In recent years, innovative texts in mathematics, science, foreign languages, and other fields have achieved dramatic pedagogical gains by abandoning the traditional encyclopedic approach in favor of teaching a shorter list of core principles in depth. Two well-respected writers and researchers, Bob Frank and Ben Bernanke, have shown that the less-is-more approach affords similar gains in introductory economics. The authors introduce a coherent short list of core principles and reinforce them by illustrating and applying each in numerous contexts. With engaging questions, explanations and exercises, the authors help students relate economic principles to a host of everyday experiences such as going to the ATM or purchasing airline tickets. Throughout this process, the authors encourage students to become “economic naturalists:” people who employ basic economic principles to understand and explain what they observe in the world around them.
Principles of Economics, fifth edition, is thoroughly updated with examples that connect to current events such as the financial crisis of 2008 and Great Recession of 2007-2009 as well as other topics commonly discussed in the media. In addition, the text is paired with McGraw-Hill’s market-leading online assignment and assessment solution Connect Economics, providing tools to enhance course management and student learning.
Connect is the only integrated learning system that empowers students by continuously adapting to deliver precisely what they need, when they need it, and how they need it, so that your class time is more engaging and effective.
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Part 1 Introduction
1.Thinking Like an Economist
2.Comparative Advantage
3.Supply and Demand
Part 2 Competition and the Invisible Hand
4. Elasticity
5.Demand
6.Perfectly Competitive Supply
7.Efficiency, Exchange, and the Invisible Hand in Action
Part 3 Market Imperfections
8.Monopoly, Oligopoly, and Monopolistic Competition
9.Games and Strategic Behavior
10.Externalities and Property Rights
11.The Economics of Information
Part 4 Economics of Public Policy
12.Labor Markets, Poverty, and Income Distribution
13.The Environment, Health, and Safety
14.Public Goods and Tax Policy
Part 5 Macroeconomics: Data and Issues
15.Spending, Income, and GDP
16.Inflation and the Price Level
17.Wages and Unemployment
Part 6 The Economy in the Long Run
18.Economic Growth
19.Saving, Capital Formation, and Financial Markets
20.Money, Prices, and the Financial System
Part 7 The Economy in the Short Run
21.Short-Term Economic Fluctuations
22.Spending, Output, and Fiscal Policy
23.Monetary Policy and the Federal Reserve
24.Aggregate Demand, Aggregate Supply, and Business Cycles
25.Macroeconomic Policy
Part 8 The International Economy
26.Exchange Rates, International Trade, and Capital Flows
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