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<langstring xml:lang="enUS">WinEcon  Sloman, Economics (7th Edition)</langstring>
A fullyinteractive introduction to the principles of economics to support the textbook, Economics (7th Edition) by John Sloman and Alison Wride.
Interactive Sloman introductory economics course
WinEcon  Sloman, Economics 7ed

Introducing Economics

What do economists study ?

Introduction

Introduction to Economics

The Five Assumptions for the PPF

Production Possibilities

The Production Possibility Frontier

Production Not at the Frontier

Changing the PPF

The Circular Flow of Goods and Income

Summary

Different Economic Systems

Introduction

The nature of economic reasoning

Introduction

The Economic Approach  Rationality

Objectives and Actions: The Squash Club

Objectives and Actions: Allocating a Health Budget

Objectives and Actions: Looking Ahead

Economic Modelling

Summary

Appendix 1 Some techniques of economic analysis

Introduction

Some Techniques of Economic Analysis

Summary

Supply and Demand

Demand

Introduction

Demand for Housing in St. Andrews  Sudden Increase

Factors Affecting Demand

The Demand Curve of an Individual

Shifts in an Individual's Demand Curve

The Product Demand Curve

Shifts in the Product Demand Curve

The Demand for Water

Summary

Supply

Introduction

Factors Affecting Supply

The Supply Curve of a Firm

Shifts in the Supply Curve of a Firm

The Product Supply Curve

Shifts in the Product Supply Curve

Summary

Price and Output Determination

Introduction

Market Equilibrium

Comparative Statics

Summary

The control of prices

Introduction

Government Intervention

Minimum Wage

Summary

Markets in Action

Elasticity

Introduction

Market Demand for Water

The Concept of Elasticity

Elasticity and Smoking

Price Elasticity of Demand

Factors Affecting PED

Elasticities in Estimating the Demand for Water

Price Elasticity and Total Revenue

Point Elasticity  Linear Demand Curve

Point Elasticity  NonLinear Demand Curve

Demand Curves with Constant Elasticity

Elasticity of Supply

Ruby Earrings and PES

Price Elasticity of Supply

Price Elasticity and the Slope of the Supply Curve

Point Elasticity  Supply

Factors Affecting PES

Income Elasticity of Demand

Cross Elasticity of Demand

Summary

The time dimension

Introduction

Spot and Forward Markets

Futures Markets

How does a Futures Market work?

Summary

Indirect taxes

Introduction

Elasticity: Revising the Concept

What is Tax Incidence?

Unit Tax  An Example of Tax Incidence

Summary

Government rejection of market allocation

Introduction

Agriculture and agricultural policy

Introduction

Agricultural Support

The Cobweb Model: A Divergent Cobweb

The Cobweb Model: A Convergent Cobweb

Summary

Background to Demand

Marginal Utility Theory

Introduction

Consumption Decisions

Total & Marginal Utility

Utility and Demand

Choice of Goods

Summary

Demand under risk and uncertainty

Introduction

Examples of Certainty and Risk

Risk in Economics

Types of Risk

Risks  Fair or Not?

Risk Aversion

Test your Understanding of Risk

Insurance and Risk

The Supply of Insurance

Problems with Insurance

Summary

Indifference Analysis

Introduction

Saatchi and Saatchi  Product Choices

Consumption Decisions (revisited)

Elements of the Consumer Choice Model

Discovering Indifference Curves

Assumptions of Indifference Curves

NonStandard Indifference Curves

The Budget Line

Drawing the Budget Line

Changing the Budget Line

Optimal Consumption Choice

Income  Consumption Curve

The Engel Curve

Price  Consumption Curve

Deriving the Demand Curve

The Effect of a Price Change

The Substitution Effect

The Income Effect

The Income & Substitution Effects

Inferior Goods

Spend and Save Coupons

A Two Part Tariff

Intertemporal Choice  Budget Constraint

Intertemporal Choice  Indifference Curve Analysis

Carol's Hairdressing Business

Summary

Background to Supply

The shortrun theory of production

Introduction

Production and Factor Inputs

The ShortRun Production Function

Diminishing Returns in Production

The Law of Variable Proportions

Modern Production Methods

Modern Production Methods: an example

ShortRun Production Functions: a numerical example

Marginal and Average Physical Product of Labour: a numerical example

Mathematics of the Marginal Product

Summary

Costs in the short run

Introduction

ShortRun Costs and Labour Productivity

ShortRun Cost Definition

Drawing ShortRun Cost Curves

Positioning ShortRun Cost Curves

Deriving ShortRun Total Cost Curves

Deriving the ShortRun Average Fixed (AFC) and Average Variable Cost (AVC) Curves

The Shape of the Average Total Cost (AC) Curve

The Shape of the Marginal Cost (MC) Curve

Deriving the ShortRun MC and AC Curves: a numerical example

Mathematics of Marginal Cost

IKEA  Better Products at Lower Cost

Summary of ShortRun Costs

Summary

The long run theory of production

Introduction

Nike Changes its Production Processes

Economies of Scale: definitions

The LongRun Production Function

Output against Labour Curve as Capital is Increased

The Isocost Line

Factors Affecting the Isocost Line

The Slope of the Isocost Line

Isoquants and Production Rays

Technical Efficiency

The Shape of the Isoquant: factor substitutability

The Slope of the Isoquant: factor substitutability

The Shape of the Isoquant: marginal rate of substitution

Producing at Minimum Cost

Cost Minimisation for a Fixed Output Level

Maximum Output for a Fixed Budget

Changes in Factor Prices: factor prices

Changes in Factor Prices: an example

The Three Scale Effects

A Crude Oil Pipeline

Crude Oil Pipeline  Economies of Scale

Summary

Costs in the long run

Introduction

LongRun Average Costs in Practice

Economies of Scale and Market Structure

LongRun Expansion Path

ShortRun Expansion Path

Expansion Paths: short and longrun cost curves

Comparing Long and ShortRun Costs

Summary

Revenue

Introduction

Profit maximisation

Introduction

Profit Maximisation

Marginal Cost and Revenue at Profit Maximisation

Normal and Supernormal Profit

Summary

Perfect Competition & Monopoly

Alternative market structures

Introduction

Virgin Records  New Business, Cheaper Prices

Characteristics of Different Market Structures

Summary

Perfect Competition

Introduction

Four Key Assumptions in Perfect Competition

Firm and Industry Demand in Perfect Competition

Demand Curve of a Firm in Perfect Competition

Profit Maximisation in Perfect Competition

Profit Maximising Output for a Firm in Perfect Competition

Fixed and Variable Costs

Short Run Supply

Profits and Losses in the Shortrun

The Comparative Static Effects of Demand Changes

A Change in Demand with Diseconomies of Scale

Comparative Static Effects of Changing Costs

Summary

Monopoly

Introduction

Two Key Assumptions in Monopoly

Barriers to Entry

A Monopolist's Revenue

A Monopolist's Demand and Marginal Revenue

Profit Maximisation by a Monopolist

Profit Maximisation for a Monopolist using MC and MR

Monopoly and Supply

Demand, Elasticity and Monopoly

Perfect Competition and Monopoly Compared

Main Differences between Perfect Competition and Monopoly

Price, Output & Profit in Competition & Monopoly

Economies of Scale and Market Structure (revisited)

The Supply of Water

Impact of Water Meters and Weather

Summary

The theory of contestable markets

Introduction

Imperfect Competition

Monopolistic Competition

Introduction

Key Assumptions in Monopolistic Competition

Short Run Equilibrium of a Monopolistic Firm

Adjustment to Longrun Equilibrium

Quiz on Monopolistic Competition

Summary

Oligopoly

Introduction

The Key Assumptions of Oligopoly

Interdependence in Oligopoly

Rivalry in Oligopoly

Competition or Collusion

Collusive Oligopoly

Cartels

Cartel Disintegration

A Cartel Example  OPEC

Collusion in Practice

Non Collusive Oligopoly

Equilibrium in Non Collusive Oligopoly

Models of Noncollusive Oligopoly

Assumptions of Cournot's Oligopoly Model

Cournot's Model of Duopoly

The Kinked Demand Curve

Other Explanations for Stable Prices

Non  Price Competition

Advertising

The Economics of Advertising

The Advertising Elasticity of Demand

Saatchi and Saatchi: Product Differentiation

The Case for Imperfect Competition

Differences Within Imperfect Competition

Summary

Game theory

Introduction

Game Theory

Prisoners' Dilemma Game: an example

A Duopoly Game Based on the Prisoners' Dilemma

Nash Equilibria versus Cooperation

Reasoning as a Duopolist

Followers and Leaders

Summary

Price discrimination

Introduction

Price Discrimination Under Monopoly

Summary

Alternative Theories of the Firm

Problems with traditional theory

Introduction

The Activities of Firms

Lonely Planet: An Example of a Modern Firm

The Firm

What is a Firm?

Forms of Business Organisation

Businesses and Legal Liability

Legal Forms of Business Organisation

Business Organisation: Matching Game

Types of Firm

The Value Chain

Stages in the Value Chain

Value Chain Exercise

Market or Firm Coordination?

The Market, Firms or Both?

Better Coordination by Firms

Transaction Costs

Markets, Contracts and the Firm

The PrincipalAgent Relationship

Dealing with PrincipalAgent Problems

Principals, Agents and Incentives  some examples

Summary

Alternative maximising theories

Introduction

A Managerial Approach to the Firm

The Profit Objective

Bank of Scotland and Halifax Merger

The Merger Process

Merger Activity

Types of Merger

Effects of Mergers and Acquisitions

Franchising

Franchise Partners

Why Do Firms Need Finance?

Finance for Industry

Summary

Multiple aims

Introduction

HSBC  Return on Capital

Nestle  Sustainable Value

Examples of Company Objectives

The Nature of Business Objectives

The Motivations of Owners, Managers and Workers

The Business Environment

Organisation and Objectives

Summary

Pricing in practice

Introduction

The Theory of Distribution of Income

Wage determination under perfect competition

Introduction

Factor Markets: an overview

Supply of Labour: the leisure/work tradeoff

Supply of Labour: derivation of the budget constraint

The Labour Supply Decision

The Market Supply of Labour

Factor Demand by a Firm: under different market structures

The Firm's Demand for Factors: possible market combinations

ShortRun Demand for Labour: competitive input & output markets

ShortRun Demand for Labour

Aggregate Demand for Labour

Summary

Wage determination in imperfect markets

Introduction

Derivation of the Marginal Factor Cost in Imperfect Input Markets

Derivation of MRP and VMP in Imperfect Output Markets

Imperfect Input Market and Competitive Output Market

Imperfect Input and Output Markets

The Market for Skilled Labour  TV weather presenters

The Market for Unskilled Labour  bar staff

Economic Rent and Transfer Earnings

Summary of Economic Rent and Transfer Earnings

The Aggregate Supply Curve faced by a Monopsonist

Discriminating and NonDiscriminating Monopsony Compared

Summary

Capital and Profit

Introduction

Net Present Value

Evaluate Your Own Project

The Meaning of Net Present Value

The Cost of Capital: an introduction

The Cost of Capital: influences

Payback

Types of Security

ShortTerm Financing

Sources of ShortTerm Finance

Capital Gearing

Capital Gearing  an illustration

Simulate the Effect of Capital Gearing on your own Company

The Stock Exchange

The History of the Stock Exchange

Ways of Issuing Securities

The Stock Exchange  Conditions for Listing

Summary

Land and Rent

Introduction

The Market for City Centre Office Space

Revising Economic Rent and Transfer Earnings

Summary

Inequality, Poverty and Redistribution

Inequality and poverty

Introduction

The World Distribution of Income

Revising the Minimum Wage

The National Minimum Wage

Summary

Taxes, benefits and the redistribution of income

Introduction

Types of Tax in the U.K.

Sources of Tax Revenue

Progressive, Regressive & Proportional Taxes

Requirements of a Good Tax System

Benefit Payments

Summary

Markets, Efficiency and Public Interest

Efficiency under Perfect Competition

Introduction

Allocative Efficiency

Marginal Private Cost & Benefit

Perfect Competition & Allocative Efficiency

The Six Competitive Market Assumptions

Allocative Efficiency for Society

Net Social Benefit

Types of Efficiency  Quiz

The Pareto Principle

Pareto Optimality

Equity & Efficiency

Understanding Consumer Surplus

Individual Consumer Surplus

Market Consumer Surplus

Consumer Surplus for Different Demand Curves

Defining Producer Surplus

Producer Surplus in Different Markets

Social Surplus

Summary

The case for government intervention

Introduction

Reasons for Market Failure

Externalities & Allocative Inefficiency

Production Externalities

Consumption Externalities

Finding Marginal Social Cost & Benefit

What are Social Costs and Externalities?

Public versus Private Goods

Key Characteristics of a Public Good

Public Goods and Free Riders

How much of a public good to produce?

Key Characteristics of a Merit Good

Monopoly Power & Allocative Inefficiency

Revising the Competition and Monopoly Models

Efficiency in Competition & Monopoly

Social Surplus in Competition

Social Surplus in Monopoly

Changes Resulting from Monopolisation

Deadweight Loss of Monopoly  An Alternative Measure

Monopolisation of a Constant Cost Industry

Summary

Forms of government intervention

Introduction

Externality Policy in a FirstBest World

Monopoly Policy in a FirstBest World

The SecondBest World

Advantages/Disadvantages of Taxes & Subsidies

Demand for Regulation

Supply of Regulation

Equilibrium Amount of Regulation

Examples of Regulation

Summary

Costbenefit analysis

Introduction

The case for laissezfaire

Introduction

Summary

Environmental Policy

Environmental Policy

Introduction

Government Policy towards Business

Competition Policy

Introduction

Revising Monopoly

Banking Services Monopoly

UK regulation of Private Monopolies & Oligopolies

UK Merger Policy

Regulation due to Membership of the European Union

Summary

Privatisation and Regulation

Introduction

The Major UK Nationalisations

The Case for Nationalisation

The Economic Case for Nationalisation

The Emergence of a Natural Monopoly

Pricing Policy  Problems under Natural Monopolies

Externalities and Public Goods

The Nationalised Industries in the UK  A Potted History

Productive Efficiency

UK Allocative Efficiency

Definitions of Privatisation

UK Privatisations

UK Privatisation  Two Periods

Incentives and Efficiency

Seven Reasons to Privatise

Ownership and Efficiency

Objectives of Privatisation

Regulation of Privatised Utilities

The Privatisation of Electricity

Case Study: The UK's National Health Service (NHS)

Private vs Public Control of Health Care Resources

Private vs Public Control  Ask the Experts

Case Study NHS: What are the Benefits of a Mixed System?

Summary

The National Economy

The scope of macroeconomics

Introduction

Trended and NonTrended Variables

The Behaviour of Real and Nominal Variables

Nominal and Real Interest Rates

Positive and Negative Real Interest Rates

Real Interest Rates in Various Countries

Summary

The circular flow of income

Introduction

Basic Concepts: Firms and Households

Basic Concepts: Aggregate Markets

The Simple Circular Flow of Income and Expenditure

The Full Circular Flow of Income and Expenditure

Accounting Identities in the Circular Flow

Planned Versus Actual Flows

Summary

Measuring national income

Introduction

Potential Pitfalls in Measuring Productive Activity

Transfer Payments

Double Counting  a Potential Error

Double Counting  Avoiding the Problem

Real and Nominal GDP

The Output Approach

GVA in Current Prices

Output by Sector

The Income Approach

GDP by Income Type

The Expenditure Approach

Composition of Expenditure

GNI and NNI

GDP and Economic Welfare

Summary

Shortterm economic growth and the business cycle

Introduction

Fitting Linear Trends

Trends in Levels and Logarithms

Deviations from Linear and LogLinear Trends

Linear Trends with Constant Growth

Annual Real GDP Growth Rates

Quarterly GDP Growth Rates

Summary

Longterm economic growth

Introduction

Macro Issues & Analysis: an Overview

Unemployment

Introduction

Introducing Unemployment

Summary

Aggregate demand and supply and the level of prices

Introduction

Inflation

Introduction

Measuring the Price Level and Inflation

Calculating the GDP Deflator

Hyperinflations

Summary

The balance of payments and exchange rates

Introduction

The Balance of Payments

Devaluation and the Balance of Payments

Introducing Exchange Rates

Summary

The relationship between the four macro objectives

Introduction

Comovements with GDP Growth

Lead and Lag Comovements

Inflation over the Business Cycle

Money Supply and Inflation

International Comovements

Summary

The Roots of Modern Macroeconomics

Setting the scene: three key issues

Introduction

Classical macroeconomics

Introduction

The Quantity Theory of Money

The Quantity Theory and Aggregate Demand

Summary

The Keynesian revolution

Introduction

The monetaristKeynesian debate

Introduction

The current position: an emerging consensus?

Introduction

Shortrun Macroeconomic Equilibrium

Background to the theory

Introduction

Revising Some Basic Macroeconomic Concepts

The Consumption Function

Consumption and Income in Selected Countries

Marginal Propensities to Consume and Save

Average Propensity to Consume

The Consumption Function Diagram

Consumption, Taxation and Saving

Taxation

Saving

Aggregate Demand in the Goods Market

Constructing the Aggregate Demand Function

The Firms Sector

Aggregate Supply: Equation & Diagram

Summary

The determination of national income

Introduction

Goods Market Equilibrium

Keynesian Cross Diagram

The Formal Model: Equations & Solutions

Solution Method 1: Aggregate Demand equals Aggregate Output/Income

Introduction to Solution Method Two

Solution Method 2: Planned Withdrawals equals Planned Injections

Equilibrium Values for Other Variables

Formal Model: Diagrams

A Change in Injections

A Change in Injections: a numerical example

The Multiplier

The Size of the Multiplier

Equilibrium Values and Exogenous Changes

The Multiplier: Withdrawals/Injections

Summary

Simple Keynesian analysis of unemployment and inflation

Introduction

Unemployment and Macroeconomic Policy

Equilibrium and Full Employment

Policy Implications: A Few Cautions

Summary

The Keynesian analysis of the business cycle

Introduction

Measuring a Cycle

Cycles Terminology

An Actual Cycle

Theories of Cycles: Overview

Investment Demand and Aggregate Output/Income

Summary

Money and Interest Rates

The meaning and functions of money

Introduction

Money Supply and Demand: Introduction

Functions of Money

Summary

The financial system

Introduction

Flows of Funds Accounts

Assets and Liabilities

Financial Accounts and the Flows of Funds

The Banking System: The Role of the Central Bank

The Banking System: The Other Banks

NonBank Financial Institutions (NBFI's)

The Banking System

Banking Operations

A Multi Bank System

Loans and the Banking System

The Minimum Reserve Ratio

Summary

The supply of money

Introduction

The Money Stock: Aggregate Measures

Loan Expansion and the Bank Deposit Multiplier

Summary

The demand for money

Introduction

Keynesian Theory of Money Demand

The Transactions Demand for Money

The Speculative Demand for Money

The Total Demand for Money Function

Summary

Equilibrium

Introduction

Reconciling Money Flows and Money Stocks

The Money Market and Equilibrium Interest Rate

Exogenous Changes and their Money Market Effects

Summary

Relationship of Money & Goods Markets

The effects of monetary changes on national income

Introduction

Revising the Quantity Theory of Money

The Monetarist Transmission Mechanism

Policy Implications

Friedman's Theory of Money Demand

Empirical Evidence on the Money Demand Function

Summary

The monetary effects of changes in the goods market

Introduction

Introduction: Keynesian Aggregate Demand

Consumer Demand and Disposable Income

Consumer Demand and the Rate of Interest

The Consumption Demand Function

The Investment Decision and the Rate of Interest

Investment Demand and the Rate of Interest

Money, Price Level and Output: Debates on Causality

Summary

ISLM Analysis

Introduction

The Investment Demand Function

The IS Equation and Curve: Graphical Approach

Changes in Injections and Withdrawals

The IS Equation and Curve: Equation Approach

The IS Curve and Aggregate Demand

The LM Curve and Equation

LM Curve: Graphical Derivation

LM Curve and Equation: Exogenous Changes

LM Curve: Equation Derivation

The ISLM Analysis and Aggregate Demand

Real  Financial Sector Interactions

Joint Equilibrium of Goods and Money Markets

ISLM Equilibrium

Exogenous Changes in the ISLM Model

Relative Effects of Exogenous Changes

Policy Implications of the ISLM Theory

Keynesian Aggregate Demand and the Price Level

Summary

Taking inflation into account

Introduction

Fiscal and Monetary Policy

Fiscal policy

Introduction

Policy Timing and Magnitude

The Timing of Policy Changes

Timing and Magnitude

The Political Angle

Summary

Monetary policy

Introduction

Control of the Money Supply

Exogenous and Endogenous Money

Bills and Bonds

Open Market Operations: In Theory

Open Market Operations: In UK Practice

Open Market Sales and Banks' Responses

Other Monetary Control Measures

Interest Rate Control Methods

Summary

ISLM analysis of fiscal and monetary policy

Introduction

Fiscal Policy and Crowding Out

Recap on the Slope of the IS Curve

Recap on the Slope of the LM Curve

The Effectiveness of Fiscal Policy

Fiscal Policy Exercise  Introduction

Fiscal Policy Exercise

Fiscal Policy Exercise Solutions

Monetary Policy

The Effectiveness of Monetary Policy

Monetary Policy Exercise  Introduction

Monetary Policy Exercise

Monetary Policy Exercise Solutions

ISLM Models

Keynes Versus the Classics

Fiscal Policy Under Flexible Prices

Monetary Policy Under Flexible Prices

ASAD Fiscal Policy Exercise  Introduction

ASAD Fiscal Policy Exercise

ASAD Fiscal Policy Solutions

Summary

UK fiscal and monetary policy

Introduction

Rules versus discretion

Introduction

AS, Unemployment & Inflation

Aggregate supply

Introduction

The Aggregate Production Function

The Aggregate Demand for Labour

Labour Supply and Unemployment

Summary

The expectationsaugmented Phillips curve

Introduction

Monetarist Aggregate Supply at a Glance

Monetarist Theory of Labour Supply

Monetarist Model: Employment Determination

The Monetarist Aggregate Supply Curve

Unemployment in the Monetarist Model

Logarithms and Growth Rates: A Review

The Phillips Curve

The Natural Rate Hypothesis

Monetarist Aggregate Supply: A Summary

Revising Theories of Cycles

Monetarist Model: AD Shock

Monetarist Model: AD Shocks

Monetarist Model: AS Shock

Monetarist Model: AS Shocks

Summary

Inflation & unemployment: Classical/New classical position

Introduction

Classical Aggregate Supply at a Glance

Classical Labour Supply Theory

Are You Prone to Money Illusion?

Classical Model: Employment Determination

The Classical Aggregate Supply Curve

AS Curve Shifts: Technology Shocks

AS Curve Shifts: Income Tax Changes

Unemployment in the Classical Model

Classical Aggregate Supply: A Summary

Another Revision of Theories of Cycles

Classical Model: AD Shock

Classical Model: AS Shock

Stabilising Prices in the Classical Model

Summary

Inflation & unemployment: the modern Keynesian position

Introduction

Keynesian Aggregate Supply at a Glance

Keynesian Theory of Labour Supply

Keynesian Model: Employment Determination

The Keynesian Aggregate Supply Curve

Unemployment in the Keynesian Model

Keynesian Aggregate Supply: A Summary

Keynesian Model: AD Shock

Keynesian Model: AS Shock

Summary

Longterm Economic Growth

Introduction

Introduction

SupplySide Policies

Introduction

Introduction

International Trade

The advantages of trade

Introduction

Opportunity Cost and the Production Possibility Frontier

The Gains from Trade

The Principle of Comparative Advantage

Sources of Comparative Advantage

More Sources of Comparative Advantage

Summary

Arguments for restricting trade

Introduction

The Effect of a Tariff on Imports

Preferential trading

Introduction

The European Union

Introduction

Balance of Payments & Exchange Rates

Alternative exchange rate regimes

Introduction

International Trade: An Example

Summary

Fixed exchange rates

Introduction

Fixed Exchange Rates

Summary

Freefloating exchange rates

Introduction

Flexible Exchange Rates

Doing Business Abroad: Reducing Exchange Rate Risk

Summary: Trade and Exchange Rates

Summary

Exchange rate systems in practice

Introduction

Appendix: The open economy and ISLM analysis

Introduction

The BP Curve

ISLMBP Analysis with Fixed Exchange Rates

ISLMBP Analysis: Exchange Rate Changes

ISLMBP Analysis with Flexible Exchange Rates

Exogenous Changes: Fixed Exchange Rates

Exogenous Changes: Flexible Exchange Rates

The ISLMBP Framework

Policy Effectiveness in the Open Economy

Fiscal Policy in a Fixed Exchange Rate Regime

Monetary Policy in a Fixed Exchange Rate Regime

Fiscal Policy Under Flexible Exchange Rates

Monetary Policy Under Flexible Exchange Rates

Policy Exercise

Summary

Global and Regional Interdependence

Introduction

Introduction

Economics of developing countries

The Problem of Underdevelopment

Introduction

The Distribution of Income

Countries by Income Categories

Distribution of Income  The Lorenz Curve

Countries with the Lowest Income

Lorenz Curves for Different Countries

Development  Concepts and Measurements

GNP Per Capita and Life Expectancy at Birth

Countries Classified by Development Indicators

The Human Development Index

The Human Development Index for Selected Countries

Increasing the Value of the Human Development Index

Countries Classified by the Human Development Indicator

Basic Development Indicators

Summary

International trade and development

Introduction

The Direction of International Trade

Proportions of Trade Between Groups of Countries

Recap: The Direction of International Trade

Composition of International Trade

Composition of Exports by Groups of Countries

Composition of Exports for Various Regions

Countries Grouped by Income and Composition of Trade

Composition of Trade for Selected Countries

The 1960s

The Problems of Primary Producers

Import Substitution Industrialisation

Import Substitution Industrialisation  An Example

The 1970s

The Four Tigers of Asia

The 1970s: The First Oilshock, Borrowing and Debt

Summary

Structural problems within developing countries

Introduction

The problem of debt

Introduction

The 1980s

The Debt Crisis

Borrowing and Indebtedness

Summary

Introductory Mathematics for Economists

Introductory Mathematics for Economists

Introduction

About Introductory Mathematics for Economists

The Basics

Introduction

Variables and Functions

Fractions and Sharing

Basic Rules of Algebra

Coordinates and Graphs

Powers and Indices

Economic Problems  Basic Mathematics

Summary of the Basics

Equations

Introduction

Transposition

Linear Equations

Quadratic Equations

Simultaneous Equations

Exponential Functions

Logarithmic Functions

Economic Problems  Equations

Summary of Equations

Sequences and Series

Introduction

Sequences and Series

Present Value & Cash Flow

Economic Problems  Sequences

Summary  Sequence & Series

Summary for Introductory Mathematics for Economists

Summary

Intermediate Mathematics for Economists

Intermediate Mathematics for Economists

Introduction

About Intermediate Mathematics for Economics

Differentiation in Economics

Introduction

Why Economists use Differentiation

The Basic Rules of Differentiation

Worked Examples

A Summary of The Basic Rules of Differentiation

Practice Differentiation

Example One  Utility Functions

Example Two  Revenue Functions

Example Three  Cost Functions

Maximum & Minimum Values

Introduction

Identifying Maximum & Minimum Values

Checking for Maximum or Minimum Turning points

Rules for Finding a Maximum or Minimum

What Happens at a Maximum?

Example One  Maximum Profit

Example Two  Minimum Average Cost

Product, Quotient & Chain Rules

Introduction

The Product Rule

The Quotient Rule

The Chain Rule

Further Rules of Differentiation  A Summary

Example One  Marginal Revenue (Product Rule)

Partial Differentiation

Introduction

Marginal Product of Labour and Capital

Practice Partial Differentiation

Maxima/Minima of Multivariate Functions

Introduction

Optimisation of Multivariate Functions

Maxima/Minima Subject to a Constraint

Introduction

Constrained Optimisation

The Substitution Method

The Lagrange Multiplier Method

Differentiation of Log/Exponential Functions

Introduction

Natural Logarithmic & Exponential Functions

Rules for Differentiation of Logs/Exponentials

Practise Differentiating Logs/Exponentials

Summary for Intermediate Mathematics for Economists

Summary

Probability for Economists

Elementary Probability

Introduction

Sets

Probability: Outcomes, Events and Sample Spaces

Definition of Probability: The Probability Postulates

Probability Calculator

Throwing Two Coins: How Many Heads?

Summary

Elementary Statistics

Introduction

Grouped Data

The Mean

The Mode

The Median of Raw Ungrouped Data

The Median: Grouped Data

Mean, Mode, Median and Symmetry

Summary

Discrete Distributions

Introduction

Binomial Distribution

Poisson Distribution

Summary

Continuous Distributions

Introduction

Normal Distribution

Summary

Central Limit Theorem

Introduction

Central Limit Theorem

Summary

Statistics for Economists

Correlation Coefficient

Introduction

How To Get More Information (in this chapter)

Correlation Coefficient

Summary

Simple Regression

Introduction

Fitting a Line to the Data

Linear Regression (or Fitting a Line to the Data)

Linear Regression

Summary

Multiple Regression

Introduction

Multiple Linear Regression

Multiple Linear Regression Analysis

Chisquared Test for Normality of Residuals

FTest

ttest

Regression: Analysis of Variance

The Analysis of Variance

Multiple Regression As A Sequence of Simple Regressions

Summary

Analysis of Variance

Introduction

Analysis of Variance

Summary

Dummy Variables

Introduction

Dummy Variables

Summary

Time Series Analysis

Introduction

Time Series Analysis: Moving Averages

Time Series Analysis

Summary