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Full Description
All-time bestselling Principles of Economics is trusted for its clear, thorough and complete coverage of how market economies function. Covering both macro- and microeconomics perspectives, it balances economic theory, institutional material and real-world examples, with emphasis on the art and science of economic thinking.
The 14th Edition features streamlined chapters, revised problems and all-new macro data through 2023. It adds 23 new Economics in Practice boxes with recent research and analysis, such as the impact of the COVID-19 pandemic on supply chains. In MyLab, new Economics in Practice videos featuring Emily Oster make economics relevant and relatable, while equipping you for success.
Contents
PART 1: INTRODUCTION TO ECONOMICS
The Scope and Method of Economics
The Economic Problem: Scarcity and Choice
Demand, Supply, and Market Equilibrium
Demand and Supply Applications
Elasticity
PART 2: THE MARKET SYSTEM
Household Behavior and Consumer Choice
The Production Process: The Behavior of Profit-Maximizing Firms
Short-Run Costs and Output Decisions
Long-Run Costs and Output Decisions
Input Demand: The Labor and Land Markets
Input Demand: The Capital Market and the Investment Decision
General Equilibrium and the Efficiency of Perfect Competition
PART 3: MARKET IMPERFECTIONS AND THE ROLE OF GOVERNMENT
Monopoly and Antitrust Policy
Oligopoly
Monopolistic Competition
Externalities, Public Goods, and Common Resources
Uncertainty and Asymmetric Information
Income Distribution and Poverty
Public Finance: The Economics of Taxation
PART 4: CONCEPTS AND PROBLEMS IN MACROECONOMICS
Introduction to Macroeconomics
Measuring National Output and National Income
Unemployment, Inflation, and Long-Run Growth
PART 5: THE CORE OF MACROECONOMIC THEORY
Aggregate Expenditure and Equilibrium Output
The Government and Fiscal Policy
Money, the Federal Reserve, and the Interest Rate
The Determination of Aggregate Output, the Price Level, and the Interest Rate
Policy Effects and Cost Shocks in the AS/AD Model
The Labor Market in the Macroeconomy
PART 6: FURTHER MACROECONOMICS ISSUES
Financial Crises, Stabilization, and Deficits
Household and Firm Behavior in the Macroeconomy: A Further Look
Long-Run Growth
Alternative Views in Macroeconomics
PART 7: THE WORLD ECONOMY
International Trade, Comparative Advantage, and Protectionism
Open-Economy Macroeconomics: The Balance of Payments and Exchange Rates
Economic Growth in Developing Economies
PART 8: METHODOLOGY
Critical Thinking about Research
