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This text comes packaged with an access kit for the new easy-to-use format of MyEconLab, which requires no set-up by the professor. With this, students can access practice problems for each chapter in the book, graphing questions, learning resources, and live tutoring. Professors who plan to use advanced course management online should order the book with MyEconLab in CourseCompass. View ‘Alternate Versions’ of this book on the web catalog page, or contact your local representative for details.

Economics offers a novel approach to the principles of economics course based on three pedagogical principles:

Ongoing assessment is an essential component of the learning process;
Students understand concepts better when they are presented in the context of engaging stories;
Students remember more when they connect concepts to what they see or read in the news and what they experience in their every day life.

Quality assessment permeates every component of Economics, the first textbook to offer a class-tested test bank. MyEconLab’s innovative online homework and tutorial system, with its innovative computer-grade graphing exercises, is tightly linked to the text.

Table of Contents
Part I: Introduction

1. Economics: The Science of Everyday Life

EXAMPLE Registering for Class on the First Day of the Semester

2. Efficiency and Allocation in the Global Economy

EXAMPLE U.S Spending on Military Build-up and Healthcare

3. The American Economy in a Global Setting

EXAMPLE Ups and Downs of Pittsburghs Steel Industry

4. Introduction to the Demand and Supply Framework

EXAMPLE Market for Coffee in Burlington, Vermont


5. Elasticity

EXAMPLE Lunchtime Market for Fast Food

6. Market Efficiency and Government Intervention


EXAMPLE Buying a Laptop Computer for College

PART II: The Role of Consumers and Firms

7. Consumer Behavior

EXAMPLE Spending Money on Pizza or CDs

8. Firm Production and Cost

EXAMPLE Guitar Production in Nashville, TN

PART III: Market Structure, Pricing, and Public Policy

9. Perfect Competition

EXAMPLE Pike Place Market and the Seattle Salmon Business

10. Monopoly

EXAMPLE Major League Baseball and an Atlanta Braves game

11. Monopolistic Competition and Product Differentiation

EXAMPLE Philly Cheese Steak Industry

12. Oligopoly

EXAMPLE Video Game Console Industry

13. Antitrust, Regulation, and Deregulation

EXAMPLE Ticketmaster as a Monopoly


PART IV: Resource Markets, Market Failure and Public Goods

14. Firms and Financial Markets

EXAMPLE Google's Rise to Prominence

15. Labor Markets

EXAMPLE MP3 Carrying Case Manufacturer

16. Poverty and the Distribution of Income

EXAMPLE Oprah Winfrey's Career

17. Market Failure and Public Goods

EXAMPLE The Chesapeake Bay's Endangered Natural Resources

Part V: Measuring Macroeconomic Health

18. Unemployment and Employment

EXAMPLE Unemployed College Grad in the San Francisco Job Market

19. Inflation and Prices

EXAMPLE Hyperinflation in Germany During the 1920's

20. GDP and the Business Cycle

EXAMPLE Buying American: Toyota Matrix or Ford Focus

Part VI: The Aggregate Demand, Aggregate Supply, and Fiscal Policy

21. Aggregate Demand/Aggregate Supply: The Basic Model

EXAMPLE Comparison of Macroeconomics Outcomes After the Vietnam War and Gulf Wars

22. From Short-Run to Long-Run Equilibrium: The Model in Action

EXAMPLE Comparative Performance of Various Economies

23. The Role of Aggregate Demand in the Short-Run

EXAMPLE Hollywood's Fascination with the Great Depression

24. Fiscal Policy

EXAMPLE "Blame Game" Over the Health of the Economy During Presidential Elections

25. The Federal Budget and the National Debt

EXAMPLE Spiraling U.S. National Debt

Part VII: Money and Monetary Policy

26. Basics of Money and Banking

EXAMPLE Private Currency in Ithaca, New York

27. Money Creation and Monetary Policy

EXAMPLE Federal Reserve Actions to Stabilize the U.S. Economy in the Wakeof the 9/11 Terrorist Attacks

28. Money in the Macroeconomy

EXAMPLE Federal Reserve Doubles M1 Money Supply

Part VIII: Long-Run Economic Health

29. Long-Run Implications of Macroeconomic Policy

EXAMPLE Debate Over Active versus Passive Stabilizatoin Policies in Response to the 2001 Recession

30. Economic Growth

EXAMPLE Comparing the U.S. and Mexican Economies

Part IX: International Trade and Finance

31. International Trade

EXAMPLE Anti-globalization Protesters at the WTO Meeting in Seattle, WA

32. International Finance

EXAMPLE The Argentine Financial Crisis

Features

The test bank was developed alongside the textbook. With thousands of class-tested questions, Economics ensures accuracy and provides instructor with reliable benchmarks for monitoring student performance.
MyEconLab Study Guide exercises, found at the end of each chapter, are also found online in the MyEconLab homework system, giving the instructors the option of assigning homework on paper or online, where MyEconLab grades the problems for the instructor.
Tested in classrooms across the country, the stories that underpin each chapter significantly improve student understanding and retention of the topics presented. Please see the detailed TOC for a list of all the chapter length examples.
Twice per chapter, Economics directs students to MyEconLab for eThemes of the Times, interactive new analysis problems built around full-text articles from the New York Times. These exercises help solidify students’ understanding of chapter concepts. Instructors can test students on these news analysis articles through preloaded quizzes in MyEconLab’s assessment engine.
The Life Lessons boxed feature provides information that students can apply to their everyday lives and decisions. Many are focused on consumer decisions that will have a lasting impact.
To inspire critical-thinking of chapter concepts, the Strategy and Policy feature delves into policies and issues and challenges students to analyze them using economic tools.
Graphs are clear, precise, and accessible, so students clearly understand the relationships among economic variables.
Each chapter features two Test and Extend exercises. These exercises help student gauge their comprehension of core material and encourage them to apply what they've learned to a related active-learning exercise.
MyEconLab, the first online homework and tutorial system with gradable graphing problems, allows the instructor to increase the frequency of assessment: all homework, including exercises that require students to draw graphs, is automatically graded and input into an online gradebook for the instructor. An algorithmic bank of problems offers nearly limitless homework sets, and allows instructors to also use MyEconLab for low-stakes quizzing.
MyEconLab’s Study Plan helps students focus on the areas in which they’re weakest. Students complete online diagnostic tests and MyEconLab serves up additional problem sets and tutorials to help students shore up weak areas.
MyEconLab’s three types of graphing exercises (Model-based Graph, Draw Graph, and macro Data Graph problems) help students gradually increase their comfort level with graphs.
Chapter 6, Market Efficiency and Government Intervention covers efficiency concepts (consumer and producer of surplus, and deadweight loss) and fairness in the same chapter, giving students practical tools for thinking about government policies.
Chapter 4, Introduction to the Supply and Demand Framework, includes a well-received section on the Limits of Demand and Supply Analysis. It discusses thin markets such as the out-of-print-book market, dynamic vs. static models, and fluctuating market conditions.
Chapter 10, Monopoly, receives unanimous praise for motivating the discussion by examining the price of attending a major league baseball game in Atlanta, Georgia. The authors lead off the chapter by defining the market in terms of major league baseball teams in nearby cities.
Chapter 18, Employment and Unemployment, personalizes the issue of unemployment for the reader through the story of an unemployed college graduate pondering his opportunities in the San Francisco job market. This chapter features a probing look at the impacts of immigration, trade, and outsourcing, and emphasis on the interpretation of unemployment rather than the calculation of unemployment.

Hardcover

870 pages