SESSION:1 Welcome to Economics!
1.1 What Is Economics, and Why Is It Important?

SESSION:1 Welcome to Economics!
1.2 Microeconomics and Macroeconomics

SESSION:1 Welcome to Economics!
1.3 How Economists Use Theories and Models to Understand Economic Issues

SESSION:1 Welcome to Economics!
1.4 How To Organize Economies: An Overview of Economic Systems

SESSION:1 Welcome to Economics!
Key Terms

SESSION:1 Welcome to Economics!
Key Concepts and Summary

SESSION:1 Welcome to Economics!
Self-Check Questions

SESSION:1 Welcome to Economics!
Review Questions

SESSION:1 Welcome to Economics!
Critical Thinking Questions

SESSION:2 Choice in a World of Scarcity
2.1 How Individuals Make Choices Based on Their Budget Constraint

SESSION:2 Choice in a World of Scarcity
2.2 The Production Possibilities Frontier and Social Choices

SESSION:2 Choice in a World of Scarcity
2.3 Confronting Objections to the Economic Approach

SESSION:2 Choice in a World of Scarcity
Key Terms

SESSION:2 Choice in a World of Scarcity
Key Concepts and Summary

SESSION:2 Choice in a World of Scarcity
Self-Check Questions

SESSION:2 Choice in a World of Scarcity
Review Questions

SESSION:2 Choice in a World of Scarcity
Critical Thinking Questions

SESSION:2 Choice in a World of Scarcity
Problems

SESSION:3 Demand and Supply
3.1 Demand, Supply, and Equilibrium in Markets for Goods and Services

SESSION:3 Demand and Supply
3.2 Shifts in Demand and Supply for Goods and Services

SESSION:3 Demand and Supply
3.3 Changes in Equilibrium Price and Quantity: The Four-Step Process

SESSION:3 Demand and Supply
3.4 Price Ceilings and Price Floors

SESSION:3 Demand and Supply
3.5 Demand, Supply, and Efficiency

SESSION:3 Demand and Supply
Key Terms

SESSION:3 Demand and Supply
Key Concepts and Summary

SESSION:3 Demand and Supply
Self-Check Questions

SESSION:3 Demand and Supply
Review Questions

SESSION:3 Demand and Supply
Critical Thinking Questions

SESSION:3 Demand and Supply
Problems

SESSION:4 Labor and Financial Markets
4.1 Demand and Supply at Work in Labor Markets

SESSION:4 Labor and Financial Markets
4.2 Demand and Supply in Financial Markets

SESSION:4 Labor and Financial Markets
4.3 The Market System as an Efficient Mechanism for Information

SESSION:4 Labor and Financial Markets
Key Terms

SESSION:4 Labor and Financial Markets
Key Concepts and Summary

SESSION:4 Labor and Financial Markets
Self-Check Questions

SESSION:4 Labor and Financial Markets
Review Questions

SESSION:4 Labor and Financial Markets
Critical Thinking Questions

SESSION:4 Labor and Financial Markets
Problems

SESSION:5 Elasticity
5.1 Price Elasticity of Demand and Price Elasticity of Supply

SESSION:5 Elasticity
5.2 Polar Cases of Elasticity and Constant Elasticity

SESSION:5 Elasticity
5.3 Elasticity and Pricing

SESSION:5 Elasticity
5.4 Elasticity in Areas Other Than Price

SESSION:5 Elasticity
Key Terms

SESSION:5 Elasticity
Key Concepts and Summary

SESSION:5 Elasticity
Self-Check Questions

SESSION:5 Elasticity
Review Questions

SESSION:5 Elasticity
Critical Thinking Questions

SESSION:5 Elasticity
Problems

SESSION:6 The Macroeconomic Perspective
6.1 Measuring the Size of the Economy: Gross Domestic Product

SESSION:6 The Macroeconomic Perspective
6.2 Adjusting Nominal Values to Real Values

SESSION:6 The Macroeconomic Perspective
6.3 Tracking Real GDP over Time

SESSION:6 The Macroeconomic Perspective
6.4 Comparing GDP among Countries

SESSION:6 The Macroeconomic Perspective
6.5 How Well GDP Measures the Well-Being of Society

SESSION:6 The Macroeconomic Perspective
Key Terms

SESSION:6 The Macroeconomic Perspective
Key Concepts and Summary

SESSION:6 The Macroeconomic Perspective
Self-Check Questions

SESSION:6 The Macroeconomic Perspective
Review Questions

SESSION:6 The Macroeconomic Perspective
Critical Thinking Questions

SESSION:6 The Macroeconomic Perspective
Problems

SESSION:7 Economic Growth
7.1 The Relatively Recent Arrival of Economic Growth

SESSION:7 Economic Growth
7.2 Labor Productivity and Economic Growth

SESSION:7 Economic Growth
7.3 Components of Economic Growth

SESSION:7 Economic Growth
7.4 Economic Convergence

SESSION:7 Economic Growth
Key Terms

SESSION:7 Economic Growth
Key Concepts and Summary

SESSION:7 Economic Growth
Self-Check Questions

SESSION:7 Economic Growth
Review Questions

SESSION:7 Economic Growth
Critical Thinking Questions

SESSION:7 Economic Growth
Problems

SESSION:8 Unemployment
8.1 How Economists Define and Compute Unemployment Rate

SESSION:8 Unemployment
8.2 Patterns of Unemployment

SESSION:8 Unemployment
8.3 What Causes Changes in Unemployment over the Short Run

SESSION:8 Unemployment
8.4 What Causes Changes in Unemployment over the Long Run

SESSION:8 Unemployment
Key Terms

SESSION:8 Unemployment
Key Concepts and Summary

SESSION:8 Unemployment
Self-Check Questions

SESSION:8 Unemployment
Review Questions

SESSION:8 Unemployment
Critical Thinking Questions

SESSION:8 Unemployment
Problems

SESSION:9 Inflation
9.1 Tracking Inflation

SESSION:9 Inflation
9.2 How to Measure Changes in the Cost of Living

SESSION:9 Inflation
9.3 How the U.S. and Other Countries Experience Inflation

SESSION:9 Inflation
9.4 The Confusion Over Inflation

SESSION:9 Inflation
9.5 Indexing and Its Limitations

SESSION:9 Inflation
Key Terms

SESSION:9 Inflation
Key Concepts and Summary

SESSION:9 Inflation
Self-Check Questions

SESSION:9 Inflation
Review Questions

SESSION:9 Inflation
Critical Thinking Questions

SESSION:9 Inflation
Problems

SESSION:10 The International Trade and Capital Flows
10.1 Measuring Trade Balances

SESSION:10 The International Trade and Capital Flows
10.2 Trade Balances in Historical and International Context

SESSION:10 The International Trade and Capital Flows
10.3 Trade Balances and Flows of Financial Capital

SESSION:10 The International Trade and Capital Flows
10.4 The National Saving and Investment Identity

SESSION:10 The International Trade and Capital Flows
10.5 The Pros and Cons of Trade Deficits and Surpluses

SESSION:10 The International Trade and Capital Flows
10.6 The Difference between Level of Trade and the Trade Balance

SESSION:10 The International Trade and Capital Flows
Key Terms

SESSION:10 The International Trade and Capital Flows
Key Concepts and Summary

SESSION:10 The International Trade and Capital Flows
Self-Check Questions

SESSION:10 The International Trade and Capital Flows
Review Questions

SESSION:10 The International Trade and Capital Flows
Critical Thinking Questions

SESSION:10 The International Trade and Capital Flows
Problems

SESSION:11 The Aggregate Demand/Aggregate Supply Model
11.1 Macroeconomic Perspectives on Demand and Supply

SESSION:11 The Aggregate Demand/Aggregate Supply Model
11.2 Building a Model of Aggregate Demand and Aggregate Supply

SESSION:11 The Aggregate Demand/Aggregate Supply Model
11.3 Shifts in Aggregate Supply

SESSION:11 The Aggregate Demand/Aggregate Supply Model
11.4 Shifts in Aggregate Demand

SESSION:11 The Aggregate Demand/Aggregate Supply Model
11.5 How the AD/AS Model Incorporates Growth, Unemployment, and Inflation

SESSION:11 The Aggregate Demand/Aggregate Supply Model
11.6 Keynes’ Law and Say’s Law in the AD/AS Model

SESSION:11 The Aggregate Demand/Aggregate Supply Model
Key Terms

SESSION:11 The Aggregate Demand/Aggregate Supply Model
Key Concepts and Summary

SESSION:11 The Aggregate Demand/Aggregate Supply Model
Self-Check Questions

SESSION:11 The Aggregate Demand/Aggregate Supply Model
Review Questions

SESSION:11 The Aggregate Demand/Aggregate Supply Model
Critical Thinking Questions

SESSION:11 The Aggregate Demand/Aggregate Supply Model
Problems

SESSION:12 The Keynesian Perspective
12.1 Aggregate Demand in Keynesian Analysis

SESSION:12 The Keynesian Perspective
12.2 The Building Blocks of Keynesian Analysis

SESSION:12 The Keynesian Perspective
12.3 The Phillips Curve

SESSION:12 The Keynesian Perspective
12.4 The Keynesian Perspective on Market Forces

SESSION:12 The Keynesian Perspective
Key Terms

SESSION:12 The Keynesian Perspective
Key Concepts and Summary

SESSION:12 The Keynesian Perspective
Self-Check Questions

SESSION:12 The Keynesian Perspective
Review Questions

SESSION:12 The Keynesian Perspective
Critical Thinking Questions

SESSION:13 The Neoclassical Perspective
13.1 The Building Blocks of Neoclassical Analysis

SESSION:13 The Neoclassical Perspective
13.2 The Policy Implications of the Neoclassical Perspective

SESSION:13 The Neoclassical Perspective
13.3 Balancing Keynesian and Neoclassical Models

SESSION:13 The Neoclassical Perspective
Key Terms

SESSION:13 The Neoclassical Perspective
Key Concepts and Summary

SESSION:13 The Neoclassical Perspective
Self-Check Questions

SESSION:13 The Neoclassical Perspective
Review Questions

SESSION:13 The Neoclassical Perspective
Critical Thinking Questions

SESSION:13 The Neoclassical Perspective
Problems

SESSION:14 Money and Banking
14.1 Defining Money by Its Functions

SESSION:14 Money and Banking
14.2 Measuring Money: Currency, M1, and M2

SESSION:14 Money and Banking
14.3 The Role of Banks

SESSION:14 Money and Banking
14.4 How Banks Create Money

SESSION:14 Money and Banking
Key Terms

SESSION:14 Money and Banking
Key Concepts and Summary

SESSION:14 Money and Banking
Self-Check Questions

SESSION:14 Money and Banking
Review Questions

SESSION:14 Money and Banking
Critical Thinking Questions

SESSION:14 Money and Banking
Problems

SESSION:15 Monetary Policy and Bank Regulation
15.1 The Federal Reserve Banking System and Central Banks

SESSION:15 Monetary Policy and Bank Regulation
15.2 Bank Regulation

SESSION:15 Monetary Policy and Bank Regulation
15.3 How a Central Bank Executes Monetary Policy

SESSION:15 Monetary Policy and Bank Regulation
15.4 Monetary Policy and Economic Outcomes

SESSION:15 Monetary Policy and Bank Regulation
15.5 Pitfalls for Monetary Policy

SESSION:15 Monetary Policy and Bank Regulation
Key Terms

SESSION:15 Monetary Policy and Bank Regulation
Key Concepts and Summary

SESSION:15 Monetary Policy and Bank Regulation
Self-Check Questions

SESSION:15 Monetary Policy and Bank Regulation
Review Questions

SESSION:15 Monetary Policy and Bank Regulation
Critical Thinking Questions

SESSION:15 Monetary Policy and Bank Regulation
Problems

SESSION:16 Exchange Rates and International Capital Flows
16.1 How the Foreign Exchange Market Works

SESSION:16 Exchange Rates and International Capital Flows
16.2 Demand and Supply Shifts in Foreign Exchange Markets

SESSION:16 Exchange Rates and International Capital Flows
16.3 Macroeconomic Effects of Exchange Rates

SESSION:16 Exchange Rates and International Capital Flows
16.4 Exchange Rate Policies

SESSION:16 Exchange Rates and International Capital Flows
Key Terms

SESSION:16 Exchange Rates and International Capital Flows
Key Concepts and Summary

SESSION:16 Exchange Rates and International Capital Flows
Self-Check Questions

SESSION:16 Exchange Rates and International Capital Flows
Review Questions

SESSION:16 Exchange Rates and International Capital Flows
Critical Thinking Questions

SESSION:16 Exchange Rates and International Capital Flows
Problems

SESSION:17 Government Budgets and Fiscal Policy
17.1 Government Spending

SESSION:17 Government Budgets and Fiscal Policy
17.2 Taxation

SESSION:17 Government Budgets and Fiscal Policy
17.3 Federal Deficits and the National Debt

SESSION:17 Government Budgets and Fiscal Policy
17.4 Using Fiscal Policy to Fight Recession, Unemployment, and Inflation

SESSION:17 Government Budgets and Fiscal Policy
17.5 Automatic Stabilizers

SESSION:17 Government Budgets and Fiscal Policy
17.6 Practical Problems with Discretionary Fiscal Policy

SESSION:17 Government Budgets and Fiscal Policy
17.7 The Question of a Balanced Budget

SESSION:17 Government Budgets and Fiscal Policy
Key Terms

SESSION:17 Government Budgets and Fiscal Policy
Key Concepts and Summary

SESSION:17 Government Budgets and Fiscal Policy
Self-Check Questions

SESSION:17 Government Budgets and Fiscal Policy
Review Questions

SESSION:17 Government Budgets and Fiscal Policy
Critical Thinking Questions

SESSION:17 Government Budgets and Fiscal Policy
Problems

SESSION:18 The Impacts of Government Borrowing
18.1 How Government Borrowing Affects Investment and the Trade Balance

SESSION:18 The Impacts of Government Borrowing
18.2 Fiscal Policy and the Trade Balance

SESSION:18 The Impacts of Government Borrowing
18.3 How Government Borrowing Affects Private Saving

SESSION:18 The Impacts of Government Borrowing
18.4 Fiscal Policy, Investment, and Economic Growth

SESSION:18 The Impacts of Government Borrowing
Key Terms

SESSION:18 The Impacts of Government Borrowing
Key Concepts and Summary

SESSION:18 The Impacts of Government Borrowing
Self-Check Questions

SESSION:18 The Impacts of Government Borrowing
Review Questions

SESSION:18 The Impacts of Government Borrowing
Critical Thinking Questions

SESSION:18 The Impacts of Government Borrowing
Problems

SESSION:19 Macroeconomic Policy Around the World
19.1 The Diversity of Countries and Economies across the World

SESSION:19 Macroeconomic Policy Around the World
19.2 Improving Countries’ Standards of Living

SESSION:19 Macroeconomic Policy Around the World
19.3 Causes of Unemployment around the World

SESSION:19 Macroeconomic Policy Around the World
19.4 Causes of Inflation in Various Countries and Regions

SESSION:19 Macroeconomic Policy Around the World
19.5 Balance of Trade Concerns

SESSION:19 Macroeconomic Policy Around the World
Key Terms

SESSION:19 Macroeconomic Policy Around the World
Key Concepts and Summary

SESSION:19 Macroeconomic Policy Around the World
Self-Check Questions

SESSION:19 Macroeconomic Policy Around the World
Review Questions

SESSION:19 Macroeconomic Policy Around the World
Critical Thinking Questions

SESSION:19 Macroeconomic Policy Around the World
Problems

SESSION:20 International Trade
20.1 Absolute and Comparative Advantage

SESSION:20 International Trade
20.2 What Happens When a Country Has an Absolute Advantage in All Goods

SESSION:20 International Trade
20.3 Intra-industry Trade between Similar Economies

SESSION:20 International Trade
20.4 The Benefits of Reducing Barriers to International Trade

SESSION:20 International Trade
Key Terms

SESSION:20 International Trade
Key Concepts and Summary

SESSION:20 International Trade
Self-Check Questions

SESSION:20 International Trade
Review Questions

SESSION:20 International Trade
Critical Thinking Questions

SESSION:20 International Trade
Problems

SESSION:21 Globalization and Protectionism
21.1 Protectionism: An Indirect Subsidy from Consumers to Producers

SESSION:21 Globalization and Protectionism
21.2 International Trade and Its Effects on Jobs, Wages, and Working Conditions

SESSION:21 Globalization and Protectionism
21.3 Arguments in Support of Restricting Imports

SESSION:21 Globalization and Protectionism
21.4 How Governments Enact Trade Policy: Globally, Regionally, and Nationally

SESSION:21 Globalization and Protectionism
21.5 The Tradeoffs of Trade Policy

SESSION:21 Globalization and Protectionism
Key Terms

SESSION:21 Globalization and Protectionism
Key Concepts and Summary

SESSION:21 Globalization and Protectionism
Self-Check Questions

SESSION:21 Globalization and Protectionism
Review Questions

SESSION:21 Globalization and Protectionism
Critical Thinking Questions

SESSION:21 Globalization and Protectionism
Problems

SESSION:A |
The Use of Mathematics in Principles of Economics

SESSION:B |
The Expenditure-Output Model

SESSION:1 Welcome to Economics!
Answer Key

SESSION:2 Choice in a World of Scarcity
Answer Key

SESSION:3 Demand and Supply
Answer Key

SESSION:4 Labor and Financial Markets
Answer Key

SESSION:5 Elasticity
Answer Key

SESSION:6 The Macroeconomic Perspective
Answer Key

SESSION:7 Economic Growth
Answer Key

SESSION:8 Unemployment
Answer Key

SESSION:9 Inflation
Answer Key

SESSION:10 The International Trade and Capital Flows
Answer Key

SESSION:11 The Aggregate Demand/Aggregate Supply Model
Answer Key

SESSION:12 The Keynesian Perspective
Answer Key

SESSION:13 The Neoclassical Perspective
Answer Key

SESSION:14 Money and Banking
Answer Key

SESSION:15 Monetary Policy and Bank Regulation
Answer Key

SESSION:16 Exchange Rates and International Capital Flows
Answer Key

SESSION:17 Government Budgets and Fiscal Policy
Answer Key

SESSION:18 The Impacts of Government Borrowing
Answer Key

SESSION:19 Macroeconomic Policy Around the World
Answer Key

SESSION:20 International Trade
Answer Key

SESSION:21 Globalization and Protectionism
Answer Key

References