Economics: Principles, Problems, and Policies

Abstract

The nature and method of economics the economizing problem pure capitalism and the circular flow understanding individual markets - supply and demand the private sectors and the market system the public sector measuring national output, national income and the price level macroeconomic instability - unemployment and inflation aggregate demand and aggregate supply classical and Keynesian theories of unemployment equilibrium domestic output in the Keynesian model fiscal policy money and banking how banks create money the Federal Reserve Banks and monetary policy alternative views - monetarism and rational expectations the inflation-unemployment relationship budget deficits and the public debt economic growth demand, supply and elasticity consumer behaviour and utility maximization the costs of production price and output determination - pure competition, pure monopoly, monopolistic competition oligopoly production and the demand for economic resources the pricing and employment of resources - wage determinaiton, rent, interest and profits general equilibrium - the market system and its operation government and current economic problems international economics and the world economy.

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