This compact yet comprehensive guide provides a wealth of information that is timely, easy to understand, and relevant to the academic and civic lives of students, teachers, researchers, and the general public.

List of Figures List of Tables Preface Acknowledgments Using This Reference Guide to Related Topics Timeline: Key Economic Events That Shaped the Modern Era, 1776–2014 Part I: An Introduction to Economics 1 The Basics of Economic Thinking Economic Science Five Basic Economic Principles Economic Schools of Thought: An Historical Overview 2 Basic Economic Concepts Scarcity, Choice, and Opportunity Cost The Circular Flow Model Demand Supply Market Equilibrium 3 Economic History and Economic Systems Stages of Economic History Economic Systems: The Models Capitalism Other Economic Systems Part II: Microeconomic Topics 4 Consumer Power and Behavior Consumer Rights and Protections Consumer Movements Consumer Behavior Consumer Issues 5 Businesses: The Basic Production Unit Business Basics Business Organization Market Structures Business Behavior 6 Workers and Worker Power Workers and Worker Behavior Labor Unions and Worker Power Labor Issues 7 Governments Raise and Spend Money Government Revenues Government Spending The Federal Budget Part III: Macroeconomic Topics 8 Growing the Economy The Gross Domestic Product Measuring Economic Growth Determinants of Economic Growth and Productivity Limitations of Economic Growth 9 The Financial System Promotes Economic Activity Money and the Money Supply Banks and Other Depository Institutions Other Financial Institutions Issues in the Global Financial System 10 Promoting Economic Stability Price Instability Unemployment and Underemployment The Federal Reserve System and Monetary Policy Fiscal Policy Part IV: International Topics 11 International Trade and the Global Trading System Trade Basics Trade Barriers Trade Agreements Challenges to Trade Liberalization 12 The Global Economy and Globalization The Global Economy Pillars of Globalization Challenges to Globalization 13 Sustainable Economic Development Classifications of Economies Sustainable Economic Development Challenges to Global Prosperity Glossary of Selected Terms Common Abbreviations in Economics Selected Bibliography Key Economic Web Sites Index to Primary Documents Index to Economics in History General Index

This compact yet comprehensive guide provides a wealth of information that is timely, easy to understand, and relevant to the academic and civic lives of students, teachers, researchers, and the general public.

Covers many of the economic concepts and principles outlined by the Council for Economic Education (Voluntary National Content Standards in Economics, 2nd Edition, 2010), National Council for the Social Studies (College, Career, & Civic Life C3 Framework for Social Studies State Standards: Guidance for Enhancing the Rigor of K–12 Civics, Economics, Geography, and History, 2013), the Foundation for Teaching Economics, and the College Board