Contents
| Preface | ||
| PART ONE INTRODUCTION: CONSUMER AND PRODUCER BEHAVIOUR | ||
| 1 | The Family Budget Total family expenditure; explaining consumer behaviour |
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| 2 | The Business of Production Production decisions, business organisation and goals; factors of production; factor mobility; factor combination; specialisation and the scale of production; the dynamics of business; explaining business behaviour - a summary; the interdependence of businesses, input-output tables; international specialisation, the principle of comparative advantage |
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| PART TWO PRICES AND MARKETS | ||
| 3 | The Allocation of Resources Scarcity; opportunity cost; the production frontier; the 'economic problem'; problems of choice; solving problems of choice, traditional and market economics; the price mechanism, consumer sovereignty; market failure; a verdict on the market mechanism; factor markets; other markets |
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| 4 | Supply and Demand in the Market for Goods Demand, income and substitution effects, elasticity of demand; supply, elasticity of supply; market equilibrium; applications of supply and demand analysis; economic welfare, the case for laissez-faire, perfect and imperfect competition, sources of monopoly power, monopoly and market efficiency |
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| 5 | The Prices of Factors of Production The distribution of personal incomes; supply and demand for factors of production, demand and supply for labour, minimum wages, imperfect competition and labour markets, trade unions; differences in wages; economic rent; the determination of factor prices |
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| PART THREE NATIONAL INCOME OUTPUT AND THE PRICE LEVEL | ||
| 6 | The National Income Macroeconomics; the circular flow of income and expenditure; the standard of living, price changes, non-marketed goods, distribution of income; the national income of the United Kingdom, inflation, economic growth, the balance of payments, stagflation |
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| 7 | The Determination of the National Income Aggregate demand; Planned and realised expenditures; an ultra-simple economy; a simple economy, saving and investment, the role of stocks, the 'Paradox of Thrift', the multiplier; more complex economies; Keynesian economics |
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| 8 | Money The Nature of money; the functions of money, liquidity; the demand for money;the supply of money, 'creation' of bank deposits; the price of money, the rate of interest; the importance of money, the quantity theory of money, cost and demand inflation; how much does money matter? |
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| PART FOUR ECONOMIC POLICY | ||
| 9 | Economic Policy: I Macroeconomics The goals of macroeconomic policy; unemployment versus inflation, the role of expectations, accelerating inflation; the instruments of macroeconomic policy, fiscal, monetary and prices and incomes policies, the Bank of England; the balance of payments, exchange rates; balance-of-payments policies; the choice of policy instruments, Monetarism versus Keynesianism |
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| 10 | Economic Policy: II Microeconomics The goals of microeconomic policy; the price mechanism and market failure; the instruments of microeconomic policy, taxes and subsidies, price controls; the choice of policy instruments, equity versus efficiency; comparative economic systems |
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| PART FIVE THE NATURE OF ECONOMICS | ||
| 11 | The Methods of Economics: Tools and Techniques The social sciences; the branches of economics, positive and normative economics; economic models, solutions to economic models, dynamic models; model testing, statistical association and causality; economic 'laws' |
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| Appendix The Use of Graphs in Economics.How to draw a graph; linear relationships; tangents to curves; areas under curves; graphs of empirical data |
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| Index | ||
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