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PRINCIPLES OF ECONOMICS continues to be the most popular and widely used text in the economics classroom. The fifth edition features a strong revision of content in all 36 chapters while maintaining the clear, accessible writing style and precise presentation that are the hallmarks of this highly respected author. Dozens of new applications emphasize the real-world relevance of economics for today's students through interesting news articles, realistic case studies, and engaging problems. The new edition also features an expanded instructor's resource package designed to assist in course planning and classroom presentation, as well as full integration of content with Aplia. "I have tried to put myself in the position of someone seeing economics for the first time. My goal is to emphasize the material that students should and do find interesting about the study of the economy."--N. Gregory Mankiw.
- Over 40 new items expand the usefulness and appeal of popular features such as "In the News," "FYI," and "Case Studies," creating an even more engaging and timely learning experience for students. Highlights include "Go For It on Fourth Down, Coach? Maybe You Should Ask an Egghead," "Environmental Economics," "Energy Demand," "Second Thoughts About Free Trade," "Neurofinance," "Monetary Lessons from Iraq," and the new case studies "Alternative Measures of Inequality" and "The Search for Giffen Goods."
- Reorganized and expanded chapters on monopoly and monopolistic competition make important concepts easy for students to grasp and apply, including the place of monopolistic competition between monopoly and perfect competition and the benefits of analysis based on game theory.
- New material in multiple chapters enhances explanations of key ideas to help students learn more effectively. Examples include the significance of the gains from trade for individuals and nations and the reasons net capital outflow does not depend on the exchange rate.
- Numerous new "Questions for Review" and "Problems and Applications" appear throughout the fifth edition, providing an effective, integrated way for students to self-assess their mastery of the material and to review more efficiently for assignments and exams.
- Created by economist Ron Cronovich of Carthage College, Premium PowerPoint® Presentations feature chapter-by-chapter slides designed to ease your course preparation time while increasing student involvement in the classroom. The presentations organize lecture points into sections that students can easily digest, animate graphs the way you might draw them, and include Student Note Prompt handouts to facilitate effective note taking without distracting students from active participation in class.
- Each chapter contains a variety of problems and applications that encourage students to apply the material they have learned. These practical, interesting activities serve equally well as homework assignments and starting points for lively classroom discussions.
- Excerpts from many newspaper articles encourage students to apply basic economic theory to discover how economics can provide an illuminating new perspective and enable a greater understanding of world events.
- "FYI" boxes provide additional material to expand key concepts and discussions by offering a glimpse into the history of economic thought, clarifying technical issues, and exploring supplementary topics you might choose to complement your core lectures.
- Economic theory is most useful and interesting when applied to actual events and policies, which is why the text contains numerous case studies to vividly illustrate the real-world applications and consequences of key principles.
- "Quick Quizzes" follow each major section to help students check their comprehension of what they just learned and to focus their review when preparing for exams.
1. Ten Principles of Economics.
2. Thinking Like an Economist.
Appendix: Graphing: A Brief Review.
3. Interdependence and the Gains from Trade.
Part 2: SUPPLY AND DEMAND I: HOW MARKETS WORK.
4. The Market Forces of Supply and Demand.
5. Elasticity and Its Application.
6. Supply, Demand, and Government Policies.
Part 3: SUPPLY AND DEMAND II: MARKETS AND WELFARE.
7. Consumers, Producers, and the Efficiency of Markets.
8. Application: The Costs of Taxation.
9. Application: International Trade.
Part 4: THE ECONOMICS OF PUBLIC SECTOR.
11. Public Goods and Common Resources.
12. The Design of the Tax System.
Part 5: FIRM BEHAVIOR AND THE ORGANIZATION OF INDUSTRY.
13. The Costs of Production.
14. Firms in Competitive Markets.
16. Monopolistic Competition.
Part 6: THE ECONOMICS OF LABOR MARKETS.
18. The Markets for the Factors of Production.
19. Earnings and Discrimination.
20. Income Inequality and Poverty.
Part 7: TOPICS FOR FURTHER STUDY.
21. The Theory of Consumer Choice.
22. Frontiers in Microeconomics.
Part 8: THE DATA OF MACROECONOMICS.
23. Measuring a Nation's Income.
24. Measuring the Cost of Living.
Part 9: THE REAL ECONOMY IN THE LONG RUN.
25. Production and Growth.
26. Saving, Investment, and the Financial System.
27. The Basic Tools of Finance.
28. Unemployment and Its Natural Rate.
Part 10: MONEY AND PRICES IN THE LONG RUN.
29. The Monetary System.
30. Money Growth and Inflation.
Part 11: THE MACROECONOMICS OF OPEN ECONOMIES.
31. Open-Economy Macroeconomics: Basic Concepts.
32. A Macroeconomic Theory of the Open Economy.
Part 12: SHORT-RUN ECONOMIC FLUCTUATIONS.
33. Aggregate Demand and Aggregate Supply.
34. The Influence of Monetary and Fiscal Policy on Aggregate Demand.
35. The Short-Run Tradeoff between Inflation and Unemployment.
Part 13: FINAL THOUGHTS.
36. Five Debates over Macroeconomic Policy.
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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