Essentials of Economics


Essentials of Economics is built around narratives and stories, many of them pulled from real life. In every chapter real-world examples are used to teach core concepts and motivate student learning. This book is unrivaled in its worldwide perspective, which is deeply integrated into the narrative, and featured in many of the applications, cases, and stories, as well as in the data-based Global Comparison boxed features. Ultimately, Essentials of Economics promote better engagement, better understanding, and better grades.

  • 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

Appendix: Graphs in Economics

Part 2. Supply and Demand

  1. Supply and Demand

  2. Price Controls and Quotas: Meddling with Markets

  3. Elasticity and Taxation

Part 3. The Production Decision

  1. Behind the Supply Curve: Inputs and Costs

  2. Perfect Competition and the Supply Curve

Part 4. Beyond Perfect Competition

  1. Monopoly

  2. Oligopoly and Monopolistic Competition

Part 5. Microeconomics and Public Policy

  1. Externalities and Public Goods

  2. Poverty, Inequality, and the Welfare State

Part 6. Introduction to Macroeconomics

  1. Macroeconomics: The Big Picture

  2. GDP and the CPI: Tracking the Macroeconomy

  3. Unemployment and Inflation

Part 7. Economic Growth and Fluctuations

  1. Long-Run Economic Growth

  2. Aggregate Demand and Aggregate Supply

Part 8. Stabilization Policy

  1. Fiscal Policy

  2. Money, Banking, and the Federal Reserve System 

  3. Monetary Policy

Part 9. The International Economy

  1. International Trade, Capital Flows, and Exchange Rates

Solutions to Check Your Understanding Questions