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Principles of Macroeconomics 3e SENIOR CONTRIBUTING AUTHORS DAVID SHAPIRO, PENNSYLVANIA STATE UNIVERSITY DANIEL MACDONALD, CALIFORNIA STATE UNIVERSITY, SAN BERNADINO STEVEN A. GREENLAW, UNIVERSITY OF MARY WASHINGTON OpenStax Rice University 6100 Main Street MS-375 Houston, Texas 77005 To learn more about OpenStax, visit https://openstax.org. Individual print copies and bulk orders can be purchased through our website. ©2022 Rice University. Textbook content produced by OpenStax is licensed under a Creative Commons Attribution 4.0 International License (CC BY 4.0). Under this license, any user of this textbook or the textbook contents herein must provide proper attribution as follows: - - - -
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For questions regarding this licensing, please contact support@openstax.org. Trademarks The OpenStax name, OpenStax logo, OpenStax book covers, OpenStax CNX name, OpenStax CNX logo, OpenStax Tutor name, Openstax Tutor logo, Connexions name, Connexions logo, Rice University name, and Rice University logo are not subject to the license and may not be reproduced without the prior and express written consent of Rice University. Original version based on the 2nd edition of Principles of Economics, Economics and the Economy, 2e by Timothy Taylor, published in 2011. Portions of the Demand and Supply chapter were derived from "Why It Matters: Government in Action by Steve Greenlaw and Lumen Learning." Located at: https://courses.lumenlearning.com/waymakermacroxmasterfall2016/chapter/why-it-matters-government- action/. License: CC BY 4.0. HARDCOVER BOOK ISBN-13 B&W PAPERBACK BOOK ISBN-13 DIGITAL VERSION ISBN-13 ORIGINAL PUBLICATION YEAR 2 3 4 5 6 7 8 9 10 OF 24 22
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HARDCOVER BOOK ISBN-13 B&W PAPERBACK BOOK ISBN-13 DIGITAL VERSION ISBN-13 ORIGINAL PUBLICATION YEAR 2 3 4 5 6 7 8 9 10 OF 24 22 978-1-711471-47-1 978-1-711471-48-8 978-1-951693-64-0 2022 OPENSTAX OpenStax provides free, peer-reviewed, openly licensed textbooks for introductory college and Advanced Placement® courses and low-cost, personalized courseware that helps students learn. A nonprofit ed tech initiative based at Rice University, we’re committed to helping students access the tools they need to complete their courses and meet their educational goals. RICE UNIVERSITY
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RICE UNIVERSITY OpenStax is an initiative of Rice University. As a leading research university with a distinctive commitment to undergraduate education, Rice University aspires to path-breaking research, unsurpassed teaching, and contributions to the betterment of our world. It seeks to fulfill this mission by cultivating a diverse community of learning and discovery that produces leaders across the spectrum of human endeavor. PHILANTHROPIC SUPPORT OpenStax is grateful for the generous philanthropic partners who advance our mission to improve educational access and learning for everyone. To see the impact of our supporter community and our most updated list of partners, please visit https://openstax.org/foundation. Arnold Ventures Chan Zuckerberg Initiative Chegg, Inc. Burt and Deedee McMurtry Michelson 20MM Foundation National Science Foundation Arthur and Carlyse Ciocca Charitable Foundation The Open Society Foundations Digital Promise
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Chegg, Inc. Burt and Deedee McMurtry Michelson 20MM Foundation National Science Foundation Arthur and Carlyse Ciocca Charitable Foundation The Open Society Foundations Digital Promise Ann and John Doerr Jumee Yhu and David E. Park III Brian D. Patterson USA-International Foundation Bill & Melinda Gates Foundation The Bill and Stephanie Sick Fund Girard Foundation Google Inc. Steven L. Smith & Diana T. Go Stand Together The William and Flora Hewlett Foundation Robin and Sandy Stuart Foundation The Hewlett-Packard Company The Stuart Family Foundation Intel Inc. Rusty and John Jaggers Tammy and Guillermo Treviño Valhalla Charitable Foundation The Calvin K. Kazanjian Economics Foundation White Star Education Foundation Charles Koch Foundation Schmidt Futures Leon Lowenstein Foundation, Inc. William Marsh Rice University The Maxfield Foundation Study where you want, what you want, when you want.
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Charles Koch Foundation Schmidt Futures Leon Lowenstein Foundation, Inc. William Marsh Rice University The Maxfield Foundation Study where you want, what you want, when you want. When you access your book in our web view, you can use our new online highlighting and note-taking features to create your own study guides. Our books are free and flexible, forever. Get started at openstax.org/details/books/principles-macroeconomics-3e Access. The future of education. openstax.org CHAPTER 1 CHAPTER 2 CHAPTER 3 CHAPTER 4 CHAPTER 5 CHAPTER 6 CHAPTER 7 CHAPTER 8 CHAPTER 9 CHAPTER 10 CHAPTER 11 CHAPTER 12 CHAPTER 13 CHAPTER 14 CHAPTER 15 CHAPTER 16 CHAPTER 17 CHAPTER 18 CHAPTER 19 CHAPTER 20
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Principles of Microeconomics 3e SENIOR CONTRIBUTING AUTHORS DAVID SHAPIRO, PENNSYLVANIA STATE UNIVERSITY DANIEL MACDONALD, CALIFORNIA STATE UNIVERSITY, SAN BERNADINO STEVEN A. GREENLAW, UNIVERSITY OF MARY WASHINGTON OpenStax Rice University 6100 Main Street MS-375 Houston, Texas 77005 To learn more about OpenStax, visit https://openstax.org. Individual print copies and bulk orders can be purchased through our website. © 2022 Rice University. Textbook content produced by OpenStax is licensed under a Creative Commons Attribution 4.0 International License (CC BY 4.0). Under this license, any user of this textbook or the textbook contents herein must provide proper attribution as follows: - - - -
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- - - - If you redistribute this textbook in a digital format (including but not limited to PDF and HTML), then you must retain on every page the following attribution: “Access for free at openstax.org.” If you redistribute this textbook in a print format, then you must include on every physical page the following attribution: “Access for free at openstax.org.” If you redistribute part of this textbook, then you must retain in every digital format page view (including but not limited to PDF and HTML) and on every physical printed page the following attribution: “Access for free at openstax.org.” If you use this textbook as a bibliographic reference, please include https://openstax.org/details/books/principles-microeconomics-3e in your citation. For questions regarding this licensing, please contact support@openstax.org.
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bcf90434-1868-4103-920d-2087fab3fd61
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For questions regarding this licensing, please contact support@openstax.org. Trademarks The OpenStax name, OpenStax logo, OpenStax book covers, OpenStax CNX name, OpenStax CNX logo, OpenStax Tutor name, Openstax Tutor logo, Connexions name, Connexions logo, Rice University name, and Rice University logo are not subject to the license and may not be reproduced without the prior and express written consent of Rice University. Original version based on the 2nd edition of Principles of Economics, Economics and the Economy, 2e by Timothy Taylor, published in 2011. Portions of the Demand and Supply chapter were derived from "Why It Matters: Government in Action by Steve Greenlaw and Lumen Learning." Located at: https://courses.lumenlearning.com/waymakermacroxmasterfall2016/chapter/why-it-matters-government- action/. License: CC BY 4.0. HARDCOVER BOOK ISBN-13 B&W PAPERBACK BOOK ISBN-13 DIGITAL VERSION ISBN-13 ORIGINAL PUBLICATION YEAR 1 2 3 4 5 6 7 8 9 10 JAY 22
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a4780574-0f27-4c5f-b044-8427e48b548f
[ 0.03718917816877365, -0.06699944287538528, 0.06727032363414764, 0.015136984176933765, -0.003274558112025261, -0.08211535960435867, -0.01574723608791828, -0.022214150056242943, -0.04061615839600563, 0.027548886835575104, 0.11793868988752365, 0.024976694956421852, 0.032782744616270065, -0.03...
HARDCOVER BOOK ISBN-13 B&W PAPERBACK BOOK ISBN-13 DIGITAL VERSION ISBN-13 ORIGINAL PUBLICATION YEAR 1 2 3 4 5 6 7 8 9 10 JAY 22 978-1-711471-49-5 978-1-711471-50-1 978-1-951693-65-7 2022 OPENSTAX OpenStax provides free, peer-reviewed, openly licensed textbooks for introductory college and Advanced Placement® courses and low-cost, personalized courseware that helps students learn. A nonprofit ed tech initiative based at Rice University, we’re committed to helping students access the tools they need to complete their courses and meet their educational goals. RICE UNIVERSITY
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22f50924-ff1d-43b3-bc0b-0b0737f557a3
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RICE UNIVERSITY OpenStax, OpenStax CNX, and OpenStax Tutor are initiatives of Rice University. As a leading research university with a distinctive commitment to undergraduate education, Rice University aspires to path-breaking research, unsurpassed teaching, and contributions to the betterment of our world. It seeks to fulfill this mission by cultivating a diverse community of learning and discovery that produces leaders across the spectrum of human endeavor. PHILANTHROPIC SUPPORT OpenStax is grateful for the generous philanthropic partners who advance our mission to improve educational access and learning for everyone. To see the impact of our supporter community and our most updated list of partners, please visit openstax.org/impact. Arnold Ventures Chan Zuckerberg Initiative Chegg, Inc. Burt and Deedee McMurtry Michelson 20MM Foundation National Science Foundation Arthur and Carlyse Ciocca Charitable Foundation
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Arnold Ventures Chan Zuckerberg Initiative Chegg, Inc. Burt and Deedee McMurtry Michelson 20MM Foundation National Science Foundation Arthur and Carlyse Ciocca Charitable Foundation The Open Society Foundations Digital Promise Ann and John Doerr Jumee Yhu and David E. Park III Brian D. Patterson USA-International Foundation Bill & Melinda Gates Foundation The Bill and Stephanie Sick Fund Girard Foundation Google Inc. Steven L. Smith & Diana T. Go Stand Together The William and Flora Hewlett Foundation Robin and Sandy Stuart Foundation The Hewlett-Packard Company The Stuart Family Foundation Intel Inc. Rusty and John Jaggers Tammy and Guillermo Treviño Valhalla Charitable Foundation The Calvin K. Kazanjian Economics Foundation White Star Education Foundation Charles Koch Foundation Schmidt Futures Leon Lowenstein Foundation, Inc. William Marsh Rice University
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The Calvin K. Kazanjian Economics Foundation White Star Education Foundation Charles Koch Foundation Schmidt Futures Leon Lowenstein Foundation, Inc. William Marsh Rice University The Maxfield Foundation Study where you want, what you want, when you want. When you access your book in our web view, you can use our new online highlighting and note-taking features to create your own study guides. Our books are free and flexible, forever. Get started at openstax.org/details/books/principles-microeconomics-3e Access. The future of education. openstax.org CONTENTS Preface 1 CHAPTER 1 Welcome to Economics! Introduction 9 9 1.1 What Is Economics, and Why Is It Important? 10 1.2 Microeconomics and Macroeconomics 15 1.3 How Economists Use Theories and Models to Understand Economic Issues 16 1.4 How To Organize Economies: An Overview of Economic Systems 18 Key Terms 24 Key Concepts and Summary 24 Self-Check Questions 25 Review Questions 25
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16 1.4 How To Organize Economies: An Overview of Economic Systems 18 Key Terms 24 Key Concepts and Summary 24 Self-Check Questions 25 Review Questions 25 Critical Thinking Questions 26 CHAPTER 2 Choice in a World of Scarcity Introduction to Choice in a World of Scarcity 27 27 2.1 How Individuals Make Choices Based on Their Budget Constraint 28 2.2 The Production Possibilities Frontier and Social Choices 33 2.3 Confronting Objections to the Economic Approach 38 Key Terms 43 Key Concepts and Summary 43 Self-Check Questions 44 Review Questions 44 Critical Thinking Questions 45 Problems 45 CHAPTER 3 Demand and Supply Introduction to Demand and Supply 47 47 3.1 Demand, Supply, and Equilibrium in Markets for Goods and Services 48 3.2 Shifts in Demand and Supply for Goods and Services 54 3.3 Changes in Equilibrium Price and Quantity: The Four-Step Process 64 3.4 Price Ceilings and Price Floors 3.5 Demand, Supply, and Efficiency 70 74 Key Terms
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End of preview. Expand in Data Studio

Vectorstore Dataset: Economics

Overview

This dataset contains pre-computed vector embeddings for the economics domain, ready for use in Retrieval-Augmented Generation (RAG) applications, semantic search, and knowledge base systems. The embeddings are generated from high-quality source documents using state-of-the-art sentence transformers, making it easy to build production-ready RAG applications without the computational overhead of embedding generation.

What This Knowledge Base Covers

This knowledge base covers economics concepts, theories, and applications. It includes topics such as microeconomics, macroeconomics, market structures, supply and demand, monetary and fiscal policy, trade, and economic indicators. Use it to answer questions about economic principles, policy analysis, market behavior, and real-world economic phenomena.

Key Features

  • Pre-computed embeddings: Ready-to-use vector embeddings, saving computation time
  • Production-ready: Optimized for real-world RAG applications
  • Comprehensive metadata: Includes source file information, page numbers, and document hashes
  • LangChain compatible: Works seamlessly with LangChain and ChromaDB
  • Search-optimized: Designed for fast semantic similarity search

What's Included

This dataset contains 4,228 text chunks from 3 source documents, each pre-embedded using the sentence-transformers/all-MiniLM-L6-v2 model. Each chunk includes:

  • Text content: The original document text
  • Embedding vector: 384-dimensional float32 vector
  • Rich metadata: Source file, page numbers, document hash, and more

Dataset Details

Dataset Summary

  • Domain: economics
  • Total Chunks: 4,228
  • Total Documents: 3
  • Database Size: 56.08 MB (8 files)
  • Embedding Model: sentence-transformers/all-MiniLM-L6-v2
  • Chunk Size: 1000
  • Chunk Overlap: 200

Dataset Structure

The dataset contains the following columns:

  • id: Unique identifier for each chunk
  • embedding: Vector embedding (numpy array, dtype=float32)
  • document: Original text content of the chunk
  • metadata: JSON string containing metadata (file_name, file_hash, page_number, etc.)

Embedding Model

This dataset uses embeddings from: sentence-transformers/all-MiniLM-L6-v2

Usage

Loading the Dataset

from datasets import load_dataset

# Load the dataset
dataset = load_dataset("meetara-lab/vectorstore-economics")

# Access the data
print(dataset["train"][0])
# Output:
# {
#     'id': '...',
#     'embedding': array([...], dtype=float32),
#     'document': '...',
#     'metadata': '{"file_name": "...", "page": 1, ...}'
# }

Loading Back into ChromaDB

from langchain_chroma import Chroma
from langchain_huggingface import HuggingFaceEmbeddings
from datasets import load_dataset
import json

# Load dataset
dataset = load_dataset("meetara-lab/vectorstore-economics")["train"]

# Initialize ChromaDB
embeddings = HuggingFaceEmbeddings(model_name="sentence-transformers/all-MiniLM-L6-v2")
vectorstore = Chroma(
    persist_directory="./chroma_economics",
    embedding_function=embeddings
)

# Add documents to ChromaDB
documents = []
metadatas = []
ids = []
embeddings_list = []

for item in dataset:
    ids.append(item["id"])
    embeddings_list.append(item["embedding"].tolist())
    documents.append(item["document"])
    metadatas.append(json.loads(item["metadata"]))

# Note: You'll need to use ChromaDB's Python client directly for custom embeddings
import chromadb
client = chromadb.PersistentClient(path="./chroma_economics")
collection = client.create_collection(name="economics")

collection.add(
    ids=ids,
    embeddings=embeddings_list,
    documents=documents,
    metadatas=metadatas
)

Using with LangChain

from langchain_chroma import Chroma
from langchain_huggingface import HuggingFaceEmbeddings

# Initialize retriever
embeddings = HuggingFaceEmbeddings(model_name="sentence-transformers/all-MiniLM-L6-v2")
vectorstore = Chroma(
    persist_directory="./chroma_economics",
    embedding_function=embeddings
)

# Load from HF Hub first (see above), then use with LangChain
retriever = vectorstore.as_retriever()
results = retriever.invoke("your query here")

Domain-Specific Usage Examples

This vectorstore is optimized for Economics domain queries. Here are practical examples:

Example Queries

from langchain_chroma import Chroma
from langchain_huggingface import HuggingFaceEmbeddings

# Load vectorstore (see "Loading Back into ChromaDB" above)
embeddings = HuggingFaceEmbeddings(model_name="sentence-transformers/all-MiniLM-L6-v2")
vectorstore = Chroma(
    persist_directory="./chroma_economics",
    embedding_function=embeddings
)
retriever = vectorstore.as_retriever(search_kwargs={"k": 3})

# Example queries for economics domain:
example_queries = [
    "What is the law of supply and demand?",
    "Explain inflation and its causes",
    "What are the effects of interest rate changes?",
    "How do markets reach equilibrium?",
    "What is GDP and how is it measured?"
]

# Run a query
query = "What is the law of supply and demand?"
results = retriever.invoke(query)

# Display results
for i, doc in enumerate(results, 1):
    print(f"\nResult {i}:")
    print(f"  Source: {doc.metadata.get('file_name', 'Unknown')}")
    print(f"  Page: {doc.metadata.get('page', 'N/A')}")
    print(f"  Content: {doc.page_content[:200]}...")

Common Use Cases

This dataset is useful for:

  • Economics concept explanation and lookup
  • Policy analysis and evaluation
  • Market behavior and theory reference
  • Economic indicators interpretation
  • Trade and international economics

Real-World Example

# Complete example: Query and use results
from langchain_chroma import Chroma
from langchain_huggingface import HuggingFaceEmbeddings

# 1. Initialize (after loading from HF Hub)
embeddings = HuggingFaceEmbeddings(model_name="sentence-transformers/all-MiniLM-L6-v2")
vectorstore = Chroma(
    persist_directory="./chroma_economics",
    embedding_function=embeddings
)

# 2. Create retriever with relevance filtering
retriever = vectorstore.as_retriever(
    search_type="similarity",
    search_kwargs={
        "k": 5,  # Get top 5 most relevant results
        "score_threshold": 0.7  # Minimum similarity score
    }
)

# 3. Query the vectorstore
query = "Explain inflation and its causes"
docs = retriever.invoke(query)

# 4. Process results
for doc in docs:
    metadata = doc.metadata
    print(f"📄 File: {metadata.get('file_name', 'Unknown')}")
    print(f"📃 Page: {metadata.get('page', 'N/A')}")
    print(f"📝 Content: {doc.page_content[:300]}...\n")

Dataset Statistics

Content Statistics

  • Total Chunks: 4,228
  • Total Documents: 3
  • Average Chunks per Document: 1409.3
  • Database Size: 56.08 MB (8 files)

Technical Specifications

  • Embedding Model: sentence-transformers/all-MiniLM-L6-v2 (384 dimensions)
  • Chunk Size: 1000 characters
  • Chunk Overlap: 200 characters
  • Format: Parquet/Arrow (optimized for fast loading)

Performance Considerations

Loading Time

  • Full dataset loads in ~5-15 seconds on average hardware
  • Memory usage: ~6.2 MB for embeddings alone
  • Recommended RAM: 2GB+ for full dataset operations

Search Performance

  • Typical query time: <100ms for similarity search
  • Optimized for retrieval of top-k results (k=5-10)
  • Works best with vector databases like ChromaDB, Pinecone, or Weaviate

Citation

If you use this dataset, please cite:

@dataset{meetara_vectorstore_economics,
  title={meeTARA Vectorstore: Economics},
  author={meeTARA Lab},
  year={2024},
  url={https://huggingface.co/datasets/meetara-lab/vectorstore-economics}
}

Limitations and Considerations

  • Language: This dataset is monolingual (English only)
  • Domain specificity: Optimized for economics domain queries
  • Embedding model: Uses sentence-transformers/all-MiniLM-L6-v2 - ensure compatibility if switching models
  • Update frequency: Dataset reflects state at time of publication; source documents may have been updated

Alternatives and Related Datasets

Looking for other domains? Check out the complete meeTARA Vectorstore collection:

Healthcare Domain

  • 🏥 meetara-lab/vectorstore-general_health - General Health (35,556 chunks)
  • 💊 meetara-lab/vectorstore-healthcare - Healthcare (Available)
  • 🧠 meetara-lab/vectorstore-mental_health - Mental Health (407 chunks)
  • 💊 meetara-lab/vectorstore-nutrition - Nutrition (1,165 chunks)
  • 💊 meetara-lab/vectorstore-senior_health - Senior Health (410 chunks)
  • 👩 meetara-lab/vectorstore-women_health - Women Health (318 chunks)

Education Domain

  • 📚 meetara-lab/vectorstore-academic_tutoring - Academic Tutoring (64,845 chunks)
  • 📚 meetara-lab/vectorstore-education - Education (Available)

Other Domains

  • 📁 meetara-lab/vectorstore-accounting - Accounting (4,838 chunks)
  • 📁 meetara-lab/vectorstore-ai_ml - Ai Ml (131 chunks)
  • 📁 meetara-lab/vectorstore-bipolar_disorder - Bipolar Disorder (65 chunks)
  • 📁 meetara-lab/vectorstore-chronic_conditions - Chronic Conditions (1,882 chunks)
  • 📁 meetara-lab/vectorstore-emergency_care - Emergency Care (52 chunks)
  • 📁 meetara-lab/vectorstore-legal_business - Legal Business (4,498 chunks)
  • 📁 meetara-lab/vectorstore-medication_management - Medication Management (161 chunks)
  • 📁 meetara-lab/vectorstore-parenting - Parenting (460 chunks)
  • 📁 meetara-lab/vectorstore-preventive_care - Preventive Care (253 chunks)
  • 📁 meetara-lab/vectorstore-programming - Programming (171 chunks)
  • 📁 meetara-lab/vectorstore-publish - Publish (Available)
  • 📁 meetara-lab/vectorstore-software_development - Software Development (82 chunks)
  • 📁 meetara-lab/vectorstore-space_technology - Space Technology (15 chunks)
  • 📁 meetara-lab/vectorstore-sports_recreation - Sports Recreation (Available)
  • 📁 meetara-lab/vectorstore-stress_management - Stress Management (26 chunks)
  • 📁 meetara-lab/vectorstore-tech_support - Tech Support (2,920 chunks)

🔗 View all meeTARA datasets: https://huggingface.co/meetara-lab

💡 Tip: Combine multiple domain datasets for comprehensive multi-domain RAG applications!

Maintenance and Updates

This dataset is maintained by the meeTARA Lab team.

  • Last Updated: 2026-02-07
  • Version: 1.0
  • Update Policy: Datasets are updated periodically as source documents are added or improved
  • Notifications: Follow the repository to receive updates when new versions are published

For updates, bug reports, or feature requests, please visit our GitHub repository.

License

This dataset is released under the Apache 2.0 License. This means you are free to:

  • Use the dataset commercially and non-commercially
  • Modify and create derivative works
  • Distribute the dataset and modifications

Please see the full license text for complete terms.

Citation

If you use this dataset in your research or applications, please cite it as:

@dataset{meetara_vectorstore_economics,
  title={meeTARA Vectorstore: Economics},
  author={meeTARA Lab},
  year={2024},
  url={https://huggingface.co/datasets/meetara-lab/vectorstore-economics},
  license={apache-2.0},
  task={feature-extraction, text-retrieval, rag}
}

Contact and Support

Contributing

We welcome contributions! If you'd like to:

  • 🐛 Report bugs
  • 💡 Suggest new domains
  • 📝 Improve documentation
  • 🔧 Contribute code

Please visit our GitHub repository.


Made with ❤️ by the meeTARA Lab team

Part of the meeTARA Vectorstore Collection - Empowering RAG applications with high-quality domain-specific embeddings.

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