Foundations of Economics, Global Edition

Series
Pearson
Author
Robin Bade / Michael Parkin  
Publisher
Pearson
Cover
Softcover
Edition
8
Language
English
Total pages
992
Pub.-date
July 2018
ISBN13
9781292217888
ISBN
129221788X
Related Titles



Description

For courses in Economics.

 

Guide students through the economic principles that will influence their financial decisions

Foundations of Economics, 8th Edition introduces students to the economic principles they can use to navigate the financial decisions of their futures. Each chapter concentrates on a manageable number of ideas, usually 3 to 4, with each reinforced several times throughout the text. This patient approach helps guide students through unfamiliar terrain and focus them on the most important concepts.

 

The text does four core things to help students grasp and apply economic principles: it motivates with compelling issues and questions, focuses on core ideas, offers concise points, and encourages learning with activities and practice questions. After completing this text, students will have the foundational knowledge of how the economy works and can apply it to their lives going forward.

 

MyLabTM Economics not included. Students, if MyLab is a recommended/mandatory component of the course, please ask your instructor for the correct ISBN and course ID. MyLab should only be purchased when required by an instructor. Instructors, contact your Pearson rep for more information.


MyLab is an online homework, tutorial, and assessment product designed to personalize learning and improve results. With a wide range of interactive, engaging, and assignable activities, students are encouraged to actively learn and retain tough course concepts

Features

This title is a Pearson Global Edition. The Editorial team at Pearson has worked closely with educators around the world to include content which is especially relevant to students outside the United States.

 

MyLabTM Economics not included. Students, if MyLab is a recommended/mandatory component of the course, please ask your instructor for the correct ISBN and course ID. MyLab should only be purchased when required by an instructor. Instructors, contact your Pearson representative for more information.

 

Content has been fine-tuned to reflect the current economy

  • NEW! The text reflects the dramatic economic history of today, including persistent slow economic growth, an increasing concentration of wealth, headwinds from the UK’s stagnant economy, the UK’s decision to leave the European Union, China’s slowing expansion, and enhanced concern about climate change. In the US specifically, the text covers the increasing loss of jobs to offshore companies, the political popularity of trade protection, financial demands from an aging population, a dysfunctional congress with rising government debt and a slow, decade-long recovery from the financial crisis.
  • UPDATED! Each chapter contains small changes to enhance clarity and currency, and every example reflects the most recent current events.

 

Notable content changes in micro

  • NEW! Economics as a Life Skill section explains how economics can be used as a life tool, the scientific method the subject employs, and economics as an aid to critical thinking (Chapter 1).
  • NEW! Eye on Your Life looks at the BLS data on student time allocation.
  • NEW! Coverage on how the outward bowed production possibilities frontier arises from exploiting comparative advantage (Chapter 3).
  • NEW! Section on production quotas, which explains why producers like them and illustrates how a quota expands producer surplus (Chapter 7).
  • NEW! Explanation of the Flat Tax and Fair Tax proposals and compares their efficiency and equity properties with those of the existing tax code (Chapter 8).
  • UPDATED! Expanded discussion of carbon emissions and the global challenge of achieving an efficient use of energy resources (Chapter 10).
  • UPDATED! Efficient provision of transportation infrastructure is a motivating example and discussion of the underprovision that results from limited revenue sources is included (Chapter 11).
  • NEW! and UPDATED! Coverage of the economics of healthcare insurance and services. It identifies the sources of healthcare market failure and describes and compares alternative solutions including Obamacare and the healthcare systems of Canada and Europe (Chapter 12).
  • UPDATED! Broadened examination of inequality trends with a focus on the income share of the top one percent--the great compression through the mid-1970s and the great divergence of the past 40 years. Coverage of mobility up and down the income quintiles has also been expanded (Chapter 20).

 

Notable content changes in macro

  • UPDATED! The text explores the question of whether we are back at full employment. In seeking an answer, the chapter adds to the standard list of job market indicators--the new Z-Pop measure of the percentage of the population that is fully occupied (Chapter 22).
  • NEW! Data on the new Sticky Price CPI and its related Flexible Price CPI as an attempt to measure the underlying inflation rate (Chapter 23).
  • NEW! Covers who gets the benefits of economic growth with a dramatic demonstration of the gains by the top one percent compared with the gains of the other 99 percent (Chapter 25).
  • NEW! and UPDATED! Explains the concepts of fiscal imbalance and generational imbalance, and the magnitudes of these imbalances in the US today (Chapter 32).
  • NEW! Discusses the rules versus discretion dichotomy and a description of both the Taylor interest rate rule and the McCallum monetary base growth rate rule (Chapter 33).

 

Outcome-driven teaching and learning

  • REVISED! The text has been revised to provide an outcome-driven teaching and learning program to strengthen problem-solving, critical-thinking, and decision-making skills.

 

Focus on core concepts

  • Each chapter concentrates on a manageable number of ideas, usually 3 to 4, with each reinforced several times throughout the text. This patient approach helps guide students through unfamiliar terrain and focus them on the most important concepts.  

 

Clear organization helps students embrace and understand the material

  • The text leaves room for flexibility for professors who want to cover it in a different order.

 

Diagrams aid in learning difficult concepts

  • Diagrams make consistent use of color to show the direction of shifts, and detailed, numbered captions guide students through actions step-by-step .
  • Material is presented in graphs, words, and tables to appease students who are apprehensive about working with graphs.

 

Real-world connections bring theories to life

  • Eye On boxes offer fresh examples that help students see that economics is everywhere. Each chapter opening box is answered by an Eye On box that helps students see the economic factors behind a key issue facing the world and highlights major aspects of the chapter.
  • Eye on the US Economy relates examples to current and recent events.
  • Eye on the Global Economy puts these events in global context.
  • Eye on the Past offers historical economic perspectives.  
  • Eye on Your Life shows students how to apply economic principles to their lives.

New to this Edition

MyLabTM Economics not included. Students, if MyLab is a recommended/mandatory component of the course, please ask your instructor for the correct ISBN and course ID. MyLab should only be purchased when required by an instructor. Instructors, contact your Pearson representative for more information.



Content has been fine-tuned to reflect the current economy

  • The text reflects the dramatic economic history of today, including persistent slow economic growth, an increasing concentration of wealth, headwinds from the UK’s stagnant economy, the UK’s decision to leave the European Union, China’s slowing expansion, and enhanced concern about climate change. In the US specifically, the text covers the increasing loss of jobs to offshore companies, the political popularity of trade protection, financial demands from an aging population, a dysfunctional congress with rising government debt and a slow, decade-long recovery from the financial crisis.
  • Each chapter contains small changes to enhance clarity and currency, and every example reflects the most recent current events.

 

Notable content changes in micro

  • Economics as a Life Skill section explains how economics can be used as a life tool, the scientific method the subject employs, and economics as an aid to critical thinking (Chapter 1).
  • Eye on Your Life looks at the BLS data on student time allocation.
  • Coverage on how the outward bowed production possibilities frontier arises from exploiting comparative advantage (Chapter 3).
  • Section on production quotas, which explains why producers like them and illustrates how a quota expands producer surplus (Chapter 7).
  • Explanation of the Flat Tax and Fair Tax proposals and compares their efficiency and equity properties with those of the existing tax code (Chapter 8).
  • Expanded discussion of carbon emissions and the global challenge of achieving an efficient use of energy resources (Chapter 10).
  • Efficient provision of transportation infrastructure is a motivating example and discussion of the underprovision that results from limited revenue sources is included (Chapter 11).
  • Coverage of the economics of healthcare insurance and services. It identifies the sources of healthcare market failure and describes and compares alternative solutions including Obamacare and the healthcare systems of Canada and Europe (Chapter 12).
  • Broadened examination of inequality trends with a focus on the income share of the top one percent--the great compression through the mid-1970s and the great divergence of the past 40 years. Coverage of mobility up and down the income quintiles has also been expanded (Chapter 20).

 

Notable content changes in macro

  • The text explores the question of whether we are back at full employment. In seeking an answer, the chapter adds to the standard list of job market indicators--the new Z-Pop measure of the percentage of the population that is fully occupied (Chapter 22).
  • Data on the new Sticky Price CPI and its related Flexible Price CPI as an attempt to measure the underlying inflation rate (Chapter 23).
  • Covers who gets the benefits of economic growth with a dramatic demonstration of the gains by the top one percent compared with the gains of the other 99 percent (Chapter 25).
  • Explains the concepts of fiscal imbalance and generational imbalance, and the magnitudes of these imbalances in the US today (Chapter 32).
  • Discusses the rules versus discretion dichotomy and a description of both the Taylor interest rate rule and the McCallum monetary base growth rate rule (Chapter 33).

 

Outcome-driven teaching and learning

  • The text has been revised to provide an outcome-driven teaching and learning program to strengthen problem-solving, critical-thinking, and decision-making skills.

Table of Contents

Part 1: Introduction

1. Getting Started

2. The U.S. and Global Economies

3. The Economic Problem

4. Demand and Supply

 

Part 2: A Closer Look at Markets

5. Elasticities of Demand and Supply

6. Efficiency of Fairness and Markets

 

Part 3: How Governments Influence the Economy

7. Government Actions in Markets

8. Taxes

9. Global Markets in Action

 

Part 4: Market Failures and Public Policy

10. Externalities

11. Public Goods and Common Resources

12. Private Information and Healthcare Markets

 

Part 5: A Closer Look At Decision Makers

13. Consumer Choice and Demand

14. Production and Cost

 

Part 6: Prices, Profits, and Industry Performance

15. Perfect Competition

16. Monopoly

17. Monopolistic Competition

18. Oligopoly

 

Part 7: Incomes and Inequality

19. Markets for Factors of Production

20. Economic Inequality

 

Part 8: Monitoring the Macroeconomy

21. GDP: A Measure Of Total Production and Income

22. Jobs and Unemployment

23. The CPI and the Cost of Living

 

Part 9: The Real Economy

24. Potential GDP and the Natural Unemployment Rate

25. Economic Growth

26. Finance, Saving, and Investment

 

Part 10: The Money Economy

27: The Monetary System

28: Money, Interest, and Inflation

 

Part 11: Economic Fluctuations

29. Aggregate Supply and Aggregate Demand

30. Aggregate Expenditure Multiplier

31. The Short-Run Policy Tradeoff

 

Part 12: Macroeconomic Policy

32. Fiscal Policy

33. Monetary Policy

34. International Finance