Cengage Learning Essentials of Economics: Principles and Policy

This text is well known for using the Keynesian model in the teaching of economics; yet in recent editions, the authors have expanded coverage of the growth model considerably to achieve more balanced coverage. The text uses the aggregate supply/ aggregate demand model as a fundamental tool for learning macroeconomics. It achieves the right level of rigor and detail, presenting complicated concepts in a relatively straightforward manner and using timely economic data. Using puzzles, issues, and well-developed examples, the authors provide a good balance of theory to application. Homework Xpress is available with the anniversary 10th edition and two new sets of end of chapter questions have been added as well to help students prepare for exams: "Test Yourself" and "Discussion Questions". Review Part I: GETTING ACQUAINTED WITH ECONOMICS. 1. What Is Economics? 2. The Economy: Myth and Reality. 3. The Fundamental Economic Problem: Scarcity and Choice. 4. Supply and Demand: An Initial Look. Part II: THE BUILDING BLOCKS OF DEMAND AND SUPPLY. 5. Consumer Choice: Individual and Market Demand. 6. Demand and Elasticity. 7. Production, Inputs and Cost: Building Blocks for Supply Analysis. 8. Output, Price, and Profit: The Importance of Marginal Analysis. Part III: MARKETS AND THE PRICE SYSTEM. 9. Monopoly. 10. Between Competition and Monopoly. 11. Pricing the Factors of Production. 12. Labor: The Human Input. Part IV: THE MACROECONOMY: AGGREGATE SUPPLY AND DEMAND. 13. The Realm of Macroeconomics. 14. Economic Growth: Theory and Policy. 15. Aggregate Demand and the Powerful Consumer. 16. Demand-Side Equilibrium: Unemployment or Inflation? 17. Supply-Side Equilibrium: Unemployment and Inflation?