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Bring the study of economics to life with PRINCIPLES OF ECONOMICS, 6TH EDITION. Award-winning educator and author Fred Gottheil speaks directly to student experience through a conversational writing style and narrative that uses stories, familiar examples, engaging scenarios, and relevant examples from literature emphasizing that economic principles can be found in all aspects of modern life. The text focuses on the key questions and presents the basic concepts-developing economic analysis step-by-step. The result is a more interactive and enjoyable learning experience when compared to the pedantic approaches often found in texts. Each chapter in the sixth edition has been thoroughly revised to reflect the most relevant data and also emerging and critical issues such as economic bubbles, the sub-prime housing fiasco, immigration, and the failed economies of the bottom billion of our world population. We invite you to see for yourself how Fred Gottheil's approach will help to shorten the distance between students and the exciting study of economics.
- New Concepts: Several new topics are introduced in the 6th edition, including economic bubbles, the sub-prime housing fiasco, immigration, and the economic plight of the bottom billion of our world population. Gottheil's treatment of these concepts stands apart through the use of interesting examples that speak to the students' experience.
- The role of uncertainty and speculation in economic decision making has become a central piece in the analysis of the economic bubbles which have been in recent headlines. This sixth edition also borrows from Paul Collier’s 2007 volume The Bottom Billion and its analysis of economic problems of the less developed economies and why they have failed to join the many others who manages to perform so well during the past half century.
- Updated Real Data: When appropriate, tables and graphs have been updated to emphasize and incorporate real 2008 data, which connects theory to the real world increasing student interest and comprehension.
- Updated Supplement Package: The text's proven supplement package has been revised to include current data, technology updates, and content changes within the text.
- New Illustrations: Up-to-date illustrations have been classroom-tested in Gottheil's own large economics lectures and show students the relevance of economic concepts to current events that are seemingly not related.
- Perspectives Feature: "Perspectives" features found in each chapter are categorized to illustrate how economic applications can be found in many different contexts. For example, women now represent more than 50 percent of labor unions and the respective issues and interests that subsequently affect labor negotiations are analyzed.
- Chapter Reviews: "End-of-Chapter Questions" test students' understanding of qualitative concepts covered in each chapter, while new "Practice Problems" test their understanding of quantitative or graphical techniques. Self quizzes provide student 8-10 practice questions with answers provided in the appendices.
- In-Chapter Self-Assessment: "Check Your Understanding" sections raise questions at key junctures in the text for students to assess their comprehension as they read. Arrows then point to the portion of the text that contains the explanation. More of these features are now included in each chapter.
- Interactive Examples: "Your Turn" features in every chapter provide an example of a concept discussed in the text, then encourage students to visit the Gottheil Web site to post an example of their own, as well as to see what examples other students have come up with.
- Graphing Problems: End-of-chapter Practice Problems include graphing problems which either ask the student to identify what is wrong with a graph that is intentionally drawn incorrectly, or to reproduce a key graphical model from the chapter.
- Analytical Research Activities: "Economic Consultants" features place students in the role of the economist for a hypothetical economic research and analysis firm. These features require economic thinking and analysis, asking students to prepare a report for a client addressing the fundamental economic issues from the chapter. Useful Internet addresses are included to help with research and analysis.
2. Production Possibilities and Opportunity Costs.
3. Demand and Supply.
Part 2: THE MICROECONOMICS OF PRODUCT MARKETS.
5. Marginal Utility and Consumer Choice.
6. Price Ceiling and Price Floors.
7. Business Ownership and Organization: Proprietorships, Partnerships, and Corporations.
Part 3: THE MICROECONOMICS OF PRODUCT MARKETS.
8. Costs of Production.
9. Maximizing Profit.
10. Identifying Markets and Market Structure.
11. Price and Output in Monopoly, Monopolistic Competition, and Perfect Competition.
12. Price and Output Determination Under Oligopoly.
13. Antitrust Regulation.
14. Externalities, Market Failure, and Public Choice.
Part 4: THE MICROECONOMICS OF FACTOR MARKETS.
15. Wage Rates in Competitive Labor Markets.
16. Wages and Employment: Monopsony and Labor Unions.
17. Interest, Rent, and Profit.
18. Income Distribution and Poverty.
Part 5: EMPLOYMENT, INFLATION, AND FISCAL POLICY.
19. Aggregate Demand and Aggregate Supply.
20. Gross Domestic Product Accounting.
21. Consumption and Investment.
22. Equilibrium National Income.
23. Fiscal Policy: Coping with Inflation and Unemployment.
24. Long-Run Economic Growth and Business Cycles.
Part 6: MONEY, BANKING, AND MONETARY POLICY.
26. Money Creation and the Banking System.
27. The Federal Reserve System and Monetary Policy.
Part 7: GOVERNMENT AND THE MACROECONOMY.
28. Can Government Really Stabilize the Economy?
29. Government Spending.
30. Financing Government: Taxes and Debt.
Part 8: THE WORLD ECONOMY.
31. International Trade.
32. Exchange Rates, Balance of Payments, and International Debt.
33. The Economic Problems of Less-Developed Economies.
Practice Test Answer Key.