The goal of this text has always been to provide students with a solid introduction to the economic issues facing the world today, the methods economists use to study those issues, and the policy problems those issues create. Maintaining the earlier editions' comprehensive examination of the subject, this new edition has been streamlined to make the information more accessible to students. This edition includes updated information on employment, unemployment, the impact of technological change, the costs and benefits of foreign investments, Social Security, debts and deficits, and free trade. The authors have also increased their focus on globalization and international economic growth to expand students' understanding of worldwide issues.
I. THE NATURE OF ECONOMICS.1. The Economic Problem.
II. AN INTRODUCTION TO DEMAND AND SUPPLY.4. Demand, Supply, and Price.
III. CONSUMERS AND PRODUCERS.7. Consumer Behavior.
IV. PRICING AND MARKET STRUCTURE.10. Competitive Markets.
V. THE MARKET FOR FACTORS OF PRODUCTION.15. Factor Pricing and Factor Mobility.
VI. GOVERNMENT IN THE MARKET ECONOMY.18. Benefits and Costs of Government Intervention.
VII. AN INTRODUCTION TO MACROECONOMICS.21. What Macroeconomics Is All About.
VIII. NATIONAL INCOME AND FISCAL POLICY.23. National Income Determination: Part I.
IX. MONEY, BANKING, AND MONETARY POLICY.27. The Nature of Money.
X. MACROECONOMIC PROBLEMS AND POLICIES.30. Inflation.
XI. INTERNATIONAL ECONOMICS.35. The Gains from International Trade.