PART I: INTRODUCTION 1. Economics: Foundations and Models Appendix: Using Graphs and Formulas   2. Trade-offs, Comparative Advantage, and the Market System 3. Where Prices Come From: The Interaction of Demand and Supply                 PART II: MARKETS IN ACTION: POLICY AND APPLICATIONS 4. Market Efficiency and Market Failure 5. The Economics of Health Care             PART III: MICROECONOMIC FOUNDATIONS: CONSUMERS AND FIRMS 6. Firms, the Stock Market, and Corporate Governance 7. Consumer Choice and Elasticity                     8. Technology, Production, and Costs                PART V: MARKET STRUCTURE AND FIRM STRATEGY 9. Firms in Perfectly Competitive Markets          10. Monopoly and Antitrust Policy 11. Monopolistic Competition and Oligopoly       PART VI: MACROECONOMIC FOUNDATIONS 12. GDP: Measuring Total Production and Income         13. Unemployment and Inflation                      PART VIII: LONG-RUN ECONOMIC GROWTH AND SHORT-RUN ECONOMIC FLUCTUATIONS 14. Economic Growth, the Financial System, and Business Cycles 15. Aggregate Demand and Aggregate Supply Analysis    Appendix: Macroeconomic Schools of Thought             PART VIIII: MONETARY AND FISCAL POLICY 16. Money, Banks, and the Federal Reserve System      17. Monetary Policy     18. Fiscal Policy 19. Comparative Advantage, International Trade, and Exchange Rates       

Show students how economics is relevant   New and Updated - Real-world business chapter-opening cases feature new companies or have been updated with current information for learning while also sparking students' interest. They provide a unifying theme for the chapter by showing how the economic concepts presented impact a real business. Some of the chapter openers focus on the role of entrepreneurs in developing new products and bringing them to market. For example, Chapter 2 features Elon Musk of Tesla Motors, Chapter 15 features KB Home founders Donald Kaufman and Eli Broad, and Chapter 17 features Paytm founder Vijay Shekhar Sharma. New - Critical-Thinking Sections. New End-of-Chapter Exercises continue the tradition of developing critical-thinking skills in the text. Real-world problems encourage students to do their own research, or to explain key concepts using these questions. In the MyLab course, these multi-part exercises allow instructors to require short answers to open-ended discussion questions to develop students' critical-thinking skills. A Personal Dimension: Economics in Your Life & Career chapter openers ask students to consider questions related to their lives and careers. At the end of the chapters, the authors apply the concepts of the chapter to answer the questions -- highlighting the relevance of economics. Updated - An Inside Look is a 2-page feature that teaches students how to apply economic thinking to current events and policy debates in news articles. There is an excerpt of an article related to the company featured in the chapter-opening case. The authors provide a step-by-step analysis of the article, corresponding graph or table, and Thinking-Critically exercises. This feature appears at the end of chapters 1 - 4. New - Taking a principles of economics class requires students to learn different terms, models, and a new way of analysing real-world events. It can be challenging for students, especially non-majors, to appreciate how this course can help them in a career in business, government, or a non-profit organisation. Chapter 1 includes a new section that describes economics as a career and highlights the key skills students of any major can gain from studying economics. New - 15 Apply the Concepts have been added to reinforce key concepts and help students interpret what they read in the news. There are between 2 and 4 Apply the Concepts in each chapter, and most deal with business and policy topics relevant to today’s students. New and Updated - Solved Problems give students a model of how to solve an economic problem by breaking it down step by step. There are approximately 2 Solved Problems in each chapter, 16 of which are either new or updated for this edition.    Provide a real-world approach to microeconomics Introductory chapters (1 - 4) provide students with a solid foundation in the basics, including marginal analysis and economic efficiency. Early coverage of policy issues (Chapters 1, 4, and 5), including trade policy, rent control and minimum wage, global warming, government policy toward soda and other sweetened beverages, and health care policy, helps clarify ideas encountered in later chapters. Complete coverage of trade is included (Chapter 19). A full chapter is devoted to international trade and the debate over trade policy.     Improve comprehension of macroeconomic issues   Careful discussion of macro statistics in Chapters 12 and 13 helps clarify some

Show students how economics is relevant Real-world business chapter-opening cases feature new companies or have been updated with current information for learning while also sparking students' interest. They provide a unifying theme for the chapter by showing how the economic concepts presented impact a real business. Some of the chapter openers focus on the role of entrepreneurs in developing new products and bringing them to market. For example, Chapter 2 features Elon Musk of Tesla Motors, Chapter 15 features KB Home founders Donald Kaufman and Eli Broad, and Chapter 17 features Paytm founder Vijay Shekhar Sharma. Critical-Thinking Sections. New End-of-Chapter Exercises continue the tradition of developing critical-thinking skills in the text. Real-world problems encourage students to do their own research, or to explain key concepts using these questions. In the MyLab course, these multi-part exercises allow instructors to require short answers to open-ended discussion questions to develop students' critical-thinking skills. An Inside Look is a 2-page feature that teaches students how to apply economic thinking to current events and policy debates in news articles. There is an excerpt of an article related to the company featured in the chapter-opening case. The authors provide a step-by-step analysis of the article, corresponding graph or table, and Thinking-Critically exercises. This feature appears at the end of chapters 1 - 4. Additional articles and analysis are also updated weekly in MyLab Economics. Taking a principles of economics class requires students to learn different terms, models, and a new way of analyzing real-world events. It can be challenging for students, especially non-majors, to appreciate how this course can help them in a career in business, government, or a non-profit organization. Chapter 1 includes a new section that describes economics as a career and highlights the key skills students of any major can gain from studying economics. 15 Apply the Concepts have been added to reinforce key concepts and help students interpret what they read in the news. There are between 2 and 4 Apply the Concepts in each chapter, and most deal with business and policy topics relevant to today’s students. Students can visit MyLab Economics to watch a brief video that summarizes the key points of each. Solved Problems give students a model of how to solve an economic problem by breaking it down step by step. There are approximately 2 Solved Problems in each chapter, 16 of which are either new or updated for this edition. Students can visit MyLab Economics to complete a similar problem and receive tutorial help.      Check out the preface for a complete list of features and what's new in this edition.