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
| 1 | |
Chapter 2 Economic Decision Making and Economic Systems | 29 |
Chapter 3 Demand Supply and Price Determination | 53 |
Employment Prices and Production | 85 |
Chapter 5 Foundations of the Macroeconomy | 119 |
Chapter 6 The Role of Government in the Macroeconomy | 151 |
Chapter 7 Money Financial Institutions and the Federal Reserve | 177 |
Chapter 8 Money Creation Monetary Theory and Monetary Policy | 203 |
Chapter 12 Production and the Costs of Production | 307 |
Chapter 13 Competition and Market Structures | 331 |
Chapter 14 Government and the Markets | 361 |
Chapter 15 Labor Markets Unions and the Distribution of Income | 385 |
Chapter 16 International Trade | 413 |
Chapter 17 International Finance | 433 |
Glossary | 453 |
Answers to Test Your Understanding | 461 |
Chapter 9 Macroeconomic Viewpoints and Models | 233 |
An Overview | 257 |
Chapter 11 Benefits Costs and Maximization | 277 |
Index | 469 |
EULA | 483 |
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Common terms and phrases
amount average total cost bagels borrowing budget buyers cause Chapter consumers corporation countries debt decrease demand and supply demand curve demand or supply deposits dollar earn economic activity economy’s effect equilibrium price example excess reserves exchange rate expenditures exports factors of production Federal Reserve Figure financial depository institutions firm firm’s foreign foreign exchange markets full employment funds graph important income increase individual industry interest rate labor level of output loans long‐run average total macroeconomic marginal benefit marginal cost marginal revenue maximize million money GDP money supply monopolistically competitive nations nonprice factors occurs operate opportunity cost percent person price change Price Index purchase purely competitive quantity demanded real GDP regulation relationship result sell sellers social spending stream supply curve Table total revenue total spending trade transfer payments U.S. dollar U.S. economy U.S. Government United variable wage workers