This thoroughly revised edition provides a complete, balanced introduction to economics and to the most important issues facing the world's economies at the turn of the millennium. In addition to fine-tuning and streamlining the prose and the overall presentation, the authors have comprehensively updated the text and the applicatins to reflect recent economic developments and topics of current interest.
The new edition examines the following key topics--and more :
- the use of game theory in the study of firms' behavior
- the "good jobs/bad jobs" debate and the "deindustrialization"
of America
- the antitrust case brought by the Departmet of Justice against
Microsoft
- the challengesd of reforming Social Security
- U.S. trade policy, especially regarding the importance of
NAFTA
- the effects of the Asian economic crisis on the Fed's conduct
of monetary policy
- the role of the exchange rate and the stock market in the
conduct of monetary policy
- the federal governiment's progress in reducing the U.S. budget
deficit
- The importance of long-term economic growth--its costs, its
benefits, and its determinants
A complete supplements program is available to accompany Economics, Twelfth Edition (see the Preface for details). Students in particular will find the Study Guide, with its practice questions, exercises, and problems, to be an excellent source of study support and extra review material. It is available in both a one- and a two-volume edition.
Part I The Nature of Economics
1. The Economic Problem
2. Economics as a Social Science
3. The Anatomy of a Market Economy
Part II An Introduction to Demand and Supply
4. Demand, Supply, and Price
5. Elasticity
6. Demand and Supply in Action
Part III Consumers and Products
7. Consumer Behavior
8. Production and Cost in The Short Run
9. Production and Cost in The Long Run
Part IV Markets, Pricing, and Efficiency
10. Compettive Markets
,etc.