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Macroeconomics,TenthEdition

WilliamBoyes,MichaelMelvin

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Prefacexx

CHAPTER1

TheWealthofNations:Ownership andEconomicFreedom1

1-1Ownership3

1-1aAnecdotesaboutOwnership3

1-1bPrivatePropertyRights3

1-1cTitletoProperty7

1-2EconomicFreedom9

1-2aIndexofEconomicFreedom9

1-2bEconomicFreedomandStandardsofLiving10

Summary11

KeyTerms12

Exercises12

APPENDIXTOCHAPTER1 WorkingwithGraphs15

1-1ReadingandConstructingGraphs15

1-1aConstructingaGraphfromaTable15

1-1bInterpretingPointsonaGraph16

1-1bShiftsofCurves17

Summary18

Exercises18

EconomicallySpeaking: Billionairesurgedtousetheirinfluence beyondthegrave13

CHAPTER2 ScarcityandOpportunityCosts19

2-1Scarcity,OpportunityCosts,andVoluntary Trade20

2-1aOpportunityCost20

2-1bTrade-Offs20

2-1cTheProductionPossibilitiesCurve21 PointsInsidetheProductionPossibilitiesCurve22 PointsOutsidetheProductionPossibilitiesCurve23 ShiftsoftheProductionPossibilitiesCurve23

2-2OutputandResources24

2-2aResourcesandIncome24

2-2bTheValueofResources25

2-3VoluntaryTradeandExchange27

2-3aGainsfromTrade27

2-3bSpecializeWhereOpportunityCostsAreLowest27 2-4AllocationSystems28

2-4aFairness28

2-4bIncentives29

2-4cTheMarketProcess:Arbitrage30 Summary32 KeyTerms33 Exercises33

EconomicInsight: ATrickyQuestiononOpportunity Costs21

EconomicallySpeaking: QueuesHitAbujaasFuelScarcity Spreads35

CHAPTER3 TheMarketandPriceSystem37

3-1TheMarketSystem39

3-1aProfitandtheAllocationofResources39

3-1bCreativeDestruction40

3-1cTheDeterminationofIncome41

3-2MarketsandMoney42

3-2aBarterandMoneyExchanges42

3-3Demand42

3-3aTheLawofDemand43

3-3bTheDemandSchedule44

3-3cTheDemandCurve45

3-3dFromIndividualDemandCurvestoaMarketCurve45

3-3eChangesinDemandandChangesinQuantity Demanded46 Income47 Tastes48 PricesofRelatedGoodsandServices49 Expectations49 NumberofBuyers49

3-4Supply49

3-4aTheLawofSupply50

3-4bTheSupplyScheduleandSupplyCurve50

3-4cFromIndividualSupplyCurvestotheMarket Supply50

3-4dChangesinSupplyandChangesinQuantity Supplied51

PricesofResources51

TechnologyandProductivity51

ExpectationsofSuppliers54

NumberofSuppliers54

PricesofRelatedGoodsorServices54

3-5Equilibrium:PuttingDemandandSupply Together55

3-5aDeterminationofEquilibrium55

3-5bChangesintheEquilibriumPrice:DemandShifts57

3-5cChangesintheEquilibriumPrice:SupplyShifts58

Summary59

KeyTerms60

Exercises60

EconomicallySpeaking: Capitalismneedstoberestrained62

CHAPTER4

4-1ThePrivateSector66

4-1aHouseholds66

4-1bBusinessFirms67

4-1cTheInternationalSector68

4-2ThePublicSector73

4-2aGrowthofGovernment73

4-2bGovernmentSpending74

4-3InteractionAmongSectorsandEconomies76

4-3aHouseholdsandBusinesses76

4-3bGovernment77

4-3cTheInternationalSector77

4-3dMacroeconomics77

Summary78

KeyTerms79

Exercises79

EconomicInsight: TheSuccessfulEntrepreneur70

EconomicallySpeaking: 2014EconomicReportofthePresident, pp.29–30,Chapter180

GDPasExpenditures88

GDPasIncome89

5-1bOtherMeasuresofOutputandIncome91

GrossNationalProduct91

NetNationalProduct91

NationalIncome91

PersonalIncome92

DisposablePersonalIncome93

5-2NominalandRealMeasures93

5-2aNominalandRealGDP93

5-2bPriceIndexes95

BaseYear96

TypesofPriceIndexes96

5-3FlowsofIncomeandExpenditures98

Summary99

KeyTerms99

Exercises100

EconomicInsight: TheConsumerPriceIndex97

EconomicallySpeaking: HidingintheShadows:TheGrowthofthe UndergroundEconomy101

CHAPTER6 AnIntroductiontotheForeign ExchangeMarketandtheBalanceof Payments103

6-1TheForeignExchangeMarket104

6-1aExchangeRates104

6-1bExchangeRateChangesandInternationalTrade108

6-2TheBalanceofPayments109

6-2aAccountingforInternationalTransactions109

6-2bBalanceofPaymentsAccounts110

6-2cTheCurrentAccountandtheFinancialAccount111

Summary113

KeyTerms114

Exercises114

GlobalBusinessInsight: ActiveTradingAroundtheWorld107

GlobalBusinessInsight: TheEuro108

EconomicallySpeaking: FrenchCrossChanneltobuyChanelin London115

CHAPTER7

5-1MeasuresofOutputandIncome84

5-1aGrossDomesticProduct84

MarketValue85

FinalGoodsandServices86

ProducedinaYear87

GDPasOutput88

UnemploymentandInflation117

7-1BusinessCycles118

7-1aDefinitions118

7-1bHistoricalRecord120

7-1cIndicators121

12-2bU.S.Banking261 CurrentStructure261

BankFailures262

12-2cInternationalBanking264

EurocurrencyMarket264 InternationalBankingFacilities264

12-2dInformalFinancialMarketsinDeveloping Countries265

12-3BanksandtheMoneySupply266

12-3aDepositsandLoans266

12-3bDepositExpansionMultiplier269

Summary270

KeyTerms271

Exercises271

GlobalBusinessInsight: IslamicBanking262

EconomicallySpeaking: InternationalDemand fortheDollar273

CHAPTER13

MonetaryPolicy277

13-1TheFederalReserveSystem278

13-1aStructureoftheFed278 BoardofGovernors278 DistrictBanks278 TheFederalOpenMarketCommittee279

13-1bFunctionsoftheFed280 BankingServicesandSupervision280 ControllingtheMoneySupply280

13-2ImplementingMonetaryPolicy282

13-2aPolicyGoals282 IntermediateTargets282 InflationTargeting284

13-2bOperatingProcedures285 ToolsofMonetaryPolicy287 FOMCDirectives291

13-2cForeignExchangeMarketIntervention291 MechanicsofIntervention292 EffectsofIntervention293

13-3MonetaryPolicyandEquilibriumIncome294

13-3aMoneyDemand294 TheMoneyDemandFunction295 TheMoneySupplyFunction297

EquilibriumintheMoneyMarket297

13-3bMoneyandEquilibriumIncome298

Summary300

KeyTerms301

Exercises301

EconomicInsight: What’sona20-DollarBill?281

GlobalBusinessInsight: TheEuropean CentralBank285

EconomicallySpeaking: TheBankofEnglandDuringthe FinancialCrisis303

CHAPTER14

MacroeconomicPolicy:Tradeoffs, Expectations,Credibility,andSources ofBusinessCycles307

14-1ThePhillipsCurve308

14-1aAnInflation-UnemploymentTradeoff?309 14-1bShort-RunversusLong-RunTradeoffs309 IntheShortRun311 IntheLongRun311

14-2TheRoleofExpectations313

14-2aExpectedversusUnexpectedInflation314 WageExpectationsandUnemployment314 InventoryFluctuationsandUnemployment316 WageContractsandUnemployment316

14-2bFormingExpectations318 AdaptiveExpectations318 RationalExpectations319

14-3CredibilityandTimeInconsistency319

14-3aThePolicymaker’sProblem320 14-3bCredibility321

14-4SourcesofBusinessCycles322

14-4aThePoliticalBusinessCycle322 14-4bRealBusinessCycles324 14-4cOutputVolatility326 BetterInventoryManagement326 ChangesinFinancialMarkets327 ImprovedMacroeconomicPolicy327 GoodLuck327

14-5TheLinkbetweenMonetaryandFiscal Policies328

14-5aTheGovernmentBudgetConstraint328 14-5bMonetaryReforms329 Summary331 KeyTerms331 Exercises332

EconomicInsight: TheNaturalRateofUnemployment313

EconomicInsight: WhyWagesDon’tFallDuringRecessions318

EconomicallySpeaking: SemiannualMonetaryPolicyReporttothe Congress333

CHAPTER15

MacroeconomicViewpoints:New Keynesian,Monetarist,andNew Classical337

15-1KeynesianEconomics338

15-1aTheKeynesianModel338 15-1bThePolicymakers’Role339

15-2MonetaristEconomics340

15-2aTheMonetaristModel340 15-2bThePolicymakers’Role341

15-3WhatIsNewClassicalEconomics?342

15-3aTheNewClassicalModel343 15-3bThePolicymakers’Role344

15-4ComparisonandInfluence345 Summary347

KeyTerms347 Exercises348

EconomicInsight: MiltonFriedman341

EconomicallySpeaking: TheGhostsofChristmasPastHaunt Economists349

CHAPTER16

EconomicGrowth351

16-1DefiningEconomicGrowth352

16-1aRealGDP352 CompoundGrowth352 TheRuleof72353

16-1bPerCapitaRealGDP355

16-1cTheProblemswithDefinitionsofGrowth356

16-2TheDeterminantsofGrowth356

16-2aLabor357

16-2bCapital359 16-2cLand359 16-2dTechnology359

16-3Productivity361

16-3aProductivityandEconomicGrowth361 16-3bDeterminantsofProductivity362 LaborQuality362 TechnologicalInnovation363 OtherFactors365

16-3cGrowthandDevelopment366

Summary367

KeyTerms367

Exercises367

EconomicInsight: TechnologicalAdvance:TheChangeinthePrice ofLight360

EconomicallySpeaking: RidingaSurgeofTechnology369

CHAPTER17 DevelopmentEconomics371

17-1TheDevelopingWorld372 17-1aMeasuringPoverty373 17-1bBasicHumanNeeds374

17-2ObstaclestoGrowth375 17-2aPoliticalObstacles375 LackofAdministrativeSkills375 PoliticalInstabilityandRisk375 Corruption376 GoodEconomicsasBadPolitics376 17-2bSocialObstacles377 LackofEntrepreneurs377 RapidPopulationGrowth379

17-3DevelopmentStrategies380 17-3aInward-OrientedStrategies380 17-3bOutward-OrientedStrategies381 17-3cComparingStrategies382

17-4ForeignInvestmentandAid383 17-4aForeignSavingsFlows383 17-4bBenefitsofForeignInvestment384 NewJobs384 TechnologyTransfer385 ForeignExchangeEarnings385 17-4cForeignAid385 Summary386 KeyTerms387 Exercises387

GlobalBusinessInsight: EconomicDevelopmentinthe Americas378

EconomicallySpeaking: DoesInternationalFoodAidHarmthe Poor?388

CHAPTER18

Globalization391

18-1TheMeaningofGlobalization392 18-1aGlobalizationIsNeitherNewnorWidespread392 18-1bTheRoleofTechnologicalChange393 18-1cMeasuringGlobalization393 18-2GlobalizationControversy394 18-2aArgumentsAgainstGlobalization395

“Fair,”Not“Free,”Trade395 InternationalOrganizationsServeOnlytheInterestsof Corporations395

GlobalizationOccursattheCostofEnvironmental Quality395

GlobalizationEncouragesHarmfulLabor Practices396

18-2bArgumentsinFavorofGlobalization396 FreeTradeHelpsDevelopingCountries396 InternationalOrganizationsRepresentGovernmentsand People397

TheConnectionbetweenGlobalizationandEnvironmental HarmIsWeak397

DoesGlobalizationEncourageHarmfulLabor Practices?398

18-3Globalization,EconomicGrowth,and Incomes399

18-4FinancialCrisesandGlobalization400

18-4aCrisesofthe1990s400

18-4bExchangeRatesandFinancialCrises401

18-4cWhatCausedtheCrises?403

18-4dTheGlobalFinancialCrisisof2007–2008405 Summary407 KeyTerms407 Exercises407

GlobalBusinessInsight: TheWorldTradeOrganization396 EconomicallySpeaking: ReshapingtheGlobalEconomy409

CHAPTER19

WorldTradeEquilibrium413

19-1AnOverviewofWorldTrade414

19-1aTheDirectionofTrade414

19-1bWhatGoodsAreTraded?415

19-2AnExampleofInternationalTrade Equilibrium417

19-2aComparativeAdvantage417 19-2bTermsofTrade419

19-2cExportSupplyandImportDemand420

19-2dTheWorldEquilibriumPriceandQuantity Traded422

19-3SourcesofComparativeAdvantage423

19-3aProductivityDifferences423

19-3bFactorAbundance424

19-3cOtherTheoriesofComparativeAdvantage424 HumanSkills424 ProductLifeCycles425

Preferences425

Summary427

KeyTerms427

Exercises428

GlobalBusinessInsight: TheDutchDisease420

EconomicallySpeaking: LetterToSenateMajorityLeaderHarry Reid429

CHAPTER20

InternationalTradeRestrictions433

20-1ArgumentsforProtection434

20-1aCreationofDomesticJobs434 20-1bCreationofa“LevelPlayingField”436 20-1cGovernmentRevenueCreation437 20-1dNationalDefense438

20-1eInfantIndustries438 20-1fStrategicTradePolicy438

20-2ToolsofCommercialPolicy439

20-2aTariffs440

20-2bQuotas441

20-2cOtherBarrierstoTrade443 ExportSubsidies443 GovernmentProcurement443 HealthandSafetyStandards444

20-3PreferentialTradeAgreements444

20-3aFreeTradeAreasandCustomsUnions445

20-3bTradeCreationandDiversion446 Summary447

KeyTerms448

Exercises448

GlobalBusinessInsight: Smoot-HawleyTariff440

EconomicallySpeaking: USDAAnnouncesSugarTariffRate QuotasforFiscalYear2014450

CHAPTER21 ExchangeRatesandFinancialLinks betweenCountries453

21-1PastandCurrentExchange-Rate Arrangements454

21-1aTheGoldStandard454

21-1bTheBrettonWoodsSystem454

21-1cTheInternationalMonetaryFundandtheWorld Bank455

21-1dTheTransitionYears455

21-1eToday456

21-2FixedorFloatingExchangeRates460

PREFACE

Inthefirsteditionof Macroeconomics, weintegratedaglobalperspectivewithtraditional economicprinciplestogivestudentsaframeworktounderstandthegloballydevelopingeconomicworld.Eventssincethenhavemadethisapproachevenmoreimperative.Inthe 1990s,theSovietUniondisintegratedandnewlyindependentnationsemerged.Muchof LatinAmericawasturningtowardfreemarketsandawayfromgovernmentcontrols.Butby 2005,severalofthesenationswereturningback—awayfromfreemarkets.HugoChavez andEvoMoraleswereguidingVenezuelaandBoliviaawayfromfreemarketsandtoward government-runandcontrolledeconomies.VladimirPutinwasdrivingRussiatowardmore governmentcontrol.Othereventsweremakingtheworldseemverysmall:NorthKoreawas testingnuclearweapons,Somaliawasembroiledinacivilwar,terrorismwasprevalentin nationsaroundtheworld,andmuchofAfricaremainedmiredinpoverty.In2007,the interconnectednessofnationswasonceagainhighlightedwhentheworldfellintoadeep recessioncreatedbythehousingcollapseintheUnitedStates.Wheneconomicgrowth returnedinthesummerof2009,itwasslowandunemploymentremainedhigh.In2011the EuropeanUnionandtheeurozonefacedseverechallengesasGreece,Portugal,Spain,Italy, andIrelandhaddebtburdensthatwerehistoricallyhigh.In2014,RussiainvadedUkraine andcivilwarpermeatedSyriaandmuchofthemiddleEast,aswellasseveralregionsof Africa.TheUnitedStateshadappliedtariffstosomeChinesegoodsandsanctionsonRussia. Theybothretaliatedwiththeirowntariffsandembargos.

Studentsandinstructorshaveembracedtheideathattheeconomiesofcountriesare interrelatedandthatthisshouldbemadeclearinthestudyofeconomics. Economics gives studentsthetoolstheyneedtomakeconnectionsbetweentheeconomicprinciplesthey learnandthenow-globalworldtheylivein.

Inthisedition,wecontinuetorefineandimprovethetextasateachingandlearning instrumentwhileexpandingitsinternationalbasebyupdatingandaddingexamplesrelated toglobaleconomics.

ChangesintheTenthEdition

Thetentheditionof Macroeconomics hasbeenthoroughlyupdatedandrefinedtakinginto accounttheeventsof2008-2014.

RevisedIntroductoryChapters

Theintroductorychaptershavebeenreducedfrom5to4.Anemphasisonwhatleadstothe wealthofnationsoccursinchapters1and2.Thisplacescurrenteventsandeconomicdevelopmentsinperspective.Isthiseconomyorothereconomiescarryingoutthecorrectactions toenhancethewealthandwell-beingofitcitizens?

RevisedMacroeconomicCoverage

Thefocusofthisneweditionhasbeentoensurethattheinformationanddiscussionfaithfully representthelatestthinkingofeconomistsonimportantmacroeconomicphenomena.Tothis end,manysmalladditionsandrevisionsappearthroughout.Largerchangesofnoteinclude: manyapplicationstotherecentfinancialcrisisandassociatedrecessionappearthroughoutthe macrosection;Alldata-relatedtablesandfiguresareupdatedtobeascurrentaspossibleat

thetimeofpublication.Thebigissuesarethesameastheyhavebeenforyears,buteconomic policieshavechangedwiththetimes.Forinstance,wenowdiscusscentralbank forwardguidance,theideathatcentralbankscanhavebeneficialeffectsontheeconomybycommittingto followpoliciesforastatedperiodoftime.Forinstance,theFederalReservehasrepeatedly statedthatinterestrateswillstaylowforaprolongedtimeinordertoconvincepeopletotake risksfundedwithlow-interestrateloans.Manyapplicationstotherecentfinancialcrisisand associatedrecessionappearthroughoutthemacrosection.Inchapter11,potentialsolutionsto thedebtcrisisintheeurozoneareaddressed;Chapter13nowincludesadiscussionofarecent FederalReservepolicymakingmeetingwhereinflationworriesweredeemphasizedandavoidingslowergrowthandrecessionwereprimaryconcerns;Chapter14containsanewexample ofthehyperinflationinZimbabwe—theworstinrecenttimes;Chapter16hasanewexample ofcross-countrydifferencesinbroadbandusagetoillustratedifferencesinlevelsofdevelopment;Chapter35(20inmacrotext)hasanewexampleofU.S.sugarquotastoillustratewhy U.S.sugarpricesarehigherthantherest-of-the-world;andChapter36(21inmacrotext)uses thecrisisintheeurozoneasalessoninhowacurrencyunionrequiresharmoniousmacropoliciesamongmembercountriestosurvive.

ThemacroeconomicchaptershaveallbeenupdatedandmanyoftheEconomically Speakingboxesandcommentarieshavebeenrevisedorreplacedwithmorecurrentexamplesofeconomicactivityaroundtheworld.

SuccessfulFeaturesRetainedfromtheNinthEdition

Inadditiontotheconsiderableupdatingandrevisingwe’vedoneforthetenthedition,there areseveralfeaturespreservedfromthepreviouseditionthatinstructorshavefoundvaluable.

EnhancedStudentRelevance

Withallofthedemandsontoday’sstudents,it’snowonderthattheyresistspendingtime onasubjectunlesstheyseehowthematerialrelatestothemandhowtheywillbenefitfrom masteringit.Weincorporatefeaturesthroughoutthetextthatshoweconomicsastherelevantandnecessarysubjectweknowittobe.

Real-WorldExamples

Studentsarerarelyintriguedbyunknownmanufacturersorservice companies.Ourtexttalksaboutpeopleandfirms thatstudentsrecognize.Wedescribebusiness decisionsmadebyMcDonald’sandWal-Mart,andbythelocalvideostoreorcafe.Wediscuss standardsoflivingaroundtheworld,comparingthepovertyofsub-SaharanAfricatothe wealthoftheindustrialnations.Wediscusspoliciesappliedtoreal-worldeconomicissues.We talkaboutpolitical,environmental,andothersocialissues.Theseexamplesgrabstudents’interest.Reviewershaverepeatedlypraisedtheuseofnovelexamplestoconveyeconomicconcepts.

EconomicInsightBoxes

Thesebriefboxesusecontemporarymaterialfromcurrent periodicalsandjournalstoillustrateorextendthediscussioninthechapter.Byreserving interestingbutmoretechnicalsidelightsforboxes,welessenthelikelihoodthatstudentswill beconfusedordistractedbyissuesthatarenotcriticaltounderstandingthechapter.By includingexcerptsfromarticles,wehelpstudentsmovefromtheorytoreal-worldexamples. Andbyincludingplentyofcontemporaryissues,weguaranteethatstudentswillseehoweconomicsrelatestotheirownlives.

EconomicallySpeakingBoxes

Theobjectiveoftheprinciplescourseistoteachstudentshowtotranslatetotherealworldthepredictionsthatcomeoutofeconomicmodels, andtotranslatereal-worldeventsintoaneconomicmodelinordertoanalyzeandunderstandwhatliesbehindtheevents.TheEconomicallySpeakingboxespresentstudentswith

examplesofthiskindofanalysis.Studentsreadanarticleattheendofeachchapter.The commentarythatfollowsshowshowthefactsandeventsinthearticletranslateintoaspecificeconomicmodeloridea,therebydemonstratingtherelevanceofthetheory.Nearly two-thirdsofthearticlesandcommentariesarenewtothetenthedition,andcoversuch currenteventsasU.S.tradewithChina,measuresofconsumerconfidenceandwhatinformationtheyconvey,theFederalReserveChair’stestimonybeforeCongress,illegalimmigration,redistributionofwealth,highgasolineprices,theimpactofthegovernment’sbailoutof largecompanies,thetrueeffectsof“fairtrade”coffee,dramaticimprovementinthelivesof hundredsofmillionsofpeopleoverthepasttwentyyears.

GlobalBusinessInsightBoxes Theseboxeslinkbusinesseventsanddevelopments aroundtheworldtotheeconomicconceptsdiscussedinthemaintextofthechapters. Topicsincludesuchbasicmicro-andmacroeconomicissuesasglobalcompetition,resource pricing,andforeignexchange.

AnEffectiveandProvenSystemofTeachingandLearningAids

Thistextisdesignedtomaketeachingeasierbyenhancingstudentlearning.Testedpedagogymotivatesstudents,emphasizesclarity,reinforcesrelationships,simplifiesreview,and fosterscriticalthinking.And,aswehavediscoveredfromrevieweranduserfeedback,this pedagogyworks.

In-TextReferencingSystem Sectionsarenumberedforeasyreferenceandtoreinforce hierarchiesofideas.Numberedsectionheadsserveasanoutlineofthechapter,allowing instructorsflexibilityinassigningreadingandmakingiteasyforstudentstofindtopicsto review.Eachiteminthekeytermslistandsummaryattheendofthechapterrefersstudents backtotheappropriatesectionnumber.

FundamentalQuestions Thesequestionshelptoorganizethechapterandhighlight thoseissuesthatarecriticaltounderstanding.Eachfundamentalquestionalsoappearsin themarginnexttotherelatedtextdiscussionand,withbriefanswers,inthechaptersummaries.Afullerdiscussionofandanswertoeachofthesequestionsmaybefoundinthe StudyGuides thatareavailableassupplementstothistext.Thefundamentalquestionsalso serveasoneofseveralcriteriausedtocategorizequestionsinthe TestBanks.

Preview Thismotivatinglead-insetsthestageforthechapter.Muchmoresothanaroad map,ithelpsstudentsidentifyreal-worldissues thatrelatetotheconceptsthatwillbepresented.

Recaps Brieflylistingthemainpointscovered,arecapappearsattheendofeachmajor sectionwithinachapter.Studentsareabletoquicklyreviewwhattheyhavejustreadbefore goingontothenextsection.

Summary Thesummaryattheendofeachchapterisorganizedalongtwodimensions. Theprimaryorganizationaldeviceisthelistoffundamentalquestions.Abriefsynopsisof thediscussionthathelpsstudentstoanswerthosequestionsisarrangedbysectionbelow eachofthequestions.Studentsareencouragedtocreatetheirownlinksamongtopicsas theykeepinmindtheconnectionsbetweenthebigpictureandthedetailsthatmakeitup.

Comments Foundinthetextmargins,thesecommentshighlightespeciallyimportant concepts,pointoutcommonmistakes,andwarnstudentsofcommonpitfalls.Theyalert studentstopartsofthediscussionthattheyshouldreadwithparticularcare.

KeyTerms Keytermsappearinboldtypeinthetext.Theyalsoappearwiththeirdefinitioninthemarginandarelistedattheendofthechapterforeasyreview.Allkeytermsare includedintheGlossaryattheendofthetext.

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The Bark Canoes and Skin Boats of North America

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