Economics Global Edition 8e 9781292430645

For two-semester courses covering the principles of economics for students in business and economics.

The relevance of economics shown through real-world business examples
One of the challenges of teaching principles of economics is fostering interest in concepts, including opportunity cost, trade-offs, scarcity, and demand and supply that may not seem applicable to students’ lives. Economics makes these concepts relevant by demonstrating how real businesses apply them to make decisions every day. With ever-changing US and world economies, the 8th Edition has been updated with the latest developments using new real-world business and policy examples. Regardless of their future career path — opening an art studio, trading on Wall Street, or bartending at the local pub, students will benefit from understanding the economic forces behind their work.

PART 1: INTRODUCTION
1. Economics: Foundations and Models
    Appendix: Using Graphs and Formulas
2. Trade-offs, Comparative Advantage, and the Market System
3. Where Prices Come From: The Interaction of Demand and Supply
4. Economic Efficiency, Government Price Setting, and Taxes
    Appendix: Quantitative Demand and Supply Analysis

PART 2: MARKETS IN ACTION: POLICY AND APPLICATIONS
5. Externalities, Environmental Policy, and Public Goods
6. Elasticity: The Responsiveness of Demand and Supply
7. The Economics of Health Care

PART 3: FIRMS IN THE DOMESTIC AND INTERNATIONAL ECONOMIES
8. Firms, the Stock Market, and Corporate Governance
    Appendix: Present Value
    Online Appendix: Tools to Analyze Firms’ Financial Information
9. Comparative Advantage and the Gains from International Trade

PART 4: MICROECONOMIC FOUNDATIONS: CONSUMERS AND FIRMS
10. Consumer Choice and Behavioral Economics
      Appendix: Using Indifference Curves and Budget Lines to Understand Consumer Behavior
11. Technology, Production, and Costs
      Online Appendix: Using Isoquants and Isocost Lines to Understand Production and Cost

PART 5: MARKET STRUCTURE AND FIRM STRATEGY
12. Firms in Perfectly Competitive Markets
13. Monopolistic Competition: The Competitive Model in a More Realistic Setting
14. Oligopoly: Firms in Less Competitive Markets
15. Monopoly and Antitrust Policy

PART 6: LABOR MARKETS, PUBLIC CHOICE, AND THE DISTRIBUTION OF INCOME
16. The Markets for Labor and Other Factors of Production
17. Public Choice, Taxes, and the Distribution of Income

PART 7: MACROECONOMIC FOUNDATIONS AND LONG-RUN GROWTH
18. GDP: Measuring Total Production and Income
19. Unemployment and Inflation
20. Economic Growth, the Financial System, and Business Cycles
21. Long-Run Economic Growth: Sources and Policies

PART 8: SHORT-RUN FLUCTUATIONS
22. Aggregate Expenditure and Output in the Short Run
      Appendix: The Algebra of Macroeconomic Equilibrium
23. Aggregate Demand and Aggregate Supply Analysis
      Appendix: Macroeconomic Schools of Thought

PART 9: MONETARY AND FISCAL POLICY
24. Money, Banks, and the Federal Reserve System
25. Monetary Policy
26. Fiscal Policy
      Appendix: A Closer Look at the Multiplier
27. Inflation, Unemployment, and Federal Reserve Policy

PART 10: THE INTERNATIONAL ECONOMY
28. Macroeconomics in an Open Economy
      Online Appendix: The Gold Standard and the Bretton Woods System