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Contemporary Economics

Contemporary Economics - 3rd edition

ISBN13: 978-0324260120

Cover of Contemporary Economics 3RD 05 (ISBN 978-0324260120)
ISBN13: 978-0324260120
ISBN10: 0324260121
Edition: 3RD 05
Copyright: 2005
Publisher: South-Western Publishing Co.
Published: 2005
International: No

Contemporary Economics - 3RD 05 edition

ISBN13: 978-0324260120

Robert Carbaugh

ISBN13: 978-0324260120
ISBN10: 0324260121
Edition: 3RD 05
Copyright: 2005
Publisher: South-Western Publishing Co.
Published: 2005
International: No

Like the author's best-selling, highly regarded International Economics text, this book integrates a clear and concise presentation of economic theory with an abundance of real-world cases and applications. Rather than discussing economic theory in the abstract, and then including real-world applications in separate sections, the text weaves applications into all theoretical discussions. There is no other Survey text that emphasizes real-world applications to this degree.


  • NEW!-New Material on Reading Graphs: Chapter 1 includes a section on reading graphs, to address reviewer concerns over the difficulty students have with this important skill.
  • Incorporation of Consumer Economics: To help students become informed consumers, a variety of consumer economic applications can be found throughout the text and highlighted in -Consumer Economics in Action- boxes.
  • Complete Chapter Pedagogy: Pedagogy within each chapter includes Boxed Essays, Concept Checks, Study Questions, Exercises, and Multiple Choice Self-Test Questions.
  • Margin Internet Features: Examples are associated with margin "Internet Addresses," providing students with real world, on-line information and data. End-of-chapter "Internet Activities" have students apply information found at specific Web sites to chapter topics.
  • Problems (approx. 25 at the end of each chapter) are exceptionally extensive in terms of both quantity and quality, and reflect a wide range of difficulty. Some problems are quite straightforward, while others are more challenging and open-ended, allowing for deep thought and critical thinking.
  • NEW!-Carbaugh Xtra!: This password-protected site is available as an optional bundle with the text. The site offers a robust set of multimedia learning tools, including: graphing tutorials, video clips, online quizzes, and hands-on analysis of real-world data applications.
  • NEW!-New Chapter: Chapter 18 discusses economic systems and economic development. This chapter also includes a section on the opportunity costs of terrorism.
  • NEW!-New Consumer Economics Applications: Several new consumer economics applications include the abuse of credit and saving for retirement.
  • NEW!-New Boxed Features: International examples are highlighted in -International Economics in Action- boxes, and consumer economics examples in -Consumer Economics in Action- boxes.
  • NEW!-Current Examples: As with every new edition, the author has added dozens of current event examples, as well as eliminated old examples in order to keep the book fresh and of a manageable length. These new examples are both integrated into the chapters and featured in -Economics in Action- boxes.
  • The Latest Developments: Consistent with the text-s reputation for delivering coverage of extremely current issues, this edition has been updated to reflect key recent topics such as: opportunity cost of national security (chapter 1); Bush-s steel tariffs (chapter 16); online music stores (chapter 6); rush hour and congestion pricing (chapter 2); Hollywood Video and competition (chapter 6); and nurse shortages (chapter 2).
  • Chapter-Opening Vignettes: Each chapter begins with an introductory vignette that is designed to add student interest to the chapter topic. All opening vignettes consist of brief up-to-date news stories that apply the concepts presented in the chapter. Some examples: the role of demand and supply on Alex Rodriquez's salary; privatization of utilities and the energy crisis in California; and McDonald-s recent automation.
  • Realistic Examples: Economic theory is presented in terms of realistic examples that appeal to students of all backgrounds and abilities. For example, supply/demand analysis is presented in terms of the market for CDs, the cost of production in terms of computer printers, etc. Easy for students to relate to and remember, these familiar examples make it more likely that students will understand the material being presented.
  • International Coverage: Given the author's expertise in international economics, each chapter of the text is globalized so that students do not think of the U.S. economy in isolated terms. International topics are integrated throughout and highlighted in -International Economics in Action- boxes.

Table of Contents


1. Scarcity and Choice.


2. Market Transactions: Demand and Supply Analysis.
3. Demand and Supply Applications.
4. Production and the Costs of Production.
5. Competition and Monopoly: Virtues and Vices.
6. Imperfect Competition.
7. Government and Markets.
8. Labor Markets.


9. The Mixed Economy of the United States.
10. Gross Domestic Product and Economic Growth.
11. The Business Cycle, Unemployment, and Inflation.
12. Macroeconomic Instability: Aggregate Demand and Aggregate Supply.
13. Fiscal Policy and the Federal Budget.
14. Money and the Banking System.
15. The Federal Reserve and Monetary Policy.


16. The United States and the Global Economy.
17. International Finance.
18. Economic Environments and the Economics of Developing Countries.

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