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ECONOMICS: PRIVATE AND PUBLIC CHOICE includes many more engaging elements-such as scenes from popular movies and applications of economic theory to real-world issues-to help you see how these theories apply to the world around you.
Each chapter has been updated to reflect today's market, including analysis and explanation of measures of current economic activity. You'll also find highlights of the lives of notable economists and how they contributed to the thinking that shapes our markets today. Common economic myths are dispelled, and the "invisible hand" metaphor is applied to economic theory, demonstrating how it's working even today to stimulate the economy.
This 12th edition includes new technology features such as a robust set of online multimedia learning tools, including video clips and free quizzes designed to support your classroom work; a completely updated Aplia interactive learning system with practice problems, interactive tutorials, online experiences, and more
The updated 12th edition is now available in a micro-first version (ISBN: 0324691068) for those instructors that like to teach microeconomics before macroeconomics.
New Chapter 16 explains why a country's policies, legal system, and institutions are so important to growth.
Previously lengthy material in aggregate demand and aggregate supply has been greatly condensed, leaving room for other content current to today's market.
A heavily revised chapter highlights the historical importance of Keynes and the Keynesian view of economic fluctuations. (However, the Keynesian cross analysis has been moved to an appendix.)
Every chapter in this 12th edition has been revised and modified to reflect the environment of today's domestic and global economy. The authors pay particular attention to the factors and institutions that have enabled the economies of some countries-such as China-to expand rapidly, whereas the economies of other countries-particularly countries in Africa-have not.
"Economics in the Movies" uses scenes from popular movies to reflect economic concepts. A number of instructors, including the authors, now use clips from popular movies to stimulate student interest and drive home the importance of economic concepts. The instructor's manual provides more ideas about how to do this effectively.
"Applications in Economics" applies economic theory to current real-world issues and controversies. This allows students to immediately apply what they have learned to topics they see in their own lives and in the world around them.
"Measures of Economic Activity" assembles important economic indicators-such as the unemployment rate and the index of leading indicators-and analyzes them, digging into their meaning and why they're relevant to students.
"Outstanding Economist" highlights the lives of notable economists and their contributions to the discipline. These historical vignettes give you a great opportunity to weave economic history into the course.
"Myths of Economics" dispels commonly held fallacies of economic reasoning, and how these myths hamper a nation's economic progress. Also includes a feature on Adam Smith's "invisible hand" theory, and how it works in free markets to stimulate the economy.
New Chapter 16 explains why a country's policies, legal system, and institutions are so important to growth.
The lengthy material in aggregate demand and aggregate supply has been greatly condensed, making it easier to understandallowing for more in-depth coverage of current economic topics.
A heavily revised chapter highlights the historical importance of Keynes and the Keynesian view of economic fluctuations and how it applies to today's markets.
Every chapter in this 12th edition has been revised and modified to reflect the environment of today's domestic and global economy. The authors pay particular attention to the factors and institutions that have enabled the economies of some countries-such as China-to expand rapidly, whereas the economies of other countries-particularly countries in Africa-have not.
Scenes from current popular movies are used to reflect economic concepts throughout the book. You'll see how complex economic theory is woven into our daily lives, even our entertainment.
Economic theory is applied to current real-world issues and controversies. Current market conditions are constantly fluctuating, and these applications help you put those fluctuations in an economic context.
Important economic indicators-such as the unemployment rate and the index of leading indicators-are assembled. You'll learn what they mean, and how they affect you and your job prospects.
Throughout the text, you'll learn about the lives of notable economists and how their theories play out in today's economy.
Commonly held fallacies of economic reasoning are dispelled and exposed. You'll see how wrong economic thinking can hamper a nation's economic progress. You'll also delve into Adam Smith's "invisible hand" theory, and you'll see how it's working even today in free markets to stimulate the economy.
Part 1: THE ECONOMIC WAY OF THINKING.
1. The Economic Approach.
2. Some Tools of the Economist.
Part 2: MARKETS AND GOVERNMENT.
3. Supply, Demand, and the Market Process.
4. Supply and Demand: Applications and Extensions.
5. Difficult Cases for the Market and the Role of Government.
6. The Economics of Collective Decision Making.
Part 3: CORE MACROECONOMICS.
7. Taking the Nation's Economic Pulse.
8. Economic Fluctuations, Unemployment, and Inflation.
9. An Introduction to Basic Macroeconomic Markets.
10. Economic Instability.
11. Fiscal Policy.
12. Money and the Banking System.
13. Modern Macroeconomics: The Monetary System.
14. Stabilization Policy, Output, and Employment.
15. Creating an Environment for Growth and Prosperity.
16. Institutions, Policies, and Cross-Country Differences in Income and Growth.
Part 4: INTERNATIONAL ECONOMICS.
17. Gaining from International Trade.
18. International Finance and the Foreign Exchange Market.
(macro split only)
Part 5: CORE MICROECONOMICS.
19. Consumer Demand and Elasticity.
20. Costs and the Supply of Goods.
21. Price Takers and the Competitive Process.
22. Price-Searcher Markets with Low Entry Barriers.
23. Price-Searcher Markets with High Entry Barriers.
24. The Supply of and Demand for Productive Resources.
25. Earnings, Productivity, and the Job Market.
26. Investment, the Capital Market, and the Wealth of Nations.
27. Income Inequality and Poverty.
Part 6: APPLYING THE BASICS.
Special Topics.
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