Essentials of Economics

ESSENTIALS OF ECONOMICS continues to be the most popular and widely used text in the economics classroom. The fifth edition features a strong revision of content in all 36 chapters while maintaining the clear, accessible writing style and precise presentation that are the hallmarks of this highly respected author. Dozens of new applications emphasize the real-world relevance of economics for today's students through interesting news articles, realistic case studies, and engaging problems. The new edition also features an expanded instructor's resource package designed to assist in course planning and classroom presentation, as well as full integration of content with Aplia.

‧Excerpts from many newspaper articles encourage students to apply basic economic theory to discover how economics can provide an illuminating new perspective and enable a greater understanding of world events.

‧"FYI" boxes provide additional material to expand key concepts and discussions by offering a glimpse into the history of economic thought, clarifying technical issues, and exploring supplementary topics you might choose to complement your core lectures.

‧Economic theory is most useful and interesting when applied to actual events and policies, which is why the text contains numerous case studies to vividly illustrate the real-world applications and consequences of key principles.

‧"Quick Quizzes" follow each major section to help students check their comprehension of what they just learned and to focus their review when preparing for exams.

‧Each chapter contains a variety of problems and applications that encourage students to apply the material they have learned. These practical, interesting activities serve equally well as homework assignments and starting points for lively classroom discussions.

PART ONE: INTRODUCTION.
Ch 1: Ten Principles of Economics.
Ch 2: Thinking Like an Economist.
Ch 3: Interdependence and the Gains from Trade.

PART TWO: HOW MARKETS WORK.
Ch 4: The Market Forces of Supply and Demand.
Ch 5: Elasticity and Its Application.
Ch 6: Supply, Demand, and Government Policies.

PART THREE: MARKETS AND WELFARE.
Ch 7: Consumers, Producers, and the Efficiency of Markets.
Ch 8: Application: The Costs of Taxation.
Ch 9: Application: International Trade.

PART FOUR: THE ECONOMICS OF THE PUBLIC SECTOR.
Ch 10: Externalities.
Ch 11: Public Goods and Common Resources.

PART FIVE: FIRM BEHAVIOR AND THE ORGANIZATION OF INDUSTRY.
Ch 12: The Costs of Production.
Ch 13: Firms in Competitive Markets.
Ch 14: Monopoly.

PART SIX: THE DATA OF MACROECONOMICS.
Ch 15: Measuring a Nation's Income.
Ch 16: Measuring the Cost of Living.

PART SEVEN: THE REAL ECONOMY IN THE LONG RUN.
Ch 17: Production and Growth.
Ch 18: Saving, Investment, and the Financial System.
Ch 19: The Basic Tools of Finance.
Ch 20: Unemployment

PART EIGHT: MONEY AND PRICES IN THE LONG RUN.
Ch 21: The Monetary System.
Ch 22: Money Growth and Inflation.

PART NINE: SHORT-RUN ECONOMIC FLUCTUATIONS.
Ch 23: Aggregate Demand and Aggregate Supply.
Ch 24: The Influence of Monetary and Fiscal Policy on Aggregate Demand.