Basic EconomicsThe fourth edition of Basic Economics is both expanded and updated. A new chapter on the history of economics itself has been added, and the implications of that history examined. A new section on the special role of corporations in the economy has been added to the chapter on government and big business, among other additions throughout the book. Basic Economics, which has now been translated into six languages, has grown so much that a large amount of material in the back of the book in previous editions has now been put online instead, so the book itself and its price will not have to expand. The central idea of Basic Economics, however, remains the same: that the fundamental facts and principles of economics do not require jargon, graphs, or equations, and can be learned in a relaxed and even enjoyable way. |
Contents
WHAT IS ECONOMICS? | 1 |
THE ROLE OF Chapter 3 PRICE CONTROLS | 15 |
AN OVERVIEW | 102 |
THE RISE AND FALL OF BUSINESSES | 145 |
THE ROLE OF PROFITSAND LOSSES | 182 |
BIG BUSINESS AND GOVERNMENT | 232 |
AN OVERVIEW | 285 |
PRODUCTIVITY | 321 |
CONTROLLED LABOR | 364 |
INVESTMENT AND SPECULATION | 459 |
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Common terms and phrases
allocation alternative American amount anti-trust automobile benefits capital cars cartels chain changes charged companies competing competition competitors consumers corporations costs countries country’s created customers decisions dollars earned economic efficiency employers enterprises example fact farmers filling stations firms free market gasoline given grocery higher prices hire housing incentives income India individual industry interest rate inventories investment J.C. Penney kinds knowledge labor less losses lower prices manufacturers market economy McDonald’s ment million minimum wage minimum wage laws monopoly Montgomery Ward nomic operating output paid particular percent policies political poverty price controls profit reduce rent control result rising risk scarce resources scarcity sell sellers shortage simply society sold Soviet Union standard of living standpoint supply and demand things tion twentieth century unem unemployment rate United wage rate Wal-Mart Wall Street Journal whole workers