Higher Education

Economics, 7th Edition

  • William Boyes Arizona State University
  • Michael Melvin Arizona State University
  • ISBN-10: 061876125X  |  ISBN-13: 9780618761258
  • 912 Pages
  • Previous Editions: 2005, 2002, 1999
  • © 2008 | Published
  • College Bookstore Wholesale Price = $357.00
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The Seventh Edition of Economics maintains the hallmarks of the Boyes/Melvin series--accessible writing, strong pedagogy, and integration of global economic issues--with the revision focused on faithfully representing the latest thinking of economists on important microeconomic and macroeconomic phenomena. The authors have improved the integration of their popular pedagogy, technology, and supplements for a complete program that clearly illustrates the connection between the study of economics and the world of business. The text has been thoroughly updated to include the economic effects of the war in Iraq, the devastation of New Orleans by the Gulf Coast Hurricanes, and China's emergence as an economic power.Economics, 7/e, also provides in-depth coverage of one of today's most significant issues--globalization--and how it affects economic growth and poverty. The authors examine standards of living around the world, comparing the poverty of Sub-Saharan Africa to the wealth of industrial nations. Global Business Insight boxes illustrate economic concepts with examples from around the world; corresponding thumbnail maps provide a sense of economic geography and orient students visually. In addition, all available data up to 2005, and in many cases 2006, has been included.

Additional Product Information

Features and Benefits

  • The text features current events in updated Economic Insight boxes. These sections focus students' attention on real-world applications and help them to consider a wide range of topics from an economic perspective. Economically Speaking and Commentary features at the close of each chapter present recent newspaper and magazine articles on world events, their economic causes, and consequences.
  • Specific changes to the Macro chapters include simplification of the balance of payments discussion to focus on an understanding of the big issues related to the balance-of-payments; a revised description of the money supply, which reflects the Federal Reserve's decision to stop publishing M3 data; a new discussion of the reduction in output volatility and its likely causes, sometimes called "the great moderation"; and new data and discussion of the costs of U.S. import restrictions to U.S. consumers.
  • In the Micro chapters, the "Elasticity" chapter has been significantly revised and streamlined to focus on the most important concepts and applications, with calculations of arc and point elasticities reassigned to a chapter appendix. In addition, coverage of behavioral economics and neuroeconomics has been added to the chapter on consumer choice, and the discussions of the short run, long run, and economies of scale have been expanded and enhanced with new examples.
  • The text features a unique pedagogical program built to improve student comprehension and performance. Fundamental Questions focus readers on the key issues in each chapter; these themes are reinforced in chapter-ending Summaries and in the supplements. The in-text referencing system--also keyed to the supplements--provides an easy way for students to review topics.
  • Eduspace, Houghton Mifflin's online learning tool (powered by Blackboard), combines a comprehensive course management tool with text-specific content--pre-set assignments, practice tests, tutorials, multimedia eBook, and a full data bank of testing questions--plus content delivery options for instructors who wish to incorporate technology in their traditional classrooms or distance-learning courses. Eduspace also links students to live, online tutoring by SMARTHINKING.

Table of Contents

1. Economics: The World Around You.
Appendix to Chapter 1. Working with Graphs.
2. Choice, Opportunity Costs, and Specialization.
3. Markets, Demand and Supply, and the Price System.
4. The Market System and the Private Sector.
5. The Public Sector.
6. National Income Accounting.
7. An Introduction to the Foreign Exchange Market and the Balance of Payments.
8. Unemployment and Inflation.
9. Macroeconomic Equilibrium: Aggregate Demand and Supply.
10. Aggregate Expenditures.
Appendix to Chapter 10. An Algebraic Model of Aggregate Expenditures.
11. Income and Expenditures Equilibrium.
Appendix to Chapter 11. An Algebraic Model of Income and Expenditures Equilibrium.
12. Fiscal Policy.
Appendix to Chapter 12. An Algebraic Examination of the Balanced-Budget Change in Fiscal Policy.
13. Money and Banking.
14. Monetary Policy.
15. Macroeconomic Policy: Tradeoffs, Expectations, Credibility, and Sources of Business Cycles.
16. Macroeconomic Viewpoints: New Keynesian, Monetarist, and New Classical.
17. Economic Growth.
18. Development Economics.
19. Globalization.
20. Elasticity: Demand and Supply.
Appendix to Chapter 20. Calculating Elasticity.
21. Consumer Choice.
Appendix to Chapter 21. Indifference Analysis.
22. Supply: The Costs of Doing Business.
Appendix to Chapter 22. The Mechanics of Going from Production to Costs.
23. Profit Maximization.
24. Perfect Competition.
25. Monopoly.
26. Monopolistic Competition and Oligopoly.
27. Antitrust and Regulation.
28. Government and Market Failure.
29. Resource Markets.
30. The Labor Market.
31. Capital Markets.
32. The Land Market and Natural Resources.
33. Aging, Social Security, and Health Care.
34. Income Distribution, Poverty, and Government Policy.
35. World Trade Equilibrium.
36. International Trade Restrictions.
37. Exchange Rates and Financial Links Between Countries.

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All supplements have been updated in coordination with the main title. Select the main title's "About" tab, then select "What's New" for updates specific to title's edition.

For more information about these supplements, or to obtain them, contact your Learning Consultant.

Instructor Supplements

Aplia Instant Access  (ISBN-10: 1439036772 | ISBN-13: 9781439036778)

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Student Supplements

Aplia™, 1 term Instant Access  (ISBN-10: 1111927979 | ISBN-13: 9781111927974)

Succeed in your course with Aplia's interactive learning system--featuring practice problems with immediate feedback and tools developed specifically for ECONOMICS, 7th Edition. Aplia has already helped more than a million students succeed in college classes.

List Price = $126.00  | CengageBrain Price = $126.00  | College Bookstore Wholesale Price = $126.00

Aplia Instant Access  (ISBN-10: 1439036772 | ISBN-13: 9781439036778)

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Meet the Author

Author Bio

William Boyes

Dr. William Boyes is professor of economics at Arizona State University. He received his Ph.D. in economics from the Claremont Graduate School in 1974. Before joining the Arizona State faculty, he was the Distinguished Visiting Professor of Business at Weber State University; visiting professor at Tsinghua University, Beijing, China and the University of London, London, England, and lectured at ITAM in Mexico City; and was the dean of the College of Business at Cal Poly, San Luis Obispo. Dr. Boyes has also served as chairman of the Economics Department at ASU and has been an economist with Security Pacific National Bank (now Bank of America). He has been a consultant to the White House, the Commerce Department, the Federal Trade Commission, and several private firms. He is the director of the office of economic education at ASU and a member of the Pacific Research Institute's Academic Advisory Board. Dr. Boyes has received many teaching awards, including the Golden Key National Honor Society Outstanding Professor Award at ASU in 1988, the Outstanding Teacher in the MBA Program Award at ASU in 1994, the Outstanding Teacher in the College of Business Award at ASU in 1995, Huizingh Outstanding Honors Professor in 2007, and Outstanding MBA Professor in 2008.

Michael Melvin

Michael Melvin is currently Head of Currency Research at Barclays Global Investors. He also retains affiliations at the Arizona State University Department of Economics and the Haas School of Business at the University of California, Berkeley. Dr. Melvin received his Ph.D. in economics from UCLA in 1980. He has served as a visiting scholar at the Federal Reserve Board and the International Monetary Fund, was a Fulbright Professor at the University of Frankfurt, and has been a visiting professor at UCLA, Northwestern University, U.C. San Diego, and the University of Hawaii. His field of specialization is International Finance, and he is the coeditor of the Journal of International Money and Finance.