Economics: Theory and PracticeEconomics: Theory & Practice, 11th Edition by Patrick J. Welch and Gerry F. Welch connects theory to the practice of economics and the everyday world through examples and applications, debates, and critical thinking cases—some that are classics in the field and others that are fresh and up-to-date. Its balanced coverage of microeconomics and macroeconomics, flexibility in topic coverage order, and the use of appendices and chapter sections to shorten or deepen course material offer a choice of levels and sequences for a course. |
Contents
Introduction to Economics 1 | 1 |
CHAPTER 2 | 2 |
CHAPTER 8 | 8 |
CHAPTER 14 | 14 |
in the Extreme | 24 |
CHAPTER 17 | 29 |
Demand Supply and Price | 53 |
Employment Prices and Production | 85 |
Economists Think? | 255 |
Benefits Costs | 277 |
Competition and Market | 331 |
Necessity | 338 |
Does Nonprice Competition Waste | 345 |
Take Me Out to the Ball Game | 353 |
The 800 Haircut | 360 |
Act | 366 |
Inflation and Stable Prices | 94 |
Making | 117 |
The Role of Government | 151 |
Backyard | 175 |
Money Creation Monetary Theory | 203 |
Depression of the 1930s | 230 |
Influencing Economic Activity Be Reduced? | 249 |
Labor Markets Unions | 385 |
Go Green | 394 |
for Those Seeking Public Assistance? | 408 |
Bastiat 18011850 | 431 |
Countries | 451 |
Answers to Test Your Understanding | 461 |
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Common terms and phrases
aggregate amount antitrust average total cost bagels borrowing budget buyers cause chapter consumers corporation debt decrease demand and supply demand curve demand or supply deposits dollars earn economic activity economic profit economy’s effect equilibrium price example excess reserves expenditures exports factors of production Federal Reserve Figure financial depository institutions firm firm’s full employment funds graph important income increase individual injections interest rate labor level of output loans long‐run average total macroeconomic marginal benefit marginal cost maximize million money GDP money supply monopolistically competitive nonprice factors occurs oligopoly operate opportunity cost percent person planned economies price change Price Index problems production purchase purely competitive quantity demanded real GDP regulation relationship reserve requirement result sell sellers social spending stream supply curve Table total revenue total spending trade transfer payments U.S. economy U.S. Government United variable wage workers