Essentials of Economics

• Essentials of Economics' new edition, revised and enhanced throughout, offers holistic digital learning tools to achieve a complete, integrated online learning system.

• Focusing on dynamic, real-world stories and examples, Essentials of Economics helps you understand the core concepts of economics within a global focus.

• The updated edition offers updated graphs and changes in every chapter in the text, 9 new chapter-opening stories, 12 new business cases, and 20 new economics in action applications.

• The new edition is the most accessible yet—thoroughly updated with current topics and examples, and with new cases that are especially appealing to business students.

Table of Contents

Part 1. What is Economics?

1. First Principles

2. Economic Models: Trade-Offs and Trade-O

Appendix: Graphs in Economics

Part 2. Supply and Demand

3. Supply and Demand

4. Price Controls and Quotas: Meddling with Markets

5. Elasticity and Taxation

Part 3. The Production Decision

6. Behind the Supply Curve: Inputs and Costs

7. Perfect Competition and the Supply Curve

Part 4. Beyond Perfect Competition

8. Monopoly

9. Oligopoly and Monopolistic Competition

Part 5. Microeconomics and Public Policy

10. Externalities and Public Goods

11. Poverty, Inequality, and the Welfare State

Part 6. Introduction to Macroeconomics

12. Macroeconomics: The Big Picture

13. GDP and the CPI: Tracking the Macroeconomy

14. Unemployment and Inflation

Part 7. Economic Growth and Fluctuations

15. Long-Run Economic Growth

16. Aggregate Demand and Aggregate Supply

Part 8. Stabilization Policy

17. Fiscal Policy

18. Money, Banking, and the Federal Reserve System 

19. Monetary Policy

Part 9. The International Economy

20. International Trade, Capital Flows, and Exchange Rates

Solutions to Check Your Understanding Questions

Glossary

Index