Brue, mcconnell, flynn s essentials of economics, 3rd edition

3e Essentials of Economics stresses the importance of the economic perspective though shortened and simplified explanations and the streamlined application of core economic models essentials of Focus on Core Models economics Building on the tremendous success of their best-selling Economics, Brue, McConnell, and Flynn provide a fresh, student-oriented alternative for the onesemester survey of economics course with Essentials of Economics The third edition presents a patient, substantive treatment of micro and macro topics appropriate for the introductory economics student, and fully integrated in the digital environment to provide instant remediation and feedback through McGraw-Hill’s innovative assessment tool Connect® Plus essentials of economics Updated Macro Discussion McGraw-Hill’s adaptive learning component, LearnSmart, available within Connect Economics, provides a seamless combination of practice, assessment, and remediation for core concepts in the course This intelligent software adapts to every response and automatically delivers concepts that advance understanding, while reducing time devoted to concepts already mastered Stanley l Brue CampBell r mcConnell ISBN 978-0-07-351145-0 MHID 0-07-351145-5 EAN www.mhhe.com Sean m Flynn 3e MD DALIM #1216266 11/18/12 CYAN MAG YELO BLK Adaptive Digital Tools Brue | mcConnell | Flynn New discussions of the Financial Crisis and Recession show the relevance of economic models to current news and events Relevant E conomic Stati s ti c s , Uni te d State s , – 9 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990   Gross domestic product (billions of dollars) 1,038.5 1,127.1 1,238.3 1,382.7 1,500.0 1,638.3 1,825.3 2,030.9 2,294.7 2,563.3 2,789.5 3,128.4 3,255.0 3,536.7 3,933.2 4,220.3 4,462.8 4,739.5 5,103.8 5,484.4 5,803.1   Real gross domestic product (billions of 2005 dollars) 5,672.8 5,850.1 5,834.0 5,982.1 5,865.9 6,130.9 6,571.5 6,843.4 7,080.5 7,307.0 7,607.4 7,879.2 8,027.1 4,266.3 4,409.5 4,643.8 4,912.8 4,885.7 0.2 3.4 5.3 5.8 0.5   Consumption expenditures (billions of dollars) 648.5 701.9 770.6 852.4 933.4   Gross private domestic investment (billions of dollars) 152.4 178.2 207.6 244.5 249.4 230.2 292.0 361.3 438.0 492.9 479.3 572.4 517.2 564.3 735.6 736.2 746.5 785.0 821.6 874.9 861.0   Government purchases (billions of dollars) 233.8 246.5 263.5 281.7 317.9 357.7 383.0 414.1 453.6 500.8 566.2 627.5 680.5 733.5 797.0 879.0 949.3 999.5 1,039.0 1,099.1 1,180.2   Economic growth rate (percent change in real GDP)   Rate of inflation (percent change in CPI)   Money supply, M1 5.7 4.4 3.2 6.2 11.0 4,875.4 5,136.9 5,373.1 0.2 5.3 4.6 1,034.4 1,151.9 9.1 5.8 1,278.6 6.5 214.4 228.3 249.1 262.9 274.2 287.1 306.2 330.9 5.6 3.2 0.2 2.5 1.9 4.5 7.2 4.1 3.5 3.4 4.1 3.5 1.9 1,428.5 1,592.2 1,757.1 1,941.1 2,077.3 2,290.6 2,503.3 2,720.3 2,899.7 3,100.2 3,353.6 3,598.5 3,839.9 7.6 11.3 13.5 10.3 6.2 3.2 4.3 3.6 1.9 3.6 4.1 4.8 5.4 357.3 381.8 408.5 436.7 474.8 521.4 551.6 619.8 724.6 750.2 786.6 792.8 824.8   Federal funds interest rate (%) 7.17 4.67 4.44 8.74 10.51 5.82 5.05 5.54 7.91 11.20 13.35 16.39 12.24 9.09 10.23 8.10 6.80 6.66 7.57 9.21 8.10 10 Prime interest rate (%) 7.91 5.73 5.25 8.03 10.81 7.86 6.84 6.83 9.06 12.67 15.26 18.87 14.85 10.79 12.04 9.93 8.33 8.21 9.32 10.87 10.01 11 Population (millions) 205.0 207.7 209.9 211.9 213.8 216.0 218.0 220.2 222.6 225.1 227.8 230.0 232.2 234.3 236.3 238.5 240.7 242.8 245.0 247.3 250.1 12 Immigration (thousands) 373.3 370.5 384.7 400.1 394.9 386.2 398.6 462.3 601.4 460.3 530.6 596.6 594.1 559.8 543.9 570.0 601.7 601.5 643.0 1,091.0 1,536.5 13 Labor force (millions) 82.8 84.4 87.0 89.4 91.9 93.8 96.2 99.0 102.3 105.0 106.9 108.7 110.2 111.6 113.5 115.5 117.8 119.9 121.7 123.9 125.8 14 Employment (millions) 78.7 79.4 82.2 85.1 86.8 85.8 88.8 92.0 96.0 98.8 99.3 100.4 99.5 100.8 105.0 107.2 109.6 112.4 115.0 117.3 118.8 15 Unemployment rate (%) 4.9 5.9 5.6 4.9 5.6 8.5 7.7 7.1 16 Federal budget surplus () or deficit () 2.8 17 Public debt (billions of dollars) 380.9 406.2 435.9 466.3 483.9 541.9 629.0 706.4 23.0 23.4 14.9 6.1 53.7 73.7 53.7 18 Price of crude oil (dollars per barrel) 3.39 19 Average hourly earnings, private nonagricultiral industries (dollars) 3.63 3.90 4.14 4.43 4.73 4.73 5.06 5.44 20 Average weekly hours, private nonagriculatural industries 37.0 36.8 36.9 36.9 36.4 36.0 36.1 35.9 3.60 2.85 4.75 9.25 12.21 13.10 23 Net farm income (billions of dollars) 14.4 15.0 19.5 34.4 27.3 25.5 20.2 19.9 24 Federal minimum wage (dollars per hour) 1.60 1.60 1.60 1.60 2.00 2.10 2.30 2.30 25 Poverty rate (% of population) 12.6 12.5 11.9 11.1 11.2 12.3 11.8 11.6 26 Gini ratio for household income distribution** 0.394 0.396 0.401 0.397 0.395 0.397 0.398 0.402 27 Productivity growth, business sector (%) 2.0 4.1 28 Trade surplus () or deficit () (billions of dollars) 2.3 1.3 3.2 3.0 5.4 1.9 4.3 12.4 14.8 27.2 *Revised definition of this series beginning in 1973 **Revised definitions have occurred within this series Sources: Bureau of Economic Analysis; Bureau of Labor Statistics; Economic Report of the President, 2012; U.S Bureau of the Census; Federal Reserve System; National Science Foundation; U.S Citizenship and Immigration Services; U.S Department of Energy ISBN: 9780073511450/0073511455 Author: Brue, McConnell, Flynn Title: Essentials of Economics, 3e Front endsheets Color: 4c Pages: 2,3 79.0 128.0 207.8 185.4 212.3 221.2 149.7 155.2 152.6 221.1 5.87 6.33 6.84 7.43 7.86 8.19 8.48 8.73 8.92 9.13 9.43 9.80 10.19 35.8 36.6 35.2 35.2 34.7 34.9 35.1 34.9 34.7 34.7 34.6 34.5 34.3 5.4 5.7 4.8 4.7 3.5 4.1 4.6 3.8 3.7 4.9 5.9 4.9 3.9 32.2 37.1 43.2 43.2 57.2 63.7 73.1 82.4 85.9 90.2 94.9 99.9 107.4 25.2 27.4 16.1 26.9 23.8 14.3 26.0 28.5 31.1 38.0 39.6 46.5 46.3 2.65 2.90 3.10 3.35 3.35 3.35 3.35 3.35 3.35 3.35 3.35 3.35 3.80 11.4 11.7 13.0 14.0 15.0 15.2 14.4 14.0 13.6 13.4 13.0 12.8 13.5 0.402 0.404 0.403 0.406 0.412 0.414 0.415 0.419 0.425 0.426 0.427 0.431 0.428 73.8 14.95 25.10 37.42 35.75 31.83 29.08 28.75 26.92 14.44 17.75 14.87 18.33 23.19 1.6 3.5 3.1 1.7 40.7 776.6 829.5 909.0 994.8 1,137.3 1,371.7 1,564.6 1,817.4 2,120.5 2,346.0 2,601.1 2,867.8 3,206.3 21 After-tax manufacturing profits per dollar 4.0 4.1 4.3 4.7 5.5 4.6 5.4 5.3 of sales (cents)* 17.6 17.8 19.0 20.7 22.2 23.5 26.1 28.9 59.2 14.40 22 Industry research and development expenditures (billions of dollars) 6.1 5.8 7.1 7.6 9.7 9.6 7.5 7.2 7.0 6.2 5.5 5.3 5.6 1.1 0.0 0.2 2.1 0.8 3.6 2.7 2.3 3.0 0.6 1.5 1.0 2.0 29.8 24.6 19.4 16.2 24.2 57.8 109.1 121.9 138.5 151.7 114.6 93.1 80.9 Relevant E conomic Stati s ti c s , Uni te d State s , – 9 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990   Gross domestic product (billions of dollars) 1,038.5 1,127.1 1,238.3 1,382.7 1,500.0 1,638.3 1,825.3 2,030.9 2,294.7 2,563.3 2,789.5 3,128.4 3,255.0 3,536.7 3,933.2 4,220.3 4,462.8 4,739.5 5,103.8 5,484.4 5,803.1   Real gross domestic product (billions of 2005 dollars) 5,672.8 5,850.1 5,834.0 5,982.1 5,865.9 6,130.9 6,571.5 6,843.4 7,080.5 7,307.0 7,607.4 7,879.2 8,027.1 4,266.3 4,409.5 4,643.8 4,912.8 4,885.7 0.2 3.4 5.3 5.8 0.5   Consumption expenditures (billions of dollars) 648.5 701.9 770.6 852.4 933.4   Gross private domestic investment (billions of dollars) 152.4 178.2 207.6 244.5 249.4 230.2 292.0 361.3 438.0 492.9 479.3 572.4 517.2 564.3 735.6 736.2 746.5 785.0 821.6 874.9 861.0   Government purchases (billions of dollars) 233.8 246.5 263.5 281.7 317.9 357.7 383.0 414.1 453.6 500.8 566.2 627.5 680.5 733.5 797.0 879.0 949.3 999.5 1,039.0 1,099.1 1,180.2   Economic growth rate (percent change in real GDP)   Rate of inflation (percent change in CPI)   Money supply, M1 5.7 4.4 3.2 6.2 11.0 4,875.4 5,136.9 5,373.1 0.2 5.3 4.6 1,034.4 1,151.9 9.1 5.8 1,278.6 6.5 214.4 228.3 249.1 262.9 274.2 287.1 306.2 330.9 5.6 3.2 0.2 2.5 1.9 4.5 7.2 4.1 3.5 3.4 4.1 3.5 1.9 1,428.5 1,592.2 1,757.1 1,941.1 2,077.3 2,290.6 2,503.3 2,720.3 2,899.7 3,100.2 3,353.6 3,598.5 3,839.9 7.6 11.3 13.5 10.3 6.2 3.2 4.3 3.6 1.9 3.6 4.1 4.8 5.4 357.3 381.8 408.5 436.7 474.8 521.4 551.6 619.8 724.6 750.2 786.6 792.8 824.8   Federal funds interest rate (%) 7.17 4.67 4.44 8.74 10.51 5.82 5.05 5.54 7.91 11.20 13.35 16.39 12.24 9.09 10.23 8.10 6.80 6.66 7.57 9.21 8.10 10 Prime interest rate (%) 7.91 5.73 5.25 8.03 10.81 7.86 6.84 6.83 9.06 12.67 15.26 18.87 14.85 10.79 12.04 9.93 8.33 8.21 9.32 10.87 10.01 11 Population (millions) 205.0 207.7 209.9 211.9 213.8 216.0 218.0 220.2 222.6 225.1 227.8 230.0 232.2 234.3 236.3 238.5 240.7 242.8 245.0 247.3 250.1 12 Immigration (thousands) 373.3 370.5 384.7 400.1 394.9 386.2 398.6 462.3 601.4 460.3 530.6 596.6 594.1 559.8 543.9 570.0 601.7 601.5 643.0 1,091.0 1,536.5 13 Labor force (millions) 82.8 84.4 87.0 89.4 91.9 93.8 96.2 99.0 102.3 105.0 106.9 108.7 110.2 111.6 113.5 115.5 117.8 119.9 121.7 123.9 125.8 14 Employment (millions) 78.7 79.4 82.2 85.1 86.8 85.8 88.8 92.0 96.0 98.8 99.3 100.4 99.5 100.8 105.0 107.2 109.6 112.4 115.0 117.3 118.8 15 Unemployment rate (%) 4.9 5.9 5.6 4.9 5.6 8.5 7.7 7.1 16 Federal budget surplus () or deficit () 2.8 17 Public debt (billions of dollars) 380.9 406.2 435.9 466.3 483.9 541.9 629.0 706.4 23.0 23.4 14.9 6.1 53.7 73.7 53.7 18 Price of crude oil (dollars per barrel) 3.39 19 Average hourly earnings, private nonagricultiral industries (dollars) 3.63 3.90 4.14 4.43 4.73 4.73 5.06 5.44 20 Average weekly hours, private nonagriculatural industries 37.0 36.8 36.9 36.9 36.4 36.0 36.1 35.9 3.60 2.85 4.75 9.25 12.21 13.10 23 Net farm income (billions of dollars) 14.4 15.0 19.5 34.4 27.3 25.5 20.2 19.9 24 Federal minimum wage (dollars per hour) 1.60 1.60 1.60 1.60 2.00 2.10 2.30 2.30 25 Poverty rate (% of population) 12.6 12.5 11.9 11.1 11.2 12.3 11.8 11.6 26 Gini ratio for household income distribution** 0.394 0.396 0.401 0.397 0.395 0.397 0.398 0.402 27 Productivity growth, business sector (%) 2.0 4.1 28 Trade surplus () or deficit () (billions of dollars) 2.3 1.3 3.2 3.0 5.4 1.9 4.3 12.4 14.8 27.2 *Revised definition of this series beginning in 1973 **Revised definitions have occurred within this series Sources: Bureau of Economic Analysis; Bureau of Labor Statistics; Economic Report of the President, 2012; U.S Bureau of the Census; Federal Reserve System; National Science Foundation; U.S Citizenship and Immigration Services; U.S Department of Energy ISBN: 9780073511450/0073511455 Author: Brue, McConnell, Flynn Title: Essentials of Economics, 3e Front endsheets Color: 4c Pages: 2,3 79.0 128.0 207.8 185.4 212.3 221.2 149.7 155.2 152.6 221.1 5.87 6.33 6.84 7.43 7.86 8.19 8.48 8.73 8.92 9.13 9.43 9.80 10.19 35.8 36.6 35.2 35.2 34.7 34.9 35.1 34.9 34.7 34.7 34.6 34.5 34.3 5.4 5.7 4.8 4.7 3.5 4.1 4.6 3.8 3.7 4.9 5.9 4.9 3.9 32.2 37.1 43.2 43.2 57.2 63.7 73.1 82.4 85.9 90.2 94.9 99.9 107.4 25.2 27.4 16.1 26.9 23.8 14.3 26.0 28.5 31.1 38.0 39.6 46.5 46.3 2.65 2.90 3.10 3.35 3.35 3.35 3.35 3.35 3.35 3.35 3.35 3.35 3.80 11.4 11.7 13.0 14.0 15.0 15.2 14.4 14.0 13.6 13.4 13.0 12.8 13.5 0.402 0.404 0.403 0.406 0.412 0.414 0.415 0.419 0.425 0.426 0.427 0.431 0.428 73.8 14.95 25.10 37.42 35.75 31.83 29.08 28.75 26.92 14.44 17.75 14.87 18.33 23.19 1.6 3.5 3.1 1.7 40.7 776.6 829.5 909.0 994.8 1,137.3 1,371.7 1,564.6 1,817.4 2,120.5 2,346.0 2,601.1 2,867.8 3,206.3 21 After-tax manufacturing profits per dollar 4.0 4.1 4.3 4.7 5.5 4.6 5.4 5.3 of sales (cents)* 17.6 17.8 19.0 20.7 22.2 23.5 26.1 28.9 59.2 14.40 22 Industry research and development expenditures (billions of dollars) 6.1 5.8 7.1 7.6 9.7 9.6 7.5 7.2 7.0 6.2 5.5 5.3 5.6 1.1 0.0 0.2 2.1 0.8 3.6 2.7 2.3 3.0 0.6 1.5 1.0 2.0 29.8 24.6 19.4 16.2 24.2 57.8 109.1 121.9 138.5 151.7 114.6 93.1 80.9 Instructors Would you like your students to show up for class more prepared? (Let’s face it, class is much more fun if everyone is engaged and prepared…) Want an easy way to assign homework online and track student progress? (Less time grading means more time teaching…) Want an instant view of student or class performance? (No more wondering if students understand…) Need to collect data and generate reports required for administration or accreditation? (Say goodbye to manually tracking student learning outcomes…) Want to record and post your lectures for students to view online? 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(Let’s face it, class is much more fun if everyone is engaged and prepared…) Want an easy way to assign homework online and track student progress? (Less time grading means more time teaching…) Want an instant view of student or class performance? (No more wondering if students understand…) Need to collect data and generate reports required for administration or accreditation? (Say goodbye to manually tracking student learning outcomes…) Want to record and post your lectures for students to view online? With McGraw-Hill's Connect Plus Economics, ® Instructors get: • Simple assignment management, allowing you to spend more time teaching • Auto-graded assignments, quizzes, and tests • Detailed Visual Reporting where student and section results can be viewed and analyzed • Sophisticated online testing capability • A filtering and reporting function that allows you to easily assign and report on materials that are correlated to accreditation standards, learning outcomes, and Bloom’s taxonomy • An easy-to-use lecture capture tool • The option to upload course documents for student access • Assign all of the end-of-chapter problems as ready-made pre-built assignments with the simple click of a button ISBN: 9780073511450/0073511455 Author: Brue, McConnell, Flynn Title: Essentials of Economics, 3e Front endsheets Color: 4c Pages: 4, Insert bru11455_fm_i-xxx.indd Page i 11/30/12 4:56 PM user-f502 /203/MH01847/bru11455_disk1of1/0073511455/bru11455_pagefiles Less managing More teaching Greater learning STUDENTS Want to get better grades? 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Connect® Plus Economics e-book If you choose to use Connect ® Plus Economics, you have an affordable and searchable online version of your book integrated with your other online tools Connect ® Plus Economics e-book offers features like: t Topic search t Direct links from assignments t Adjustable text size t Jump to page number t Print by section Want to get more value from your textbook purchase? Think learning economics should be a bit more interesting? Check out the STUDENT RESOURCES section under the Connect ® Library tab Here you’ll find a wealth of resources designed to help you achieve your goals in the course Every student has different needs, so explore the STUDENT RESOURCES to find the materials best suited to you bru11455_fm_i-xxx.indd Page iii 11/30/12 4:56 PM user-f502 /203/MH01847/bru11455_disk1of1/0073511455/bru11455_pagefiles Essentials of ECONOMICS bru11455_fm_i-xxx.indd Page iv 12/3/12 3:13 PM user-f502 /203/MH01847/bru11455_disk1of1/0073511455/bru11455_pagefiles The McGraw-Hill Series in Economics ESSENTIALS OF ECONOMICS Brue, McConnell, and Flynn Essentials of Economics Third Edition Mandel Economics: The Basics Second Edition Schiller Essentials of Economics Eighth Edition PRINCIPLES OF ECONOMICS Colander Economics, Microeconomics, and Macroeconomics Ninth Edition Frank and Bernanke Principles of Economics, Principles of Microeconomics, Principles of Macroeconomics Fifth Edition Frank and Bernanke Brief Editions: Principles of Economics, Principles of Microeconomics, Principles of Macroeconomics Second Edition McConnell, Brue, and Flynn Economics, Microeconomics, and Macroeconomics Nineteenth Edition McConnell, Brue, and Flynn Brief Editions: Microeconomics and Macroeconomics Second Edition Miller Principles of Microeconomics First Edition Samuelson and Nordhaus Economics, Microeconomics, and Macroeconomics Nineteenth Edition Schiller The Economy Today, The Micro Economy Today, and The Macro Economy Today Thirteenth Edition Slavin Economics, Microeconomics, and Macroeconomics Ninth Edition ECONOMICS OF SOCIAL ISSUES Guell Issues in Economics Today Sixth Edition Sharp, Register, and Grimes Economics of Social Issues Twentieth Edition ECONOMETRICS Gujarati and Porter Basic Econometrics Fifth Edition Gujarati and Porter Essentials of Econometrics Fourth Edition MANAGERIAL ECONOMICS Baye and Prince Managerial Economics and Business Strategy Eighth Edition Brickley, Smith, and Zimmerman Managerial Economics and Organizational Architecture Fifth Edition Thomas and Maurice Managerial Economics Eleventh Edition INTERMEDIATE ECONOMICS Bernheim and Whinston Microeconomics Second Edition Dornbusch, Fischer, and Startz Macroeconomics Eleventh Edition Frank Microeconomics and Behavior Eighth Edition ADVANCED ECONOMICS Romer Advanced Macroeconomics Fourth Edition MONEY AND BANKING Cecchetti and Schoenholtz Money, Banking, and Financial Markets Third Edition URBAN ECONOMICS O’Sullivan Urban Economics Eighth Edition LABOR ECONOMICS Borjas Labor Economics Sixth Edition McConnell, Brue, and Macpherson Contemporary Labor Economics Tenth Edition PUBLIC FINANCE Rosen and Gayer Public Finance Ninth Edition Seidman Public Finance First Edition ENVIRONMENTAL ECONOMICS Field and Field Environmental Economics: An Introduction Sixth Edition INTERNATIONAL ECONOMICS Appleyard and Field International Economics Eighth Edition King and King International Economics, Globalization, and Policy: A Reader Fifth Edition Pugel International Economics Fifteenth Edition bru11455_fm_i-xxx.indd Page v 11/30/12 4:56 PM user-f502 /203/MH01847/bru11455_disk1of1/0073511455/bru11455_pagefiles Essentials of ECONOMICS Third edition Stanley L Brue Pacific Lutheran University Campbell R McConnell University of Nebraska at Lincoln Sean M Flynn Scripps College With the special assistance of Randy R Grant Linfield College ... McGraw-Hill Series in Economics ESSENTIALS OF ECONOMICS Brue, McConnell, and Flynn Essentials of Economics Third Edition Mandel Economics: The Basics Second Edition Schiller Essentials of Economics Eighth... objectives, outlines, and summaries; numerous teaching suggestions; discussions of “student stumbling blocks;” listings of data and visual aid sources with suggestions for classroom use; and sample... Slavin Economics, Microeconomics, and Macroeconomics Ninth Edition ECONOMICS OF SOCIAL ISSUES Guell Issues in Economics Today Sixth Edition Sharp, Register, and Grimes Economics of Social Issues Twentieth