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Economics

By Roger A. Arnold, Daniel R. Arnold, David H. Arnold

15th Edition © 2027
Discipline:Economics
Course:Principles of Economics
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Explore today’s economy with Arnold/Arnold/Arnold’s “Economics,” 15th Edition. Updated to reflect emerging technologies and global change, this edition expands coverage of tariffs, monetary policy, the economics of knowledge, and growing challenges of debt—all while maintaining the clarity students want and trust.

With 84 real-world applications and “Economics 24/7” features, students see how concepts apply to everyday life. MindTap enhances learning with new Data Exploration Activities, using live data from the FRED database and Bureau of Labor Statistics, along with new AI in Action activities powered by Bongo. Video lectures, “Economics in 5 Minutes,” and “Problem Walk-Throughs" build confidence, while A+ Test Prep supports ongoing practice.

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About this product

Explore today’s economy with Arnold/Arnold/Arnold’s “Economics,” 15th Edition. Updated to reflect emerging technologies and global change, this edition expands coverage of tariffs, monetary policy, the economics of knowledge, and growing challenges of debt—all while maintaining the clarity students want and trust.

With 84 real-world applications and “Economics 24/7” features, students see how concepts apply to everyday life. MindTap enhances learning with new Data Exploration Activities, using live data from the FRED database and Bureau of Labor Statistics, along with new AI in Action activities powered by Bongo. Video lectures, “Economics in 5 Minutes,” and “Problem Walk-Throughs" build confidence, while A+ Test Prep supports ongoing practice.

Expanded treatment of frontier topics includes an emphasis on tariffs, the economics of knowledge, the intricacies of monetary policy and the rising challenges of debt.

Economics 24/7 features put students at the intersection of real-world phenomena and key economic concepts, from Rosetta Stone and taxes to podcasts and market entry.

With 10 to 30 thought-provoking Questions and Problems prompts at the end of every chapter, students master concepts and build confidence through richer discussions.

Table of contents

Chapters

Cover Page
Title Page
Copyright Page
Dedication
Preface
In Appreciation
Part 1. Economics: The Science of Scarcity
Part 2. Macroeconomic Fundamentals
Part 3. Macroeconomic Stability, Instability, and Fiscal Policy
Part 4. Money, the Economy, and Monetary Policy
Part 5. Expectations and Growth
Part 6. Creative Destruction and Crony Capitalism
Part 7. Microeconomic Fundamentals
Part 8. Product Markets and Policies
Part 9. Factor Markets and Related Issues
Part 10. Health Economics
Part 11. Market Failure, Public Choice, and Special-Interest Group Politics
Part 12. Economic Theories and Research
Part 13. International Trade and Finance
Show more

Part 1. Economics: The Science of Scarcity

Chapter 1. What Economics Is About
Preview this section ↗
1-1. Your Life, 2028–2038 ↗
1-2. A Definition of Economics ↗
1-2a. Goods and Bads ↗
1-2b. Resources ↗
1-2c. Scarcity and a Definition of Economics ↗
1-3. Key Concepts in Economics ↗
1-3a. Opportunity Cost ↗
1-3b. Opportunity Cost and Behavior ↗
1-3c. Benefits and Costs ↗
1-3d. Decisions Made at the Margin ↗
1-3e. Efficiency ↗
1-3f. Economics Is About Incentives ↗
1-3g. Unintended Effects ↗
1-3h. Exchange ↗
1-4. Ceteris Paribus and Theory ↗
1-4a. Ceteris Paribus Thinking ↗
1-4b. What Is a Theory? ↗
1-5. Economic Categories ↗
1-5a. Positive Economics and Normative Economics ↗
1-5b. Microeconomics and Macroeconomics ↗
Chapter Summary ↗
Key Terms and Concepts ↗
Questions and Problems ↗
Working with Numbers and Graphs ↗
Appendix A. Working with Diagrams
A-1. Slope of a Line
A-2. Slope of a Line Is Constant
A-3. Slope of a Curve
A-4. The 45-Degree Line
A-5. Pie Charts
A-6. Bar Graphs
A-7. Line Graphs
Appendix Summary
Key Terms and Concepts
Questions and Problems
Appendix B. Should You Major in Economics?
B-1. Five Myths About Economics and Being an Economics Major
B-2. What Awaits You as an Economics Major?
B-3. What Do Economists Do?
B-4. Places to Find More Information
B-5. Concluding Remarks
Chapter 2. Production Possibilities Frontier Framework
2-1. The Production Possibilities Frontier
2-1a. The Straight-Line PPF: Constant Opportunity Costs
2-1b. The Bowed-Outward (Concave-Downward) PPF: Increasing Opportunity Costs
2-1c. Law of Increasing Opportunity Costs
2-1d. Economic Concepts in a Production Possibilities Frontier Framework
2-2. Specialization and Trade Can Move Us Beyond Our PPF
2-2a. A Simple Two-Person PPF Model
2-2b. On or Beyond the PPF?
Chapter Summary
Key Terms and Concepts
Questions and Problems
Working with Numbers and Graphs
Chapter 3. Supply and Demand: Theory
3-1. What Is Demand?
3-1a. The Law of Demand
3-1b. Four Ways to Represent the Law of Demand
3-1c. Why Does Quantity Demanded Go Down as Price Goes Up?
3-1d. Individual Demand Curve and Market Demand Curve
3-1e. A Change in Quantity Demanded Versus a Change in Demand
3-1f. What Factors Cause the Demand Curve to Shift?
3-1g. It Is Important to Know Why the Price Changed: Back to Substitutes and Complements
3-1h. Movement Factors and Shift Factors
3-2. Supply
3-2a. The Law of Supply
3-2b. Why Most Supply Curves Are Upward Sloping
3-2c. Changes in Supply Mean Shifts in Supply Curves
3-2d. What Factors Cause the Supply Curve to Shift?
3-2e. A Change in Supply Versus a Change in Quantity Supplied
3-3. The Market: Putting Supply and Demand Together
3-3a. Supply and Demand at Work at an Auction
3-3b. The Language of Supply and Demand: A Few Important Terms
3-3c. Moving to Equilibrium: What Happens to Price When There Is a Surplus or a Shortage?
3-3d. Speed of Moving to Equilibrium
3-3e. Moving to Equilibrium: Maximum and Minimum Prices
3-3f. The Connection Between Equilibrium and Predictions
3-3g. Equilibrium in Terms of Consumers’ and Producers’ Surplus
3-3h. What Can Change Equilibrium Price and Quantity?
3-3i. Epilogue: Who Feeds Cleveland?
Chapter Summary
Key Terms and Concepts
Questions and Problems
Working with Numbers and Graphs
Chapter 4. Prices: Free, Controlled, and Relative
4-1. Price
4-1a. Price as a Rationing Device
4-1b. Price as a Transmitter of Information
4-2. Price Controls
4-2a. Price Ceiling
4-2b. Price Floor: Definition and Effects
4-3. Two Prices: Absolute and Relative
4-3a. Absolute (Money) Price and Relative Price
4-3b. Taxes on Specific Goods and Relative Price Changes
Chapter Summary
Key Terms and Concepts
Questions and Problems
Working with Numbers and Graphs
Chapter 5. Supply, Demand, and Price: Applications
5-1. Application 1: Supply, Demand, and Price at an Auction
5-2. Application 2: Subsidizing the Consumption of Anything Can Raise Its Price
5-3. Application 3: 10 A.M. Classes in College
5-4. Application 4: Why Do Colleges Use GPAs, ACTs, and SATs for Purposes of Admission?
5-5. Application 5: Why Is Medical Care So Expensive?
5-6. Application 6: Do You Pay for Good Weather?
5-7. Application 7: The Chip Shortage
5-8. Application 8: The Pandemic and Outdoor Movie Theaters
5-9. Application 9: Easier-to-Obtain Loans and Higher Housing Prices
5-10. Application 10: Japan’s Clean Streets
5-11. Application 11: Supply and Demand on a Freeway
5-12. Application 12: Are Renters Better Off?
Chapter Summary
Questions and Problems
Working with Numbers and Graphs

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