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Based on the comprehensive two-semester text by the same authors, this version of Economics "boils down" the formal economic theories and concepts into their essential parts, emphasizing domestic and international applications and policy issues. FUNDAMENTALS OF ECONOMICS is a concise but thorough survey of economics for instructors desiring a brief, practical text. Each chapter focuses on core economic concepts and provides a link between theory and real-world relevance, making the content more meaningful for students. The text provides a convenient, integrated learning experience by including a Study Guide after each chapter, which allows students to review key concepts and practice new skills before they go on to read the next chapter. Fundamental Questions at the beginning of each chapter preview key points, reappear next to the relevant in-text discussion, and form the basis of chapter-ending Summary sections. Economic Insight and Global Business Insight boxes focus on the policies of today's leaders and the business decisions of real companies and governments around the world, adding real-world relevance to the material. Available with InfoTrac® Student Collections http://gocengage.com/infotrac.
- UPDATED CONTENT: The Sixth Edition has been thoroughly updated to reflect the current issues and events in economics in the US and the world. The new edition has also been updated to reflect issues in the European Nation and will help students acquire some familiarity of other economies and global capital flow.
- InfoTrac® Student Collections are specialized databases expertly drawn from the Gale Academic One library. Each InfoTrac® Student Collection enhances the student learning experience in the specific course area related to the product. These specialized databases allow access to hundreds of scholarly and popular publications - all reliable sources - including journals, encyclopedias, and academic reports. Learn more and access at: http://gocengage.com/infotrac.
- REAL-WORLD EXAMPLES: Examples in each chapter focus on the business decisions of actual, headline-making companies and discuss the economic policies of today's world leaders. These examples are selected to demonstrate the relevance of the material to students' lives.
- STUDENT-FRIENDLY PEDAGOGY: The supportive pedagogical framework that guides students through each chapter includes Fundamental Questions, which open and organize the chapter by focusing on three to six key issues, and which then reappear both at point of relevance in the margins and in the end-of-chapter Summary sections; Now You Try It checkpoint questions that quiz students on important concepts, with answers provided at the back of the book; Recaps at the end of each major section to break material into manageable segments; and end-of-chapter exercises that serve as self-checks for students and as homework assignment options for instructors.
- ABUNDANCE OF REVIEW MATERIALS: A built-in study guide follows each chapter and provides a more intensive review opportunity for students, with answers provided in an appendix. Most chapters contain four pages of study material consisting of key term match-ups, multiple-choice quizzes, and practice questions and problems. A final section of application problems gives students an opportunity to analyze and synthesize what they have learned.
1. Economics and the World Around You.
2. Markets and the Market Process.
3. The Free Market versus Government Interference.
Part II: Consumers, Firms, and Social Issues.
4. The Firm and the Consumer.
5. Costs and Profit Maximization.
7. Business, Society, and the Government.
8. Government Intervention versus Free Markets.
Part III: The National and Global Economies.
9. An Overview of the National and International Economies.
10. Macroeconomic Measures.
11. Unemployment, Inflation, and Business Cycles.
12. Macroeconomic Equilibrium: Aggregate Demand and Supply.
13. Fiscal Policy.
14. Money and Banking.
Part IV: Macroeconomic Policy.
15. Monetary Policy.
16. Macroeconomic Policy, Business Cycles, and Growth.
17. Issues in International Trade and Finance.