Economics with MyEconLab

Financial Times
John Sloman / Alison Wride
FT Prentice Hall
Juli 2009
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Economics seventh edition is all new.  A new co –author Alison Wride from the University of Exeter has joined the team to build on the well known and well loved previous six editions. The new seventh edition continues to provide a comprehensive and completely up-to-date self-contained introduction to the world of economics.

New Sloman Economics in the News blog site at  updated monthly with the latest news stories and links them to each chapter of the book

A printed Workbook containing a set of over 1500 questions of various types, carefully matched to the content of the main text, allows you to test your understanding and apply your knowledge.  Available for purchase on its own, or value packed with the main text at a discount.

WinEconaward-winning interactive tutorials, especially customised for use with Sloman’s Economics.  Available for purchase at


A sophisticated online learning resource for this edition available to users of this book.

An unrivalled online study and testing resource that generates a personalized study plan and provides extensive practice questions exactly where you need it

·         Interactive questions with randomized values allow you practice the same concept as many times as you need until you master it.

·         Guided solutions break down the question for you step by step.

·         Audio animations talk you through key economics models

·         Full e book to links out to the relevant part of the text while you are practicing.

·         Online workbook provides bite sized chunks of text and plenty of further practice with interactive exercises and links to video clips to help you reinforce your learning further.  

See the Getting Started with MyEconlab section in the book’s prelims for information on how to register and start using the resources.      


  • Careful use of a wealth of examples and cases to make the subject relevant to the real world and bring it to life.
  • Every sentence carefully considered to ensure clarity and ease of understanding.
  • Learning features integrated throughout the text, such as questions, definitions, web references and summaries. These encourage you to reflect on what you’ve learnt and highlight the links between different areas of the subject.
  • Suitable for a range of courses: advanced material is covered for more rigorous courses, but is easily identifiable and can be omitted without hindering understanding of basic concepts.

New to this Edition

  • New section on game theory in chapter 7
  • New separate Part C on microeconomic policy including new separate chapters (12 and 13) on the environment and competition policy.
  • Chapter 18 on banking and finance including detailed coverage of the credit crunch and banking reform
  • Chapter 20 on fiscal and monetary policy examines the different measures to fight recession
  • Thoroughly revised and updated: every sentence, table, chart and factual reference has been reviewed, and revised where necessary.
  • Many new examples and boxes have been added
  • The best resource package for introductory economics just got better! Resources are carefully integrated with the text to provide a complete and blended learning experience.

Table of Contents

Part A Introduction

1: Introducing Economics
1.1 What do economists study? 
1.2 Different economic systems
1.3 The nature of economic reasoning

Part B Foundations of Microeconomics

2: Supply and Demand
2.1  Demand
2.2 Supply
2.3 Price and output determination
2.4 The control of prices

3: Markets in Action
3.1 Elasticity
3.2 The time dimension
3.3 Indirect taxes
3.4 Government rejection of market allocation
3.5 Agriculture and agricultural policy

Part C: Microeconomic Theory

4 Background to Demand
4.1 Marginal utility theory
4.2 Demand under risk and uncertainty
4.3 Indifference analysis

5 Background to Supply
5.1 The short-run theory of production
5.2 Costs in the short run
5.3 The long-run theory of production
5.4 Costs in the long run
5.5 Revenue
5.6 Profit maximisation

6 Profit Maximising under Perfect Competition and Monopoly
6.1 Alternative market structures
6.2 Perfect competition
6.3 Monopoly

7 Profit Maximising under Imperfect Competition
7.1 Monopolistic competition
7.2 Oligopoly
7.3 Game theory
7.4 Price discrimination

8 Alternative Theories of the Firm
8.1 Problems with traditional theory
8.2 Alternative maximising theories
8.3 Multiple aims
8.4 Pricing in practice

9 The Theory of Distribution of Income 
9.1 Wage determination under perfect competition
9.2 Wage determination in imperfect markets
9.3 Capital and profit
9.4 Land and rent

Part D: Microeconomic Policy

10 Inequality, Poverty and Policies to Redistribute Income
10.1 Inequality and poverty
10.2 Taxes, benefits and the redistribution of income

11 Markets, Efficiency and the Public Interest
11.1 Efficiency under perfect competition
11.2 The case for government intervention
11.3 Forms of government intervention
11.4 *Cost–benefit analysis
11.5 Government failure and the case for the market

12 Environmental Policy
12.1 Economics of the environment
12.2 Policy to reduce pollution
12.3 The economics of traffic congestion
12.4 Urban transport policies

13 Government Policy towards Business
13.1 Competition policy
13.2 Privatisation and regulation

Part E: Foundations of Macroeconomics

14 The National Economy
14.1 The scope of macroeconomics
14.2 The circular flow of income
14.3 Measuring national income and output
14.4 Short-term economic growth and the business cycle
14.5 Long-term economic growth

15 Macroeconomic Issues and Analysis: an Overview
15.1 Unemployment
15.2 Aggregate demand and supply and the level of prices
15.3 Inflation
15.4 The balance of payments and exchange rates
15.5 Postscript to Part E: The relationship between the four macroeconomic objectives 000

Part F: Macroeconomics

16 The Roots of Modern Macroeconomics
16.1 Setting the scene: three key issues
16.2 Classical macroeconomics
16.3 The Keynesian revolution
16.4 The monetarist–Keynesian debate
16.5 The current position: an emerging consensus?

17 Short-run Macroeconomic Equilibrium
17.1Background to the theory
17.2 The determination of national income
17.3 The simple Keynesian analysis of unemployment and inflation
17.4 The Keynesian analysis of the business cycle

18 Money and Interest Rates
18.1 The meaning and functions of money
18.2 The financial system
18.3 The supply of money
18.4 The demand for money
18.5 Equilibrium

19 The Relationship between the Money and Goods Markets
19.1 The effects of monetary changes on national income
19.2 The monetary effects of changes in the goods market
19.3 ISLM analysis
19.4 Taking inflation into account

20 Fiscal and Monetary Policy
20.1 Fiscal policy
20.2 Monetary policy
20.3 ISLM analysis of fiscal and monetary policy
20.4 Fiscal and monetary policy in the UK
20.5 Rules versus discretion

21 Aggregate Supply, Unemployment and Inflation
21.1 Aggregate supply
21.2 The expectations-augmented Phillips curve
21.3 Inflation and unemployment: the new classical position
21.4 Inflation and unemployment: the modern Keynesian position
21.5 Postscript: common ground among economists?

22 Long-term Economic Growth
22.1 Long-run economic growth in industrialised countries
22.2 Economic growth without technological progress
22.3 Economic growth with technological progress

23 Supply-side Policies
23.1 Supply-side policies and the macroeconomy
23.2 Approaches to supply-side policy
23.2 Market-orientated supply-side policies
23.3 Interventionist supply-side policy

Part G: The World Economy

24. International Trade
24.1 The advantages of trade
24.2 Arguments for restricting trade
24.3 Preferential trading
24.4 The European Union

25. The Balance of Payments and Exchange Rates
25.1 Alternative exchange rate regimes
25.2 Fixed exchange rates
25.3 Free-floating exchange rates
25.4 Exchange rate systems in practice

26. Global and Regional Interdependence
26.1 Globalisation and the problem of instability
26.2 Concerted international action to stabilise exchange rates
26.3 European economic and monetary union (EMU)
26.4 Achieving greater currency stability

27. Economic Problems of Developing Countries
27.1 The problem of underdevelopment
27.2 International trade and development
27.3 Structural problems within developing countries
27.4 The problem of debt


John Sloman is Director of the Economics Network, the economics subject centre of the Higher Education Academy. Economics Network is based at the University of Bristol. John is also Visiting Professor at the University of the West of England, Bristol.

Alison Wrideis Deputy Director of the University of Exeter Business School and an Associate Professor in Economics.