Principles of Economics, Global Edition

Name: Principles of Economics, Global Edition
Price: 4390 ISK
Availability: InStock
Author: Karl E. Case; Ray C. Fair; Sharon E. Oster
ISBN: 9781292488486

Höfundar: Karl E. Case; Ray C. Fair; Sharon E. Oster (Útgáfa: 14)

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All-time bestselling Principles of Economics is trusted for its clear, thorough and complete coverage of how market economies function. Covering both macro- and microeconomics perspectives, it balances economic theory, institutional material and real-world examples, with emphasis on the art and science of economic thinking. The 14th Edition features streamlined chapters, revised problems and all-new macro data through 2023.

It adds 23 new Economics in Practice boxes with recent research and analysis, such as the impact of the COVID-19 pandemic on supply chains. In MyLab, new Economics in Practice videos featuring Emily Oster make economics relevant and relatable, while equipping you for success.

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Útgefandi: Pearson International Content

ISBN: 9781292488486

Print ISBN: 9781292488479

Format: ePub

Útgáfa: 14

Höfundar: Karl E. Case; Ray C. Fair; Sharon E. Oster

Tungumál: English

Útgefið: 2026-04-08

Prent takmörkun á líftíma: 100

Prent takmörkun: 2

Afritunar takmörkun: 2

Kaflar

Cover
Cover
Front Matter
Title Page
Copyright
About the Authors
Preface
Interactive Media Contents
1: The Scope and Method of Economics (Part I: Introduction to Economics)
Introduction: The Scope and Method of Economics
1.1: Why Study Economics?
1.2: The Scope of Economics
1.3: The Method of Economics
1.4: An Invitation
1.5: Economic Skills and Economics as a Career
Summary: The Scope and Method of Economics
1 Appendix: How to Read and Understand Graphs
Introduction: How to Read and Understand Graphs
1A.1: Time Series Graphs
1A.2: Graphing Two Variables
1A.3: Plotting Income and Consumption Data for Households
1A.4: Slope
1A.5: Some Precautions
Summary: How to Read and Understand Graphs
2: The Economic Problem: Scarcity and Choice
Introduction: The Economic Problem: Scarcity and Choice
2.1: Scarcity, Choice, and Opportunity Cost
2.2: Economic Systems and the Role of Government
Summary: The Economic Problem: Scarcity and Choice
3: Demand, Supply, and Market Equilibrium
Introduction: Demand, Supply, and Market Equilibrium
3.1: Firms and Households: The Basic Decision-Making Units
3.2: Input Markets and Output Markets: The Circular Flow
3.3: Demand in Product/Output Markets
3.4: Supply in Product/Output Markets
3.5: Market Equilibrium
Summary: Demand, Supply, and Market Equilibrium
4: Demand and Supply Applications
Introduction: Demand and Supply Applications
4.1: The Price System: Rationing and Allocating Resources
4.2: Supply and Demand Analysis: Tariffs (Tax)
4.3: Supply and Demand and Market Efficiency
Summary: Demand and Supply Applications
5: Elasticity
Introduction: Elasticity
5.1: Price Elasticity of Demand
5.2: Calculating Elasticities
5.3: The Determinants of Demand Elasticity
5.4: Other Important Elasticities
5.5: What Happens When We Raise Taxes: Using Elasticity
Summary: Elasticity
Part II: The Market System: Choices Made by Households and Firms
Part II: The Market System: Choices Made by Households and Firms
6: Household Behavior and Consumer Choice
Introduction: Household Behavior and Consumer Choice
6.1: Household Choice in Output Markets
6.2: The Basis of Choice: Utility
6.3: Income and Substitution Effects
6.4: Household Choice in Input Markets
6.5: A Review: Households in Output and Input Markets
Summary: Household Behavior and Consumer Choice
6 Appendix: Indifference Curves
Introduction: Indifference Curves
Summary: Indifference Curves
7: The Production Process: The Behavior of Profit-Maximizing Firms
Introduction: The Production Process: The Behavior of Profit-Maximizing Firms
7.1: The Behavior of Profit-Maximizing Firms
7.2: The Production Process
7.3: Choice of Technology
Summary: The Production Process: The Behavior of Profit-Maximizing Firms
7 Appendix: Isoquants and Isocosts
Introduction: Isoquants and Isocosts
Summary: Isoquants and Isocosts
8: Short-Run Costs and Output Decisions
Introduction: Short-Run Costs and Output Decisions
8.1: Costs in the Short Run
8.2: Output Decisions: Revenues, Costs, and Profit Maximization
Summary: Short-Run Costs and Output Decisions
9: Long-Run Costs and Output Decisions
Introduction: Long-Run Costs and Output Decisions
9.1: Short-Run Conditions and Long-Run Directions
9.2: Long-Run Costs: Economies and Diseconomies of Scale
9.3: Long-Run Adjustments to Short-Run Conditions
9.4: Output Markets: A Final Word
Summary: Long-Run Costs and Output Decisions
9 Appendix: External Economies and Diseconomies
Introduction: External Economies and Diseconomies
Summary: External Economies and Diseconomies
10: Input Demand: The Labor and Land Markets
Introduction: Input Demand: The Labor and Land Markets
10.1: Input Markets: Basic Concepts
10.2: Labor Markets
10.3: Land Markets
10.4: Input Demand Curves
10.5: Profit-maximizing Condition in Input Markets
Summary: Input Demand: The Labor and Land Markets
11: Input Demand: The Capital Market and the Investment Decision
Introduction: Input Demand: The Capital Market and the Investment Decision
11.1: Capital and Investment
11.2: The Demand for New Capital and the Investment Decision
11.3: The Capital Market
11.4: A Final Word on Capital
Summary: Input Demand: The Capital Market and the Investment Decision
11 Appendix: Calculating Present Value
Introduction: Calculating Present Value
11A.1: Present Value
11A.2: Lower Interest Rates, Higher Present Values
Summary: Calculating Present Value
12: General Equilibrium and the Efficiency of Perfect Competition
Introduction: General Equilibrium and the Efficiency of Perfect Competition
12.1: Market Adjustment to Changes in Demand
12.2: Allocative Efficiency and Competitive Equilibrium
12.3: The Sources of Market Failure
12.4: Evaluating the Market Mechanism
Summary: General Equilibrium and the Efficiency of Perfect Competition
13: Monopoly and Antitrust Policy (Part III: Market Imperfections and the Role of Government)
Introduction: Monopoly and Antitrust Policy
13.1: Imperfect Competition and Market Power: Core Concepts
13.2: Price and Output Decisions in Pure Monopoly Markets
13.3: The Social Costs of Monopoly
13.4: Price Discrimination
13.5: Remedies for Monopoly: Antitrust Policy
Summary: Monopoly and Antitrust Policy
14: Oligopoly
Introduction: Oligopoly
14.1: Market Structure in an Oligopoly
14.2: Oligopoly Models
14.3: Game Theory
14.4: Oligopoly and Economic Performance
14.5: The Role of Government
Summary: Oligopoly
15: Monopolistic Competition
Introduction: Monopolistic Competition
15.1: Industry Characteristics
15.2: Product Differentiation and Advertising
15.3: Price and Output Determination in Monopolistic Competition
15.4: Economic Efficiency and Resource Allocation
Summary: Monopolistic Competition
16: Externalities, Public Goods, and Common Resources
Introduction: Externalities, Public Goods, and Common Resources
16.1: Externalities and Environmental Economics
16.2: Public (Social) Goods
16.3: Common Resources
Summary: Externalities, Public Goods, and Common Resources
17: Uncertainty and Asymmetric Information
Introduction: Uncertainty and Asymmetric Information
17.1: Decision Making Under Uncertainty: The Tools
17.2: Asymmetric Information
17.3: Incentives
Summary: Uncertainty and Asymmetric Information
18: Income Distribution and Poverty
Introduction: Income Distribution and Poverty
18.1: The Sources of Household Income
18.2: The Distribution of Market Income
18.3: Causes of Inequality in Market Income
18.4: Arguments for and Against Reducing Market-Income Inequality
18.5: Redistribution of Income Through Taxes and Transfers
18.6: Poverty
18.7: The Minimum Wage
18.8: The Distribution of Wealth
18.9: Income Inequality in Other Countries
Summary: Income Distribution and Poverty
19: Public Finance: The Economics of Taxation
Introduction: Public Finance: The Economics of Taxation
19.1: The Basics of Taxation
19.2: Tax Incidence: Who Pays?
19.3: Excess Burdens and the Principle of Neutrality
19.4: The Principle of Second Best
19.5: Tax Equity
19.6: Social Choice
Summary: Public Finance: The Economics of Taxation
20: Introduction to Macroeconomics (Part IV: Concepts and Problems in Macroeconomics)
Introduction: Introduction to Macroeconomics
20.1: Macroeconomic Concerns
20.2: The Components of the Macroeconomy
20.3: A Brief History of Macroeconomics
20.4: The U.S. Economy Since 1970
Summary: Introduction to Macroeconomics
21: Measuring National Output and National Income
Introduction: Measuring National Output and National Income
21.1: Gross Domestic Product
21.2: Calculating GDP
21.3: Nominal versus Real GDP
21.4: Limitations of the GDP Concept
Summary: Measuring National Output and National Income
22: Unemployment, Inflation, and Long-Run Growth
Introduction: Unemployment, Inflation, and Long-Run Growth
22.1: Unemployment
22.2: Inflation and Deflation
22.3: Long-Run Growth
Summary: Unemployment, Inflation, and Long-Run Growth
Part V: The Core of Macroeconomic Theory
Part V: The Core of Macroeconomic Theory
23: Aggregate Expenditure and Equilibrium Output
Introduction: Aggregate Expenditure and Equilibrium Output
23.1: The Keynesian Theory of Consumption
23.2: Planned Investment (I) versus Actual Investment
23.3: Planned Investment and the Interest Rate (r)
23.4: The Determination of Equilibrium Output (Income)
23.5: The Multiplier
Summary: Aggregate Expenditure and Equilibrium Output
23 Appendix: Deriving the Multiplier Algebraically
Introduction: Deriving the Multiplier Algebraically
24: The Government and Fiscal Policy
Introduction: The Government and Fiscal Policy
24.1: Government in the Economy
24.2: Fiscal Policy at Work: Multiplier Effects
24.3: The Federal Budget
24.4: The Economy‚Äôs Influence on the Government Budget
Summary: The Government and Fiscal Policy
24 Appendix A: Deriving the Fiscal Policy Multipliers
Introduction: Deriving the Fiscal Policy Multipliers
24 Appendix B: The Case in Which Tax Revenues Depend on Income
Introduction: The Case in Which Tax Revenues Depend on Income
Summary: The Case in Which Tax Revenues Depend on Income
25: Money, the Federal Reserve, and the Interest Rate
Introduction: Money, the Federal Reserve, and the Interest Rate
25.1: An Overview of Money
25.2: How Banks Create Money
25.3: The Federal Reserve System
25.4: The Demand for Money
25.5: Interest Rates and Security Prices
25.6: How the Federal Reserve Controls the Interest Rate
25.7: Expanded Fed Activities Beginning in 2008
25.8: The Federal Reserve Balance Sheet
Summary: Money, the Federal Reserve, and the Interest Rate
25 Appendix: The Various Interest Rates in the U.S. Economy
Introduction: The Various Interest Rates in the U.S. Economy
Summary: The Various Interest Rates in the U.S. Economy
26: The Determination of Aggregate Output, the Price Level, and the Interest Rate
Introduction: The Determination of Aggregate Output, the Price Level, and the Interest Rate
26.1: The Aggregate Supply (AS) Curve
26.2: The Aggregate Demand (AD) Curve
26.3: The Final Equilibrium
26.4: Other Reasons for a Downward-Sloping AD Curve
26.5: The Long Run AS Curve
Summary: The Determination of Aggregate Output, the Price Level, and the Interest Rate
27: Policy Effects and Cost Shocks in the AS/AD Model
Introduction: Policy Effects and Cost Shocks in the AS/AD Model
27.1: Fiscal Policy Effects
27.2: Monetary Policy Effects
27.3: Shocks to the System
27.4: Monetary Policy since 1970
Summary: Policy Effects and Cost Shocks in the AS/AD Model
28: The Labor Market in the Macroeconomy
Introduction: The Labor Market in the Macroeconomy
28.1: The Labor Market: Basic Concepts
28.2: The Classical View of the Labor Market
28.3: Explaining the Existence of Unemployment
28.4: Explaining the Existence of Cyclical Unemployment
28.5: The Short-Run Relationship Between the Unemployment Rate and Inflation
28.6: The Long-Run Aggregate Supply Curve, Potential Output, and the Natural Rate of Unemployment
Summary: The Labor Market in the Macroeconomy
29: Financial Crises, Stabilization, and Deficits (Part VI: Future Macroeconomics Issues)
Introduction: Financial Crises, Stabilization, and Deficits
29.1: The Stock Market, the Housing Market, and Financial Crises
29.2: Time Lags Regarding Monetary and Fiscal Policy
29.3: Government Deficit Issues
Summary: Financial Crises, Stabilization, and Deficits
30: Household and Firm Behavior in the Macroeconomy: A Further Look
Introduction: Household and Firm Behavior in the Macroeconomy: A Further Look
30.1: Households: Consumption and Labor Supply Decisions
30.2: Firms: Investment and Employment Decisions
30.3: Productivity and the Business Cycle
30.4: The Short-Run Relationship Between Output and Unemployment
30.5: The Size of the Multiplier
Summary: Household and Firm Behavior in the Macroeconomy: A Further Look
31: Long-Run Growth
Introduction: Long-Run Growth
31.1: The Growth Process: From Agriculture to Industry
31.2: Sources of Economic Growth
31.3: Growth and the Environment and Issues of Sustainability
Summary: Long-Run Growth
32: Alternative Views in Macroeconomics
Introduction: Alternative Views in Macroeconomics
32.1: Keynesian Economics
32.2: Monetarism
32.3: Supply-Side Economics
32.4: New Classical Macroeconomics
32.5: Behavioral Macroeconomics
32.6: Testing Alternative Macroeconomic Models
Summary: Alternative Views in Macroeconomics
33: International Trade, Comparative Advantage, and Protectionism (Part VII: The World Economy)
Introduction: International Trade, Comparative Advantage, and Protectionism
33.1: Trade Surpluses and Deficits
33.2: The Economic Basis for Trade: Comparative Advantage
33.3: The Sources of Comparative Advantage
33.4: Trade Barriers: Tariffs, Export Subsidies, and Quotas
33.5: Free Trade or Protection?
33.6: An Economic Consensus
Summary: International Trade, Comparative Advantage, and Protectionism
34: Open-Economy Macroeconomics: The Balance of Payments and Exchange Rates
Introduction: Open-Economy Macroeconomics: The Balance of Payments and Exchange Rates
34.1: The Balance of Payments
34.2: Equilibrium Output (Income) in an Open Economy
34.3: The Open Economy with Flexible Exchange Rates
Summary: Open-Economy Macroeconomics: The Balance of Payments and Exchange Rates
34 Appendix: World Monetary Systems since 1900
Introduction: World Monetary Systems since 1900
Summary: World Monetary Systems since 1900
35: Economic Growth in Developing Economies
Introduction: Economic Growth in Developing Economies
35.1: Life in the Developing Nations: Population and Poverty
35.2: Economic Development: Sources and Strategies
35.3: Development Interventions
Summary: Economic Growth in Developing Economies
36: Critical Thinking about Research (Part VIII: Methodology)
Introduction: Critical Thinking about Research
36.1: Selection Bias
36.2: Causality
36.3: Statistical Significance
36.4: Regression Analysis
Summary: Critical Thinking about Research
Credits
Credits
Additional Glossary
Additional Glossary
Glossary