The National Economy

Bradley A. Hansen

• Publisher: Greenwood
• Year: 2006
• Print ISBN: 9780313335419
• eBook ISBN: 9780313082016
• Edition: 1
• Topic: Economics
• Subtopic: Economic Theory
• Index: Economics

From the impact of rising gas prices to debates over free trade agreements, the workings of the economy remain a mystery to most, even as the demands on our economic resources increase. This volume presents a basic introduction to the national economy—how it works and how various political and business decisions affect it. Chapters one through four explain the concept of Gross Domestic Product, with an emphasis on supply and demand, long-term growth, and short-term fluctuations, resulting from such factors as interest rates and inflation. Chapters five through eight highlight the four basic sectors of the economy—businesses, households, the government, and the international arena—and how they interact. The national economy is the engine of growth for any country—whether it is a superpower with global reach or a small nation struggling to emerge from poverty. Every citizen is a participant in the economy, as they work to create income for their families, pay taxes, spend their earnings of products and services, or draw from government programs, such as welfare or Social Security. And yet the workings of the economy remain a mystery to most, even as the demands on our economic resources increase.

Table of contents

• Contents
• Illustrations
• Series Foreword by Wesley B. Truitt
• Preface
• Chronology of American Economic History
• 1. The Market Economy of the United States
• 2. Measuring the Performance of the American Economy
• 3. Economic Growth
• 4. Business Cycles
• 5. Business and the National Economy
• 6. Households and the National Economy
• 7. Government and the National Economy
• 8. The International Sector and the National Economy
• Sources of Current Economic Information
• Glossary
• References
• Index
• TABLE 1.1 The Money Supply (M1), March 2005 (billion $)
• TABLE 2.1 Nominal U.S. GDP and Its Components, 2003 (billion $)
• TABLE 2.2 Nominal National Income and Its Components, 2003 (billion $)
• TABLE 2.3 Reconciling Nominal GDP and Nominal National Income in 2003 (billion $)
• TABLE 2.4 CPI and Components, 1993–2004
• TABLE 2.5 GNP Comparisons Using Actual Exchange Rates and PPP Exchange Rates, 1994
• TABLE 3.1 GNP and Life Expectancy, 1999
• TABLE 3.2 Percentage of Growth in Output
• TABLE 3.3 Time and Expense of Doing Business
• TABLE 5.1 Number of Businesses and Sales, 2001
• TABLE 6.1 Education, Experience, and Average Earnings, 2001
• TABLE 6.2 Income, Poverty, and Education by Race, 2001
• TABLE 7.1 Tax Schedule for a Single Filer, 2005
• TABLE 7.2 Government Employment, 1980–2000
• TABLE 8.1 The Benefits of Trade
• TABLE 8.2 Cost of Saving Jobs
• TABLE 8.3 Foreign Direct Investment Position, 2003
• TABLE 8.4 America’s Top Trading Partners
• FIGURE 1.1 Demand Shifts
• FIGURE 1.2 Supply Shifts
• FIGURE 1.3 Supply and Demand
• FIGURE 1.4 The Circular Flow of a Market Economy
• FIGURE 2.1 Real Per Capita GDP in (chained) 1996 dollars, 1929–2002
• FIGURE 2.2 Labor Force and Unemployment
• FIGURE 3.1 Air Pollution Emissions in 1,000s of Tons, 1940–2000
• FIGURE 3.2 Changing Distribution of the Workforce, 1840–2000
• FIGURE 3.3 Average Annual Increases in Productivity, 1873–2003
• FIGURE 4.1 Rate of Inflation, 1914–2002
• FIGURE 4.2 Unemployment Rate, 1929–2002
• FIGURE 4.3 Changes in M1 and Changes in the CPI
• FIGURE 6.1 Distribution of Income in the United States, 2002
• FIGURE 6.2 Savings as a Percent of Personal Disposable Income,1959–2004
• FIGURE 6.3 School Enrollment per 100 Children Aged 5–19, 1850–1970
• FIGURE 6.4 Births per 1,000 People, 1909–2001
• FIGURE 7.1 Distribution of Federal Spending, 2003
• FIGURE 7.2 Distribution of Federal Government Revenues, 2003
• FIGURE 7.3 Impact of a $2.00-a-Pack Cigarette Tax
• FIGURE 8.1 Immigration, 1820–2000