Principles of Economics, Global Edition (12^th Ed.)

For the two-semester course in Principles of Economics.

An Introduction to the Functioning of the Economy and the Power and Breadth of Economics

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Part I: Introduction To Economics

1. The Scope and Method of Economics

2. The Economic Problem: Scarcity and Choice

3. Demand, Supply, and Market Equilibrium

4. Demand and Supply Applications

5. Elasticity

Part II: The Market System

6. Household Behavior and Consumer Choice

7. The Production Process: The Behavior of Profit-Maximizing Firms

8. Short-Run Costs and Output Decisions

9. Long-Run Costs and Output Decisions

10. Input Demand: The Labor and Land Markets

11. Input Demand: The Capital Market and the Investment Decision

12. General Equilibrium and the Efficiency of Perfect Competition

Part III: Market Imperfections and the Role of Government

13. Monopoly and Antitrust Policy

14. Oligopoly

15. Monopolistic Competition

16. Externalities, Public Goods, and Common Resources

17. Uncertainty and Asymmetric Information

18. Income Distribution and Poverty

19. Public Finance: The Economics of Taxation

Part IV: Concepts and Problems in Macroeconomics

20. Introduction to Macroeconomics

21. Measuring National Output and National Income

22. Unemployment, Inflation, and Long-Run Growth

Part V: The Core of Macroeconomic Theory

23. Aggregate Expenditure and Equilibrium Output

24. The Government and Fiscal Policy

25. Money, the Federal Reserve, and the Interest Rate

26. The Determination of Aggregate Output, the Price Level, and the Interest Rate

27. Policy Effects and Cost Shocks in the AS/AD Model

28. The Labor Market in the Macroeconomy

Part VI: Further Macroeconomics Issues

29. Financial Crises, Stabilization, and Deficits

30. Household and Firm Behavior in the Macroeconomy: A Further Look

31. Long-Run Growth

32. Alternative Views in Macroeconomics

Part VII: The World Economy

33. International Trade, Comparative Advantage, and Protectionism

34. Open-Economy Macroeconomics: The Balance of Payments and Exchange Rates

35. Economic Growth in Developing Economies

Part VIII: Methodology