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MICROECONOMICS: PRINCIPLES AND POLICY, Twelfth Edition, takes a policy-based approach to the teaching of introductory microeconomics. Written by two of the most respected economists in the world, this text is also one of the most current texts on the market that includes data through the spring of 2011. The text includes significant updates based on the current economic crisis, providing the right level of rigor and detail.
- A discussion of behavioral economics is added to the text.
- More material on health care costs and the health care reform bill is included.
- The new edition is the only principles book to reflect 2010 year-end data.
- New boxes are updated to reflect the changes in the economic environment that have occurred since the last edition.
- The comprehensive online, interactive problem sets, analyses, tutorials, experiments, and critical-thinking exercises give students hands-on application without adding to instructors’ workload. Aplia requires students to take an active role in the learning process--helping them improve their economic understanding and relate to the economic concepts presented. Instructors can assign homework that is automatically graded and recorded.
- Each chapter opens with a real-life economic puzzle or issue to launch the material covered in the chapter bringing 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.
- This text includes special “Policy Debate” boxes to enliven the chapters as well encourage classroom discussion.
- The “Ideas for Beyond the Final Exam” feature is introduced in Chapter 1, and then integrated throughout the text to reinforce important concepts for students.
- Each chapter ends with a summary; key concepts and terms; and questions and problems for review to help student’s complete homework and prepare for exams.
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 BUILDING BLOCKS OF DEMAND AND SUPPLY.
5 Consumer Choice: Individual and Market Demand.
6 Demand and Elasticity.
7 Production, Inputs, and Cost: Building Blocks for Supply Analysis.
8 Output, Price, and Profit: The Importance of Marginal Analysis.
9 Securities, Business Finance, and the Economy: The Tail that Wags the Dog?
Part III MARKETS AND THE PRICE SYSTEM.
10 The Firm and the Industry under Perfect Competition.
12 Between Competition and Monopoly.
13 Limiting Market Power: Regulation and Antitrust.
Part IV THE VIRTUES AND LIMITATIONS OF MARKETS.
14 The Case for Free Markets: The Price System.
15 The Shortcomings of Free Markets.
16 The Market’s Prime Achievement: Innovation and Growth.
17 Externalities, the Environment, and Natural Resources.
18 Taxation and Resource Allocation.
Part V THE DISTRIBUTION OF INCOME.
19 Pricing the Factors of Production.
20 Labor and Entrepreneurship: The Human Inputs.
21 Poverty, Inequality, and Discrimination.
Part VI THE UNITED STATES IN THE WORLD ECONOMY.
22 International Trade and Comparative Advantage.
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 Microeconomics: 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.