Economics

For two-semester Principles of Economics courses at two- and four-year colleges and universities

Reveal the relevance of economics through real-world business examples

One of the challenges of teaching Principles of Economics is fostering interest in concepts that may not seem applicable to students’ lives. Economics, Fifth Edition makes economics relevant by demonstrating how real businesses use economics to make decisions every day. Regardless of their future career path—opening an art studio, trading on Wall Street, or bartending at the local pub—students will benefit from understanding the economic forces behind their work.

This program provides a better teaching and learning experience—for you and your students. It will help you to:

• Personalize learning with MyEconLab: This online homework, tutorial, and assessment program fosters learning and provides tools that help instructors to keep students on track.
• Show students how economics is relevant: Relatable features ground course material in the real world, showing students how these ideas are relevant and facilitating understanding.
• Foster thorough understanding via a flexible, student-focused approach: An engaging, captivating writing style and student-friendly learning aids motivate and engage students.

Note: If you are purchasing the standalone text or electronic version, MyEconLab does not come automatically packaged with the text. To purchase MyEconLab please visit www.myeconlab.com or you can purchase a package of the physical text + MyEconLab by searching for 0133826716 / 9780133826715. MyEconLab is not a self-paced technology and should only be purchased when required by an instructor.

I. Introduction
1. Economics: Foundations and Models
2. Trade-offs, Comparative Advantage, and the Market System
3. Where Prices Come From: The Interaction of Demand and Supply
4. Economic Efficiency, Government Price Setting, and Taxes

II. Markets in Action
5. Externalities, Environmental Policy, and Public Goods
6. Elasticity: The Responsiveness of Demand and Supply

III. Firms in the Domestic and International Economies
7. The Economics of Health Care
8. Firms, the Stock Market, and Corporate Governance

IV. Microeconomic Foundations: Consumers and Firms
9. Comparative Advantage and the Gains from International Trade
10. Consumer Choice and Behavioral Economics

V. Market Structure and Firm Strategy
11. Technology, Production, and Costs
12. Firms in Perfectly Competitive Markets
13. Monopolistic Competition: The Competitive Model in a More Realistic Setting
14. Oligopoly: Firms in Less Competitive Markets
15. Monopoly and Antitrust Policy

VI. Markets for Factors of Production
16. Pricing Strategy

VII. Information, Taxes, and the Distribution of Income
17. The Markets for Labor and Other Factors of Production
18. Public Choice, Taxes, and the Distribution of Income

VIII. Macroeconomic Foundations and Long-Run Growth
19. GDP: Measuring Total Production and Income
20. Unemployment and Inflation
21. Economic Growth, the Financial System, and Business Cycles
22. Long-Run Economic Growth: Sources and Policies

IX. Short-Run Fluctuations
23. Aggregate Expenditure and Output in the Short Run
24. Aggregate Demand and Aggregate Supply Analysis

X. Monetary and Fiscal Policy
25. Money, Banks, and the Federal Reserve System
26. Monetary Policy
27. Fiscal Policy
28. Inflation, Unemployment, and Federal Reserve Policy

XI. The International Economy
29. Macroeconomics in an Open Economy
30. The International Financial System