Economics Principles and Tools

For two-semester or one-semester, freshman/sophomore-level courses in Principles of Economics, one-semester courses in Principles of Microeconomics, and one-semester courses in Principles of Macroeconomics. By emphasizing the five key principles, this text teaches students how to think like economists by showing them how to use economic concepts in their everyday lives and careers. The authors make the material both accessible and motivating for students by using key concepts repeatedly, illustrating them with compelling real-world examples, and giving students lots of practice at Active Learning; doing their own economic analysis. *NEW - Production and cost; Features a more detailed and integrated discussion of the link between production and cost. *Uses a full treatment of production theory to explain the shapes of the firms short-run and long-run cost curves. *NEW - Two applied chapters on market structure (Ch. 13 and Ch. 14). Treats I/O along more traditional lines. *NEW - Separate coverage of production and income (Ch. 20) and unemployment and inflation (Ch. 21). *NEW - More thorough coverage of the basics of supply and demand (Ch. 4). *NEW - Chapter on economic policy (Ch.