Fundamentals of Economics

Fundamentals of Economicsis a concise but thorough survey of economics for instructors desiring a brief, practical text. Based on the comprehensive two-semester text by the same authors, this version ofEconomics"boils down" the formal economic theories and concepts into their essential parts, emphasizing domestic and international applications and policy issues. Each chapter focuses on the core economic concepts and provides a link between theory and real-world relevance, making the content more meaningful for students. The Third Edition provides a convenient, integrated learning experience by including a Study Guide after each chapter, which allows students to review key concepts and practice new skills before they go on to read the next chapter. Fundamental Questions preview key points at the beginning of each chapter, reappear next to the relevant in-text discussion, and form the basis of chapter-ending summaries. A new design highlights these Questions, making them easier to find within a chapter. New!Chapter 18, "Globalization," addresses the costs and benefits of the process by which the world's economies have become more closely integrated. The chapter includes discussion of the arguments for and against globalization, an issue about which most of today's students have a keen awareness, but not necessarily all of the facts. The Third Edition includes several additional Now You Try It boxes throughout the chapters. These quick questions appear at critical content junctures and allow students to practice applying concepts and skills as they learn them. New!A Study Guide is now incorporated throughout the text, providing chapter-by-chapter review in a single location. Most chapters contain four or more pages of study material consisting of key term match-ups and multiple-choice quizzes, all of which students can work through at their own pace. A final section on application problems gives students an opportunity to analyze and synthesize what they have learned. Every chapter focuses on the business decisions of actual, headline-making companies and discusses the economic policies of today's world leaders. These examples are presented so that the individual student understands how he or she is affected. The authors' thorough integration of international issues offers a more accurate picture of the global economy. For instance, the issue of price discrimination on an international basis is examined in Chapter 4, while Chapter 10 incorporates balance of payments and national income accounting so students understand how the economic activity of both national and international economies is measured. In its discussion of macroeconomic policy, Chapter 16 covers both economic growth and business cycles.