The Economics Net-TextBook

1. Introduction
Introductory Topics		MicroEconomics Concepts
2. Production Possibilities Concept of Scarcity	3. Supply and Demand Overview of the Market	4. Elasticity and Revenue Price Changes	5. Consumer Behavior Income Restrained Utility Maximization	6. The Law of Demand Derive a Downward Sloping Demand Curve	VI. Cost Function Shape of the Unit Cost (AC and MC) Functions
MacroEconomics Concepts
7. Simple Macro-Model Keynesian Model	8. Consumption and Savings Functions	9. Macro-Equilibrium Goods Market Equilibrium	10. Money Market Supply and Demand for Money	11. IS-LM Model Simult. Goods and Money Market
International Economics Concepts
12. Comparative Advantage PPFs and Relative Value	13. Trade Equilibrium International Trade Model	14. Exchange Rate Model Currency Markets	15. Arbitrage Model FE Arbitrage

The Economics Net-TextBook is an on-line tutorial for students of economics classes of all levels. The learning environment is Net-based and encourages active learning. Economic principles are illustrated with on-line graphics (© PGPlot) providing an electronic blackboard that may be changed with a click. A text-engine generates embedded narrative explaining the concepts depicted by the graphical models. The topics in the Net-Text include a set of learning objectives students are expected to attain when covering the sections of the tutorial Click on the graph icon or hypertext for the IS-LM model, the Supply and Demand Tutorial or, one of the other modules. The next thing you will see is a narrative describing the specifications of the economic concepts and, an on-line form that allows the selection of some pertinent parameters for the graphical model (or take the defaults). Then, create a graph with the results gotten for a scenario you select. The IS-LM model presents the specification of fiscal and monetary policy scenarios. The Supply and Demand Model is an overview and explains the parameters and shift variables associated with pricing using the market mechanism. Production Possibilities are presented to explain opportunity cost and scarcity whilst, the Macro Model analyses the goods market equilibrium and the national income expansion multiplier. Each model includes the system of equations reflecting the structural specification (and certain reduced forms) that may be cloned for other models and applications. Program Code for the Net-Text may be copied and used free of charge for any academic, government or non-profit use, with attribution (hypertext link to the Net-Text).

The graphical depictions of the econometric models are dynamically generated gif files created by PGPlot (an Open-Standards scientific graphics package using GNU Fortran or C) from Caltech [PGPlot Copyright Notice]. The economic simulation models consist of a system of equations, a grapics module and a text engine. The modules are written with Perl and PG-Perl (Perl-based PGPlot has been developed by Karl Glazebrook of the Anglo-Aussie Observatory and Johns Hopkins University). Many modules use CGI-Scripts that are called from CGI-lib. See these Netsites for more examples, TUTORIALS and superb documentation. Special thanks to Karl Glazebrook, the space telescope applications using the HEXTErock tool and, Jim Morgan with the BIMA Project.

Questions or comments? Please send me mail: Ted Black@Nova.UMUC.edu

The IS-LM interactive Net graphics simulation model was developed with funding by a Teaching Innovation Grant from the University College of the University of Maryland attribution for additional features page updated 5 Sept 05