Economics 17th Ed.

Description: This text presents a clear and accurate introduction to economics. This edition features material on the economics of the information age, has a revised treatment of international economics and uses real-world examples to discuss concepts.


Contents: Part One Basic concepts: the fundamentals of economics; appendix - how to read graphs; markets and government in a modern economy; basic elements of supply and demand. Part Two Microeconomics - supply, demand and product markets: applications of supply and demand; demand and consumer behaviour; appendix - geometrical analysis of consumer equilibrium; production and business organization; analysis of costs; appendix - production, cost theory and decisions of the firm; analysis of perfectly competitive markets; imperfect competition and its polar case of monopoly; oligopoly and monopolistic competition; uncertainty and game theory. Part Three Factor markets - land, labour, capital: how markets determine incomes; the labour market; land and capital. Part Four Applied microeconomics - international trade, government and the environment: comparative advantage and protectionism; appendix - markets and economic efficiency; government taxation and expenditure; promoting more efficient markets; protecting the environment; efficiency versus equality - the big tradeoff. Part Five Macroeconomics - the study of growth and business cycles: overview of macroeconomics; appendix - the data of macroeconomics; measuring economic activity; consumption and investment; business fluctuations and the theory of aggregate demand; the multiplier model; money, banking and financial markets; central banking and monetary policy. Part Six Economic growth and macroeconomic policy: the process of economic growth; the challenge of economic development; exchange rates and the international financial system; open-economy macroeconomics. Part Seven Unemployment, inflation and economic policy: unemployment and the foundations of aggregate supply; ensuring price stability; the warring schools of macroeconomics; policies for growth and stability.