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  • Edition: 12th
  • Format: Hardcover
  • Copyright: 1/21/2015
  • Publisher: Pearson

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NOTE: You are purchasing a standalone product; MyEconLab does not come packaged with this content. If you would like to purchase both the physical text and MyEconLab search for ISBN-10: 0134004655/ISBN-13: 9780134004655. That package includes ISBN-10: 0133872270/ISBN-13: 9780133872279 and ISBN-10: 0133918181/ISBN-13: 9780133918182.

For the two-semester principles of economics course.


An intuitive and grounded approach to economics 

Get students to think like an Economist using the latest policy and data while incorporating global issues. Economics, Twelfth Edition builds on the foundation of the previous edition and retains a thorough and careful presentation of the principles of economics. Economics emphasizes real-world applications, the development of critical thinking skills, diagrams renowned for pedagogy and clarity, and path-breaking technology.


Each chapter begins with one of today’s key issues, and additional issues appear throughout the chapter to show the real-world applications of the theory being discussed. When the chapter concludes, students “read between the lines” 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. Students will begin to think about issues the way real economists do and learn how to explore difficult policy problems to make more informed decisions in their own economic lives.


Also available with MyEconLab

MyEconLab is an online homework, tutorial, and assessment program designed to work with this text to engage students and improve results. Within its structured environment, students practice what they learn, test their understanding, and pursue a personalized study plan that helps them better absorb course material and understand difficult concepts.

Author Biography

Michael Parkin is Professor Emeritus in the Department of Economics at the University of Western Ontario, Canada. Professor Parkin has held faculty appointments at Brown University, the University of Manchester, the University of Essex, and Bond University. He is a past president of the Canadian Economics Association and has served on the editorial boards of the American Economic Review and the Journal of Monetary Economics and as managing editor of the Canadian Journal of Economics. Professor Parkin’s research on macroeconomics, monetary economics, and international economics has resulted in over 160 publications in journals and edited volumes, including the American Economic Review, the Journal of Political Economy, the Review of Economic Studies, the Journal of Monetary Economics, and the Journal of Money, Credit and Banking. He became most visible to the public with his work on inflation that discredited the use of wage and price controls. Michael Parkin also spearheaded the movement toward European monetary union. Professor Parkin is an experienced and dedicated teacher of introductory economics.


Table of Contents



Chapter 1 What Is Economics?

Chapter 2 The Economic Problem


How Markets Work

Chapter 3 Demand and Supply

Chapter 4 Elasticity

Chapter 5 Efficiency and Equity

Chapter 6 Government Actions in Markets

Chapter 7 Global Markets in Action


Households’ Choices

Chapter 8 Utility and Demand

Chapter 9 Possibilities, Preferences, and



Firms and Markets

Chapter 10 Organizing Production

Chapter 11 Output and Costs

Chapter 12 Perfect Competition

Chapter 13 Monopoly

Chapter 14 Monopolistic Competition

Chapter 15 Oligopoly


Market Failure and Government

Chapter 16 Public Choices, Public Goods, and


Chapter 17 Externalities


Factor Markets, Inequality,

and Uncertainty

Chapter 18 Markets for Factors of Production

Chapter 19 Economic Inequality

Chapter 20 Uncertainty and Information


Monitoring Macroeconomic


Chapter 21 Measuring GDP and Economic


Chapter 22 Monitoring Jobs and Inflation


Macroeconomic Trends

Chapter 23 Economic Growth

Chapter 24 Finance, Saving, and Investment

Chapter 25 Money, the Price Level, and


Chapter 26 The Exchange Rate and the Balance

of Payments


Macroeconomic Fluctuations

Chapter 27 Aggregate Supply and Aggregate


Chapter 28 Expenditure Multipliers

Chapter 29 The Business Cycle, Inflation, and



Macroeconomic Policy

Chapter 30 Fiscal Policy

Chapter 31 Monetary Policy


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