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This text is well-known for using the Keynesian model in the teaching of economics; yet, in recent editions, the authors have expanded coverage of the growth model considerably to achieve more balanced coverage. The text uses the aggregate supply/ aggregate demand model as a fundamental tool for learning macroeconomics. It achieves the right level of rigor and detail, presenting complicated concepts in a relatively straightforward manner and using timely economic data. Using puzzles, issues, and well-developed examples, the authors provide a good balance of theory to application.
- There is expanded coverage on developing economies (China and India), as well as coverage on outsourcing.
- The book provides analysis of human capital's impact on economic growth, including a discussion on minimum wage and household protection.
- There is more developed discussion of consumer choice, including expanded coverage on budget limitations and constraints when discussing consumer theory.
- The authors include new material on banking, energy and the history of economics, as well as new analysis of the mortgage crisis of 2007.
- This is the only principles book available for fall 2008 that has complete, 2007 year-end economic data.
- Available bundled with the text or as a digital solution, Aplia is fully integrated with the 2007 Update. The comprehensive online, interactive problem sets, analyses, tutorials, experiments, and critical thinking exercises give students hands-on application without adding to instructors' workload. Based on discovery learning, Aplia requires students to take an active role in the learning process -- helping them improve their economic understanding and ability to relate to the economic concepts presented. Instructors can assign homework that is automatically graded and recorded.
- Each chapter opens with a real-life puzzle or issue to launch the material covered in the chapter and bring economics into students' everyday lives.
- "Policy Debate" current event boxes enliven the chapters and open the way for classroom discussion.
- Each chapter ends with a summary, key concepts and terms, and questions and problems for review to help students complete homework and prepare for exams.
- Each chapter opens with a real-life economic "puzzle" or issue to launch the material covered in the chapter and to bring economics into students' everyday lives. This chapter-opening economic problem is revisited within the body of the chapter to illustrate how it can be addressed with the theoretical tools and concepts being presented.
- Well-known for being one of the most policy-oriented books on the market, this text includes special "Policy Debate" boxes to enliven the chapters as well as open the way for classroom discussion.
- The "Ideas For Beyond the Final Exam" feature is introduced in Chapter 1, then integrated throughout the text as a means to reinforce important concepts for students.
1. What Is Economics?
2. The Economy: Myth and Reality.
3. The Fundamental Economic Problem: Scarcity and Choice.
4. Supply and Demand: An Initial Look
Part II: THE MACROECONOMY: AGGREGATE SUPPLY AND DEMAND.
5. An Introduction to Macroeconomics.
6 The Goals of Macroeconomic Policy.
7. Economic Growth: Theory and Policy.
8. Aggregate Demand and the Powerful Consumer.
9. Demand-Side Equilibrium: Unemployment or Inflation?
10. Bringing in the Supply Side: Unemployment and Inflation?
Part III: FISCAL AND MONETARY POLICY.
11. Managing Aggregate Demand: Fiscal Policy.
12. Money and the Banking System.
13. Managing Aggregate Demand: Monetary Policy.
14. The Debate Over Monetary and Fiscal Policy.
15. Fiscal Policy, Monetary Policy, and Growth.
16. The Trade-off between Inflation and Unemployment.
Part IV: THE UNITED STATES IN THE WORLD ECONOMY.
17. International Trade and Comparative Advantage.
18. The International Monetary System: Order or Disorder?
19. Exchange Rates and the Macroeconomy.
Cengage provides a range of supplements that are updated in coordination with the main title selection. For more information about these supplements, contact your Learning Consultant.
Instructor's Companion Website
The Instructor Online Resource Website contains key supplements designed to aid instructors, including the Instructor's Manual, Test Bank (powered by Cognero®), and PowerPoint® lecture and exhibit slides. All supplements are updated to match revisions made to the text.
Cengage Learning Testing, powered by Cognero® Instant Access for Baumol's Macroeconomics: Principles and Policy
Cengage Learning Testing, Powered by Cognero®, is a flexible online system that allows you to author, edit, and manage test bank content. You can create multiple test versions in an instant and deliver tests from your LMS in your classroom.