Principles of Economics, 6th Edition

  • Fred M. Gottheil University of Illinois
  • ISBN-10: 1426648359
  • ISBN-13: 9781426648359
  • 928 Pages Hardcover 
  • Previous Editions: 2008, 2005, 2002
  • © 2010 | Published
  • College Bookstore Wholesale Price = $203.75 
» Request a Copy for Review
 

About The Solution

Overview

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.


Additional Product Information

Features/Benefits

  • 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.

What's New

  • 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.

Table of Contents

Part 1: THE BASICS OF ECONOMIC ANALYSIS.
1. Introduction.
2. Production Possibilities and Opportunity Costs.
3. Demand and Supply.
Part 2: THE MICROECONOMICS OF PRODUCT MARKETS.
4. Elasticity.
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.
25. Money.
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.
Glossary.
Index.

Supplements

Instructor Supplements

Instructor Supplements

All supplements have been updated in coordination with the main title. Select the main title’s "About the Solution" 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.

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 = $18.25


Study Guide  (ISBN-10: 1424075246 | ISBN-13: 9781424075249)

Printed Study Guide.

List Price = $94.95  | CengageBrain Price = $84.99  | College Bookstore Wholesale Price = $70.50


Student Supplements

Student Supplements

All supplements have been updated in coordination with the main title. Select the main title’s "About the Solution" 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.

Aplia 1-Semester Instant Access  (ISBN-10: 1111375917 | ISBN-13: 9781111375911)

List Price = $145.95  | College Bookstore Wholesale Price = $108.50


Aplia Instant Access  (ISBN-10: 1111927782 | ISBN-13: 9781111927783)

Succeed in your course with Aplia's interactive learning system--featuring practice problems with immediate feedback and tools developed specifically for PRINCIPLES OF ECONOMICS, 7th 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.

List Price = $115.00  | CengageBrain Price = $115.00  | College Bookstore Wholesale Price = $115.00


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 = $18.25


Study Guide  (ISBN-10: 1424075246 | ISBN-13: 9781424075249)

List Price = $94.95  | CengageBrain Price = $84.99  | College Bookstore Wholesale Price = $70.50


Meet the Author

About the Author

Fred M. Gottheil

Fred M. Gottheil is a professor of economics at the University of Illinois in Urbana-Champaign. He came to Illinois in 1960, planning to spend one year before returning to his native Canada. But he fell in love with the campus, the community, and the Midwest, and has been at Illinois ever since. He earned his undergraduate degree at McGill University in Montreal, Canada and his Ph.D. at Duke University. His primary teaching is the principles of economics, and on occasion, he has taught the history of economic thought, Marxian economics, and the economics of the Middle East. He is the author of "Marx's Economic Predictions" and numerous articles that have appeared in scholarly journals, among them the "American Economic Review", the "Canadian Journal of Economics", the "Journal of Post-Keynesian Economics" and the "Middle East Reviews." Although he enjoys research, his labor of love is teaching the principles course. His classes have been as large as 1,800 students. He has won a plethora of teaching from the university, the college, and department of economics. Aside from his research and publications as a professor of economics, Professor Gottheil is also on the university's medical faculty, co-teaching the College of Medicine's course on medicine and society. As well, he is director of the University of Illinois's Center of Economic Education. In this capacity, he organizes and team-teaches minicourses and workshops on the principles of economics. He was a White House consultant on the Middle East during the Carter Administration and offered expert testimony to several congressional committees. Professor Gottheil was a visiting professor at Northwestern University and at Hebrew University in Jerusalem, Israel. He has lectured at many universities in the United States, Canada, and abroad, including universities in Syria, Egypt, Israel, and Jordan.

Custom

Custom learning materials let you create a digital or print course solution in the style and format best for you and your learners. Maximize engagement and achieve desired outcomes with the aid of our academic and digital experts, who have years of experience helping instructors customize material to specific course needs.
Create your custom solution »