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GLENCOE

Principles & Practices

With Features From

Gary E. Clayton, Ph.D.

About the Author

Gary E. Clayton teaches economics at Northern Kentucky University in Highland Heights, Kentucky. Dr.

Clayton received his Ph.D. in economics from the University of Utah, has taught economics and finance at several

universities, and has authored textbooks, including several at the college level, as well as a number of articles in vari-

ous educational, professional, and technical journals.

Dr. Clayton has also appeared on a number of radio and television programs, and was a guest commentator

specializing in economic statistics for Marketplace , which is broadcast on American Public Radio.

Dr. Clayton has a long-standing interest in economic education. He has participated in and directed numerous

economic education workshops. He received the Outstanding Citizen Certificate of Recognition from the state

of Arkansas for his work in economic education. He has served as vice president for the Kentucky Council on

Economic Education and received the state’s highest honor when he received a commission as an honorary

Kentucky colonel. More recently, Dr. Clayton was the year 2000 Leavey Awards Winner for Excellence in Private

Enterprise Education, which is presented annually by the Freedoms Foundation, in Valley Forge, Pennsylvania.

During the summer months he participates in various study-abroad programs that take college students to Europe.

Business Week is the most

widely read business publica-

tion in the world and is the only weekly business

news publication in existence. Business Week provides

incisive and comprehensive interpretations of events by

evaluating the news and its implications for the United

States, regional, and world economies. Business Week

offers writing that is informative and often inspiring to

uncover what is crucial to understanding the economy

—today as well as tomorrow’s. Business Week features in

Economics: Principles and Practices are a tool that enables

students to see real-world economics in action.

Standard & Poor’s is a leading

source for information on regional,

national, and global economic

developments. Standard & Poor’s

data, information, news and analysis on the United

States, regional, and world economies is used by indus-

trial firms, financial institutions, and government agen-

cies for setting policy, managing financial positions,

planning production, formulating marketing strategies,

and a range of similar activities. Standard & Poor’s

information services represent the single most sophisti-

cated source of information for organizations that need

to understand the impact of the path of economic

growth and of government fiscal and monetary policy

on their activities.

Printed in the United States of America. Except as permitted under the United States Copyright Act, no part of this publication may be repro-

duced or distributed in any form or by any means, or stored in a database or retrieval system, without prior written permission from the publisher.

Send all inquiries to:

Glencoe/McGraw-Hill

8787 Orion Place

Columbus, OH 43240

ISBN 0-07-820487-9 (Student Edition) ISBN 0-07-820488-7 (Teacher’s Wraparound Edition)

4 5 6 7 8 9 10 027/043 08 07 06 05 04 03 02 01

Consultants

Jack C. Morgan, Ph.D.

Director, Center for Economic

Education

University of Louisville

Louisville, Kentucky

Thomas H. Cate, Ph.D.

Associate Professor of Economics

Northern Kentucky University

Highland Heights, Kentucky

Larry Dale, Ph.D.

Professor of Economics

Arkansas State University

State University, Arkansas

Valery A. Isaev

Professor of Economics

People’s Friendship University

of Russia, Moscow

Mark J. Perry, Ph.D.

Assistant Professor of Economics

University of Michigan—Flint

Flint, Michigan

Carole E. Scott, Ph,D.

Professor of Economics

State University of West Georgia

Carrollton, Georgia

Beck A. Taylor, Ph.D.

Assistant Professor of Economics

Baylor University

Waco, Texas

Business Review Board

Business Week

New York, New York

Standard & Poor’s

New York, New York

Brian K. Edwards

Economic Analyst

Downers Grove, Illinois

Teacher Reviewers

Danielle Dressler

Mifflinburg High School

Mifflinburg, Pennsylvania

Stephanie Felix

Glendora High School

Glendora, California

John J. Germann

The Kinkaid School

Houston, Texas

Bob Galm

Brown County High School

Nashville, Indiana

Nancy Heath

Bishop England High School

Charleston, South Carolina

Douglas M. Ide

Mt. Ararat High School

Topsham, Maine

Richard Johnson

Chandler High School

Chandler, Arizona

Gail Kohn

Grapevine High School

Grapevine, Texas

Hal Kraynek

Valley High School

Santa Ana, California

Susan J. Michel

Pontiac High School

Pontiac, Illinois

Linda Morrell

Rancocas Valley Regional High School

Mount Holly, New Jersey

Bob Mullins

Ft. Morgan High School

Ft. Morgan, Colorado

Joan Mundy-Klement

Half Hollow Hills High School West

Dix Hills, New York

Charles Pratt

Walnut High School

Walnut, California

Jenaro Rios

Lydia Patterson Institute

El Paso, Texas

David Ritter

Summit Christian School

West Palm Beach, Florida

James Robertson

Mt. Lebanon High School

Pittsburgh, Pennsylvania

Caroline J. Robinson

Marist School

Atlanta, Georgia

iii

Economic Handbook

xvi

Chapter 6

Prices and Decision Making 136

1 Prices as Signals . . . . . . . . . . . . . . . . . . . 137

2 The Price System at Work . . . . . . . . . . . . 142

3 Social Goals vs. Market Efficiency . . . . . . 150

Chapter 7

Market Structures 162

1 Competition and Market Structures . . . . . 163

2 Market Failures . . . . . . . . . . . . . . . . . . . . 173

3 The Role of Government . . . . . . . . . . . . . 178

Reading for Information

xxvi

Basic Concepts in Economics

xxviii

Fundamental Economic Concepts

Chapter 1

What Is Economics? 4

1 Scarcity and the Science of Economics . . . . 5

2 Basic Economic Concepts . . . . . . . . . . . . . 12

3 Economic Choices and

Decision Making . . . . . . . . . . . . . . . . . . . 19

Chapter 2

Economic Systems and

Decision Making 32

1 Economic Systems . . . . . . . . . . . . . . . . . . 33

2 Evaluating Economic Performance . . . . . . . 41

3 Capitalism and Economic Freedom . . . . . . 47

Chapter 3

Business Organizations 56

1 Forms of Business Organization . . . . . . . . 57

2 Business Growth and Expansion . . . . . . . . 68

3 Other Organizations . . . . . . . . . . . . . . . . . 75

Macroeconomics: Institutions

190

Chapter 8

Employment, Labor, and Wages 192

1 The Labor Movement . . . . . . . . . . . . . . . 193

2 Resolving Union and Management

Differences . . . . . . . . . . . . . . . . . . . . . . . 200

3 Labor and Wages . . . . . . . . . . . . . . . . . . 205

4 Employment Trends and Issues . . . . . . . . 211

Chapter 9

Sources of Government Revenue 222

1 The Economics of Taxation . . . . . . . . . . . 223

2 The Federal Tax System . . . . . . . . . . . . . . 231

3 State and Local Tax Systems . . . . . . . . . . 238

4 Current Tax Issues . . . . . . . . . . . . . . . . . . 244

Chapter 10

Government Spending

Microeconomics

254

Chapter 4

Demand 88

1 What Is Demand? . . . . . . . . . . . . . . . . . . . 89

2 Factors Affecting Demand . . . . . . . . . . . . . 95

3 Elasticity of Demand . . . . . . . . . . . . . . . . 101

Chapter 5

Supply 112

1 What Is Supply? . . . . . . . . . . . . . . . . . . . 113

2 The Theory of Production . . . . . . . . . . . . 122

3 Cost, Revenue, and Profit

Maximization . . . . . . . . . . . . . . . . . . . . 127

1 The Economics of Government

Spending . . . . . . . . . . . . . . . . . . . . . . . . 255

2 Federal Government Expenditures . . . . . . 260

3 State and Local Government

Expenditures . . . . . . . . . . . . . . . . . . . . . 267

4 Deficits, Surpluses, and the

National Debt . . . . . . . . . . . . . . . . . . . . 272

The forces of supply and demand

are at work in the stock market.

iv iv

Chapter 11

Money and Banking 284

1 The Evolution of Money . . . . . . . . . . . . . 285

2 Early Banking and Monetary Standards . . 292

3 The Development of Modern Banking . . . 300

Chapter 12

Financial Markets 312

1 Savings and the Financial System . . . . . . . 313

2 Investment Strategies and Financial Assets 318

3 Investing in Equities, Futures,

and Options . . . . . . . . . . . . . . . . . . . . . 328

International and Global Economics 464

Chapter 17

International Trade 466

1 Absolute and Comparative Advantage . . . 467

2 Barriers to International Trade . . . . . . . . . 472

3 Financing and Trade Deficits . . . . . . . . . . 481

Chapter 18

Comparative Economic Systems 490

1 The Spectrum of Economic Systems . . . . 491

2 The Rise and Fall of Communism . . . . . . 496

3 The Transition to Capitalism . . . . . . . . . . 501

4 The Various Faces of Capitalism . . . . . . . 509

Chapter 19

Developing Countries 520

1 Economic Development . . . . . . . . . . . . . 521

2 A Framework for Development . . . . . . . . 528

3 Financing Economic Development . . . . . 533

Chapter 20

Global Economic Challenges 544

1 The Global Demand for Resources . . . . . 545

2 Economic Incentives and Resources . . . . 552

3 Applying the Economic Way

of Thinking . . . . . . . . . . . . . . . . . . . . . . 558

Macroeconomics: Policies

338

Chapter 13

Economic Performance 340

1 Measuring the Nation’s Output . . . . . . . . 341

2 GDP and Changes in the Price Level . . . . 350

3 GDP and Population . . . . . . . . . . . . . . . . 356

4 Economic Growth . . . . . . . . . . . . . . . . . . 363

Chapter 14

Economic Instability 374

1 Business Cycles and Fluctuations . . . . . . . 375

2 Unemployment . . . . . . . . . . . . . . . . . . . . 382

3 Inflation . . . . . . . . . . . . . . . . . . . . . . . . . 389

4 Poverty and the Distribution

of Income . . . . . . . . . . . . . . . . . . . . . . . 394

Chapter 15

The Fed and Monetary Policy 406

1 The Federal Reserve System . . . . . . . . . . . 407

2 Monetary Policy . . . . . . . . . . . . . . . . . . . 415

3 Monetary Policy, Banking, and

the Economy . . . . . . . . . . . . . . . . . . . . 426

Chapter 16

Achieving Economic Stability 436

1 The Cost of Economic Instability . . . . . . . 437

2 Macroeconomic Equilibrium . . . . . . . . . . 442

3 Stabilization Policies . . . . . . . . . . . . . . . . 447

4 Economics and Politics . . . . . . . . . . . . . . 456

Reference Atlas

Databank

A14

Life Skills

A30

Glossary

A40

Spanish Handbook

A54

Index

A91

Acknowledgments

A106

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