Principles of Economics, 5th Edition

  • N. Gregory Mankiw Harvard University
  • ISBN-10: 0324589972
  • ISBN-13: 9780324589979
  • 904 Pages Hardcover 
  • Previous Editions: 2007, 2004, 2001
  • © 2009 | Published
  • College Bookstore Wholesale Price = $283.25 
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About The Solution

Overview

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.


Additional Product Information

Features/Benefits

  • 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.
  • 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.

What's New

  • 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.

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Table of Contents

Part 1: INTRODUCTION.
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.
10. Externalities.
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.
15. Monopoly.
16. Monopolistic Competition.
17. Oligopoly.
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.

Supplements

Instructor Supplements

Instructor Supplements

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Principles of Economics  (ISBN-10: 0324597797 | ISBN-13: 9780324597790)

List Price = $320.95  | CengageBrain Price = $256.49  | College Bookstore Wholesale Price = $237.50


Aplia Instant Access  (ISBN-10: 0324784848 | ISBN-13: 9780324784848)

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Economics CourseMate with eBook Instant Access Code  (ISBN-10: 0840051514 | ISBN-13: 9780840051516)

Cengage Learning's Economics CourseMate brings course concepts to life with interactive learning, study, and exam preparation tools that support the printed textbook. Access an integrated eBook, learning tools including flashcards, quizzes, and more, all designed specifically to work with PRINCIPLES OF ECONOMICS, 5th Edition.

List Price = $248.00  | CengageBrain Price = $248.00  | College Bookstore Wholesale Price = $248.00


Economics CourseMate with eBook Printed Access Card  (ISBN-10: 0840051522 | ISBN-13: 9780840051523)

Cengage Learning’s Economics CourseMate brings course concepts to life with interactive learning, study, and exam preparation tools that support the printed textbook. Watch student comprehension soar as your class works with the printed textbook and the textbook-specific website. Economics CourseMate goes beyond the book to deliver what you need!

List Price = $283.95  | College Bookstore Wholesale Price = $210.00


AP* Instructor's Resource CD-ROM  (ISBN-10: 0324785321 | ISBN-13: 9780324785326)


School Instructor's Resources Box  (ISBN-10: 0324785763 | ISBN-13: 9780324785760)

This IRK is for school/AP adoptions only; when sampling to a Higher Ed customer use the Principles of Micro Instructor’s Resource box 0324781326 or Principles of Macro Instructor’s Resource box 0324781296 or both.


AP* Instructor's Resource Guide  (ISBN-10: 0324785399 | ISBN-13: 9780324785395)


Enhanced JoinIn™ Student Response System  (ISBN-10: 0324788061 | ISBN-13: 9780324788068)


ABC Videos Web Site Instant Access Code  (ISBN-10: 0324826834 | ISBN-13: 9780324826838)

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DVD: ABC Economic Videos  (ISBN-10: 0324665393 | ISBN-13: 9780324665390)

ABC News Video Segments deliver the "real world" right to students' desktops, giving students a context for how economic topics affect world and national events as well as their own daily lives, and helping them learn material by applying it to current events.


Guide to the Mankiw Approach  (ISBN-10: 0324665385 | ISBN-13: 9780324665383)

In this essay by N. Gregory Mankiw, he explains his well-respected approach to the teaching of macroeconomics that fosters in students a better understanding of economic principles and encourages application of an economic way of thinking.


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Premium PowerPoint®  (ISBN-10: 0324665237 | ISBN-13: 9780324665239)

Available on the Instructor's Resource CD and online and created by economist Ron Cronovich of Carthage College, these chapter-by-chapter PowerPoint® slides are designed to ease your course preparation time while increasing student involvement in the classroom. The Premium PowerPoint lecture points are "chunked" into sections that are easily digestible to students and animate graphs the way you might draw them on a blackboard. Student Note Prompt handouts are provided so that students can actively participate in taking careful notes without worrying about recording every word. Carefully crafted to complement the Mankiw text, Professor Cronovich's slides also includes notes and suggestions to assist instructors in their teaching methods.


AP* Student Study Guide  (ISBN-10: 0324597800 | ISBN-13: 9780324597806)

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Navigating Your Mankiw Experience  (ISBN-10: 0324596626 | ISBN-13: 9780324596625)

Navigating Your Mankiw 5e Experience is a guide to everything you need to know about the fifth edition. This critical tool demonstrates the features and substance added to the fifth edition in chapter content, as well as the unique supplementary package that makes the Mankiw experience superior. From exploring the benefits of ExamView® and the Test Bank to the pedagogical value of the Premium PowerPoint® Presentations and careful structure of the Student Study Guide and online tools, this guide is your quick reference for what's new to this edition.


Instructor's Resource CD-ROM  (ISBN-10: 0324593376 | ISBN-13: 9780324593372)

Included on this CD set are the key supplements designed to aid instructors: Navigating your Mankiw 5e Experience, Instructor's Manual with Solutions Manual and Classroom Activities, Transparency Masters, and the Test Bank in both ExamView® Computerized Testing Software and Microsoft Word. Also included are the Mankiw Premium PowerPoint® Presentations, the groundbreaking presentation by Ron Cronovich (Carthage College), which engages students through interactive examples and applications. A MAC-compatible version of ExamView is available upon request.


Study Guide  (ISBN-10: 0324591233 | ISBN-13: 9780324591231)

David R. Hakes (University of Northern Iowa) has prepared a study guide that will enhance student success. Each chapter of the study guide includes learning objectives, a description of the chapter's context and purpose, a chapter review, key terms and definitions, advanced critical thinking questions, and helpful hints for understanding difficult concepts. Students can develop their understanding of the material by doing the practice problems and answering the short-answer questions, then assess their mastery of the key concepts with the self-test, which includes true/false and multiple-choice questions.

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ABC Videos (DVD)  (ISBN-10: 0324542747 | ISBN-13: 9780324542745)

The ABC News Economics videos include clips from World News Tonight, Good Morning America, This Week, PrimeTime Live, 20/20, and Nightline, as well as numerous ABC News specials and material from the Associated Press Television News and British Movietone News collections.


Video  (ISBN-10: 0324173954 | ISBN-13: 9780324173956)

Ken Witty, a talented documentary filmmaker, has produced a video series to illustrate the Ten Principles of Economics introduced in Chapter 1. You can show these videos as an interesting and visually appealing introduction to topics discussed throughout the textbook. The video is available only in streaming video on the text website, www.cengage.com/economics/mankiw.


EconCentral Instant Access Code  (ISBN-10: 0324782837 | ISBN-13: 9780324782837)

Ready to help students apply chapter concepts to the real world? Multiple resources for learning and reinforcing principles concepts are now available in one place! EconCentral is your one-stop shop for learning tools and activities that help students succeed. EconCentral equips learners with a portal to a wealth of resources that help them both study and apply economic concepts. As they read and study the chapters, students can access video tutorials, review with flash cards and a graphing tool as well as check their understanding of the chapter with interactive quizzing. All the study and application resources in EconCentral are organized by chapter to help your students get the most from our text.

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2010-2011 Edition Test Bank, Year Two  (ISBN-10: 0324781040 | ISBN-13: 9780324781045)


2011-2012 Edition Test Bank, Year Three  (ISBN-10: 0324781032 | ISBN-13: 9780324781038)


Instructor's Manual with Solutions Manual  (ISBN-10: 0324591276 | ISBN-13: 9780324591279)

Prepared by Linda S. Ghent, Eastern Illinois University, the fifth edition of the Microeconomics Instructor's Manual offers a detailed outline for each chapter of the text that provides learning objectives, identifies stumbling blocks that students may face and offers helpful teaching tips, and provides suggested in-classroom activities for a more "cooperative learning" experience. The Instructor's Manual also includes solutions to all end-of-chapter exercises, Quick Quizzes, Questions for Review, and Problems and Applications found in the text.


Principles of Microeconomics Test Bank, Chapters 1-11, Volume 1  (ISBN-10: 0324591179 | ISBN-13: 9780324591170)

Daniel K. Biederman (University of North Dakota), Ken Brown (University of Northern Iowa), Sarah Cosgrove (University of Massachusetts, Dartmouth), David Flynn (University of North Dakota), Jennifer Fuhrman (University of Northern Iowa), Lisa Jepsen (University of Northern Iowa), Bryce Kanago (University of Northern Iowa), and Ken McCormick (University of Northern Iowa) have updated and revised the Test Bank. It consists of more than 250 questions per chapter. Every question has been checked to ensure the accuracy and clarity of the answers, and questions have been painstakingly revised to address the main text revisions. Included are true/false, multiple-choice, and short-answer questions that assess students' critical thinking skills. Easy, medium, and difficult questions outline the process that students must use to arrive at their answers: recall, application, and integration. Questions are organized by text section to help instructors pick and choose their selections with ease.


Transparency Acetates  (ISBN-10: 0324594674 | ISBN-13: 9780324594676)

Created to help you build text images into your lectures, full-color transparency acetates are available with the fifth edition for use on an overhead projector.


Transparency Acetates  (ISBN-10: 0324594682 | ISBN-13: 9780324594683)

Created to help you build text images into your lectures, full-color transparency acetates are available with the fifth edition for use on an overhead projector.


Principles of Macroeconomics Test Bank, Volume 2, Chapters 13-23  (ISBN-10: 0324789351 | ISBN-13: 9780324789355)


Principles of Microeconomics Test Bank, Volume 2, Chapters 12-22  (ISBN-10: 0324789386 | ISBN-13: 9780324789386)


Economics for Life: 101 Lessons You Can Use Every Day!  (ISBN-10: 0538757884 | ISBN-13: 9780538757881)

ECONOMICS FOR LIFE 3e is a book about real-world applications for economics. In addition to applications, the text contains critiques of common economic fallacies, paradoxical economic results, and solutions to economic mysteries that are sure to interest students. Tied through its Appendices to all South-Western principles texts, Economics for Life helps students use economic concepts to better understand the world around them. The book serves as a valuable resource for delivering a more applications-based Principles (or Economics 101) course and can be bundled at no additional charge.

List Price = $24.95  | CengageBrain Price = $24.49  | College Bookstore Wholesale Price = $18.75


Instructor's Manual with Solutions Manual  (ISBN-10: 0324591268 | ISBN-13: 9780324591262)

Prepared by Linda S. Ghent, Eastern Illinois University, the fifth edition of the Macroeconomics Instructor's Manual offers a detailed outline for each chapter of the text that provides learning objectives, identifies stumbling blocks that students may face and offers helpful teaching tips, and provides suggested in-classroom activities for a more "cooperative learning" experience. The Instructor's Manual also includes solutions to all end-of-chapter exercises, Quick Quizzes, Questions for Review, and Problems and Applications found in the text.


Principles of Macroeconomics Test Bank, Volume 1, Chapters 1-12  (ISBN-10: 0324591160 | ISBN-13: 9780324591163)

Daniel K. Biederman (University of North Dakota), Ken Brown (University of Northern Iowa), Sarah Cosgrove (University of Massachusetts, Dartmouth), David Flynn (University of North Dakota), Jennifer Fuhrman (University of Northern Iowa), Lisa Jepsen (University of Northern Iowa), Bryce Kanago (University of Northern Iowa), and Ken McCormick (University of Northern Iowa) have updated and revised the Test Bank. It consists of more than 250 questions per chapter. Every question has been checked to ensure the accuracy and clarity of the answer, and questions have been painstakingly revised to address the main text revisions. Included are true/false, multiple-choice, and short-answer questions that assess students' critical thinking skills. Easy, medium, and difficult questions outline the process that students must use to arrive at their answers: recall, application, and integration. Questions are organized by text section to help you pick and choose your selections with ease.


Aplia Edition Sticker, 10th  (ISBN-10: 0324421303 | ISBN-13: 9780324421309)


Instructor's Edition  (ISBN-10: 0324591330 | ISBN-13: 9780324591330)


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Principles of Economics  (ISBN-10: 0324597797 | ISBN-13: 9780324597790)

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Aplia Instant Access  (ISBN-10: 1111926484 | ISBN-13: 9781111926489)

Succeed in your course with Aplia's interactive learning system--featuring practice problems with immediate feedback and tools developed specifically for PRINCIPLES OF ECONOMICS, 5th Edition. Aplia has already helped more than a million students succeed in college classes.

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Succeed in your course with 2 semesters of access to Aplia's interactive learning system--featuring practice problems with immediate feedback and tools developed specifically for PRINCIPLES OF ECONOMICS, 5th Edition, including step-by-step explanations that help you improve your reasoning and skills, interactive assignments that help you understand difficult or counterintuitive concepts, and more. Aplia has already helped more than a million students succeed in college classes.

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Aplia™ is an online interactive learning solution that helps you improve comprehension – and your grade – by integrating a variety of mediums and tools such as video, tutorials, practice tests and interactive e-book. Founded by a professor to enhance his own courses, Aplia provides automatically graded assignments with detailed, immediate feedback on every question, and innovative teaching materials. More than 1,000,000 students like you have used Aplia at over 1800 institutions. Aplia should be purchased only when assigned by your instructor as part of your course.

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Economics CourseMate with eBook Instant Access Code  (ISBN-10: 0840051514 | ISBN-13: 9780840051516)

Cengage Learning's Economics CourseMate brings course concepts to life with interactive learning, study, and exam preparation tools that support the printed textbook. Access an integrated eBook, learning tools including flashcards, quizzes, and more, all designed specifically to work with PRINCIPLES OF ECONOMICS, 5th Edition.

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Economics CourseMate with eBook Printed Access Card  (ISBN-10: 0840051522 | ISBN-13: 9780840051523)

Cengage Learning’s Economics CourseMate brings course concepts to life with interactive learning, study, and exam preparation tools that support the printed textbook. Watch student comprehension soar as your class works with the printed textbook and the textbook-specific website. Economics CourseMate goes beyond the book to deliver what you need!

List Price = $283.95  | College Bookstore Wholesale Price = $210.00


Enhanced JoinIn™ Student Response System  (ISBN-10: 0324788061 | ISBN-13: 9780324788068)

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ABC Videos Web Site Instant Access Code  (ISBN-10: 0324826834 | ISBN-13: 9780324826838)

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Tomlinson JumpStart Videos and ABC Videos Instant Access Code  (ISBN-10: 0324827512 | ISBN-13: 9780324827514)

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WebTutor™ on Blackboard® Instant Access Code  (ISBN-10: 032478080X | ISBN-13: 9780324780802)

More than just an interactive study guide, WebTutor™ is an anytime, anywhere online learning solution, keeping you connected to your textbook, instructor, and classmates.

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WebTutor™ on WebCT™ Instant Access Code  (ISBN-10: 0324780818 | ISBN-13: 9780324780819)

More than just an interactive study guide, WebTutor™ is an anytime, anywhere online learning solution, keeping you connected to your textbook, instructor, and classmates.

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Premium PowerPoint®  (ISBN-10: 0324665237 | ISBN-13: 9780324665239)

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AP* Student Study Guide  (ISBN-10: 0324597800 | ISBN-13: 9780324597806)

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Study Guide  (ISBN-10: 0324591233 | ISBN-13: 9780324591231)

David R. Hakes (University of Northern Iowa) has prepared a study guide that will enhance your success. Each chapter of the study guide includes learning objectives, a description of the chapter's context and purpose, a chapter review, key terms and definitions, advanced critical thinking questions, and helpful hints for understanding difficult concepts. You can develop your understanding of the material by doing the practice problems and answering the short-answer questions, then assess your mastery of the key concepts with the self-test, which includes true/false and multiple-choice questions. Visit www.ichapters.com for more information on the Study Guide.

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Video  (ISBN-10: 0324173954 | ISBN-13: 9780324173956)

Ken Witty, a talented documentary filmmaker, has produced a video series to illustrate the Ten Principles of Economics introduced in Chapter 1 of Mankiw's fifth edition. You can view these videos as an interesting and visually appealing introduction to topics discussed throughout the textbook. The video is available only in streaming video on the text website, www.cengage.com/economics/mankiw.

List Price = $577.95  | College Bookstore Wholesale Price = $428.00


EconCentral Instant Access Code  (ISBN-10: 0324782837 | ISBN-13: 9780324782837)

Ready to help students apply chapter concepts to the real world? Multiple resources for learning and reinforcing principles concepts are now available in one place! EconCentral is your one-stop shop for learning tools and activities that help students succeed. EconCentral equips learners with a portal to a wealth of resources that help them both study and apply economic concepts. As they read and study the chapters, students can access video tutorials, review with flash cards and a graphing tool as well as check their understanding of the chapter with interactive quizzing. All the study and application resources in EconCentral are organized by chapter to help your students get the most from our text.

List Price = $25.95  | CengageBrain Price = $25.49  | College Bookstore Wholesale Price = $19.50


Economics for Life: 101 Lessons You Can Use Every Day!  (ISBN-10: 0538757884 | ISBN-13: 9780538757881)

ECONOMICS FOR LIFE 3e is a book about real-world applications for economics. In addition to applications, the text contains critiques of common economic fallacies, paradoxical economic results, and solutions to economic mysteries that are sure to interest students. Tied through its Appendices to all South-Western principles texts, Economics for Life helps students use economic concepts to better understand the world around them. The book serves as a valuable resource for delivering a more applications-based Principles (or Economics 101) course and can be bundled at no additional charge.

List Price = $24.95  | CengageBrain Price = $24.49  | College Bookstore Wholesale Price = $18.75


Bundle: Text + EconCentral Printed Access Card  (ISBN-10: 0324821557 | ISBN-13: 9780324821550)

List Price = $388.95  | College Bookstore Wholesale Price = $288.25


Bundle: Text + Global Economic Crisis (GEC) Printed Access Card  (ISBN-10: 1439051704 | ISBN-13: 9781439051702)

List Price = $381.95  | College Bookstore Wholesale Price = $283.26


Bundle: Text + WebTutor™ ToolBox on WebCT™ 2-Semester Printed Access Card  (ISBN-10: 0324823754 | ISBN-13: 9780324823752)

List Price = $381.95  | CengageBrain Price = $305.49  | College Bookstore Wholesale Price = $283.26


Bundle: Text + Study Guide  (ISBN-10: 032482453X | ISBN-13: 9780324824537)

List Price = $445.95  | CengageBrain Price = $356.49  | College Bookstore Wholesale Price = $330.25


Bundle: Text + WebTutor™ on Blackboard® Printed Access Card  (ISBN-10: 0324824572 | ISBN-13: 9780324824575)

List Price = $395.95  | CengageBrain Price = $316.49  | College Bookstore Wholesale Price = $293.25


Bundle: Text + WebTutor™ ToolBox on Blackboard® 2-Semester Printed Access Card  (ISBN-10: 0324824696 | ISBN-13: 9780324824698)

List Price = $381.95  | CengageBrain Price = $305.49  | College Bookstore Wholesale Price = $283.26


Meet the Author

About the Author

N. Gregory Mankiw

N. Gregory Mankiw is Robert M. Beren Professor of Economics and Chair of the Department of Economics at Harvard University. He studied economics at Princeton University and MIT. He has taught macroeconomics, microeconomics, statistics, and principles of economics. Professor Mankiw is a prolific writer and a regular participant in academic and policy debates. His research includes work on price adjustment, consumer behavior, financial markets, monetary and fiscal policy, and economic growth. His published articles have appeared in academic journals such as the AMERICAN ECONOMIC REVIEW, JOURNAL OF POLITICAL ECONOMY, and QUARTERLY JOURNAL OF ECONOMICS and in more widely accessible forums including THE NEW YORK TIMES, THE WASHINGTON POST, THE WALL STREET JOURNAL, and FORTUNE. In addition to his teaching, research, and writing, Professor Mankiw has been a research associate of the National Bureau of Economic Research, an adviser to the Federal Reserve Bank of Boston and the Congressional Budget Office, and a member of the ETS test development committee for the advanced placement exam in economics. From 2003 to 2005, he served as chairman of the President's Council of Economic Advisers. In addition, he maintains a very popular blog for students of economics at http://www.gregmankiw.blogspot.com.

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