By Gerald Stone
What does middle mean?CoreEconomics is predicated on an intensive survey performed via the writer, Gerald Stone. Professor Stone requested numerous hundred teachers which chapters in their ideas books they really hide of their classes. small print emerged:• One chapter/one week. teachers usually conceal one bankruptcy every week, or 15 chapters in a 15-week semester.• nearly all of teachers train a similar 2/3 of a regular economics textbook.The vast majority of teachers covers an analogous chapters within the bulk in their direction after which spend minimum time masking extra chapters. Over ninety% of professors hide a greatest of 15 chapters of their microeconomics or macroeconomics textual content, which generally contains 19-22 chapters. Based in this he made up our minds to put in writing a textbook that covers the center themes of economics within the series they're most ordinarily taught. the result's CoreEconomics, a textual content that gives every thing you must hide on your direction in a single bankruptcy a week at 2/3 the price of the common ideas of Economics textual content. In this feeling, “core” doesn't suggest short or abridged. really, it implies that the textbook includes the chapters that almost all teachers want, yet only a few extra chapters or special-interest issues, reminiscent of agricultural economics, city economics, assurance, and risk. Because CoreEconomics specializes in the middle ideas, it contains only a few packing containers, sidebars, or extra features. really, examples are included into the most narrative of every chapter. the result's a extra pleasurable interpreting and studying event for the coed.
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Extra resources for CoreMacroeconomics
It seeks to give you a sense of what economics is, what concepts it uses, and what it finds to be important. Do not go into this chapter thinking you have to memorize these concepts. You will be given many opportunities to understand and use these concepts throughout this course. Rather, use this chapter to get a sense of the broad scope of economics. Then return to this chapter at the end of the course and see if everything has now become crystal clear. After studying this chapter you should be able to ■ Explain the scope of economics and economic analysis.
Key Concepts Microeconomics, p. 4 Macroeconomics, p. 5 Ceteris paribus, p. 6 Efficiency, p. 7 Equity, p. 7 Scarcity, p. 8 Opportunity costs, p. 10 Chapter Summary What Is Economics About? Economics is about almost everything. Economic analysis can be usefully applied to topics as diverse as how businesses make decisions and how college students allocate their time between studying and relaxing, how individuals determine 13 14 Chapter 1 whether to “invest in themselves” by taking additional courses while on the job, and how government deals with electric utilities that pollute nearby rivers.
The same is true for nations. Those countries with the highest average per capita income are also the most productive. Their labor forces are highly skilled, and firms are willing to place huge amounts of capital with these workforces because this results in immense productivity. In turn, these workers earn high wages. So, high productivity growth results in solid economic growth, high wages and income, and large investments in education and research. All of this leads to higher standards of living.