Description
For courses in Economics.
Foundations of Microeconomics , 8th Edition introduces students to the economic principles they can use to navigate the financial decisions of their futures. Each chapter concentrates on a manageable number of ideas, usually 3 to 4, with each reinforced several times throughout the text. This patient approach helps guide students through unfamiliar terrain and focus them on the most important concepts.
The text does four core things to help students grasp and apply economic principles: it motivates with compelling issues and questions, focuses on core ideas, offers concise points, and encourages learning with activities and practice questions. After completing this text, students will have the foundational knowledge of how the economy works and can apply it to their lives going forward.
Features
Content has been fine-tuned to reflect the current economy
- NEW! The text reflects the dramatic economic history of today , including persistent slow economic growth, an increasing concentration of wealth, headwinds from the UK’s stagnant economy, the UK’s decision to leave the European Union, China’s slowing expansion, and enhanced concern about climate change. In the US specifically, the text covers the increasing loss of jobs to offshore companies, the political popularity of trade protection, financial demands from an aging population, a dysfunctional congress with rising government debt, and a slow, decade-long recovery from the financial crisis.
- UPDATED! Each chapter contains small changes to enhance clarity and currency, and every example reflects the most recent current events.
Notable content changes in micro
- NEW! Economics as a Life Skill section explains how economics can be used as a life tool, the scientific method the subject employs, and economics as an aid to critical thinking (Chapter 1).
- NEW! Eye on Your Life looks at the BLS data on student time allocation.
- NEW! Coverage on how the outward bowed production possibilities frontier arises from exploiting comparative advantage (Chapter 3).
- NEW! Section on production quotas, which explains why producers like them and illustrates how a quota expands producer surplus (Chapter 7).
- NEW! Explanation of the Flat Tax and Fair Tax proposals and compares their efficiency and equity properties with those of the existing tax code (Chapter 8).
- UPDATED! Expanded discussion of carbon emissions and the global challenge of achieving an efficient use of energy resources (Chapter 10).
- UPDATED! Efficient provision of transportation infrastructure is a motivating example, and discussion of the underprovision that results from limited revenue sources is included (Chapter 11).
- NEW and UPDATED! Coverage of the economics of healthcare insurance and services. It identifies the sources of healthcare market failure and describes and compares alternative solutions, including Obamacare and the healthcare systems of Canada and Europe (Chapter 12).
- UPDATED! Broadened examination of inequality trends with a focus on the income share of the top one percent—the great compression through the mid-1970s and the great divergence of the past 40 years. Coverage of mobility up and down the income quintiles has also been expanded (Chapter 20).
Outcome-driven teaching and learning
- REVISED! The text has been revised to provide an outcome-driven teaching and learning program to strengthen problem-solving, critical-thinking, and decision-making skills.
Focus on core concepts
- Each chapter concentrates on a manageable number of ideas, usually 3 to 4, with each reinforced several times throughout the text. This patient approach helps guide students through unfamiliar terrain and focus them on the most important concepts.
Clear organisation helps students embrace and understand the material
- The text leaves room for flexibility for professors who want to cover it in a different order.
Diagrams aid in learning difficult concepts
- Diagrams make consistent use of color to show the direction of shifts, and detailed, numbered cap
New to this Edition
About the book
Content has been fine-tuned to reflect the current economy
- The text reflects the dramatic economic history of today, including persistent slow economic growth, an increasing concentration of wealth, headwinds from the UK’s stagnant economy, the UK’s decision to leave the European Union, China’s slowing expansion, and enhanced concern about climate change. In the US specifically, the text covers the increasing loss of jobs to offshore companies, the political popularity of trade protection, financial demands from an aging population, a dysfunctional congress with rising government debt, and a slow, decade-long recovery from the financial crisis.
- Each chapter contains small changes to enhance clarity and currency, and every example reflects the most recent current events.
Notable content changes in micro
- Economics as a Life Skill section explains how economics can be used as a life tool, the scientific method the subject employs, and economics as an aid to critical thinking (Chapter 1).
- Eye on Your Life looks at the BLS data on student time allocation.
- Coverage on how the outward bowed production possibilities frontier arises from exploiting comparative advantage (Chapter 3).
- Section on production quotas, which explains why producers like them and illustrates how a quota expands producer surplus (Chapter 7).
- Explanation of the Flat Tax and Fair Tax proposals and compares their efficiency and equity properties with those of the existing tax code (Chapter 8).
- Expanded discussion of carbon emissions and the global challenge of achieving an efficient use of energy resources (Chapter 10).
- Efficient provision of transportation infrastructure is a motivating example, and discussion of the underprovision that results from limited revenue sources is included (Chapter 11).
- Coverage of the economics of healthcare insurance and services. It identifies the sources of healthcare market failure and describes and compares alternative solutions, including Obamacare and the healthcare systems of Canada and Europe (Chapter 12).
- Broadened examination of inequality trends with a focus on the income share of the top one percent—the great compression through the mid-1970s and the great divergence of the past 40 years. Coverage of mobility up and down the income quintiles has also been expanded (Chapter 20).
Outcome-driven teaching and learning
· The text has been revised to provide an outcome-driven teaching and learning program to strengthen problem solving, critical thinking, and decision making skills.
MyLabTM Economics not included. Students, if MyLab is a recommended/mandatory component of the course, please ask your instructor for the correct ISBN and course ID. MyLab should only be purchased when required by an instructor. Instructors, contact your Pearson representative for more information.
- Animated Graphs in MyLab Economics accompany many of the key graphs and figures in the text, and have been updated with real-time data from FREDTM (Federal Reserve Economic Data) —a comprehensive, up-to-date data set maintained by the Federal Reserve Bank of St. Louis. Students can display a pop-up graph that shows new data plotted in the graph, to better understand how to work with data and understand how including new data affects graphs. More dynamic than graphs on a printed page, these animated ones help students understand shifts in curves, m
Table of Contents
- PART 1: INTRODUCTION
- 1. Getting Started
- 2. The U.S. and Global Economies
- 3. The Economic Problem
- 4. Demand and Supply
- PART 2: A CLOSER LOOK AT MARKETS
- 5. Elasticities of Demand and Supply
- 6. Efficiency of Fairness and Markets
- PART 3: HOW GOVERNMENTS INFLUENCE THE ECONOMY
- 7. Government Actions in Markets
- 8. Taxes
- 9. Global Markets in Action
- PART 4: MARKET FAILURES AND PUBLIC POLICY
- 10. Externalities
- 11. Public Goods and Common Resources
- 12. Private Information and Healthcare Markets
- PART 5: A CLOSER LOOK AT DECISION MAKERS
- 13. Consumer Choice and Demand
- 14. Production and Cost
- PART 6: PRICES, PROFITS, AND INDUSTRY PERFORMANCE
- 15. Perfect Competition
- 16. Monopoly
- 17. Monopolistic Competition
- 18. Oligopoly
- PART 7: INCOMES AND INEQUALITY
- 19. Markets for Factors of Production
- 20. Economic Inequality
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