| The following material is based on Economics and Contemporary Issues, 3rd ed. (Dryden Press, 1996), eds. Michael Edgmand, Ronald Moowaw, and Kent Olson. |
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| Chapter 1 |
| Introduction |
| Outline |
| I. Market Economics Systems: An Introductory Look |
| II. What Does an Economic System Do? |
| III. Comparative Systems: An Introductory Sketch |
| IV. Transitions to a Market Economy: Some Experiences |
| Problems |
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| Chapter 2 |
| Introduction |
| Outline |
| I. What Does a Government Do? |
| II. How Big is Government? |
| III. What Should Government Do? |
| Problems |
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| Chapter 3 |
| Introduction |
| Outline |
| I. Demand and Supply Analysis |
| II. The Effects of Changes in Demand and Supply on Equilibrium Price and Quantity |
| III. Politics, Government, and the Farm Problem |
| Problems |
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| Chapter 3: Appendix |
| Introduction |
| Outline |
| I. Consumer Behavior |
| II. The Law of Demand |
| III. Producer Behavior |
| IV. The Law of Supply |
| Problems |
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| Chapter 4 |
| Introduction |
| Outline |
| I. General Comments and Definitions |
| II. Monopoly Analysis |
| III. Market Power and the U.S. Economy |
| IV. OPEC: A Few Sellers Acting Like a Monopoly |
| V. The Role of Government |
| Problems |
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| Chapter 5 |
| Introduction |
| Outline |
| I. Do We Spend Too Much on Health Care? |
| II. Recap and Policy Implications |
| Problems |
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| Chapter 6 |
| Introduction |
| Outline |
| I. Public Goods |
| II. Government Enforcement of Property Rights |
| III. Drug Control: Is Legalization the Answer? |
| IV. A Positive Analysis of Drug Prohibition |
| V. Evaluation: Hawks, Doves, and Owls |
| Problems |
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| Chapter 7 |
| Introduction |
| Outline |
| I. The Principal Air Pollution Problems |
| II. The Economist's Perspective |
| III. Market Failure: Is Government Action Necessary? |
| IV. Air Pollution Regulation: The Clean Air Act |
| V. Effects of the Clean Air Act on Air Quality |
| VI. The Economics of the Clean Air Act: Have We Gone too Far? |
| VIII. Cost-Reducing Measures |
| Problems |
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| Chapter 10 |
| Introduction |
| Outline |
| I. How Many People are Poor? |
| II. The Long-Run Trend |
| III. Policy Choices |
| Problems |
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| Chapter 11 |
| Introduction |
| Outline |
| I. Gross Domestic Product(GDP) |
| II. GDP's Components |
| III. Nominal GDP, Real GDP, and the GDP Deflator |
| IV. The Nation's Economic Performance |
| V. Determining the Nation's Output and Price Level |
| Problems |
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| Chapter 12 |
| Introduction |
| Outline |
| I. Costs of Unemployment |
| II. Counting the Unemployed |
| III. Types of Unemployment |
| IV. Full Employment |
| V. Policies to Reduce Unemployment |
| VI. Unemployment and the Minimum Wage |
| VII. Unemployment in Europe |
| Problems |
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| Chapter 13 |
| Introduction |
| Outline |
| I. Defining Inflation |
| II. Measuring Inflation |
| III. Effects of Inflation |
| IV. Money and the Money Supply |
| V. The Causes of Inflation |
| VI. Inflation and Policy |
| Problems |
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| Chapter 13 Appendix |
| Introduction |
| Outline |
| I. The Money Creation Process |
| II. The Federal Reserve and Control of the Money Supply |
| Problems |
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| Chapter 14 |
| Introduction |
| Outline |
| I. Budget Deficits |
| II. The Size of the Federal Budget Deficit |
| III. Different Views of Deficits |
| IV. Effects of Deficits |
| V. Reducing the Deficit |
| VI. The National Debt |
| VII. The Burden of Debt |
| Problems |
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| Chapter 15 |
| Introduction |
| Outline |
| I. U.S. Participation in World Trade |
| II. Comparative Advantage and International Trade |
| III. Barriers to International Trade |
| IV. The Case for Free Trade |
| V. The Case for Protection |
| VI. Reducing Trade Barriers |
| VII. The Balance of Payments |
| VIII. Exchange Rates and Their Determination |
| IX. Policies to Reduce the Current Account Deficit |
| Problems |
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| Chapter 16 |
| Introduction |
| Outline |
| I. Employment Growth in the U.S. Economy |
| II. The Source of Employment |
| III. Production Possibilities and Economic Growth |
| IV. Capital Accumulation, Technical Progress, and the Demand for Labor |
| V. Causes of the Slowdown in Productivity Growth |
| VI. International Comparisons of Productivity and productivity Growth |
| Problems |
