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The 12th edition of this classic text has built upon the success of previous editions but has been thoroughly updated and revised to give students a deeper understanding and appreciation of the core principles of Economics. Suitable for beginners, Economics is comprehensible but has a rigour that will stretch readers to achieve their full potential. In-depth explanations of key theoretical concepts are balanced with a wide range of real-world examples to help students understand and apply their knowledge. Online Resource Centre For students: - self-test questions - economics in the news - interactive chapters - web links - flashcard glossary - authors' blog For lecturers: - PowerPoint slides with audio commentary - instructor's manual - test bank - figures from the text
Table of Contents
1. Economic Issues and Concepts 2. How Economists Work PART 1: MARKETS AND CONSUMERS 3. Demand, Supply, and Price 4. Elasticity of Demand and Supply 5. Consumer Choice: Indifference Theory PART 2: MARKETS AND FIRMS 6. The Cost Structure of Firms 7. Perfect Competition 8. Monopoly 9. Imperfect Competition PART 3: MARKETS FOR INPUTS 10. Demand and Supply of Inputs 11. The Labor Market 12. Capital, Investment, and New Technology PART 4: GOVERNMENT AND THE MARKET 13. Market Failure 14. The Role of Government PART 5: MACROECONOMICS: ISSUES AND FRAMEWORK 15. Macroeconomic Issues and Measurement 16. A Basic Model of the Determination of GDP in the Short Term 17. GDP in an Open Economy with Government 18. GDP and the Price Level in the Short Run 19. GDP and the Price Level in the Long Run PART 6: MACROECONOMIC POLICY IN A MONETARY ECONOMY 20. Money and Monetary Institutions 21. The Role of Money in Macroeconomics 22. The Balance of Payments and Exchange Rates 23. Macroeconomic Policy in an Open Economy PART 7: GLOBAL ECONOMIC ISSUES 24. Inflation 25. Unemployment 26. Economic Growth 27. International Trade