9780073511405

Principles of Economics

  • ISBN 13:

    9780073511405

  • ISBN 10:

    0073511404

  • Edition: 5th
  • Format: Hardcover
  • Copyright: 01/21/2012
  • Publisher: McGraw-Hill/Irwin
  • Newer Edition

Note: Not guaranteed to come with supplemental materials (access cards, study guides, lab manuals, CDs, etc.)

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Summary

Frank/Bernanke also encourages students to become "Economic Naturalists," by employing basic economic principles to understand and explain what they observe in the world around them. An economic naturalist understands, for example, that infant safety seats are required in cars but not in airplanes because the marginal cost of space to accommodate these seats is typically zero in cars but often hundreds of dollars in airplanes. Such examples engage student interest while teaching them to see each feature of their economic landscape as the reflection of an implicit or explicit cost-benefit calculation.

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