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Principles of Economics

By N. Gregory Mankiw

9th Edition © 2021
Discipline:Economics
Course:Principles of Economics
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Provide an inviting, superbly written introduction to economics that allows all types of students to quickly grasp economic concepts and build a strong foundation. The most widely-used learning solution in economics classrooms worldwide, written by acclaimed author and economist Gregory Mankiw, PRINCIPLES OF ECONOMICS, 9E focuses on the most important economic principles to avoid overwhelming students with excessive detail. Extensive updates, relevant contemporary examples and carefully crafted content present the understanding your students need at key moments in your course. This edition works seamlessly with the latest MindTap digital course solutions and powerful student-focused resources, featuring the highly acclaimed Graph Builder and enhanced Adaptive Test Prep. A team of award-winning teaching economists have further strengthened this edition's leading ancillary support with more relevance, engagement, and interactive learning opportunities.

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About this product

Provide an inviting, superbly written introduction to economics that allows all types of students to quickly grasp economic concepts and build a strong foundation. The most widely-used learning solution in economics classrooms worldwide, written by acclaimed author and economist Gregory Mankiw, PRINCIPLES OF ECONOMICS, 9E focuses on the most important economic principles to avoid overwhelming students with excessive detail. Extensive updates, relevant contemporary examples and carefully crafted content present the understanding your students need at key moments in your course. This edition works seamlessly with the latest MindTap digital course solutions and powerful student-focused resources, featuring the highly acclaimed Graph Builder and enhanced Adaptive Test Prep. A team of award-winning teaching economists have further strengthened this edition's leading ancillary support with more relevance, engagement, and interactive learning opportunities.

ADAPTIVE TEST PREP PREPARES YOUR STUDENTS FOR IMPORTANT TESTS. This effective, digital test preparation tool within MindTap provides students with more than 3,900 test bank-style questions. More than half of these questions offer corresponding Quick Coach videos, designed to support your students at their most teachable moments, particularly when they are confused or unsure about the answer to a question. This proven resource is highly effective in preparing students for high-stakes tests and is shown to positively impact cumulative course results.

GRAPH BUILDER ALLOWS STUDENTS TO MOVE STEP-BY-STEP THROUGH COMPLEX GRAPHICAL FIGURES. Designed specifically for introductory economics students, Graph Builder interactive exercises in MindTap help students first understand complex graphs by decomposing a graph into finite steps that build upon one another, then practice graphing by drawing out a similar scenario from scratch. This drawing method supports the kinesthetic learning approach valued by instructors, like you -- all within the context of the interactive eBook.

"VIDEO APPLICATIONS" FEATURE THE AUTHOR INTRODUCING CHAPTER CONTENT. Author Gregory Mankiw uses these unique videos to introduce important themes in every chapter. He immediately engages students with an emphasis on the real-world importance of the economic principles that appear in the upcoming chapter. These videos (formerly called Roadmap Videos) are intended to motivate students to better understand how economics relates to their day-to-day lives and the world around them.

"VIDEO PROBLEM WALK-THROUGHS" HELP STUDENTS OVERCOME ROADBLOCKS IN LEARNING. This popular learning resource shows students how to solve economics questions from start to finish. These videos tackle the all-too-familiar challenge of students running into stumbling blocks when working through assignments. These concise videos support the student in that moment, which is not always during your office hours, when they are puzzled and most teachable. Walk-Through Videos are an ideal resource for this "twelve o’clock hour" dilemma.

Table of contents

Chapters

Cover Page
Title Page
Copyright Page
Dedication
About the Author
Preface: To the Instructor
Acknowledgments
Preface: To the Student
1. Introduction
2. How Markets Work
3. Markets and Welfare
4. The Economics of the Public Sector
5. Firm Behavior and the Organization of Industry
6. The Economics of Labor Markets
7. Topics for Further Study
8. The Data of Macroeconomics
9. The Real Economy in the Long Run
10. Money and Prices in the Long Run
11. The Macroeconomics of Open Economies
12. Short-Run Economic Fluctuations
The Keynesian Cross
The European Union
The Economics of Healthcare
How Economists Use Data
Show more

1. Introduction

Chapter 1. Ten Principles of Economics
Preview this section ↗
1-1. How People Make Decisions ↗
1-1a. Principle 1: People Face Trade-Offs ↗
1-1b. Principle 2: The Cost of Something Is What You Give Up to Get It ↗
1-1c. Principle 3: Rational People Think at the Margin ↗
1-1d. Principle 4: People Respond to Incentives ↗
1-2. How People Interact ↗
1-2a. Principle 5: Trade Can Make Everyone Better Off ↗
1-2b. Principle 6: Markets Are Usually a Good Way to Organize Economic Activity ↗
1-2c. Principle 7: Governments Can Sometimes Improve Market Outcomes ↗
1-3. How the Economy as a Whole Works ↗
1-3a. Principle 8: A Country’s Standard of Living Depends on Its Ability to Produce Goods and Services ↗
1-3b. Principle 9: Prices Rise When the Government Prints Too Much Money ↗
1-3c. Principle 10: Society Faces a Short-Run Trade-Off between Inflation and Unemployment ↗
1-4. Conclusion ↗
Chapter in a Nutshell ↗
Key Concepts ↗
Questions for Review ↗
Problems and Applications ↗
Chapter 2. Thinking Like an Economist
2-1. The Economist as Scientist
2-1a. The Scientific Method: Observation, Theory, and More Observation
2-1b. The Role of Assumptions
2-1c. Economic Models
2-1d. Our First Model: The Circular-Flow Diagram
2-1e. Our Second Model: The Production Possibilities Frontier
2-1f. Microeconomics and Macroeconomics
2-2. The Economist as Policy Adviser
2-2a. Positive versus Normative Analysis
2-2b. Economists in Washington
2-2c. Why Economists’ Advice Is Not Always Followed
In The News: Why Tech Companies Hire Economists
2-3. Why Economists Disagree
2-3a. Differences in Scientific Judgments
2-3b. Differences in Values
2-3c. Perception versus Reality
2-4. Let’s Get Going
Chapter in a Nutshell
Key Concepts
Questions for Review
Problems and Applications
Appendix. Graphing: A Brief Review
Chapter 3. Interdependence and the Gains from Trade
3-1. A Parable for the Modern Economy
3-1a. Production Possibilities
3-1b. Specialization and Trade
3-2. Comparative Advantage: The Driving Force of Specialization
3-2a. Absolute Advantage
3-2b. Opportunity Cost and Comparative Advantage
3-2c. Comparative Advantage and Trade
3-2d. The Price of the Trade
3-3. Applications of Comparative Advantage
3-3a. Should LeBron James Mow His Own Lawn?
3-3b. Should the United States Trade with Other Countries?
In The News: Economics within a Marriage
3-4. Conclusion
Chapter in a Nutshell
Key Concepts
Questions for Review
Problems and Applications

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