Exploring Economics - International Student Edition

Robert L. Sexton is Distinguished Professor of Economics at Pepperdine University. Professor Sexton has also been a Visiting Professor at the University of California at Los Angeles in the Anderson Graduate School of Management and the Department of Economics. Professor Sexton’s research ranges across many fields of economics: economics education, labor economics, environmental economics, law and economics, and economic history. He has written over twenty textbooks and has published numerous scholarly articles, many in top economic journals such as The American Economic Review, Southern Economic Journal, Economics Letters, Journal of Urban Economics, and The Journal of Economic Education. He has also written more than 100 other articles that have appeared in books, magazines, and newspapers. Professor Sexton received the Pepperdine Professor of the Year Award in 1991, a Harriet and Charles Luckman Teaching Fellow in 1994, Tyler Professor of the Year in 1997, the Howard A. White Award for Teaching Excellence in 2011, and a Career Achievement Award from California Lutheran University in 1994.    

Part I: Introduction
Chapter 1: The Role and Method of Economics
1.1 Economics: A Brief Introduction
1.2 Economic Behavior
1.3 Economic Theories and Models
1.4 Pitfalls to Avoid in Scientific Thinking
1.5 Positive Statements and Normative Statements
Chapter 2: Economics: Eight Powerful Ideas
2.1 Idea 1: People Face Scarcity and Costly Trade-Offs
2.2 Idea 2: People Engage in Rational Decision Making and Marginal Thinking
2.3 Idea 3: People Respond Predictably to Changes in Incentives
2.4 Idea 4: Specialization and Trade Can Make People Better Off
2.5 Idea 5: Markets Can Improve Economic Efficiency
2.6 Idea 6: Appropriate Government Policies Can Improve Market Outcomes
2.7 Idea 7: Government Policies May Help Stabilize the Economy
2.8 Idea 8: Increasing Productivity Leads to Economic Growth
Chapter 3: Scarcity, Trade-Offs, and Production Possibilities
3.1 The Three Economic Questions Every Society Faces
3.2 The Circular Flow Model
3.3 The Production Possibilities Curve
3.4 Economic Growth and the Production Possibilities Curve
Part II: Supply and Demand
Chapter 4: Demand, Supply, and Market Equilibrium
4.1 Markets
4.2 Demand
4.3 Shifts in the Demand Curve
4.4 Supply
4.5 Shifts in the Supply Curve
4.6 Market Equilibrium Price and Quantity
Chapter 5: Markets in Motion and Price Controls
5.1 Changes in Market Equilibrium
5.2 Price Controls
Chapter 6: Elasticities
6.1 Price Elasticity of Demand
6.2 Total Revenue and the Price Elasticity of Demand
6.3 Other Types of Demand Elasticities
6.4 Price Elasticity of Supply
Part III: Market Efficiency, Market Failure, and the Public System
Chapter 7: Market Efficiency and Welfare
7.1 Consumer Surplus and Producer Surplus
7.2 The Welfare Effects of Taxes, Subsidies, and Price Controls
Chapter 8: Market Failure
8.1 Externalities
8.2 Public Policy and the Environment
8.3 Property Rights and the Environment
8.4 Public Goods
8.5 Asymmetric Information
Chapter 9: Public Finance and Public Choice
9.1 Public Finance: Government Spending and Taxation
9.2 Public Choice
Part IV: Households and Market Structure
Chapter 10: Consumer Choice Theory
10.1 Consumer Behavior
10.2 The Consumer′s Choice
10.3 Behavioral Economics
Chapter 11: The Firm: Production and Costs
11.1 Firms and Profits: Total Revenues Minus Total Costs
11.2 Production in the Short Run
11.3 Costs in the Short Run
11.4 The Shape of the Short-Run Cost Curves
11.5 Cost Curves: Short Run versus Long Run
Chapter 12: Firms in Perfectly Competitive Markets
12.1 A Perfectly Competitive Market
12.2 An Individual Price Taker′s Demand Curve
12.3 Profit Maximization
12.4 Short-Run Profits and Losses
12.5 Long-Run Equilibrium
12.6 Long-Run Supply
Chapter 13: Monopoly and Antitrust
13.1 Monopoly: The Price Maker
13.2 Demand and Marginal Revenue in Monopoly
13.3 The Monopolist′s Equilibrium
13.4 Monopoly and Welfare Loss
13.5 Monopoly Policy
13.6 Price Discrimination and Peak Load Pricing
Chapter 14: Monopolistic Competition and Product Differentiation
14.1 Monopolistic Competition
14.2 Price and Output Determination in Monopolistic Competition
14.3 Monopolistic Competition versus Perfect Competition
14.4 Advertising
Chapter 15: Oligopoly and Strategic Behavior
15.1 Oligopoly
15.2 Collusion and Cartels
15.3 Other Oligopoly Models
15.4 Game Theory and Strategic Behavior
Part V: Input Markets and Microeconomic Policy Issues
Chapter 16: The Markets for Labor, Capital, and Land
16.1 Input Markets
16.2 Supply and Demand in the Labor Market
16.3 Labor Market Equilibrium
16.4 Labor Unions
16.5 The Markets for Land and Capital
Chapter 17: Income, Poverty, and Health Care
17.1 Income Distribution
17.2 Income Redistribution
17.3 The Economics of Discrimination
17.4 Poverty
17.5 Health Care
Part VI: Macroeconomic Foundations
Chapter 18: Introduction to Macroeconomics: Unemployment, Inflation, and Economic Fluctuations
18.1 Macroeconomic Goals
18.2 Employment and Unemployment
18.3 Types of Unemployment
18.4 Reasons for Unemployment
18.5 Inflation
18.6 Economic Fluctuations
Chapter 19: Measuring Economic Performance
19.1 National Income Accounting: A Standardized Way to Measure Economic Performance
19.2 Measuring Total Production
19.3 Other Measure of Total Production and Total Income
19.4 Problems in Calculating an Accurate GDP
19.5 Problems with GDP as a Measure of Economic Welfare
Chapter 20: Economic Growth in the Global Economy
20.1 Economic Growth
20.2 Determinants of Economic Growth
20.3 Public Policy and Economic Growth
20.4 Population and Economic Growth
Chapter 21: Financial Markets, Saving, and Investment
21.1 Financial Institutions and Intermediaries
21.2 Saving, Investment, and the Financial System
21.3 The Financial Crisis of 2008
Part VII: The Macroeconomic Models
Chapter 22: Aggregate Demand and Aggregate Supply
22.1 The Determinants of Aggregate Demand
22.2 The Aggregate Demand Curve
22.3 Shifts in the Aggregate Demand Curve
22.4 The Aggregate Supply Curve
22.5 Shifts in the Aggregate Supply Curve
22.6 Macroeconomic Equilibrium: The Short Run and the Long Run
Chapter 23: The Aggregate Expenditure Model
23.1 The Simple Aggregate Expenditure Model
23.2 Finding Equilibrium in the Aggregate Expenditure Model
23.3 Adding Investment, Government Purchases, and Net Exports
23.4 Shifts in Aggregate Expenditure and the Multiplier
23.5 From Aggregate Expenditures to Aggregate Demand
Part VIII: Macroeconomic Policy
Chapter 24: Fiscal Policy
24.1 Fiscal Policy
24.2 Fiscal Policy and the AD/AS Model
24.3 The Multiplier Effect
24.4 Supply-Side Effects of Tax Cuts
24.5 Possible Obstacles to Effective Fiscal Policy
24.6 Automatic Stabilizers
24.7 The National Debt
Chapter 25: Money, Banking, and the Federal Reserve System
25.1 What is Money?
25.2 Measuring Money
25.3 How Banks Create Money
25.4 The Money Multiplier
25.5 The Federal Reserve System
25.6 How Does the Federal Reserve Change the Money Supply?
25.7 Bank Failures
Chapter 26: Monetary Policy
26.1 Money, Interest Rates, and Aggregate Demand
26.2 Expansionary and Contractionary Monetary Policy
26.3 Money and Inflation--The Long Run
26.4 Problems in Implementing Monetary and Fiscal Policy
Chapter 27: Issues in Macroeconomic Theory and Policy
27.1 The Phillips Curve
27.2 The Phillips Curve over Time
27.3 Rational Expectations
27.4 Controversies in Macroeconomic Policy
Part IX: The Global Economy
Chapter 28: International Trade
28.1 The Growth in World Trade
28.2 Comparative Advantage and Gains from Trade
28.3 Supply and Demand in International Trade
28.4 Tariffs, Import Quotas, and Subsidies
Chapter 29: International Finance
29.1 The Balance of Payments
29.2 Exchange Rates
29.3 Equilibrium Changes in the Foreign Exchange Market
29.4 Flexible Exchange Rates