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.
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 Price Controls and Quotas: Meddling with Markets
Chapter 5 International Trade
Part 3: Introduction to Macroeconomics
Chapter 6 Macroeconomics: The Big Picture
Chapter 7 GDP and the CPI: Tracking the Macroeconomy
Chapter 8 Unemployment and Inflation
Part 4: Long-Run Economic Growth
Chapter 9 Long-Run Economic Growth
Chapter 10 Savings, Investment Spending, and the Financial System
Appendix 10: Toward a Fuller Understanding of Present Value
Part 5: Short-Run Economic Fluctuations
Chapter 11 Income and Expenditure
Appendix 11: Deriving the Multiplier Algebraically
Chapter 12 Aggregate Demand and Aggregate Supply
Part 6: Stabilization Policy
Chapter 13 Fiscal Policy
Appendix 13: Taxes and the Multiplier
Chapter 14 Money, Banking, and the Federal Reserve System
Chapter 15 Monetary Policy
Appendix 15: Reconciling the Two Models of the Interest Rate
Chapter 16 Inflation, Disinflation, and Deflation
Part 7: Events and Ideas
Chapter 17 Macroeconomics: Events and Ideas
Part 8: The Open Economy
Chapter 18 International Macroeconomics
