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Chapter Two:

Chapter Two:. Useful Tools and Concepts. Our Tools for Understanding. Table 2.1: Unemployment Rate and Real GDP Growth Rate, United States, 2000-2012 (in percent).

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Chapter Two:

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  1. Chapter Two: Useful Tools and Concepts

  2. Our Tools for Understanding

  3. Table 2.1: Unemployment Rate and Real GDP Growth Rate, United States, 2000-2012 (in percent) Sources: U.S. Bureau of Economic Analysis, http://bea.gov/iTable/index_nipa.cfm ;U.S. Bureau of Labor Statistics, http://bls.gov/cps/cpsaat01.htm.

  4. Figure 2.B1: Unemployment Rate, United States, 2000-2012 Sources: United States Bureau of Labor Statistics, http://bls.gov/cps/cpsaat01.htm; United States Bureau of Economic Analysis, http://bea.gov/iTable/index_nipa.cfm.

  5. Figure 2.B2: Relationship between Unemployment and GDP Growth Rate, United States, 2000-2012 2008 (5.8, -0.3) Sources: United States Bureau of Labor Statistics,http://bls.gov/cps/cpsaat01.htm; United States Bureau of Economic Analysis, http://bea.gov/iTable/index_nipa.cfm.

  6. Figure 2.B3: Relationship between GDP Growth Rate and Greenhouse Gas Emissions Growth Rate, United States, 1990-2012 Source: Greenhouse Gas data from United States Environmental Protection Agency, http://www.epa.gov/ climatechange/ghgemissions/usinventoryreport.html.

  7. Economic Tradeoffs

  8. Figure 2.1: Society’s Production-Possibilities Frontier B C Quantity of Guns PPF D A Quantity of Butter

  9. Figure 2.2: An Expanded Production-Possibilities Frontier PPF with Additional Resources or Technological Progress Quantity of Output 2 Original PPF Quantity of Output 1

  10. Figure 2.3: Society’s Production/Maintenance Frontier B Quantity of Maintenance A Quantity of Resource-Depleting Production

  11. Figure 2.4: Possible Future PPFs Future PPF with High Resource Maintenance Now Quantity of Output 2 Future PPF with High Resource Depletion Now Quantity of Output 1

  12. The Role of Markets

  13. Factor Markets Land, Labor, and Capital Services Wages, Rents, Interest, and Profits Households Firms Payments for Produced Goods and Services Produced Goods and Services Product Markets Figure 2.5: The Circular Flow Diagram for the Basic Neoclassical Model

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