Real World Economics

If an economist were asked to sum up a nation's entire economy in a single statistic, he or she would probably cite the Gross Domestic Product (GDP). Another important measure is the Gross National Product (GNP), which differs from the GDP in a number of ways. Together the GDP and GNP are perhaps the most important of all economic indicators, and for this reason it is essential that students understand what they are, how they are calculated, and what real-world economic realities they reflect and predict. Understanding the GDP and GNP is crucial to understanding the current economy and its effects on teens, their families, and their towns. This book provides an invaluable key to that understanding. Book Review: Understanding the Gross Domestic Product and the Gross National Product "Gross Domestic Product is a solid review text for students with prior knowledge of this subject."-School Library Journal

In the midst --and in the troubled wake--of the Great Recession, we have witnessed an extraordinary and unprecedented global cooperation among nations committed to collectively discussing, debating, and instituting the best possible economic measures that would restore worldwide growth and prosperity. Through international dialogue, negotiations, and old-fashioned arm-twisting and diplomatic brinksmanship, vulnerable and debt-ridden countries, mostly in Europe, were bailed out and forced to accept austerity spending measures. One of the major players in this economic drama was the Group of 20, an international council of the world's leading industrialized and emerging economies. Initially formed to give greater voice and representation to emerging economies and developing nations and to encourage growth, development, and prosperity worldwide, the Group of 20 evolved during the Great Recession into a fleet-footed, rapid-response crisis management council, seeking ways to craft a coordinated and effective response to the deepening economic turmoil. Readers will follow as this book charts the evolution against the historic backdrop of the Great Recession, while also discussing earlier antecedents of the Group of 20, its organization, membership, and leadership, its membership criteria, its organizational philosophy, mandate, and authority, and its greatest debates, controversies, failures, and successes. Readers discover the surprisingly stirring account of a leadership council adapting to confront a global crisis of historic proportions and an inspiring example of the power of many and the wisdom of the group to tackle and solve even the most vexing of problems. Readers are encouraged to think and engage further with 10 Great Questions to Ask an Economics/Finance teacher and Myths & Facts.

This book succeeds in making complicated, abstract economic theories, practices, and processes not only accessible and comprehensible, but also highly relevant to young readers' lives. Using uncomplicated language and lots of illustrative examples-drawn from everyday life and typical youth experiences-the author explains exactly what inflation is, what its potentially positive and negative effects are, and how it can be controlled, coped with, or moderated. Includes dramatic examples of historical inflationary periods and their grave consequences. Also features interesting sidebars such as "Myths and Facts about Inflation" and "Ten Great Questions to Ask a Financial Adviser."

In the popular mind, the Great Recession was caused by misguided investment banking practices, a burst real estate bubble, and plummeting housing values. All of this is accurate, yet it fails to highlight another underlying, insidious cause of the economic collapse-consumer credit and debt. In the years running up to the recession, consumers were encouraged by the government to spend their money for the good of the economy. The value of saving was de-emphasized, as credit card companies and banks made access to credit easier and easier. As a result, people who were not truly able to afford big purchases were nevertheless taking out loans and racking up huge credit card bills to buy cars, boats, homes, and even second homes. Eventually, the bills came due, and Americans were suddenly in massive debt, owing huge sums of money on devalued properties, defaulting on loans, losing their credit ratings, having their homes foreclosed on and their possessions repossessed. Readers will review the nightmare scenario that resulted in the Great Recession and prolonged the agony of it. Most importantly, the mechanisms of consumer credit and debt, its pitfalls, and smart ways to manage credit and debt effectively in order to make it work for you, not against you are explained. Readers are encouraged to participate in discussion and learn how they can avoid debt with 10 Great Questions to Ask an Economics/Finance teacher and Myths & Facts.

Others view globalization as a threat to American jobs, workers, and consumers, not to mention the health and well-being of foreign workers who may be exploited, harassed, and underpaid. This book cuts through all the political rhetoric, erroneous assumptions, and myths about globalization to explain, in an even-handed and uncomplicated manner what it is, how it works, why it has developed, and who it helps and harms. A history of the phenomenon places the current debates in context and helps illustrate the basic mechanisms of global trade in goods, services, and labor. The potential benefits along with the possible drawbacks are presented, and the narrative remains neutral on globalization's ethical or social value. Instead, it simply explains how globalization works on the theoretical level and in actual, observable, real-world ways. Includes helpful sidebars such as "Myths and Facts about Globalization" and "Ten Great Questions about Globalization to Ask an Economist."

Explanations to the inner workings of one of the least understood, but arguably most important, areas of business finance is offered to readers in this engaging volume: venture capital. Venture capitalists provide necessary investment to seed (or startup) companies, but the startup is only the beginning, there is much more to be explored. These savvy investors help guide young entrepreneurs, who likely have little experience, to turn their businesses into the Googles, Facebooks, and Groupons of the world. This book explains the often-complex methods venture capitalists use to value companies and to get the most return on their investments, or ROI. This book is a must-have for any reader interested in the business world.

As the United States teeters on the brink of a severe economic downturn, many citizens have begun looking back at the Great Depression and wondering if it's about to happen again. An economic downturn is not necessarily a depression. When students hear the word "depression," they immediately conjure images of breadlines, migrant workers, dust bowls, and downtrodden individuals. The mechanisms of a depression, its causes and effects, and how it develops into a worldwide situation are clearly laid out and informatively explored. The Great Depression is used as an illustrative thread running throughout the book to bring compelling, vivid life to the principles discussed. Other notable depressions throughout history are reviewed. While stressing that depressions are rare and unusually extreme instances of the ordinary downward movement in the business cycle, readers' anxieties are further addressed through uncomplicated, informative sidebars. Your readers will come away with a solid and sophisticated understanding of the economic principles underlying the business cycle, while feeling more confident and capable of coping with real world economic downturns.

This book succeeds in making complicated, abstract economic theories, practices, and processes not only accessible and comprehensible, but also highly relevant to young readers' lives. It also comes at a crucial moment in American history, as the nation enters a period of likely severe and prolonged recession. Your readers will learn exactly what recession is, how to cope with it, and how it can be controlled or moderated. This excellent information will give your young reader tools to understand what is happening to family finances. It will also reduce the anxiety felt about the nation's economic situation because knowledge and understanding are empowering, as are the coping strategies discussed. Includes lots of dramatic examples of historical recessionary periods and grave consequences. Also features interesting sidebars such as "Myths and Facts about Recession" and "Ten Great Questions to Ask a Financial Adviser."

The World Bank and the International Monetary Fund (IMF) are the bankers of the global economy. The World Bank helps impoverished economies become profitable by offering financial assistance. The IMF is the organization that provides international cooperation among the world's economic superpowers. Readers are provided with explanations of the inner workings of both organizations in this informative volume. In addition, this view into the mechanics of global economics offers insight to readers about just how interdependent we all are in this globalized age.

The markets are mentioned every day on the Internet, in newspapers, and by people on the street. The world of markets is often complex and sometimes complicated. What markets are, how they work, and how they affect readers and their families are all topics that this book breaks down in a way that is interesting and easy to understand. Book Review: How Markets Work"In looking at how markets work, Bailey presents a nice balance of viewpoints in a conversational tone. ... This well-rounded book includes basic market theories along with a little background on the economists who created them ..."-School Library Journal

Every day businesses, large and small, are making decisions that can either create a profit or bring on the potential downfall of a company. Business and economics go hand in hand. Business decisions are broken down in a way that is interesting and easy to understand, including who makes the decisions, why the decisions are made, and how the decisions affect readers and their families.

Every society must decide how to design an economic system that will meet its specific and particular needs. This book explores the different kinds of economic systems that have existed in the past and those that currently hold sway today throughout the world-subsistence, barter, gift, market, command, planned, mixed, and Internet economies-and analyzes each one's relationship to the three criteria of production, ownership, and government control. There are real-world consequences of economics and the economic systems that govern a people, and this book seeks to demonstrate to readers how economics is not merely an abstract, theoretical science, but one which plays out on the streets, in the stores, and at the kitchen table every single day.

All signs of economic activity or non-activity are actually part of a large group of statistics and data known as economic indicators. With the help of economic data and the analysis of economic indicators, economists can locate the economy's present position within the cycle and anticipate its next movements. This book introduces readers to the fascinating and revelatory realm of economic indicators- leading, lagging, and coincident indicators. Readers will be initiated into the mysteries of economic analysis and forecasting and learn exactly how economists "read the signs" and come up with solid data that provides reliable and accurate information about the upward or downward direction in which the economy is headed.

In the wake of the Great Recession of 2007 to 2009 and the ensuing federal stimulus efforts, no economic subject has drawn as much attention or attracted as much controversy as the national debt and federal and state budget deficits. This book clearly explains how and why governments borrow money, how and why they engage in deficit spending, and the short-term and long-term effects such practices have on the economy. Even-handed and nonpartisan, this book allows readers to understand the actual economic mechanics at work beneath all the hype. As such, it is a welcome, calming corrective to a partisan debate that has obscured economic realities and muddled the effort to guarantee a sound economy for future generations of Americans.

The reason behind price fluctuations is simple: economics. However, economics is not a simple subject. Economic data is broken down in this volume and explained in a way that is simple and interesting to readers.

Readers get a view behind the gilded doors which will reveal the inner workings of pyramid and Ponzi schemes, telemarketing scams, identity theft, creative accounting, phishing, and other large-scale frauds and scams that impact not only big money investors but cost ordinary working citizens as well. Intriguing historical and current examples of institutional ruinous shell games include Madoff, WorldCom, Enron, and Jon Corzine's MF Global. Most importantly, this book also offers readers expert advice on how to avoid some of the more common frauds perpetrated on consumers and individual investors. A fascinating account of billionaire crooks and their con games, a sobering account of bankrupt victims, and a cautionary tale for all ordinary consumers and investors bring reality to this array of scams. This book captures the full folly, danger, and tragedy of financial frauds and scams. Readers will be fully engaged and encouraged to participate in discussion with 10 Great Questions to Ask an Economics/Finance Teacher and Myths & Facts.

The Federal Reserve--the central bank of the U.S.--has long been shrouded in mystery and controversy. Its deliberations and actions have often occurred far from the public eye, yet its decisions have a profound impact on ordinary citizens. This book introduces readers to the history, structure, and operations of the Fed and shows exactly how its decisions impact both the nation's economy and its citizens. As the Fed makes its deliberations and decision-making more and more transparent to the public, and as the nation continues its recovery from the recession, this book could not be more timely or needful.

The major stock indexes are spoken about daily, but the average person knows little about them. The Dow Jones Industrial Average, the NASDAQ, and the S&P 500 are referenced all the time in business reports. Readers discover what the indices are, why we have them, and why they're so critical to the efficient operation of the global stock market. By understanding the mechanics of the stock market indices, readers will gain a better understanding of how the market works as a whole.