Description
For two-semester principles of economics courses.
An intuitive and grounded approach to economics
Get students to think like economists using the latest policy and data while incorporating global issues. Economics, 13th Edition builds on the foundation of the previous edition and retains a thorough and careful presentation of the principles of economics. The text emphasizes real-world applications, the development of critical-thinking skills, diagrams renowned for their pedagogy and clarity, and path-breaking technology. As a hallmark features in the chapter openings and endings encourage students to think critically about a news article relating to the issue, demonstrating how thinking like an economist can bring a clearer perspective to and deeper understanding of today’s events.
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.
MyLabTM is the teaching and learning platform that empowers you to reach every student. It 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. By combining trusted author content with digital tools and a flexible platform, MyLab personalizes the learning experience and improves results for each student.
Features
Focus on real-world economics and current global issues
- New - News-Based Problems and Applications include 200 topics like: Shrinking brick-and-mortar retail and expanding online shopping; time spent by gamers playing video games; Facebook and Google in mobile ads market; Toyota's "Customer First" principle; and the effects of the Greek debt crisis on the country’s budget.
· Economics in Action provides data and information that links models to real-world economic activity. Some of the issues covered in these boxes include the best affordable choice of recorded music, movies, and DVDs; the cost of selling a pair of shoes; how Apple doesn’t make the iPhone; opposing trends in air pollution and carbon concentration; structural unemployment in Michigan; how loanable funds fuel a home price bubble; and the size of the fiscal stimulus multipliers.
· Economics in the News helps students think like economists by connecting chapter tools and concepts to the world around them. This hallmark feature is both integrated where appropriate in the chapter, and at the beginning and end of every chapter. At the end of each chapter (except the first), the feature shows students how to apply the tools they have learned by analyzing an article from a newspaper or website. They also present a brief news clip, supported by data and fact, before exploring economic questions and answers to those questions.
· Updated - At Issue feature in Chapter 5 on the minimum wage now includes David Neumark’s combination of all the most recent empirical studies and Michael Luca’s Stanford Institute for Economic Policy Research pioneering study using a huge dataset from online review resource Yelp.
· Interviews with Economists show students that people just like them have gone on to change the landscape of economic history. At the end of each part, a featured leading economist, shares what inspired them to pursue a career in economics. With relevant advice geared toward beginners, students see how real people can make a difference in the discipline.
The impact of a technical and changing economic market
· New - "Chapter 1: Economists in the Economy," describes the types of jobs available to economics majors, their earnings compared with majors in other related areas, and the critical thinking, analytical, math, writing, and oral communication skills needed for a successful career in economics.
· New - Chapter 2 features the rust-belt economy - its causes and cures, which describes and illustrates the changing patterns of production as an economy expands, and explains how technical change and economic growth first shrinks the share of agriculture as manufacturing expands and later shrinks the share of manufacturing as services expand.
· Updated - Chapter 24 features more on the fluctuating sources of loanable funds, and less on the 2007–2008 financial crisis and more.
· New - Chapter 31 provides an explanation of the federal funds rate ‘corridor’ and a reworked final section titled ‘Financial Crisis: Cure and Prevention,’ which includes material on Dodd–Frank, the Volcker Rule, and other macroprudential regulation.
Help students retain and understand key economic concepts
· Updated - Data figures, tables, and explanations include six main content changes; 40 new Economics in the News items based on recent events and issues.
o Parkin's diagrams show the action. With consistent and meaningful use of color, each and every figure has been designed with the needs of students in mind. Graphs are paired with data tables, color-blended arrows show movement, diagrams are labeled with boxed notes, and extended captions provide study and review.
· Worked Problems are part of the chapter review, and allow students the opportunity to work a multi-part problem that covers the core content of the chapter and consists of questions, solutions, and key figures. This increases the incentive for students to learn-by-doing and actively, rather than passively, review the chapter.
· In-text Review Quizzes reinforce major concepts and test students’ knowledge of the topics just discussed. These questions can be assigned and auto-graded in MyLab™ Economics, which is a convenient way to encourage students to read the chapter before coming to class.
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.
Reach every student with MyLab
· Deliver trusted content: You deserve teaching materials that meet your own high standards for your course. That’s why we partner with highly respected authors to develop interactive content and course-specific resources that you can trust -- and that keep your students engaged.
· Empower each learner: Each student learns at a different pace. Personalized learning pinpoints the precise areas where each student needs practice, giving all students the support they need -- when and where they need it -- to be successful.
· Teach your course your way: Your course is unique. So whether you’d like to build your own assignments, teach multiple sections, or set prerequisites, MyLab gives you the flexibility to easily create your course to fit your needs.
· Improve student results: When you teach with MyLab, student performance often improves. That’s why instructors have chosen MyLab for over 15 years, touching the lives of over 50 million students.
New to this Edition
Focus on real-world economics and current global issues
- News-Based Problems and Applications include 200 topics like: Shrinking brick-and-mortar retail and expanding online shopping; time spent by gamers playing video games; Facebook and Google in mobile ads market; Toyota's "Customer First" principle; and the effects of the Greek debt crisis on the country’s budget.
· At Issue feature in Chapter 5 on the minimum wage now includes David Neumark’s combination of all the most recent empirical studies and Michael Luca’s Stanford Institute for Economic Policy Research pioneering study using a huge dataset from online review resource Yelp.
The impact of a technical and changing economic market
· "Chapter 1: Economists in the Economy," describes the types of jobs available to economics majors, their earnings compared with majors in other related areas, and the critical thinking, analytical, math, writing, and oral communication skills needed for a successful career in economics.
· Chapter 2 features the rust-belt economy - its causes and cures, which describes and illustrates the changing patterns of production as an economy expands, and explains how technical change and economic growth first shrinks the share of agriculture as manufacturing expands and later shrinks the share of manufacturing as services expand.
· Chapter 24 features more on the fluctuating sources of loanable funds, and less on the 2007—2008 financial crisis and more.
· Chapter 31 provides an explanation of the federal funds rate ‘corridor’ and a reworked final section titled ‘Financial Crisis: Cure and Prevention,’ which includes material on Dodd—Frank, the Volcker Rule, and other macroprudential regulation.
Help students retain and understand key economic concepts
· Data figures, tables, and explanations include six main content changes; 40 new Economics in the News items based on recent events and issues.
o Parkin's diagrams show the action. With consistent and meaningful use of color, each and every figure has been designed with the needs of students in mind. Graphs are paired with data tables, color-blended arrows show movement, diagrams are labeled with boxed notes, and extended captions provide study and review.
Table of Contents
PART I: INTRODUCTION
1. What is Economics?
2. The Economic Problem
PART II: HOW MARKETS WORK
3. Demand and Supply
4. Elasticity
5. Efficiency And Equity
6. Government Actions in Markets
7. Global markets in Action
PART III: HOUSEHOLDS’ CHOICES
8. Utility and Demand
9. Possibilities, Preferences, and Choices
PART IV: FIRMS AND MARKETS
10. Organizing Production
11. Output and Costs
12. Perfect Competition
13. Monopoly
14. Monopolistic Competition
15. Oligopoly
PART V: MARKET FAILURE AND GOVERNMENT
16. Public Choices, Public Goods, and Healthcare
17. Externalities
PART VI: FACTOR MARKETS, INEQUALITY, AND UNCERTAINTY
18. Markets for Factors of Production
19. Economic Inequality
20. Uncertainty and Information
PART VII: MONITORING MACROECONOMIC PERFORMANCE
21. Monitoring the Value of Production: GDP
22. Monitoring Jobs and Inflation
PART VIII: MACROECONOMIC TRENDS
23. Economic Growth
24. Finance, Saving, and Investment
25. Money, the Price Level, and Inflation
26. The Exchange Rate and the Balance of Payments
PART IX: MACROECONOMIC FLUCTUATIONS
27. Aggregate Supply and Aggregate Demand
28. Expenditure Multipliers
29. The Business Cycle, Inflation, and Deflation
PART X: MACROECONOMIC POLICY
30. Fiscal Policy
31. Monetary Policy
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