Pearson Economics 11: The Market Economy

Description

Preliminary pages Title page Imprint Table of contents Welcome How to use this book Topic 1: Introduction to Economics Chapter 1: What Is Economics About? 1.1 The economic problem and the role of choices 1.2 The production possibility frontier 1.3 The future implications of choices 1.4 The economic factors underlying choices Chapter 2: How Economies Operate 2.1 The production of goods and services 2.2 The distribution and exchange of goods and services 2.3 The business cycle 2.4 An overview of the economy: the circular flow of income Chapter 3: How Economies Differ 3.1 The market economy 3.2 Australia: a market economy with a role for government 3.3 Comparing economies Topic 2: Consumers and Business Chapter 4: Consumers in the Market Economy 4.1 Consumer sovereignty 4.2 Decisions to spend or save 4.3 Factors influencing individual consumer choice 4.4 Sources of consumer income Chapter 5: Business in the Market Economy 5.1 Business firms and industries 5.2 Production decisions 5.3 What business contributes to the economy 5.4 Goals of the firm 5.5 Efficiency and production 5.6 Investment, technological change and ethical decision making Topic 3: Markets Chapter 6: Demand 6.1 Factors affecting market demand 6.2 Movements along the demand curve 6.3 Shifts of the demand curve 6.4 Price elasticity of demand 6.5 Factors affecting elasticity of demand Chapter 7: Supply 7.1 Factors affecting market supply 7.2 Movements along the supply curve 7.3 Shifts of the supply curve 7.4 Price elasticity of supply 7.5 Factors affecting elasticity of supply Chapter 8: Market Equilibrium 8.1 The concept of market equilibrium 8.2 Establishing market equilibrium 8.3 Changes in equilibrium 8.4 The role of the market 8.5 Government intervention in the marketplace 8.6 Competition and market power Topic 4: Labour Markets Chapter 9: Labour Demand and Supply 9.1 The demand for labour 9.2 The supply of labour 9.3 The Australian workforce 9.4 Extension: labour market equilibrium Chapter 10: Labour Market Outcomes 10.1 Wage outcomes 10.2 Trends in the distribution of income from work 10.3 Non-wage outcomes 10.4 The costs and benefits of inequality 10.5 Unemployment 10.6 The movement away from full-time work Chapter 11: The Changing Australian Labour Market 11.1 The role of trade unions 11.2 The role of employer associations 11.3 Australia’s current industrial relations framework Topic 5: Financial Markets Chapter 12: Types of Financial Markets 12.1 The role of financial markets in the economy 12.2 Primary and secondary financial markets 12.3 Financial market products 12.4 The share market 12.5 Domestic and global markets 12.6 Regulation of financial markets Chapter 13: Money and Interest Rates 13.1 Borrowers: the demand for funds 13.2 Factors affecting the demand for funds 13.3 Lenders: the supply of funds 13.4 Money and money supply 13.5 Interest rates 13.6 The Reserve Bank of Australia and the cash rate Topic 6: Government and the Market Economy Chapter 14: The Limits of Markets 14.1 Why governments intervene 14.2 Market failure in the provision of goods and services 14.3 Market failure in income distribution 14.4 Market failure in externalities 14.5 Market failure in the abuse of market power 14.6 Market instability: the business cycle Chapter 15: The Role of Government in Australia 15.1 The structure of government 15.2 The public sector 15.3 The reallocation of resources 15.4 The redistribution of income 15.5 Stabilisation and sustainable growth 15.6 Public enterprises 15.7 Other roles in the economy Chapter 16: Government in Action 16.1 The Budget 16.2 Revenue and expenditure 16.3 The impact of budget outcomes 16.4 Influences on government policies Appendices Appendix A: Key Economic Skills A.1 Introduction A.2 Drawing and interpreting economics diagrams A.3 Equations and calculations in economics A.4 Interpreting economic data and information Glossary Index