McGraw-Hill Irwin Understanding Economics Today

"Understanding Economics Today" focuses on vital issues pertinent to current and prospective participants in the U.S. and global economy. This popular long-tested text applies basic economic reasoning to build understanding of how our complex commercial society operates. Economic principles, both micro and macro, are learned through repeated applications to real world events. The emphasis on the power of economic reasoning, rather than laborious technical jargon, positively motivates both students and teachers. Synopsis "Understanding Economics Today" focuses on vital issues pertinent to current and prospective participants in the U.S. and global economy. This popular long-tested text applies basic economic reasoning to build understanding of how our complex commercial society operates. Economic principles, both micro and macro, are learned through repeated applications to real world events. The emphasis on the power of economic reasoning, rather than laborious technical jargon, positively motivates both students and teachers. From the Publisher Five Economic reasoning propositions are first introduced in the preface, repeated and expanded in chapter one and continued throughout the text. These propositions explain how prices emerge and influence behavior of individuals as participants in commercial societies. They are now highlighted as reminders in particular applications e.g. incentives matter, choices impose costs on individuals. This new emphasis better empowers the student to use these reasoning skills. A new section highlights the distinction between choices and actions in personal circumstances. This new material addresses moral questions (e.g. The Golden Rule) regarding behavior and shows the limits of economic reasoning in personal interactions and their explanatory power in impersonal ones. New section (in Chapter 5) indicates how current government policies helped kill Walter Payton at age 45, the National Football Leagues leading all-time rusher. Economic reasoning propositions explain why. The section on welfare is completely revised (Chapter 19). The impact that national and state policy changes have on welfare dependence is stressed. Contemporary economic Issues (including social security, health care policy, farm policy, income distribution) and economic data are updated throughout. The survey student is introduced to timely and contemporary economics which will become increasingly important during the election year 2000. Analytical-technical complexities have been simplified in the macro section. The Instructor's Manual will now include 20 Voluntary National Economics Standards. These Standards will be linked to the economic reasoning propositions to help teachers know what students should learn. Examples of what students should be able to do to show their economic reasoning skills are also given. Updated, revised, and improved test bank. The student obtains a respect for and knowledge of the economic way of thinking. Comprehensive yet not overly detailed, the text's clear narrative focuses on the key economic concepts. Economic Reasoning Propositions are introduced in the preface, continued in Chapter one, and are found throughout the text. An example of an Economic Reasoning Proposition: Incentives matter. Incentives are rewards that encourage people to act. Disincentives discourage actions. People respond to incentives in predictable ways; when incentives change, behavior changes in predictable ways. The circular flow diagram is used through many of the macroeconomics chapters. This pedagogical device brings a sense of order to the complexities of macroeconomics. Extensive Pedagogy - Chapter Previews encapsulate primary concepts presented in the chapter by detailing situations or events familiar to students. - Concepts Reintroduced is an alphabetical listing of reintroduced key terms with references to the page where the concept was first discussed. - New Concepts are key ne