William Rainey Harper College

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Economics Glossary

Reading Assignments for Unit 1

Introduction

pp. 33-34

Economic systems

pp. 59-63

Characteristics of the Market System

pp. 64-69

Market System at Work

BWC * pp. 1-4

Command Economy Policies and Problems

BWC pp. 4-14

Reforms in Russia and China

* BWC is the online Bonus Web Chapter found at: http://www.mhhe.com/economics/mcconnellmacro15e/student/olc/bonuschapter.mhtml

Chapter 1 -- What is Economics?

p. 3, 9-10

Definition, Microeconomics / Macroeconomics

pp. 6-8

Economic Methodology

pp. 3-6

The Economic Perspective / Why Study Economics?

pp. 22-25

The Foundation of Economics / Econommics: Employment and Efficiency

class lecture

The 5 Es of Economics

pp. 15-19

Using Graphs

Chapter 2 -- Production Possibilities

pp. 25-33

Production Possibilities Model

p. 64

The 4 Fundamental Questions Revisited

Bonus Web Chapter -- Transition Economies

pp. 33-34

Economic Systems

p. 64

4 Fundamental Questions

BWC* pp. 1-4

The Command Economy

BWC* pp. 4-14

Structural Adjustment (transition)

* BWC is the online Bonus Web Chapter found at: http://www.mhhe.com/economics/mcconnellmacro15e/student/olc/bonuschapter.mhtml

Chapter 4 -- The Market System

pp. 59-63

Capitalist Ideology

pp. 64-69

The Market System at Work

pp. 34-35

Circular Flow Model

Chapter 3 pp. ALL -- Supply and Demand

Chapter 5 pp 79-83 ONLY -- The Public Sector: Government's Role

Chapters 6 & 20 -- International Trade

pp. 93-98, 374-375

World Trade

pp. 98-101, 375-81

Economic Basis of Trade

pp. 385-390

Trade Barriers and their costs

pp. 391

The WTO