Pearson Economics 11: The Market Economy

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