Principles of Macroeconomics by Robert Frank, Ben Bernanke
By Robert Frank, Ben Bernanke
Authors Bob Frank, Ben Bernanke, and introducing Kate Antonovics from the collage of California San Diego and Ori Heffetz from Cornell college, current a coherent brief checklist of middle rules in introductory economics and strengthen them via illustrating and making use of each one in several contexts. With attractive questions, reasons and routines, the authors support scholars relate financial rules to a number of daily reviews corresponding to going to the ATM or paying for airline tickets. all through this method, the authors motivate scholars to turn into “economic naturalists:” those that hire easy financial ideas to appreciate and clarify what they detect on the earth round them.
Principles of Macroeconomics, 6th version, is punctiliously built-in with the adaptive electronic instruments to be had in McGraw-Hill’s LearnSmart virtue Suite, confirmed to extend scholar engagement and good fortune within the course.
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ECONOMICS: MICRO AND MACRO By convention, we use the term microeconomics to describe the study of individual choices and of group behavior in individual markets. Macroeconomics, by contrast, is the study of the performance of national economies and of the policies that governments use to try to improve that performance. Macroeconomics tries to understand the determinants of such things as the national unemployment rate, the overall price level, and the total value of national output. Our focus in this chapter is on issues that confront the individual decision maker, whether that individual confronts a personal decision, a family decision, a business decision, a government policy decision, or indeed any other type of decision.
Most buyers of this car, which sells for more than $75,000, have high incomes, so the overwhelming majority of them would have chosen to order a navigation system had it been sold as an option. Because of the savings made possible when all cars are produced with the same equipment, it would have actually cost BMW more to supply cars for the few who would want them without navigation systems. Buyers of the least-expensive makes of car have much lower incomes on average than BMW 750i buyers. Accordingly, most of them have more pressing alternative uses for their money than to buy navigation systems for their cars, and this explains why some inexpensive makes continue to offer navigation systems only as options.
But it proves helpful in another way, by identifying specific strategies for avoiding bad decisions. PITFALL 1: MEASURING COSTS AND BENEFITS AS PROPORTIONS RATHER THAN ABSOLUTE DOLLAR AMOUNTS As the next example makes clear, even people who seem to know they should weigh the pros and cons of the actions they are contemplating sometimes don’t have a clear sense of how to measure the relevant costs and benefits. 2 Should you walk downtown to save $10 on a $2,020 laptop computer? You are about to buy a $2,020 laptop computer at the nearby campus store when a friend tells you that the same computer is on sale at a downtown store for only $2,010.