David K.H. Begg, Gianluigi Vernasca-Economics-McGraw Hill Higher Education (2011)

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Acknowledgements for the tenth edition Firstly, we would like to thank Tom Hill, Natalie Jacobs and all the other people at McGraw-Hill. A special thanks goes to our students at Imperial College London and the University of Essex for the useful feedback they have given us over the years. We would like to thank the following reviewers who provided helpful suggestions and comments on the book as it progressed through its revision: John Ball, University of Swansea Francesco Bravo, University of York Michael Brookes, Middlesex University Simeon Coleman, Nottingham Trent University Graham Cookson, University of London, King's College William Dixon, London Metropolitan University Ralf Eriksson, Abo Akademi University John Gathergood, Nottingham University Walter Heering, University of Brighton Martin Jensen, Birmingham University Paul Kearney, Regents College Ben Knight, University of Warwick Pamela Lenton, University of Sheffield Mikael Lindback, Umea University Jan Peter Madson, Copenhagen Business School Walter Nonneman, Antwerp Keith Pilbeam, City University, London Jorn Rattso, Norwegian University of Science and Technology Jenny Roberts, University of Sheffield John Salter, University of Manchester Rob Simmons, Lancaster University Rauli Svento, Oulu University Dimitrios Syrrakos, Manchester Metropolitan University XXXll
Page 1: • David Begg, Gianluigi Vernasca,
Page 4 and 5: Economics 10th Edition David Begg,
Page 7 and 8: Brief Table of Contents Preface xii
Page 9 and 10: 5 Consumer choice and demand decisi
Page 11 and 12: PART FOUR Macroeconomics l 5 Introd
Page 13 and 14: PART FIVE The world economy 28 Inte
Page 15 and 16: Changes to the tenth edition After
Page 17 and 18: Guided tour In addition to illustra
Page 19 and 20: Aiding Understanding Hy the end of
Page 21 and 22: Rent ceiling in Sweden* More on pri
Page 23 and 24: 13 General vs partial equilibrium:
Page 25 and 26: 26 Growth and competition* Case Neo
Page 27 and 28: Cl INSTRUCTORS ... Would you like y
Page 29 and 30: Additional technology to enhance le
Page 31: Custom Publishing Solutions • cre
Page 35 and 36: Finally, special thanks to the foll
Page 38: ---.. . - Introduction Economics is
Page 41 and 42: CHAPTER 1 Economics and the economy
Page 59 and 60: Learning Outcomes By the end of thi
Page 61 and 62: CHAPTER 2 Tools of economic analysi
Page 79 and 80: Learning Outcomes By the end of thi
Page 81 and 82: CHAPTER 3 Demand, supply and the ma
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CHAPTER 3 Demand, supply and the ma
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Learning Outcomes By the end of thi
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4.1 The price responsiveness of dem
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4.2 Price, quantity demanded and to
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4.2 Price, quantity demanded and to
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4.4 Short run and long run simultan
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4.6 The effect of income on demand
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4.6 The effect of income on demand
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4.8 Elasticity of supply The elasti
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4.9 Who really pays the tax? S' - G
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Summary What are the effects of the
Page 126 and 127:
Review questions 5 Common fallacies
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5.1 Demand by a single consumer is
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5.1 Demand by a single consumer Ill
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5.1 Demand by a single consumer QF
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5.1 Demand by a single consumer whe
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5.1 Demand by a single consumer How
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5.2 Adjustment to income changes ou
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5.3 Adjustment to price changes and
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5.3 Adjustment to price changes Thi
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5.3 Adjustment to price changes imp
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5.3 Adjustment to price changes Q '
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5.5 Complements and substitutes it
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5.6 Transfers in kind that to the s
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Review questions • The market dem
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Our theory of consumer choice assum
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APPENDIX Consumer choice with measu
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6.2 A firm's accounts A sole trader
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6.2 A firm's accounts Inventories I
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6.2 A firm's accounts Earnings When
Page 166 and 167:
6.4 Corporate finance and corporate
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6.5 The firm's supply decision Tabl
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6.6 Marginal cost and marginal reve
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6. 7 Marginal cost and marginal rev
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Review questions in total cost when
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7.2 Production in the short run: di
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7.2 Production in the short run: di
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7.3 Short-run costs As you can see
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7.3 Short-run costs 60 50 SMC - 40
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7.3 Short-run costs down average co
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7.4 A firm's output decision in the
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7.6 Long-run total, marginal and av
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7. 7 Returns to scale - "O 0 DI ..
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7. 7 Returns to scale Scale economi
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7. 7 Returns to scale Table 7.10 Mi
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--1-----1 7.8 The firm's long-run o
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Summary Summary • This chapter di
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Review questions 8 Suppose that fir
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8.1 Perfect competition Perfect com
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8.2 A perfectly competitive firm's
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8.2 A perfectly competitive firm's
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8.3 Industry supply curves In the s
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8.4 Comparative statics for a compe
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.. 8.6 Profit-maximizing output for
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8.6 Profit-maximizing output for a
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8. 7 Output and price under monopol
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8. 7 Output and price under monopol
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8.8 A monopoly has no supply curve
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8.9 Monopoly and technical change f
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8.10 Natural monopoly 'ti QI 0 :I P
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Review questions • Adding at each
Page 234 and 235:
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9 .1 Why market structures differ D
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9 .1 Why market structures differ T
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9.3 Oligopoly and interdependence A
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9.3 Oligopoly and interdependence T
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9.4 Game theory and interdependent
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9.5 Reaction functions demand curve
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9.5 Reaction functions Deriving the
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9.5 Reaction functions Mergers and
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9.5 Reaction functions The Stackelb
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9.7 Strategic entry deterrence Inno
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9.8 Summing up Barriers at the chec
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Review questions Review questions c
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I 0.1 The firm's demand for factors
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10.2 The firm's demand for labour i
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10.3 The industry demand curve for
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10.4 The supply of labour Table 10.
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10.4 The supply of labour A reducti
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10.5 Industry labour market equilib
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10.5 Industry labour market equilib
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10.6 Transfer earnings and economic
Page 278 and 279:
10. 7 Do labour markets clear? Mini
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10. 7 Do labour markets clear? How
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10.8 UK wages and employment Table
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Summary reducing demand for both fa
Page 286 and 287:
Review questions In a graph with th
Page 288 and 289:
APPENDIX Isoquants and the choice o
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Page 292 and 293:
11.2 Rentals, interest rates and as
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11.3 Saving, investment and the rea
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11. 5 The supply of capital service
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11.6 Equilibrium and adjustment in
Page 304 and 305:
11.8 Land and rents supply of skill
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11.9 Income distribution in the UK
Page 308 and 309:
Summary of average earnings. As liv
Page 310 and 311:
Review questions the quantity of ca
Page 312 and 313:
Page 314 and 315:
12.l Individual attitudes to risk S
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12.2 Insurance and risk Life assura
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12.3 Asymmetric information The uti
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12.3 Asymmetric information Executi
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12.4 Uncertainty and asset returns
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12.5 Portfolio selection We use the
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12.5 Portfolio selection Conversely
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12.6 Efficient asset markets Beta i
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12.6 Efficient asset markets II Beh
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12. 7 More on risk You own a copper
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12.8 E-products 100 80 60 - - - - -
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12.8 E-products If Britain had to s
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Summary Britannica shelved Serious
Page 340 and 341:
Review questions 4 You set up a fir
Page 342:
Welfa re economics Normative or wel
Page 345 and 346:
CHAPTER 13 Welfare economics Welfar
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CHAPTER 13 Welfare economics Perfec
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CHAPTER 13 Welfare economics margin
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CHAPTER 13 Welfare economics II) E
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CHAPTER 13 Welfare economics have c
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CHAPTER 13 Welfare economics DD Wit
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CHAPTER 13 Welfare economics .. ;
Page 359 and 360:
CHAPTER 13 Welfare economics 0 Firm
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CHAPTER 13 Welfare economics Was th
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CHAPTER 13 Welfare economics 0 u -
Page 365 and 366:
CHAPTER 13 Welfare economics benefi
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CHAPTER 13 Welfare economics P' "i
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CHAPTER 13 Welfare economics • Di
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CHAPTER 13 Welfare economics Q MPC
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CHAPTER 14 Government spending and
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15.2 Some facts Annual real output
Page 400 and 401:
15.3 An overview Since profits are
Page 402 and 403:
15.4 National income accounting
Page 404 and 405:
15.4 National income accounting Sav
Page 406 and 407:
15.4 National income accounting phy
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15.4 National income accounting Hou
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15.5 What GNP measures Table l 5.3
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15.5 What GNP measures Table 15.4 N
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15.6 International comparisons Citi
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Page 418 and 419:
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16. l Components of aggregate deman
Page 422 and 423:
16.2 Aggregate demand S =-A + (1 -
Page 424 and 425:
16.3 Equilibrium output C'I ·- c -
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16.4 Another approach: planned savi
Page 428 and 429:
16. 5 A fall in aggregate demand A
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16.7 The paradox of thrift Table 16
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16.8 The role of confidence The cha
Page 434 and 435:
Review questions 2 Suppose the MPC
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17 .2 Government and aggregate dema
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Page 444 and 445:
17.4 Deficits and the fiscal stance
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17.5 Automatic stabilizers and disc
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17 .6 The national debt and the def
Page 450 and 451:
17. 7 Foreign trade and income dete
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17. 7 Foreign trade and income dete
Page 454 and 455:
Summary and employment. In Figure 1
Page 456 and 457:
Review questions 2 The government s
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18. 1 Money and its functions The m
Page 460 and 461:
18.2 Modern banking M_o_d_er_n_ha
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18.3 How banks create money How did
Page 464 and 465:
18.4 Financial crises However, ther
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18.4 Financial crises UK bank inter
Page 468 and 469:
18.5 The traditional theory of mone
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18.6 UK money supply after the 2006
Page 472 and 473:
18. 7 The demand for money flow and
Page 474 and 475:
18. 7 The demand for money Table 18
Page 476 and 477:
Review questions • Financial dere
Page 478 and 479:
Page 480 and 481:
19.2 Traditional means of monetary
Page 482 and 483:
19 .3 Lender of last resort Second,
Page 484 and 485:
19.4 Equilibrium in financial marke
Page 486 and 487:
19.5 Monetary control However, more
Page 488 and 489:
19.5 Monetary control UK quantitati
Page 490 and 491:
19. 7 The transmission mechanism AD
Page 492 and 493:
19. 7 The transmission mechanism Wh
Page 494 and 495:
19. 7 The transmission mechanism In
Page 496 and 497:
19. 7 The transmission mechanism He
Page 498 and 499:
Review questions • A higher inter
Page 500 and 501:
Page 502 and 503:
20.2 The IS-LM model T_he_IS_-_L_
Page 504 and 505:
20.2 The IS-LM model Until 2008 mon
Page 506 and 507:
20.3 The IS-LM model in action Fisc
Page 508 and 509:
20.4 Shocks to money demand Hence,
Page 510 and 511:
20.5 The policy mix IS schedule, IS
Page 512 and 513:
20.6 The effect of future taxes Que
Page 514 and 515:
Summary helped explain positive UK
Page 516 and 517:
Review questions IS-LM diagram, rec
Page 518 and 519:
21. l Inflation and aggregate deman
Page 520 and 521:
21.2 Aggregate supply demand. The A
Page 522 and 523:
21.3 Equilibrium inflation AS0 AS,
Page 524 and 525:
21.3 Equilibrium inflation It was c
Page 526 and 527:
21.4 The labour market and wage beh
Page 528 and 529:
21.6 The adjustment process The eco
Page 530 and 531:
21. 7 Sluggish adjustment to shocks
Page 532 and 533:
21.8 Trade-offs in monetary objecti
Page 534 and 535:
21.8 Trade-offs in monetary objecti
Page 536 and 537:
Review questions • In practice, w
Page 538 and 539:
Page 540 and 541:
22. l Money and inflation rises wit
Page 542 and 543:
22.2 Inflation and interest rates N
Page 544 and 545:
22.3 Inflation, money and deficits
Page 546 and 547:
22.4 Inflation, unemployment and ou
Page 548 and 549:
Page 550 and 551:
Page 552 and 553:
22.5 The costs of inflation find th
Page 554 and 555:
22.5 The costs of inflation You los
Page 556 and 557:
22.6 Controlling inflation Without
Page 558 and 559:
22. 7 The Monetary Policy Committee
Page 560 and 561:
Summary 18 16 14 12 10 8 6 4 2 0 He
Page 562 and 563:
Review questions Money growth (%) I
Page 564 and 565:
Page 566 and 567:
23. l The labour market may simply
Page 568 and 569:
23.2 Analysing unemployment The fig
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23.2 Analysing unemployment of an h
Page 572 and 573:
23.3 Explaining changes in unemploy
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Page 576 and 577:
Page 578 and 579:
23.4 Cyclical fluctuations in unemp
Page 580 and 581:
23.5 The cost of unemployment Count
Page 582 and 583:
23.5 The cost of unemployment in th
Page 584 and 585:
Review questions • Most European
Page 586 and 587:
Page 588 and 589:
24.1 The foreign exchange market do
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24.2 Exchange rate regimes ... ii)
Page 592 and 593:
24.3 The balance of payments statis
Page 594 and 595:
24.4 The real exchange rate In row
Page 596 and 597:
24.6 The financial account Table 24
Page 598 and 599:
24.6 The financial account This sec
Page 600 and 601:
24. 7 Internal and external balance
Page 602 and 603:
24.8 The long-run equilibrium real
Page 604 and 605:
Summary This figure is helpful in t
Page 606 and 607:
Page 608 and 609:
Page 610 and 611:
25. l Fixed exchange rates So far,
Page 612 and 613:
25. l Fixed exchange rates Gordon B
Page 614 and 615:
25. l Fixed exchange rates A shock
Page 616 and 617:
25.3 Devaluation 1 .., Devaluation
Page 618 and 619:
25.3 Devaluation Table 25.1 The 196
Page 620 and 621:
25.4 Floating exchange rates UK. Af
Page 622 and 623:
25.5 Monetary and fiscal policy und
Page 624 and 625:
25.5 Monetary and fiscal policy und
Page 626 and 627:
Summary Summary • With a fixed ex
Page 628 and 629:
Review questions 11 The following t
Page 630 and 631:
26. 1 Economic growth Table 26.1 Re
Page 632 and 633:
26.2 Growth: an overview In the lon
Page 634 and 635:
26.3 Technical knowledge Learning b
Page 636 and 637:
26.4 Growth and accumulation increa
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26.5 Growth through technical progr
Page 640 and 641:
26.6 Growth in the OECD II : e!p ;:
Page 642 and 643:
26.6 Growth in the OECD Within the
Page 644 and 645:
26.6 Growth in the OECD Annual real
Page 646 and 647:
26.8 The costs of growth rate g? If
Page 648 and 649:
Review questions • Potential outp
Page 650 and 651:
Page 652 and 653:
2 7 .1 Trend and cycle: statistics
Page 654 and 655:
27.2 Theories of the business cycle
Page 656 and 657:
27.2 Theories of the business cycle
Page 658 and 659:
.. 27.2 Theories of the business cy
Page 660 and 661:
27 .3 Real business cycles provides
Page 662 and 663:
27.4 Towards a consensus: supply-si
Page 664 and 665:
27.5 An international business cycl
Page 666 and 667:
Review questions • Some swings in
Page 668:
The world economy Part Five focuses
Page 671 and 672:
CHAPTER 28 International trade Is t
Page 673 and 674:
CHAPTER 28 International trade Tabl
Page 675 and 676:
CHAPTER 28 International trade The
Page 677 and 678:
CHAPTER 28 International trade Comp
Page 679 and 680:
CHAPTER 28 International trade Conv
Page 681 and 682:
CHAPTER 28 International trade Fanc
Page 683 and 684:
CHAPTER 28 International trade The
Page 685 and 686:
CHAPTER 28 International trade High
Page 687 and 688:
CHAPTER 28 International trade thei
Page 689 and 690:
CHAPTER 28 International trade Of c
Page 691 and 692:
CHAPTER 28 International trade Conc
Page 693 and 694:
CHAPTER 28 International trade SS
Page 695 and 696:
CHAPTER 28 International trade 7 Wh
Page 697 and 698:
CHAPTER 29 Exchange rate regimes Ta
Page 699 and 700:
CHAPTER 29 Exchange rate regimes co
Page 701 and 702:
CHAPTER 29 Exchange rate regimes re
Page 703 and 704:
CHAPTER 29 Exchange rate regimes 0.
Page 705 and 706:
CHAPTER 29 Exchange rate regimes It
Page 707 and 708:
CHAPTER 29 Exchange rate regimes Ta
Page 709 and 710:
CHAPTER 29 Exchange rate regimes 0
Page 711 and 712:
CHAPTER 29 Exchange rate regimes th
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Page 715 and 716:
Page 717 and 718:
CHAPTER 29 Exchange rate regimes
Page 720 and 721:
Activity 1.1 (a) (b) Activity 2.1 (
Page 722 and 723:
Answers to activity questions Activ
Page 724 and 725:
Answers to activity questions Activ
Page 726 and 727:
Absolute advantage an individual, c
Page 728 and 729:
Glossary Demand for money a demand
Page 730 and 731:
Glossary Gross domestic product (GD
Page 732 and 733:
Glossary Marginal product the margi
Page 734 and 735:
Glossary Percentage change the abso
Page 736 and 737:
Glossary Sole trader a business own
Page 738 and 739:
A absolute advantage 11-12 internat
Page 740 and 741:
Index commodity composition of trad
Page 742 and 743:
Index elasticity of supply 82-4 ele
Page 744 and 745:
Index happiness 594 new products 59
Page 746 and 747:
Index Laffer curve supply-side econ
Page 748 and 749:
Index exports 369 foreign countries
Page 750 and 751:
Index reading diagrams 34-5 real bu
Page 752 and 753:
Index future taxes effect 475-7 gov
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David K.H. Begg, Gianluigi Vernasca-Economics-McGraw Hill Higher Education (2011)

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