By Eric P. Chiang
With this re-creation, Eric Chiang transforms CoreMacroeconomics right into a text/media source good attuned to today's scholars. lengthy lively within the economics schooling group, Chiang brings a latest teacher's point of view to the publication, assisting a number of studying methods by means of introducing glossy themes, new pedagogy, a extra visible presentation, and well-integrated media instruments. All this whereas holding the book's defining specialize in simply these issues teachers disguise in general within the direction.
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Extra info for CoreMacroeconomics (3rd Edition)
Xxxvii xxxviii Preface Acknowledgments No project of this scope is accomplished alone. CoreMacroeconomics and its suite of learning resources came together as a result of the dedication of many individuals who devoted incredible amounts of time to the project. These include reviewers of manuscript chapters, focus group participants, accuracy reviewers, supplements contributors, project specialists, and the production and editorial staff at Worth Publishers. I want to thank those reviewers of the third edition who read through chapters in manuscript and offered many important suggestions that have been incorporated into this project.
Quantity The law of demand states that as prices increase, quantity demanded falls, and vice versa, resulting in downward-sloping demand. A “change in demand” is a shift of the entire demand curve and is caused by a change in a nonprice de- Price A Common Confusion in Terminology: Determinants of Demand: How Demand Curves Shift ■ ■ ↑ Tastes and preferences: Demand shifts right. ↑ Income: Demand for normal goods shifts right, while demand for inferior goods shifts left. ■ ↑ Price of substitutes: Demand shifts right.
For example, to determine how many songs you might be willing to download from iTunes in any given month, we would hold your monthly income constant. We then would change song prices to see the impact on the number purchased (again holding your monthly income constant). Though model building can lead to surprising insights into how economic actors and economies behave, it is not the end of the story. Economic insights lead to economic theories, but these theories must then be tested. In some cases, such as the extent to which a housing bubble could lead to a financial crisis, economic predictions turned out to be false.