Solution Manual for Economic Development, 11/E 11th Edition Michael P. Todaro, Stephen C. Smith digital download immediately after payment is complete.
Product details:
- ISBN-10 : 1408284472
- ISBN-13 : 978-1408284476
- Author: Michael P. Todaro; Stephen C. Smith
Economic Development is the leading textbook in this field, providing a complete and balanced introduction to the requisite theory, the driving policy issues, and the latest research.
Todaro and Smith take a policy-oriented approach, presenting economic theory in the context of critical policy debates and country-specific case studies so students see how theory relates to the problems and prospects of developing countries.
Table of contents:
Chapter 1 Introduction to Economics 1
What Is Economics? 1
Economics and Scarcity 2
Scarcity and Choice 3
Efficiency and Equity 5
Application 1.1: To Work or Not to Work 6
Factors of Production 7
Factors and Income 8
Scarce Resources 8
Application 1.2: Does Money Buy Happiness? 9
Economic Theory and Policy 9
Economic Theory 10
Application 1.3: Ok, What Are They? 12
Economic Policy 13
Up for Debate: Should St. Louis County, Missouri, Impose Mandatory Trash Pickup and Recycling? 14
Tools of the Economist 15
Words, Graphs, and Mathematical Equations 15
Scarcity, Model Building, and Graphs 16
Modeling Scarcity 16
Interpreting the Model 17
Test Your Understanding: Production Possibilities 19
Macroeconomics and Microeconomics 19
Critical Thinking Case 1: Difficult Choices in the Extreme 24
Chapter 1 Appendix 25
Graphing 25
Constructing a Graph 25
Direct and Inverse Relationships 26
Chapter 2 Economic Decision Making and Economic Systems 29
Scarcity, the Basic Economic Decisions, and Economic Systems 29
Economic Systems and the Basic Economic Decisions 30
Traditional Economies 31
Market Economies 32
The Operation of a Market Economy 32
Economic Decisions in a Market Economy 33
Application 2.1: Saying No! 34
Evaluating Market Economies 36
Government Intervention in a Market Economy: A Mixed Economy 37
Planned Economies 37
Economic Decisions in a Planned Economy 38
Evaluating Planned Economies 38
Mixed Economies 39
Test Your Understanding: Economic Decision Making and the Circular Flow 40
Changing Economic Systems 41
The U.S. Economic System 41
The British Foundations of the U.S. Economy 41
Application 2.2: The People’s Republic of China 42
Application 2.3: The Factory Girl’s Last Day 43
Historical Highlights in the Development of the U.S. Economy 44
Up for Debate: Are U.S. and Western European Economic Institutions Appropriate for Other Nations? 46
Critical Thinking Case 2: Judging Economies 51
Chapter 3 Demand, Supply, and Price Determination 53
Demand and Supply 54
Demand: The Buyer’s Side 54
Supply: The Seller’s Side 55
Market Demand, Market Supply, and Price Setting 58
Market Demand and Market Supply 58
Markets and Price Setting 58
Application 3.1: The Laws of Demand and Supply 59
Equilibrium Price and Equilibrium Quantity 60
Changes in Quantity Demanded and Quantity Supplied 62
Changes in Demand and Supply 62
Changes in Demand 63
Changes in Supply 65
Changes in Quantity Demanded or Supplied and Changes in Demand or Supply: A Crucial Distinction 67
Application 3.2: Fads: Some In, Some Out 67
Changes in Equilibrium Price and Equilibrium Quantity 69
Effect of Increases and Decreases in Demand 69
Effect of Increases and Decreases in Supply 70
Effect of Changes in Both Demand and Supply 71
Test Your Understanding: Changes in Demand and Supply 72
Limiting Price Movements 73
Price Ceilings 73
Price Floors 73
Price Elasticity of Demand and Supply 75
Application 3.3: Is Rent Control a Good Thing or a Bad Thing? 76
Price Elasticity of Demand 76
Up for Debate: Is It a Mistake to Raise the Minimum Wage? 77
Application 3.4: Peanut Butter: A Yummy Staple 79
Price Elasticity of Supply 79
Critical Thinking Case 3: How Do Supply and Demand Work in Health Care? 84
Chapter 4 Goals and Problems of the Macroeconomy: Employment, Prices, and Production 85
Unemployment and Full Employment 86
Consequences of Unemployment 86
Types of Unemployment 86
Application 4.1: What’s at Stake When a Job is Lost? 87
Employment and Unemployment Measures and Statistics 88
Interpreting Unemployment Statistics 92
The Goal of Full Employment 93
Inflation and Stable Prices 94
Consequences of Inflation 94
Causes of Inflationary Pressure 96
Application 4.2: The $4 Summer of 2008 98
Measures of Inflation 99
Deflation and Disinflation 103
Production 103
Full Production and Economic Growth 103
Up for Debate: Will Policies to Protect the Environment Slow Economic Growth? 105
Measures of Production 106
Does GDP Tell the Whole Story? 108
Test Your Understanding: Calculating Price Indexes and GDP 109
Application 4.3: A Tale of Two Families 110
Productivity 110
A Possible Policy Problem 111
Critical Thinking Case 4: Statistics and Decision Making 117
Chapter 5 Foundations of the Macroeconomy 119
Changes in Macroeconomic Activity 119
Business Cycles 121
Causes of Economic Fluctuations 122
Total Spending and Macroeconomic Activity 123
Application 5.1: What’s Causing the Economy to Change? 124
The Household Sector 124
The Business Sector 127
Up for Debate: Is Saving a Healthy Habit? 128
Application 5.2: Interest Rates and Investment Spending 130
The Government Sector 132
The Foreign Sector 135
Summary of Aggregate Spending, Leakages, and Injections 136
The Multiplier Effect 138
Application 5.3: Ripples through the Economy 141
Inflation, Expectations, and Macroeconomic Policies 141
A Word about Inflation 141
A Word about Expectations 142
Macroeconomic Predictors and Policies 142
Test Your Understanding: Changes in Economic Activity 143
Application 5.4: Unconventional Indicators of Economic Health 144
Critical Thinking Case 5: Getting Smarter 149
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