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Today's economy may be tough, but economics doesn't have to be. Let Roger Arnold's MICROECONOMICS, 12E open up the world of economic analysis for your students. With more detailed coverage of the financial and economic crisis than any other principles text on the market, this inviting book offers innovative and engaging learning features, easy customization, and fully integrated digital and course management options. The author weaves memorable examples from pop culture throughout this edition and bolsters student interest by illustrating the unexpected places microeconomics occur. Students see how economic forces link to every day events and form an important part of life 24/7. This edition offers complete video assets ideal for online courses, self-study and ultimate teaching flexibility. New "Video Office Hours" digital lectures walk students through worked problems, while brief "Working with Diagrams" videos demonstrate key concepts in graphing that students can play and replay. A new Adaptive Test Prep Tools available on MindTap™ enables students to quickly assess their personal economic understanding. Powerful digital resources, including Aplia™ and MindTap™, provide unsurpassed planning and course management tools. These resources work with the book's latest content to reflect today's changing economy and equip students with a thorough understanding of contemporary macroeconomics.
- ADAPTIVE TEST PREP HELPS STUDENTS PREPARE FOR TEST SUCCESS. The Adaptive Test Prep on MindTap™ enables students to take multiple tests across chapters, and then gauge their understanding using their personalized Adaptive Study Plan before taking an exam.
- NEW PROGRESSION GRAPHS. Progression Graphs are a new digital resource in the MindTap eReader that decompose an economic concept into finite steps, and then allow students to walk through these in a graph at their own pace.
- FRESH EMPHASIS ON THE LATEST SOCIAL MEDIA AND ITS IMPACT IN THE ECONOMY. This edition uses the Economics 24/7 feature to showcase detailed discussions on social media and its economic influences as it relates to microeconomic topics.
- WELL BALANCED COVERAGE OF ECONOMIC FAILURE OF 2008 ANALYZES MARKET AND GOVERNMENT FAILURE. While many books in the market examine market failure, this edition offers a complete, consistent and balanced discussion of this important recent historical event, examining both market failure and government reaction and mistakes.
- DISCUSSION ENCOURAGES A DEEPER RELATIONSHIP BETWEEN MICROECONOMICS AND EVERY DAY LIFE. New, relevant topics, such money and happiness and gold standard as money policy, keep the reader interest and demonstrate the application of what students are learning.
- VIRTUALLY ENDLESS CUSTOMIZATION CHOICES OFFER ULTIMATE TEACHING FLEXIBILITY. Chapters can be rearranged, online chapters can be customized in print, and you have the option to add any topic, including your own research and notes, or specialized topics drawn from the Cengage Economics Issues database. Aplia's™ customization is fully integrated, giving your students hands-on application opportunities without adding to your workload.
- VIDEO OFFICE HOURS FROM AUTHOR WALK STUDENTS THROUGH KEY CONCEPTS AND GRAPHS FOR EACH CHAPTER. Using innovative video and whiteboard technology, the author provides both short digital concept pieces and longer digital lectures for each chapter. He clearly presents key microeconomic concepts just as he does in his own classes, using a whiteboard for lecture points and demonstrating graphs. Students can play and replay the lectures as often as needed to review concepts.
- OFFICE HOURS ANSWER TYPICAL QUESTIONS STUDENTS ASK AFTER CLASS. This helpful, unique feature explores key concepts, such as how the money supply works, the purpose of the PPF, whether price ceilings are really good or bad for consumers, and the purpose of the AD/AS framework. Students will find meaningful answers to many of their most commonly asked questions.
- ECONOMICS 24/7 FEATURE ILLUSTRATES THE PRACTICAL RELEVANCE OF KEY MICROECONOMIC CONCEPTS. This helpful feature explores numerous timely issues that can be explained through economic analysis. For example, students examine why people specialize and trade, whether or not a tax on soda will help reduce obesity, why states may ban real estate commission rebates and whether a tax rebate or tax bonus is better. Economics 24/7 teaches readers to look for microeconomic forces at work--and understand the principles behind those forces.
- LEADING APLIA™ DIGITAL MANAGEMENT SYSTEM ENCOURAGES INTERACTIVE LEARNING. Aplia™ offers comprehensive interactive microeconomic problem sets, analyses, tutorials, experiments and critical thinking exercises that require students to take an active role in the learning process. Based on discovery learning, the system helps students improve their understanding of microeconomics without creating extra work for you, the instructor. The system automatically grades and records homework and works with any learning management system.
Part I: ECONOMICS: THE SCIENCE OF SCARCITY.
1. What Economics Is About.
Appendix A Working with Diagrams.
Appendix B Should You Major in Economics?
2. Production Possibilities Frontier Framework.
3. Supply and Demand: Theory.
4. Prices: Free, Controlled, and Relative.
5. Supply, Demand, and Price: Applications.
Part II: MICROECONOMIC FUNDAMENTALS.
7. Consumer Choice: Maximizing Utility and Behavioral Economics.
Appendix C Budget Constraint and Indifference Curve Analysis.
8. Production and Costs.
Part III: PRODUCT MARKETS AND POLICIES.
9. Perfect Competition.
11. Monopolistic Competition, Oligopoly, and Game Theory.
12. Government and Product Markets: Antitrust and Regulation.
Part IV: FACTOR MARKETS AND RELATED ISSUES.
13. Factor Markets: With Emphasis on the Labor Market.
14. Wages, Union, and Labor.
15. The Distribution of Income and Poverty.
16. Interest, Rent, and Profit.
Part V: MARKET FAILURE, PUBLIC CHOICE, AND SPECIAL-INTEREST-GROUP POLITICS.
17. Market Failure: Externalities, Public Goods, and Asymmetric Information.
18. Public Choice and Special-Interest-Group Politics.
Part VI: ECONOMICS THEORY-BUILDING AND EVERYDAY LIFE.
19. Building Theories to Explain Everyday Life: From Observations to Questions to Theories to Predictions.
THE GLOBAL ECONOMY.
Part VII: INTERNATIONAL ECONOMICS AND GLOBALIZATION.
20. International Trade.
21. International Finance.
22. The Economic Case For and Against Government: Five Topics Considered.
23. Stocks, Bonds, Futures, and Options.
24. Agriculture: Problems, Policies, and Unintended Effects.
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.
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