One of the challenges of teaching Principles of Economics is fostering interest in concepts that may not seem applicable to students' lives. Economics with MyEconLab makes economics relevant by demonstrating how real businesses use economics to make decisions every day. And with an ever changing U.S. and world economy, the Sixth Edition has been updated with the latest developments using new real-world business and policy examples. Regardless of their future career path-opening an art studio, trading on Wall Street, or bartending at the local pub-students will benefit from understanding the economic forces behind their work.
KEY TOPICS: Economics: Foundations and Models; Using Graphs and Formulas; Trade-offs, Comparative Advantage, and the Market System; Where Prices Come From: The Interaction of Demand and Supply; Economic Efficiency, Government Price Setting, and Taxes; Quantitative Demand and Supply Analysis; Externalities, Environmental Policy, and Public Goods; Elasticity: The Responsiveness of Demand and Supply; The Economics of Health Care; Firms, the Stock Market, and Corporate Governance; Tools to Analyze Firms' Financial Information; Comparative Advantage and the Gains from International Trade; Consumer Choice and Behavioral Economics; Using Indifference Curves and Budget Lines to Understand Consumer Behavior; Technology, Production, and Costs; Using Isoquants and Isocost Lines to Understand Production and Cost; Firms in Perfectly Competitive Markets; Monopolistic Competition: The Competitive Model in a More Realistic Setting; Oligopoly: Firms in Less Competitive Markets; Monopoly and Antitrust Policy; Pricing Strategy; The Markets for Labor and Other Factors of Production; Public Choice, Taxes, and the Distribution of Income; GDP: Measuring Total Production and Income; Unemployment and Inflation; Economic Growth, the Financial System, and Business Cycles; Long-Run Economic Growth: Sources and Policies; Aggregate Expenditure and Output in the Short Run; The Algebra of Macroeconomic Equilibrium; Aggregate Demand and Aggregate Supply Analysis; Macroeconomic Schools of Thought; Money, Banks, and the Federal Reserve System; Monetary Policy; Fiscal Policy; A Closer Look at the Multiplier; Inflation, Unemployment, and Federal Reserve Policy; Macroeconomics in an Open Economy; The International Financial System; The Gold Standard and the Bretton Woods System
MARKET: For anyone interested in an introduction to economics that grounds concepts in real-world examples.
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