Policy Errors” and Self-TestStudy Guide* Problems 6-8

ThomsonNOW for Arnold Concise (http://www.thomsonedu.com/thomsonnow) The Graphing Workshop “Contractionary

Gap” and “Expansionary Gap” Ask the Instructor Videos What Is

Macroeconomics? and Have Computers Affected Worker Productivity?

End-of-Chapter

Resources

Text “A Reader Asks: Why Don’t All Economists Agree?”


http://www.bls.gov/


http://www.bls.gov/

http://www.frbsf.org/


CHAPTER 7: Economic Instability: A Critique of the Self-Regulating Economy


Introduction Text Setting the Scene Questioning the Classical

Position

Text Analyzing the Scene (2) and Self-Test ThomsonNOW for Arnold Concise (http://www.thomsonedu.com/thomsonnow) SketchIt Exercise 7-2

The Simple Keynesian

Model

Text “Economics In Popular Culture: The Multiplier Goes on Spring Break,” Analyzing the Scene, and Self-Test

Study Guide* Problems 1, 2, 4, and 5Favorite Ways to Learn Economics*

Classroom Experiment 11.B, “Experimenting with the Marginal Propensity to Consume: Easy Come, Easy Go”

Economics in the Movies* Scene 11: “Intertemporal Time Management: About a Boy”

ThomsonNOW for Arnold Concise (http://www.thomsonedu.com/thomsonnow) The Graphing Workshop “Keynesian

Cross” Ask the Instructor Videos Can We

Make Sense Out of the Consumption Function? What Do Economists Mean by the Term “Multiplier”? and Does the Multiplier Work in Both Directions?

Internet Activity (http://arnold.swlearning.com) http://www.bea.gov


Model in the AD-AS

Framework

Text Analyzing the Scene, Thinking Like an Economist, and Self-Test

Study Guide* Problem 6


Model in the TE-TP

Framework

Text Thinking Like an Economist and Self-Test

Study Guide* Problems 3, and 7-10Graphing Exercises* Exercise 9: “The

Income-Expenditure or Keynesian Framework”

ThomsonNOW for Arnold Concise (http://www.thomsonedu.com/thomsonnow) SketchIt Exercise 7-1

End-of-Chapter

Resources

Text “A Reader Asks: Was Keynes a Revolutionary in Economics?”

Internet Activity (http://arnold.swlearning.com) http://newdeal.feri.org/default.cfm


http://newdeal.feri.org/default.cfm


http://www.bea.gov/


CHAPTER 8: Money, Banking, and The Federal Reserve


Introduction Text Setting the Scene Money: What Is It and How Did It Come

To Be?

Text Analyzing the Scene and “Economics In the World: English and Money”

Favorite Ways to Learn Economics* Classroom Experiment 10.A, “Money Creation Experiment: Banks and Borrowers” and Classroom Experiment 10.B, “Barter vs. Money: Appreciating the Dollar”

ThomsonNOW for Arnold Concise (http://www.thomsonedu.com/thomsonnow) Ask the Instructor Videos What Has Been

Money in the Past and What is Money Today? and What Are the Principal Functions of Money?

Economic Application: EconNews, “The Midas Factor” (Source: The Washington Post, February 2003)

Defining The Money Supply

Text Thinking Like An Economist, “Economics In Everyday Life: Is Money the Best Gift?” and Self-Test


ThomsonNOW for Arnold Concise (http://www.thomsonedu.com/thomsonnow) Economic Application: EconData, “What Is the Money Supply”

Internet Activities (http://arnold.swlearning.com) http://research.stlouisfed.org/ and http://www.frbsf.org/

The Money Creation Process

Text “Economics In Popular Culture: Economics on the Yellow Brick Road” and Self-Test Study Guide* Problems 1 and 3-10Favorite Ways to Learn Economics* Problem Set 10.1, “Bank Expansion of Demand Deposits” and Problem Set 10.2, “The Reserve Requirement and the Money Multiplier”Economics in the Movies* Scene 8: “Banking System: It’s a Wonderful Life”

ThomsonNOW for Arnold Concise (http://www.thomsonedu.com/thomsonnow) Ask the Instructor Video How Are Banks Different From Other Businesses?

The Federal Reserve System

Text Analyzing the Scene and Self-TestStudy Guide* Problems 11 and 12

ThomsonNOW for Arnold Concise (http://www.thomsonedu.com/thomsonnow) Ask the Instructor Video How Do You

Calculate a Bank’s Excess Reserves? Economic Application: EconNews, “Fed

Continues to Fight Inflation” (Source: The New York Times Online, November 2004)

Internet Activities (http://arnold.swlearning.com) http://www.federalreserve.gov/regulations/default.htm and http://www.federalreserve.gov

End-of-Chapter

Resources

Text “A Reader Asks: How Do I Get a Job at the Fed?”

Issues in American Economic History* Ch. 8, “Secession, War and Economic Change”


http://www.federalreserve.gov/

http://www.federalreserve.gov/regulations/default.htm

http://www.federalreserve.gov/regulations/default.htm


http://www.frbsf.org/

http://research.stlouisfed.org/


CHAPTER 9: Money, the Price Level, and Interest Rates


Introduction Text Setting the Scene

Money and the Price

Level

Text “Economics In the World: The World Money and Inflation,” “Economics In Popular Culture: The California Gold Rush, or an Apple for $72” and Self-Test

Study Guide* Problems 1 and 2

ThomsonNOW for Arnold Concise (http://www.thomsonedu.com/thomsonnow) The Graphing Workshop AD/AS with a Change in the Money SupplyInternet Activity (http://arnold.swlearning.com) http://research.stlouisfed.org/publications/mt/

Monetarism Text Analyzing the Scene and Self-Test Study Guide* Problems 4, 5, 8, and 9Favorite Ways to Learn Economics*

Problem Set 9.3, “Fiscal Policy and Monetary Policy”Money and

Interest RatesText Analyzing the Scene and Self-Test Study Guide* Problems 3, 6, and 7

ThomsonNOW for Arnold Concise (http://www.thomsonedu.com/thomsonnow) Economic Applications: EconNews, “Tight

Money Policy Continues” (Source: The New York Times Online, July 2005) and “Greenspan’s Long Term Outlook” (Source: New York Times Online, February 2004)

Ask the Instructor Video Why Should We Care How Fast the Money Supply Grows?

End-of-Chapter

Resources

Text “A Reader Asks: How Do We Know What the Expected Inflation Rate Equals?”Economic Report of the President* Ch. 2, “The Manufacturing Sector”


http://research.stlouisfed.org/publications/mt/


CHAPTER 10: Fiscal and Monetary Policy


Introduction Text Setting the Scene Government Policies and the Economy

ThomsonNOW for Arnold Concise (http://www.thomsonedu.com/thomsonnow)

Ask the Instructor Video Why Do People Listen to Alan Greenspan?

Fiscal Policy Favorite Ways to Learn Economics* Problem Set 9.1, “Fiscal Policy”

ThomsonNOW for Arnold Concise SketchIt Exercises 10.1 and 10.2 Economic Applications: EconNews, “Tax

Revenues on the Rise” (Source: The New York Times Online, July 2005) and “Extending the Bush Tax Cuts” (Source: New York Times Online, March 2004)

Demand-Side Fiscal Policy

Text Analyzing the Scene (2) and Self-Test Study Guide* Problems 1 and 2

ThomsonNOW for Arnold Concise Economic Application: EconNews, “An Unofficial Economic Indicator” (Source: New York Times Online, August 2004)

Supply-Side Fiscal Policy

Text “Economics In Everyday Life: JFK and the 1964 Tax Cut,” Analyzing the Scene, Thinking Like an Economist and Self-Test

Study Guide* Problems 3 and 4Monetary

PolicyStudy Guide* Problems 5, 6, and 8 ThomsonNOW for Arnold Concise

Ask the Instructor Video Is One Type of Inflation Worse Than Another?

The Graphing Workshop “The Money Market”Monetary

Policy and the Problem

of Inflationary and

Recessionary Gaps

Favorite Ways to Learn Economics* Problem Set 9.2, “Monetary Policy” and Problem Set 11.5, “Inflationary and Recessionary Gaps”

Monetary Policy and

the Activist-Nonactivist

Debate

Text “Economics In Everyday Life: How Far Does Monetary Policy Reach? Or, Monetary Policy and Blue Eyes,” Analyzing the Scene, Thinking Like an Economist, and Self-Test

Nonactivist Monetary Proposals

Text “Economics In Everyday Life: Asset-Price Inflation”Study Guide* Problem 7

End-of-Chapter

Resources

Text “A Reader Asks: Are Americans Overtaxed?”

Economic Report of the President* Ch. 4, “Tax Incidence: Who Bears the Tax Burden?” and Ch. 5, “Dynamic Revenue and Budget Estimation”

Issues in American Economic History* Ch. 13, “Facing Another World War”


CHAPTER 11: Expectations Theory and the Economy


Introduction Text Setting the Scene Phillips Curve

Analysis

Text Self-Test Study Guide* Problems 2, 3, and 9Favorite Ways to Learn Economics*

Problem Set 8.11, “The Phillips Curve”

ThomsonNOW for Arnold Concise (http://www.thomsonedu.com/thomsonnow) SketchIt Exercise 11.2Internet Activities (http://arnold.swlearning.com) http://www.conference-board.org/ and http://www.tcb-indicators.org/

The Controversy Begins: Are There Really Two Phillips

Curves?

Text Self-Test Study Guide* Problems 1, 5, 8, 10, and 11

ThomsonNOW for Arnold Concise (http://www.thomsonedu.com/thomsonnow) Ask the Instructor Video Is the Phillips

Curve a Reliable Basis for Stabilization Policy? The Graphing Workshop “Aggregate

Demand, Aggregate Supply, and the Phillips Curve” and “Short-Run and Long-Run Phillips Curve”

Rational Expectations

and New Classical Theory

Text “Economics In Technology: Turning the Unanticipated Into the Anticipated,” “Economics In Everyday Life: Rational Expectations in the College Classroom” Analyzing the Scene and Self-Test

How to Think Like an Economist* Ch. 14, “Rational Men and Women”

Study Guide* Problems 4, 6, and 7

ThomsonNOW for Arnold Concise (http://www.thomsonedu.com/thomsonnow) SketchIt Exercise 11.1 The Graphing Workshop “Expectations” Ask the Instructor Video Can We Count on

Monetary and Fiscal Policy to Smooth Out the Business Cycle?

New Keynesians and Rational Expectations

Text “Economics In Popular Culture: The Boy Who Cried Wolf (and the Townspeople With Rational Expectations)” and Self-Test

Looking at Things From the Supply Side: Real Business

Cycle Theorists

Text Self-Test

End-of-Chapter

Resources

Text “A Reader Asks: Do Expectations Matter?”


http://www.tcb-indicators.org/

http://www.conference-board.org/


CHAPTER 12: Economic Growth: Resources, Technology and Ideas


Introduction Text Setting the Scene A Few Basics

About Economic

Growth

Text Analyzing the SceneStudy Guide* Problems 1-7Favorite Ways to Learn Economics* Problem Set 8.5, “Economic Growth”

ThomsonNOW for Arnold Concise (http://www.thomsonedu.com/thomsonnow) SketchIt Exercises 12.1 and 12.2 Ask the Instructor Video How Important Is the

Rate of Economic Growth to You?Internet Activity

(http://arnold.swlearning.com)http://www.stanford.edu/~promer/Econgro.htm

What Causes Economic Growth?

Text “Economics In Technology: How Economizing on Time Can Promote Economic Growth,” Thinking Like An Economist, “Economics In Everyday Life: Religious Beliefs and Economic Growth,” and Self-Test

Economics in the Movies* Scene 4: “Growth and Prosperity: The Man Who Wasn’t There”

ThomsonNOW for Arnold Concise (http://www.thomsonedu.com/thomsonnow) Ask the Instructor Video What’s the ‘Rule of

72’ and Why Is It So Important? Economic Application: EconNews, “The

Tradeoff Between Productivity (Employment) and Inflation” (Source: The New York Times Online, August 2005)

Business & Company Resource Center* (http://bcrc.swlearning.com) “Highlight Tax Incentives Please” (Source: Financial Adviser, August 2005)

New Growth Theory

Text “Economics In Everyday Life: Professors, Students, and Ideas” and Self-Test

ThomsonNOW for Arnold Concise (http://www.thomsonedu.com/thomsonnow) Ask the Instructor Video Why Are Some Nations Rich, But Others Are Poor?

End-of-Chapter

Resources

Text “A Reader Asks: Can An Understanding of How Economies Grow Help Me?” and “Economics In Perspective: Debates in Macroeconomics”Economic Report of the President* Ch. 1, “Lessons From the Recent Business Cycle”Issues in American Economic History* Ch. 2, “Economic Growth in the Global Economy” and Ch. 9, “Peace and Renewed Progress”


http://bcrc.swlearning.com/

http://www.stanford.edu/~promer/Econgro.htm


CHAPTER 13: Elasticity

Chapter Outline Print Study Resources Media Study Resources

Introduction Text Setting the SceneElasticity:

Part 1Text Analyzing the Scene “Economics In Everyday Life: Drug Busts and Crime,” “Economics In Everyday Life: Will High Taxes on Cigarettes Reduce Smoking?” and Self-Test Study Guide* Problems 1-3How to Think Like an Economist* Ch. 17, “Drug Busts and SUVs or the Importance of Thinking in Threes”Favorite Ways to Learn Economics* Problem Set 2.4 “Elasticity,” Problem Set 2.5, “Yuppie Scum Bumper Stickers,” Problem Set 2.6, “A Parking Lot Problem” and Problem Set 2.14, “Elasticity and Deadweight Loss”

ThomsonNOW for Arnold Concise (http://www.thomsonedu.com/thomsonnow) SketchIt Exercise 13.1 The Graphing Workshop “Price Elasticity” Ask the Instructor Video Is Price Elasticity

of Demand the Same Thing as Slope? Economic Applications: EconNews, “Does

Not Smoking Make You Fat?” (Source: The New York Times, July 2005), “Wireless-Phone-Only Households are Increasing, but not as Quickly as Predicted” (Source: The Wall Street Journal, June 2005), “My French-Mocha-Vanilla-Double-shot-Latte-Espressochino with Non-fat Milk and Cinnamon is Going to Cost HOW MUCH?” (Source: The Wall Street Journal, September 2004), and “You Need a Calculator—and a Second Mortgage, Sometimes—to Go to Amusement Parks These Days” (Source: The Wall Street Journal, June 2004)

Elasticity:Part 2

Text Analyzing the Scene, “Economics In Popular Culture: Why Do Companies Hire Celebrities?” and Self-Test

Internet Activity (http://arnold.swlearning.com) http://www.travelocity.com

Other Elasticity Concepts

Text Thinking Like an Economist (2), Analyzing the Scene, and Self-Test Study Guide* Problems 4-8

ThomsonNOW for Arnold Concise (http://www.thomsonedu.com/thomsonnow) Ask the Instructor Videos Why Are Taxes

on Cigarettes So High? and Who Really Pays for Social Security?

The Graphing Workshop “Tax Incidence”Business & Company Resource Center* (http://bcrc.swlearning.com) “Is Tomorrow Another Day? The Labor Supply of New York City Cab Drivers” (Source: Journal of Political Economy, February 2005)

End-of-Chapter

Resources

Text “A Reader Asks: Is the Type of Thinking Inherent in Elasticity Useful?”



http://www.travelocity.com/


CHAPTER 14: Consumer Choice: Maximizing Utility and Behavioral Economics


Introduction Text Setting the Scene MarketSim* (http://marketsim.swlearning.com) Read “Overview, Strategy, and Program Structure,” pages 16-28 of the MarketSim student manual to prepare for working through “Jeremy’s Market.”

Internet Activity (http://arnold.swlearning.com) http://www.bls.gov/cex/MarketSim* (http://marketsim.swlearning.com) Register for the MarketSim program online by visiting the site.

Utility Theory Text “Economics In the World: Cuban Cigars” and Self-Test

Study Guide* Problems 1 and 5How to Think Like an Economist* Ch. 22,

“More than Common Sense is Needed”Graphing Exercises* “Exercise 10:

Marginal Utility”Favorite Ways to Learn Economics*

Problem Set 1.7, “Marginal Utility Problem,” Classroom Experiment 3.A, “Experimenting with Marginal Utility: Popcorn and Soda-Pop” and Problem Set 3.4, “Utility Maximization”

Economics in the Movies* Scene 12: “Consumer Choice: The Meaning of Life”

ThomsonNOW for Arnold Concise (http://www.thomsonedu.com/thomsonnow) SketchIt Exercises 14.1 and 14.2 Ask the Instructor Video How Is Weight Gain

By First-Year College Students Related to the Law of Diminishing Marginal Utility?

Economic Application: EconNews, “Who Wouldn’t Want a Fridge that Can Hold a Pony Keg?” (Source: The Wall Street Journal, July 2005)

Consumer Equilibrium and Demand

Text Thinking Like an Economist, “Economics In Everyday Life: How You Pay for Good Weather,” Analyzing the Scene and Self-Test

Study Guide* Problems 2, 3, and 4

ThomsonNOW for Arnold Concise The Graphing Workshop Marginal Benefits

and Marginal Costs Ask the Instructor Video Why Do Consumers

Buy Less of an Item When Its Price Rises? Behavioral Economics

Text Self-Test Internet Activity (http://arnold.swlearning.com) http://www.bls.gov/cex/

End-of-Chapter

Resources

Text “A Reader Asks: Do People Really Equate Marginal Utility-Price Ratios?”

MarketSim* (http://marketsim.swlearning.com) Read activities and exercises for “Jeremy’s Market: A Barter Economy,” pages 29-57 of the student manual.

MarketSim* (http://marketsim.swlearning.com) Visit this site to work the activities and exercises online for “Jeremy’s Market.”

Appendix C: Budget

Constraint and

Indifference Curve

Analysis

Favorite Ways to Learn Economics* Classroom Experiment 3.B, “Indifference Curve Experiment: Are You Sure?” Problem Set 3.1, “Budget Lines,” Problem Set 3.2, “Indifference Curves,” Problem Set 3.3, “Budget Lines, Indifference Curves, and Consumer Satisfaction,” and Problem Set 3.5, “Budget Lines, Indifference Curves, and Demand Curves”

ThomsonNOW for Arnold Concise SketchIt Exercise 14.3 The Graphing Workshop The Budget

ConstraintBusiness & Company Resource Center* (http://bcrc.swlearning.com) “High Hopes for Low Prices; Ross Appeals to Bargain Hunters with DD’s Discounts.” (Source: San Francisco Chronicle, August 2004)



http://marketsim.swlearning.com/

http://www.bls.gov/cex/


http://www.bls.gov/cex/


CHAPTER 15: Production and Costs


Introduction Text Setting the Scene The Firm’s Objective:

Maximizing Profit

Text Analyzing the Scene and Self-Test Study Guide* Problem 1

ThomsonNOW for Arnold Concise (http://www.thomsonedu.com/thomsonnow) Ask the Instructor Videos How Do Businesses Raise Cash to Finance Startups and Expansions? and Why Do Economists and Accountants Disagree?

Production Text Self-TestStudy Guide* Problems 2-6 and 10Favorite Ways to Learn Economics* Classroom Experiment 4.A, “Diminishing Marginal Product Experiment: The Econville Link Factory,” Problem Set 4.1, “The Fixed, Variable, and Total Cost of Production” Problem Set 4.4, “Daphne’s Apparel Shop 2,” Problem Set 4.9, “Cost Curves—The Un-University,” and Problem Set 5.8, “Changing Variable Cost and Fixed Cost”

ThomsonNOW for Arnold Concise Economic Application: EconData, “Labor

Productivity” Economic Application: Policy Debate, “Is

There a New Economy?” SketchIt Exercise 15.2Business & Company Resource Center* (http://bcrc.swlearning.com) “A Productivity Primer; Economics Focus” (Source: The Economist US, November 2004)

Costs of Production:

Total, Average, Marginal

Text “Economics In Everyday Life: High School Students, Staying Out Late, and More,” Analyzing the Scene (2), “Economics In the World: What Matters to Global Competitiveness?” A Closer Look, “Economics In Everyday Life: ‘I Have to Become an Accountant,’” Thinking Like an Economist, and Self-Test

Study Guide* Problems 7-9Graphing Exercises* Exercise 12: “Costs”Favorite Ways to Learn Economics*

Problem Set 4.2, “The Average and Marginal Cost of Production” and Problem Sets 4.3, 4.5, 4.6, 4.7, and 4.8, “Daphne’s Apparel Shop”

ThomsonNOW for Arnold Concise The Graphing Workshop “Production and

Cost” Ask the Instructor Video What Do We Mean

by Fixed Versus Variable Costs Economic Applications: EconNews, “Hotels

Won’t Change the Sheets Every Night Anymore” (Source: USA Today, July 2005) and “Just-in-time Manufacturing May Become Just-as-soon-as-I-can Manufacturing” (Source: The Wall Street Journal, December 2004)

Internet Activities (http://arnold.swlearning.com) http://www.ers.usda.gov/Data/CostsAndReturns/testpick.htm, and http://en.wikipedia.org/wiki/sunk_cost

Production and Costs in the Long Run

MarketSim* (http://marketsim.swlearning.com) Read “Introduction” and “Overview, Strategy Tips, and Program Structure” in the MarketSim student manual, pages 59-100, to familiarize yourself with “Adam’s Market: A Monetary Economy.”

ThomsonNOW for Arnold Concise Ask the Instructor Video Why Can’t We Feed the World From a Flower Pot?MarketSim* (http://marketsim.swlearning.com) Visit the product site and complete Learning Activities and Exercises for “Adam’s Market: A Monetary Economy”

Shifts in Cost Curves

Text Self-Test ThomsonNOW for Arnold Concise Economic Application: Policy Debate, “Shifts in Cost Curves”

End-of-Chapter

Resources

Text “A Reader Asks: Will A Knowledge of Sunk Cost Help Prevent Me From Making a Mistake in the Stock Market?”


http://en.wikipedia.org/wiki/sunk_cost

http://www.ers.usda.gov/Data/CostsAndReturns/testpick.htm

http://www.ers.usda.gov/Data/CostsAndReturns/testpick.htm



CHAPTER 16: Perfect Competition


Introduction Text Setting the Scene The Theory of

Perfect Competition

Text Analyzing the Scene and Self-TestStudy Guide* Problems 1-3Favorite Ways to Learn Economics* Problem Set 4.10, “Perfect Competition Consultants”

ThomsonNOW for Arnold Concise (http://www.thomsonedu.com/thomsonnow) Economic Application: EconData, “What is

the S&P 500?” The Graphing Workshop Firm and Market in

Perfect Competition (Short-Run Profit Maximization)

Ask the Instructor Video Is the Used Car Market Perfectly Competitive?

Internet Activities (http://arnold.swlearning.com) http://www.yahoo.com and http://www.ebay.com

Perfect Competition in the Short

Run

Text Analyzing the Scene (2) and Self-Test Study Guide* Problems 4 and 7Graphing Exercises* Exercise 13:

“Perfect Competition”Favorite Ways to Learn Economics*

Problem Set 4.11, “Perfectly Competitive Markets and Firms” and Problem Set 4.12, “Perfect Competition: Reading the Graphs”

ThomsonNOW for Arnold Concise (http://www.thomsonedu.com/thomsonnow) SketchIt Exercise 16.1 The Graphing Workshop “Short-Run Supply

Decision”

Perfect Competition in the Long

Run

Text “Economics In Popular Culture: What Do Audrey Hepburn, Lucille Ball, and Bugs Bunny Have in Common?” “Economics In Everyday Life: Do Churches Compete?” Analyzing the Scene (2), and Self-TestStudy Guide* Problems 5 and 6Economics in the Movies* Scene 20: “Auctions: The River”

ThomsonNOW for Arnold Concise (http://www.thomsonedu.com/thomsonnow) SketchIt Exercise 16.2 Ask the Instructor Video Do Competitive

Firms Earn Economic Profit in the Long Run?

End-of-Chapter

Resources

Text “A Reader Asks: Does Job Security Have Anything to do With Fixed and Variable Costs?”


http://www.ebay.com/

http://www.yahoo.com/


CHAPTER 17: Monopoly


Introduction Text Setting the Scene The Theory of

MonopolyText Self-Test ThomsonNOW for Arnold Concise

(http://www.thomsonedu.com/thomsonnow) Economic Application: Policy Debate, “Is Microsoft a Monopoly?”

Monopoly Pricing and

Output Decisions

Text “Economics In Everyday Life: Monopoly and the Boston Tea Party” and Analyzing the Scene (2)Study Guide* Problems 1, 4, and 5Graphing Exercises* Exercise 14: Monopoly Favorite Ways to Learn Economics* Classroom Experiment 5.C, “A Monopoly Making Dough,” Problem Set 5.1, “Daphne’s Apparel Shop as a Monopoly,” Problem Set 5.2, “Monopoly Consultant,” Problem Set 5.3, “Monopoly,” Problem Set 5.4, “Total Revenue, Marginal Revenue, and Average Revenue” and Problem Set 5.5, “Marginal Revenue and Elasticity”Economics in the Movies* Scene 13: “Monopoly: Being John Malkovich”

ThomsonNOW for Arnold Concise (http://www.thomsonedu.com/thomsonnow) SketchIt Exercise 17.1 The Graphing Workshop “Output

Determination in Monopoly” Ask the Instructor Videos Why Are Cable

Rates So High? and Why Do Professions Try to Limit Entry?

Perfect Competition

and Monopoly


ThomsonNOW for Arnold Concise (http://www.thomsonedu.com/thomsonnow) SketchIt Exercise 17.2 The Graphing Workshop “Monopoly:

Demand and Marginal Revenue”The Case Against

Monopoly

Text Thinking Like an EconomistStudy Guide* Problem 3

Internet Activity (http://arnold.swlearning.com) http://www.cnn.com/SPECIALS/2000/yourbusiness/stories/debeers/

Price Discrimination

Text Analyzing the Scene, “Economics In Everyday Life: Amazon and Price Discrimination,” “Economics In Everyday Life: Why Do District Attorneys Plea Bargain?” and Self-Test


Text “A Reader Asks: Do Colleges and Universities Price Discriminate?”


http://www.cnn.com/SPECIALS/2000/yourbusiness/stories/debeers/

http://www.cnn.com/SPECIALS/2000/yourbusiness/stories/debeers/


CHAPTER 18: Monopolistic Competition, Oligopoly, and Game Theory

Chapter Section Print Study Resources Media Study ResourcesIntroduction Text Setting the Scene

The Theory of Monopolistic Competition

Text Self-Test Study Guide* Problems 1 and 2Favorite Ways to Learn Economics* Problem Set 5.7, “Monopolistic Competition”

ThomsonNOW for Arnold Concise (http://www.thomsonedu.com/thomsonnow) SketchIt Exercises 18.1 and 18.2 The Graphing Workshop “The

Monopolistically Competitive Firm in the Short Run”

Economic Applications: EconNews, “Circuses: It’s Not About Fun and Games Anymore,” (Source: The Wall Street Journal, August 2005), and “Now French Muslims Can Have it Their Way Too” (Source: The Associated Press, August 2005)

Internet Activity (http://arnold.swlearning.com) http://www.vegas.com

Oligopoly: Assumptions

and Real-World

Behavior

Study Guide* Problem 4 Internet Activity (http://arnold.swlearning.com) http://www.uscar.org/uscar/history.htm

Price and Output Under

Three Oligopoly Theories

Text “Economics In Everyday Life: How Is a New Year’s Resolution Like a Cartel Agreement?” Thinking Like an Economist and Self-Test

Study Guide* Problems 3 and 5Favorite Ways to Learn Economics*

Classroom Experiment 5.B, “A Cartel Growing Bananas”

ThomsonNOW for Arnold Concise (http://www.thomsonedu.com/thomsonnow) The Graphing Workshop “Short-Run Equilibrium in Monopolistic Competition” and “Long-Run Equilibrium in Monopolistic Competition”

Game Theory,

Oligopoly, and

Contestable Markets

Text “Economics In Everyday Life: An Economic Theory of the Mafia” and “Economics In Technology: The Industry Standard Path to Monopoly”

How to Think Like an Economist* Ch. 12, “Winners and Losers”

Favorite Ways to Learn Economics* Classroom Experiment: 5.A, “Game Theory and the Prisoner’s Oligopoly” and Problem Set 5.6, “Game Theory”

Economics in the Movies* Scene 16: “Game Theory: In the Name of the Father”

ThomsonNOW for Arnold Concise (http://www.thomsonedu.com/thomsonnow) Economic Application: EconNews, “Cheaters Sometimes Win, and Winners Sometimes Cheat” (Source: The New York Times Online, August 2005)Business & Company Resource Center* (http://bcrc.swlearning.com) “To Sort Out Best O’Hare Result, Turn to Game Theory” (Source: Crain’s Chicago Business, September 2004)

A Review of Market

Structures

ThomsonNOW for Arnold Concise Ask the Instructor Video What Are the Differences Among the Four Market Structures?

Applications of Game Theory

Text Analyzing the Scene How to Think Like an Economist* Ch. 24,

“Right for Me, Right for You, but Wrong for US”End-of-Chapter

Resources

Text “A Reader Asks: Are Some Prisoner’s Dilemmas Good and Others Bad?”



http://www.uscar.org/uscar/history.htm


http://www.vegas.com/


CHAPTER 19: Factor Markets: With Emphasis on the Labor Market


Introduction Text Setting the SceneFactor

MarketsText Analyzing the Scene (2), Thinking Like

an Economist (2), and Self-Test Study Guide* Problems 1-3 and 5-6Graphing Exercises* Exercise 15: “Factor

Markets”Favorite Ways to Learn Economics*

Problem Set 6.5, “The Optimum Resource Mix”

ThomsonNOW for Arnold Concise (http://www.thomsonedu.com/thomsonnow) SketchIt Exercises 19.1 and 19.2 The Graphing Workshop “Demand for Labor”

The Labor Market

Text Analyzing the Scene (2), “Economics In the World: Why Jobs Don’t Always Move to the Low-Wage Country,” “Economics In Technology: How May Crime, Outsourcing, and Multitasking Be Related?” “Economics In Everyday Life: What Is the Wage Rate for a Street-Level Pusher in a Drug Gang?” and Self-TestStudy Guide* Problem 4Favorite Ways to Learn Economics* Classroom Experiment 6.A, “Deriving the Labor Supply Curve: Put Your Hands Up,” Problem Set 6.1, “Total Product and Marginal Product,” Problem Set 6.2, “More on Marginal Product,” Problem Set 6.3, “Derived Demand” and Problem Set 6.4, “Changing Marginal Physical Product and Product Price”

ThomsonNOW for Arnold Concise (http://www.thomsonedu.com/thomsonnow) Economic Application: EconData, “What Is

the Labor Cost Per Unit of Output—Manufacturing?”

Economic Application: EconNews, “Costco’s Business Model Proves Successful” (Source: The New York Times, July 2005)

Economic Application: Policy Debate, “Are Americans Overworked?”

The Graphing Workshop “Competitive Labor Market”

Ask the Instructor Videos Why Do LanguageTeachers Earn Less? and What Would Happen If Everyone Were Paid the Same?

Internet Activity (http://arnold.swlearning.com) http://stats.bls.gov

Labor Markets and Information

Text Analyzing the Scene ThomsonNOW for Arnold Concise (http://www.thomsonedu.com/thomsonnow) Economic Application: Policy Debate, “Is a

College Education a Good Investment?” Ask the Instructor Videos Have Computers

Affected Worker Productivity? and Should You Have Gone to College?

End-of-Chapter

Resources

Text “A Reader Asks: Does Education Matter to Income?”

Economic Report of the President* Ch. 10, “Health Care and Insurance”




CHAPTER 20: Interest, Rent, and Profit


Introduction Text Setting the Scene

Interest Text Analyzing the Scene, Thinking Like an Economist, “Economics In Popular Culture: Lotteries, Art, and Old Age,” “Economics In Everyday Life: Is the Car Worth Buying?” and Self-Test

Study Guide* Problems 1 and 2

ThomsonNOW for Arnold Concise (http://www.thomsonedu.com/thomsonnow)

Ask the Instructor Video Why Do Interest Rates Vary?

Rent Text “Economics In Everyday Life: What Does Present Value Have to Do With a Divorce?” Analyzing the Scene and Self-TestStudy Guide* Problems 3-5How to Think Like an Economist* Chapter 18, “Is it the Same Everywhere? Is it the Same All the Time?”

ThomsonNOW for Arnold Concise (http://www.thomsonedu.com/thomsonnow) SketchIt Exercise 20.1 The Graphing Workshop “Opportunity Cost

and Economic Rent”Internet Activity

(http://arnold.swlearning.com) http://www.hoopshype.com/salaries.htm

Profit Text Thinking Like an Economist and Self-Test

Internet Activity (http://arnold.swlearning.com) http://econlib.org/library/Knight/knRUP.html

End-of-Chapter

Resources

Text “A Reader Asks: Are There Calculators To Help Me Plan My Life?”Favorite Ways to Learn Economics* Classroom Experiment 6.B, “Learning from Teaching: The Anti-REM Game”Economic Report of the President* Ch. 3, “The Year in Review and the Years Ahead”


http://econlib.org/library/Knight/knRUP.html


http://www.hoopshype.com/salaries.htm


CHAPTER 21: The Distribution of Income and Poverty


Introduction Text Setting the SceneSome Facts

about Income Distribution

Text Analyzing the Scene, Thinking Like an Economist, and Self-Test

Study Guide* Problems 1, 2, and 5Economics in the Movies* Scene18:

“Income: Parenthood”

ThomsonNOW for Arnold Concise (http://www.thomsonedu.com/thomsonnow) Ask the Instructor Video How Does Income Distribution in the U.S. Compare?Business & Company Resource Center* (http://bcrc.swlearning.com) “In Manhattan, Poor Make 2cents for Each Dollar To the Rich.” (Source: The New York Times, September 2005)

Measuring Income Equality


ThomsonNOW for Arnold Concise (http://www.thomsonedu.com/thomsonnow) SketchIt Exercise 21.1 Ask the Instructor Video Will There Always

be Poverty? The Graphing Workshop “The Lorenz

Curve” Economic Applications: EconNews,

“Minorities and Whites are Growing Apart, Not Together” (Source: The Wall Street Journal, October 2004) and “In Its Move to Capitalism, China Discovers Income Inequality” (Source: The New York Times, December 2004)

Internet Activity (http://arnold.swlearning.com) http://www.census.gov

Why Income Inequality

Exists

Text “Economics In Everyday Life: Winner-Take-All Markets” and Self-Test

Business & Company Resource Center* (http://bcrc.swlearning.com) “2 Black Truckers Sue, Accusing Wal-Mart of Hiring Bias” (Source: The New York Times, July 2005)

Normative Standards of

Income Distribution

Poverty Text “Economics In Everyday Life: Monks, Blessings, and Free Riders” and Self-Test


Business & Company Resource Center* (http://bcrc.swlearning.com) “Effort to Reduce Poverty and Hunger in Brazil Falls Short of Its Goals.” (Source: The New York Times, May 2005)

End-of-Chapter

Resources

Text “A Reader Asks: Are There Degrees of Poverty?”

Issues in American Economic History* Ch. 14, “Issues in the Postwar Decades”




http://www.census.gov/



CHAPTER 22: Market Failure: Externalities and Public Goods

Chapter Section Print Study Resources Media Study ResourcesIntroduction Text Setting the Scene Externalities Text Analyzing the Scene (2), Thinking

Like an Economist (2), and Self-TestStudy Guide* Problem 1Graphing Exercises* Exercise 16: “Externalities”Favorite Ways to Learn Economics* Classroom Experiment 7.B, “Externality Experiment: The Ecomedy Club,” Problem Set 7.4, “Positive Externalities,” and Problem Set 7.5, “Negative Externalities”

ThomsonNOW for Arnold Concise (http://www.thomsonedu.com/thomsonnow) SketchIt Exercise 22.1 Ask the Instructor Video Why Does

Asymmetric Information Create Problems The Graphing Workshop “Externalities” Economic Application: EconNews, “Salmon

Are Just Going to Have to Deal with Those Dams!” (Source: The New York Times, December 2004)

Internalizing Externalities

Text “Economics In Technology: Software, Switching Costs and Benefits, and Market Failure” and Self-Test

Study Guide* Problems 2-4Favorite Ways to Learn Economics*

Problem Set 7.1, “Tax Incidence” and Problem Set 7.6, “Congested Parks—A Pricing Dilemma”

ThomsonNOW for Arnold Concise (http://www.thomsonedu.com/thomsonnow) SketchIt Exercise 22.2

Dealing with a Negative

Externality in the

Environment

Text Analyzing the Scene and Self-Test Economics in the Movies* Scene 19: “Environmental Economics: Erin Brockovich”

ThomsonNOW for Arnold Concise Economic Application: Policy Debate, “Should Anti-Pollution Standards be Strengthened?”

Internet Activities (http://arnold.swlearning.com) http://www.epa.gov./ and http://www.eea.eu.int/main_html

Business & Company Resource Center* (http://bcrc.swlearning.com) “Environmental Economics” (Source: Environmental Encyclopedia)

Public Goods: Excludable and Nonexcludable

Text “Economics In Everyday Life: Finding Economics in College Life,” Analyzing the Scene and Self-Test

Favorite Ways to Learn Economics* Classroom Experiment 7.A, “Free Rider Experiment: Show Me the Money”

Business & Company Resource Center* (http://bcrc.swlearning.com) “Call It Protection Money” (Source: U.S. News & World Report, November 2003)


Text “A Reader Asks: Are Houses and Shopping Centers a Sign of ‘Progress’?”

Economic Report of the President* Ch. 6, “Restoring Solvency to Social Securiy” and Ch. 9, “Protecting the Environment”

Issues in American Economic History* Ch. 11, “The Great War”




http://www.eea.eu.int/main_html

http://www.epa.gov./



CHAPTER 23: Public Choice: Economic Theory Applied to Politics


Introduction Text Setting the Scene Public Choice

TheoryThomsonNOW for Arnold

Concise (http://www.thomsonedu.com/thomsonnow) Ask the Instructor Video Why Do We Keep the Income Tax If It Is So Unpopular?

The Political Market

Text Analyzing the Scene and Thinking Like an Economist

Internet Activity (http://arnold.swlearning.com)http://woodrow.mpls.frb.fed.us/pubs/region/95-09/int959.cfmBusiness & Company Resource Center* (http://bcrc.swlearning.com) “Watching America: Will It Listen to Foreigners, or Do as It Pleases?” (Source: The New York Times, January 2005)

Voters and Rational

Ignorance

Text “Economics In Everyday Life: Are You Rationally Ignorant?” Analyzing the Scene (2) and Self-Test

Special Interest Groups

Text “Economics In Everyday Life: Inheritance, Heirs, and Why the Firstborn Became King or Queen,” and Self-Test

Internet Activity (http://arnold.swlearning.com) http://www.thelockeinstitute.org

Government Bureaucracy

End-of-Chapter

Resources

Text “A Reader Asks: What Is the Significance of Public Choice?”Issues in American Economic History* Ch. 5, “Opening Up North America”


http://www.thelockeinstitute.org/



http://woodrow.mpls.frb.fed.us/pubs/region/95-09/int959.cfm

http://woodrow.mpls.frb.fed.us/pubs/region/95-09/int959.cfm


CHAPTER 24: International Trade and Finance


Introduction Text Setting the Scene Internet Activities (http://arnold.swlearning.com) http://www.imf.org/ and http://www.worldbank.org

International Trade Theory

Text Analyzing the Scene, “Economics In Everyday Life: Dividing Up the Work” and Self-Test Study Guide* Problem 1Favorite Ways to Learn Economics* Classroom Experiment 12.A, “The Benefits from Trade: Utility Gains from a Lunch Sack,” Classroom Experiment 12.B, “Comparative Advantage Experiment: To Everyone’s Advantage,” and Problem Set 12.6, “Comparative and Absolute Advantage”

ThomsonNOW for Arnold Concise (http://www.thomsonedu.com/thomsonnow) Economic Application: Policy Debate, “Does the U.S. Economy Benefit from Foreign Trade?”Business & Company Resource Center (http://bcrc.swlearning.com) “A 21st Century U.S. Trade Policy” (Source: National Review, February 2004)

Trade Restrictions

Text Analyzing the Scene (2), “Economics In Popular Culture: Offshore Outsourcing or Offshoring,” Thinking Like an Economist and Self-Test

Study Guide* Problems 2-8

ThomsonNOW for Arnold Concise The Graphing Workshop “Effects of a Tariff”

and “Effects of a Quota” Ask the Instructor Video What Are the

Arguments For Trade Restrictions?” Economic Application: EconNews, “CAFTA

Becomes Reality” (Source: The New York Times Online, July 2005)

Internet Activities (http://arnold.swlearning.com) http://www.wto.org/ and http://www.ustr.gov/

The Foreign Exchange

Market

Text Thinking Like an EconomistStudy Guide* Problems 9-11

ThomsonNOW for Arnold Concise SketchIt Exercises 24.1 and 24.2 The Graphing Workshop “Foreign Exchange

Market” Ask the Instructor Video How Do We Pay

for Imports? Flexible

Exchange Rates

Graphing Exercises* Exercise 17: “Exchange Rates”

Study Guide* Problem 12Text Analyzing the Scene and Self-TestFavorite Ways to Learn Economics*

Problem Set 12.1, “Exchange Rates”

ThomsonNOW for Arnold Concise Ask the Instructor Video What Causes the

Demand for Foreign Exchange Rates Economic Application: Policy Debate, “Will

the European Monetary Union Succeed?”

Fixed Exchange

Rates Versus Flexible

Exchange Rates

Text Self-Test

End-of-Chapter

Resources

Text “A Reader Asks: Why Does the Government Impose Tariffs and Quotas?”

Economic Report of the President* Ch. 12, “International Trade and Cooperation,” Ch. 13, “International Capital Flows,” and Ch. 14, “The Link Between Trade and Capital Flows”


http://www.ustr.gov/

http://www.wto.org/



http://www.worldbank.org/

http://www.imf.org/


Documents

CHAPTER 1 – WHAT IS ECONOMICS ALL ABOUT · Web viewCHAPTER 1: What Economics Is About Chapter Section Print Study Resources Media Study Resources Introduction Text Setting the Scene