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.
Table of Contents
Part 1: THE BASICS OF ECONOMIC 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.