Economics (Cliffs Quick Review)

✍ Scribed by John Duffy

• Publisher: Cliffs Notes
• Year: 1993
• Tongue: English
• Leaves: 168
• Edition: 1st
• Category: Library

✦ Synopsis

CliffsQuickReview course guides cover the essentials of your toughest subjects. Get a firm grip on core concepts and key material, and test your newfound knowledge with review questions.Whether you need a course supplement, help preparing for an exam, or a concise reference for the subject, CliffsQuickReview Economics can help. This guide covers macroeconomics, microeconomics, economic analysis, and economic analysis. In no time, you'll be tackling topics such asPrice elasticity of demand and supplyGross national product, inflation, and unemploymentClassical and Keynesian theories of output and employmentFiscal and monetary policyMonopolistic competition and oligopolyCliffsQuickReview Economics acts as a supplement to your other learning materials. Use this reference in any way that fits your personal style for study and review — you decide what works best with your needs. You can flip through the book until you find what you're looking for — it's organized to gradually build on key concepts. You can also get a feel for the scope of the book by checking out theContents pages that give you a chapter-by-chapter list of topics.Tabs at the top of each page that tell you what topic is being covered.Heading and subheading structure that breaks sections into clearly identifiable bites of information.Keywords in boldface type throughout the text.Wealth of figures and formulas designed to provide visual references.With titles available for all the most popular high school and college courses, CliffsQuickReview guides are comprehensive resources that can help you get the best possible grades.

✦ Table of Contents

Cliffs Quick Review Economics......Page 3
Contents......Page 5
Macroeconomics......Page 13
Goals of economic policy......Page 14
Economic Analysis......Page 15
Efficient production & the production possibilities frontier......Page 16
Opportunity cost......Page 19
Common pitfalls in economic analysis......Page 20
Demand......Page 23
Change in demand......Page 25
Reasons for a change in demand......Page 26
Supply......Page 28
Change in supply......Page 30
Reasons for a change in supply......Page 31
Equilibrium Analysis......Page 32
The algebraic approach to equilibrium......Page 33
A graphical depiction of equilibrium......Page 34
Price elasticity of demand and supply......Page 36
Two extreme cases......Page 37
Income elasticity of demand......Page 38
Cross-price elasticity of demand......Page 39
Macroeconomics......Page 41
GDP or GNP?......Page 43
Measuring GDP: the expenditure & income approaches......Page 44
Nominal GDP, Real GDP, & the Price Level......Page 47
Consumer price index......Page 48
Construction of a price index......Page 49
Unemployment Rate......Page 50
Structural unemployment......Page 51
Aggregate Demand Curve......Page 53
Aggregate Supply Curve......Page 57
Combining the Aggregate Demand & Aggregate Supply Curves......Page 61
The Classical Theory......Page 65
The Keynesian Theory......Page 69
Function of Money......Page 75
The Demand of Money......Page 77
Supply of Money......Page 78
Fiscal Policy......Page 85
Monetary Policy......Page 90
Microeconomics......Page 95
Utility & Preferences......Page 97
Consumer Equilibrium......Page 98
Consumer Equilibrium & Changes in Prices......Page 101
Individual Demand & Market Demand......Page 103
Consumer Surplus......Page 104
Production......Page 107
Production Costs & Firm Profits......Page 110
Long-run Costs......Page 116
Conditions for Perfect Competition......Page 119
Demand in a Perfectly Competitive Market......Page 120
Short-run Supply in a Pefectly Competitive Market......Page 121
Long-run Supply in a Perfectly Competitive Market......Page 127
Conditions for Monopoly......Page 131
Demand in a Monopolistic Market......Page 132
Profit Maximization in a Monopolistic Market......Page 135
Costs of Monopoly......Page 138
Conditions for a Monopolistically Competitive Market......Page 141
Demand in a Monopolistically Competitive Market......Page 142
Profit Maximization by a Monopoistically Competitive Firm......Page 143
Monopolistic Competition in the Long-run......Page 144
Conditions for an Oligopolistic Market......Page 145
Kinked-Demand Theory of Oligopoly......Page 146
Cartel Theory of Oligopoly......Page 148
Labor Demand & Supply in a Perfectly Competitive Market......Page 151
Equilibrium in a Perfectly Competitive Market......Page 156
Labor Demand & Supply in a Monopsony......Page 157
Equilibrium in a Monopsony Market......Page 158
Measures of Capital......Page 161
Capital, Loanable Funds, & the Interest Rate......Page 162
Present Value & Investment Decisions......Page 165