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Economics touches almost every aspect of life, from climate change to terrorism, taxes to house prices, wages, to how much time to spend studying. Learning to think like an economist will enable students to evaluate economic policies, understand human behaviour, and make more informed decisions.

This comprehensive text provides detailed presentation of the principles of economics, using real-world examples and applications.

The aftermath of the global financial crisis is covered in depth, and its implications for future economic policy are thoroughly examined. With a wealth of in-text problems and applications, this text is also supported by MyEconLab.

What is MyEconLab?

A powerful online tutorial and assessment solution that includes comprehensive homework, quiz, test, and tutorial options, where instructors can manage all assessment needs in one program. This flexible system can also be used by students for self study with the unique 'Personalised Study Plan' feature which helps them to identify areas of weakness for further study and revision.

Features include:

• A personalised study plan for each student
• A bank problems which can be used for self-study or assigned by instructors as homework, tests or quizzes and which are automatically marked
• Learning aids which help guide students through solving a problem and provides them with instant feedback to help them identify where they went wrong
• An annotatable eBook for quick reference and convenience
• Graphing tool, and interactive graphing questions
• 'Economics in the news' stories and videos
• Exportable gradebook

With over 240,000 registered students in 2010 doing 4 million assignments, MyEconLab is the most effective and reliable online learning solution available for economics today.

Learn more about MyEconLab at www.myeconlab.com

Table of Contents

Part 1: The Scope of Economics

Chapter 1 What Is Economics?
Chapter 2 The Economic Problem

Part 2: How Markets Work

Chapter 3 Demand and Supply
Chapter 4 Elasticity
Chapter 5 Efficiency and Equity
Chapter 6 Government Action in Markets
Chapter 7 Global Markets in Action

Part 3: Households, Firms and Markets

Chapter 8 Households’ Choices
Chapter 9 Organizing Production
Chapter 10 Output and Costs
Chapter 11 Perfect Competition
Chapter 12 Monopoly
Chapter 13 Monopolistic Competition
Chapter 14 Oligopoly

Part 4: Coping with Market Failure

Chapter 15 Public Choices and Public Goods
Chapter 16 Economics of the Environment

Part 5: Factor Markets, Inequality and Uncertainty

Chapter 17 Markets for Factors of Production
Chapter 18 Economic Inequality
Chapter 19 Uncertainty and Information

Part 6: Monitoring Macroeconomic Performance

Chapter 20 Measuring GDP and Economic Growth
Chapter 21 Monitoring Jobs and Inflation

Part 7: Macroeconomic Trends

Chapter 22 Economic Growth
Chapter 23 Finance, Saving, and Investment
Chapter 24 Money, the Price Level, and Inflation
Chapter 25 The Exchange Rate and the Balance of Payments

Part 8: Macroeconomic Fluctuations

Chapter 26 Aggregate Supply and Aggregate Demand
Chapter 27 Expenditure Multipliers: The Keynesian Model
Chapter 28 Inflation, Unemployment, and Business Cycle

Part 9: Macroeconomic Policy

Chapter 29 Fiscal Policy
Chapter 30 Monetary Policy

Glossary

Book with access code