The new edition is revised and enhanced, including new interactive graphs, interactive topic reviews, thorough coverage of the Covid recession, and updated analysis of aggregate demand/aggregate supply and monetary policy. Interactive Graphs in the e-book and in a Graphing Bank allow students to engage with economic models to see how components of the graph change as market dynamics change. Every data graph in the text is now interactive, so students can explore live visualizations and improve their data literacy.
Interactive Topic Reviews, with embedded interactive graphs and assessment, cover essential principles topics in an easy-to-use, self-study format, to help students prepare for class time, quizzes, or exams.
New focus on Indias economic growth during Covid, particularly its rise to become a technological powerhouse.
Integrated coverage of the pandemic throughout, including supply chain disruptions, federal funding for vaccine development, how Covid and the lockdown impacted the labor market and certain industries.
New modern examples that resonate with students, such as the day in the life of an Uber driver, selling clothes on Poshmark.
Thoroughly revised aggregate demand and aggregate supply chapter now highlights the dynamic relationship between inflation and GDP. This change allows instructors to more easily teach students about the modern changes to monetary policy and how the Federal Reserve has responded to the latest inflationary pressures.
Revamped AD/AS model now focusing on the inflation rate and GDP, rather than the price level, giving students a more practical and applicable understanding of the current economic landscape.
Part 1: What is Economics?
Introduction: An Engine for Growth and Discovery
Chapter 1 First Principles
Chapter 2 Economic Models: Trade-offs and Trade
Appendix 2: Graphs in Economics
Part 2: Supply and Demand
Chapter 3 Supply and Demand
Chapter 4 Consumer and Producer Surplus
Chapter 5 Price Controls and Quotas: Meddling with Markets
Chapter 6 Elasticity
Part 3: Individuals and Markets
Chapter 7 Taxes
Chapter 8 International Trade
Part 4: Economics and Decision Making
Chapter 9 Decision Making by Individuals and Firms
Appendix 9: Toward a Fuller Understanding of Present Value
Part 5: Microeconomics and Public Policy
Chapter 10 Externalities
Chapter 11 Public Goods and Common Resources
Chapter 12 The Economics of the Welfare State
Part 6: The Consumer
Chapter 13 The Rational Consumer
Appendix 13: Consumer Preferences and Consumer Choice
Part 7: The Production Decision
Chapter 14 Behind the Supply Curve: Inputs and Costs
Chapter 15 Perfect Competition and the Supply Curve
Part 8: Market Structure: Beyond Perfect Competition
Chapter 16 Monopoly
Chapter 17 Oligopoly
Chapter 18 Monopolistic Competition and Product Differentiation
Part 9: Factor Markets and Risk
Chapter 19 Factor Markets and the Distribution of Income
Appendix 19: Indifference Curve Analysis of Labor Supply
Chapter 20 Uncertainty, Risk, and Private Information
Part 10: Introduction to Macroeconomics
Chapter 21 Macroeconomics: The Big Picture
Chapter 22 GDP and the CPI: Tracking the Macroeconomy
Chapter 23 Unemployment and Inflation
Part 11: Long-Run Economic Growth
Chapter 24 Long-Run Economic Growth
Chapter 25 Savings, Investment Spending, and the Financial System
Part 12: Short-Run Economic Fluctuations
Chapter 26 Income and Expenditure
Appendix 26: Deriving the Multiplier Algebraically
Chapter 27 Aggregate Demand and Aggregate Supply
Part 13: Stabilization Policy
Chapter 28 Fiscal Policy
Appendix 28: Taxes and the Multiplier
Chapter 29 Money, Banking, and the Federal Reserve System
Chapter 30 Monetary Policy
Appendix 30: Reconciling the Two Models of the Interest Rate
Chapter 31 Inflation, Disinflation, and Deflation
Part 14: Events and Ideas
Chapter 32 Macroeconomics: Events and Ideas
Part 15: The Open Economy
Chapter 33 International Macroeconomics
