An introduction to the functioning of the economy and the power and breadth of economics
Reviewers tell us that Case/Fair/Oster is one of the all-time bestselling principles of economics texts because they trust it to be clear, thorough, and complete. Readers of Principles of Economics, 13th Edition come away with a basic understanding of how market economies function, an appreciation for the things they do well, and a sense of things they do poorly. With the latest research and added exercises, students begin to learn the art and science of economic thinking and start to look at some policy, and even personal decisions, in a different way.
Pearson MyLab Economics is not included. Students, if Pearson MyLab Economics is a recommended/mandatory component of the course, please ask your instructor for the correct ISBN. Pearson MyLab Economics should only be purchased when required by an instructor. Instructors, contact your Pearson representative for more information.
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A history of excellence in economic content and application
New and Revised - Chapters have been reworked for better flow and improved readability. More thorough discussion of and focus on important topics and issues have been added to the 13th Edition.
Expanded - A 3-tiered explanation of key concepts (using intuitive stories, followed by a table or graph, and in some cases, an equation that presents the concept with a mathematical formula) helps instructors effectively cover a large amount of material, and helps students to understand it.
Graphs, Figures, and Animations help students learn the concepts in the book.
Concept Checks act as “speed bumps” that encourage students to stop and check their understanding of fundamental terms and concepts before moving on to the next section.
New and Updated - End-of-Chapter Critical-Thinking Questions and Problem Sets reinforce economic principles and give students the opportunity to practice what they’ve just learned.
Show students the relevance of economics to their lives
Real-world examples and applications illustrate and reinforce key economic concepts.
Updated - Economics in Practice boxes focus on recent research and events that support key concepts in the chapter. This helps students to think deeply about what they’ve read and make connections between what they learn in class and how it can apply to their jobs in the real world.
Examine the power and breadth of microeconomic models along with the latest macroeconomic research
The introduction of a competitive market model first, followed by noncompetitive market structures gives students a clear understanding of basic economic theory and how market opportunities operate.
Updated - Important macroeconomic data throughout the text has been updated through 2018, highlighting the slow recovery from the 2008–2009 recession, giving students a good idea of what has been happening to the economy since they left high school.
Updated - The different types of research methodologies of economics are examined, giving students a sense of what the methodologies are and how to apply them in class and beyond.
Keynesian Crossmaterial is integrated throughout the text and builds up to the AD/AS model so that students won’t mistakenly apply what they’ve learned about simple demand and supply to aggregate demand and supply.
Pearson MyLab™ Economics is not included. Students, if Pearson MyLab Economics is a recommended/mandatory component of the course, please ask your instructor for the correct ISBN. Pearson MyLab Economics should only be purchased when required by an instructor. Instructors, contact your Pearson representative for more information.· Teach your course your way: Your course is unique. So whether you’d like to build your own assignments, teach multiple sections, or set prerequisites, MyLab gives you the flexibility to easily create your course to fit your needs.
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Short answer questions encourage critical thinking. The authors have added a writing component to a select number of questions to further assess students’ understanding of the material and help develop critical-thinking skills.
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Table of contents PART I: INTRODUCTION TO ECONOMICS
1. The Scope and Method of Economics
2. The Economic Problem: Scarcity and Choice
3. Demand, Supply, and Market Equilibrium
4. Demand and Supply Applications
PART II: THE MARKET SYSTEM
6. Household Behavior and Consumer Choice
7. The Production Process: The Behavior of Profit-Maximizing Firms
8. Short-Run Costs and Output Decisions
9. Long-Run Costs and Output Decisions
10. Input Demand: The Labor and Land Markets
11. Input Demand: The Capital Market and the Investment Decision
12. General Equilibrium and the Efficiency of Perfect Competition
PART III: MARKET IMPERFECTIONS AND THE ROLE OF GOVERNMENT
13. Monopoly and Antitrust Policy
15. Monopolistic Competition
16. Externalities, Public Goods, and Common Resources
17. Uncertainty and Asymmetric Information
18. Income Distribution and Poverty
19. Public Finance: The Economics of Taxation
PART IV: CONCEPTS AND PROBLEMS IN MACROECONOMICS
20. Introduction to Macroeconomics
21. Measuring National Output and National Income
22. Unemployment, Inflation, and Long-Run Growth
PART V: THE CORE OF MACROECONOMIC THEORY
23. Aggregate Expenditure and Equilibrium Output
24. The Government and Fiscal Policy
25. Money, the Federal Reserve, and the Interest Rate
26. The Determination of Aggregate Output, the Price Level, and the Interest Rate
27. Policy Effects and Cost Shocks in the AS/AD Model
28. The Labor Market in the Macroeconomy
PART VI: FURTHER MACROECONOMICS ISSUES
29. Financial Crises, Stabilization, and Deficits
30. Household and Firm Behavior in the Macroeconomy: A Further Look
31. Long-Run Growth
32. Alternative Views in Macroeconomics
PART VII: THE WORLD ECONOMY
33. International Trade, Comparative Advantage, and Protectionism
34. Open-Economy Macroeconomics: The Balance of Payments and Exchange Rates
35. Economic Growth in Developing Economies
PART VIII: METHODOLOGY
36. Critical Thinking about Research