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Part I: The Big Picture I 1 Who Gets What, and How? 3 Understanding how goods and services are produced and distributed. 2 GDP and the Players Three 17 How consumers, businesses, and governments all add up. 3 The Economist's Toolbox 31 Using the basic tools of economic analysis. 4 Supply, Demand, and the Invisible Hand 47 How markets work in a free economy. 5 Look at These Prices! 67 How prices affect-and are affected by-people ' behavior Part 2: Capitalism at Work 85 6 Buyer Be Where? Consumer Behavior 87 How consumers make buying decisions in a free market. 7 Pluses and Minuses: Income, Outgo, and Investment 103 Where people get their money and what they do with it. 8 The Business of Business 119 How companies decide how much of which products to make. 9 Wages, Workers, and the Workplace 135 The dynamics of the labor market. 10 The Ups and Downs of the Business Cycle 149 How the economy expands and contracts. Part 3: The Government and the Eonomy 163 11 To Have and Have Not: Wealth and Poverty 165 How incomes and wealth are distributed in the United States. 12 Hey, Big Spender! The Federal Budget 179 The federal government' role in the U.S. economy. 13 Fiscal Policy and Economic Growth 195 How fiscal policy works. Part 4: Money, the Banking System, and Monetary Policy 209 14 The Colors of Money 211 Understanding the role of money and credit in a modern economy. 15 The Banks' Bank: The Federal Reserve and the Banking System 221 The structure and workings of the central bank. 16 Monetary Policy: Stepping on the Gas, Hitting the Brakes 237 How monetary policy works. Part 5: The Global Economy 247 17 International Trade: Made in USA, Japan, Mexico, Italy... 249 Why we export and import goods and services. 18 International Finance: Pesos, Euros, and Yen 261 Understanding the foreign exchange system. 19 The Global Market and Developing Nations 277 The challenges in economic development. Part 6: Everyday Economics 291 20 It's Down! It's Up! Monitoring the Economy's Pulse 293 Understanding economic indicators and the economic news. 21 Applied Economics in Business and Personal Life 309 Economic decisions in everyday life. Appendix Resources for the Economically Inclined 323 Index 327Library of Congress Subject Headings for this publication: Economics