Summary: Boyes and Melvin have developed the Sixth Edition of Economics to enhance its central features: direct and accessible writing, proven pedagogy, and thorough integration of global economic issues.
The text's international perspective has been strengthened and extended to focus on the implications of economic principles for business strategy in an era of global competition. International issues appear consistently throughout the text in examples that illustra...show morete basic economic concepts. In addition, economic data drawn from around the world underscores the authors' long-standing emphasis on global issues. Extended coverage of topics affecting global competitiveness, such as resource pricing and foreign exchange markets, explicitly connects the study of economics with real-world business decisions.
New! Chapter 19, Globalization, now provides in-depth coverage of this controversial phenomenon, including the arguments for and against globalization and how it has affected economic growth and poverty worldwide.
New! Global Business Insight boxes use thumbnail maps and examples from around the world to illustrate essential economic concepts.
New! Chapter 37, Exchange Rates and Financial Links Between Countries, has been completely revised to discuss how countries are linked together through interest rates, exchange rates, and prices.
New! The Sixth Edition features greater coverage of macroeconomics, including the large-scale impact of war in Iraq, the recent recession, and the role of financial market development in economic growth. All macroeconomic data has been updated to include statistics through 2002--and in some cases 2003.
New! The discussions of market failure and the different forms of economic and social regulation have been reorganized to facilitate learning. A stronger focus on the application of market theory to current, real-life issues--including the recent corporate accounting scandals--helps students to see the content's practical relevance, increasing their comprehension of key ideas.
New! Chapter 31, Financial Markets: Institutions and Recent Events, provides a detailed description of how the U.S. stock and bond markets work, as well as their role in the global economy to reinforce the application of economic principles to business.
A consistent framework of instruction helps to improve students' understanding and performance in the course. Fundamental Questions reinforce 5-8 key points per chapter, appearing repeatedly throughout the chapter as well as the supplements. In addition, the text's internal referencing system establishes a hierarchy of ideas by designating a number for each section and subsection--cited consistently in the textbook and supplements (including the Test Bank).
Why Study Economics? The Definition of Economics The Economic Approach Economic Insight "'Free' Air?" Economically Speaking "Choice of Major, Years of College Influence Student Debt" Appendix to Chapter 1. Working with Graphs Reading Graphs Constructing a Graph Slopes
2. Choice, Opportunity Costs, and Specialization
Opportunity Costs Specialization and Trade Economically Speaking "Guns and Butter"
3. Markets, Demand and Supply, and the Price System
Markets Demand Supply Equilibrium: Putting Demand and Supply Together Global Business Insight "The Foreign Exchange Market" Economically Speaking "A Sleuth for Landlords with Eviction in Mind"
4. The Market System and the Private Sector
The Market System Households Business Firms The International Sector Linking the Sectors Economic Insight "Adam Smith" Economic Insight "The Successful Entrepreneur (Sometimes It's Better to Be Lucky than Good)" Economical Speaking "Report: Ramsey Friend Sold Information to National Enquirer"
5. The Public Sector
The Circular Flow The Role of Government in the Market System Overview of the United States Government Government in Other Economies Global Business Insight "Government Creates a Market for Fishing Rights" Economically Speaking "A Big "Nein" to Deutsche Telekom; Telecommunications: Germany Still Doesn't Have a Completely Open Market"
II. Macroeconomic Basics
6. National Income Accounting
Measures of Output and Income Nominal and Real Measures Flows of Income and Expenditures Economic Insight "The Consumer Price Index" Economically Speaking "Hiding in the Shadows: The Growth of the Underground Economy"
7. An Introduction to the Foreign Exchange Market and the Balance of Payments
The Foreign Exchange Market The Balance of Payments Global Business Insight "Active Trading Around the World" Global Business Insight "The Euro" Economically Speaking "High Gas Prices, Weak Euro Result in Room Availability, Less-Crowded Facilities at Popular U.S. National Parks"
8. Unemployment and Inflation
Business Cycles Unemployment Inflation Global Business Insight "High Unemployment in Europe" Economically Speaking "Things Really Are Tight at Most Levels of Job Market"
9. Macroeconomic Equilibrium: Aggregate Demand and Supply
Aggregate Demand, Aggregate Supply, and Business Cycles Factors That Influence Aggregate Demand The Aggregate Demand Curve Aggregate Supply Aggregate Demand and Supply Equilibrium Economic Insight "How Lack of Information in the Short Run Affects Wages in the Long Run" Global Business Insight "Oil and Aggregate Supply" Economically Speaking "The Conference Board's Consumer Confidence Index Plummets Nearly 15 Points"
10. Aggregate Expenditures
Consumption and Saving Investment Government Spending Net Exports The Aggregate Expenditures Function Economic Insight "Permanent Income, Life Cycles, and Consumption" Economically Speaking "U.S. Trade Deficit in 2002 Largest in History" Appendix to Chapter 10. An Algebraic Model of Aggregate Expenditures
11. Incomes and Expenditures Equilibrium
Equilibrium Income and Expenditures Changes in Equilibrium Income and Expenditures Aggregate Expenditures and Aggregate Demand Economic Insight "John Maynard Keynes" Economic Insight "The Paradox of Thrift" Economically Speaking: "A Hard Landing in U.S. 'Will Hit Asia'" Appendix to Chapter 11. An Algebraic Model of Income and Expenditures Equilibrium
III. Macroeconomic Policy
12. Fiscal Policy
Fiscal Policy and Aggregate Demand Fiscal Policy in the United States Fiscal Policy in Different Countries Economic Insight "Supply-Side Economics and the Laffer Curve" Economic Insight "The Taxpayer's Federal Government Credit Card Statement" Global Business Insight "Value-Added Tax" Economically Speaking "Brussels Takes Action Against France over Budget Deficit" Appendix to Chapter 12. An Algebraic Examination of the Balanced-Budget Change in Fiscal Policy
13. Money and Banking
What Is Money? Banking Banks and the Money Supply Global Business Insight "Islamic Banking" Economically Speaking "They Love Our Money"
14. Monetary Policy
The Federal Reserve System Implementing Monetary Policy Monetary Policy and Equilibrium Income Economic Insight "What's on a 20-Dollar Bill?" Global Business Insight "The European Central Bank" Economically Speaking "Fed Leaves Rates Alone, but Message Needs Translation: Strange Statement Puzzles Economists"
15. Macroeconomic Policy: Tradeoffs, Expectations, Credibility, and Sources of Business Cycles
The Phillips Curve The Role of Expectations Credibility and Time Inconsistency Sources of Business Cycles
5. The Link Between Monetary and Fiscal Policies
Economic Insight "The Natural Rate of Unemployment" Economic Insight "Why Wages Don't Fall During Recessions" Economically Speaking "War Worries Hurting U.S. Markets: Fed Chief Greenspan Warns of Further Interest Rate Cuts if Sluggishness Continues"
16. Macroeconomic Viewpoints: New Keynesian, Monetarist, and New Classical
Keynesian Economics Monetarist Economics New Classical Economics Comparison and Influence Economic Insight "Milton Friedman" Economically Speaking "The Ghosts of Christmas Past Haunt Economists"
IV. Economic Growth and Development
17. Economic Growth
Defining Economic Growth The Determinants of Growth Productivity Economic Insight "Technological Advance: The Change in the Price of Light" Economically Speaking "U.S. Updating Its Economic Measurements"
18. Development Economics
The Developing World Obstacles to Growth Development Strategies Foreign Investment and Aid Economies in Transition from Socialism Global Business Insight "Economic Development in the Americas" Economically Speaking "Food Aid"
The Meaning of Globalization Globalization Controversy Globalization, Economic Growth, and Incomes Financial Crises and Globalization Global Business Insight "The World Trade Organization" Economically Speaking "Germans' Coziness Puts Nation at Risk"
V. Product Market Basics
20. Elasticity: Demand and Supply
The Price Elasticity of Demand The Use of Price Elasticity of Demand Determinants of the Price Elasticity of Demand Other Demand Elasticities Supply Elasticities Global Business Insight "Dumping" Economically Speaking "Higher Gas Prices Make Future Murky for Big SUVs"
21. Consumer Choice
Decisions Utility and Choice The Demand Curve Again Economic Insight "Does Money Buy Happiness?" Economically Speaking "Why Sudden Wealth Will Not Make You Happy" Appendix to Chapter 21. Indifference Analysis Indifference Curves Budget Constraint Consumer Equilibrium
22. Supply: The Costs of Doing Business
Firms and Production From Production to Costs Cost Schedules and Cost Curves The Long Run Economic Insight "Overhead" Economically Speaking "Merge or Die"
VI. Product Markets
23. Profit Maximization
Profit Maximization Marginal Revenue and Marginal Cost Selling Environments or Market Structure Global Business Insight: "Brisk Business in Measuring Economic Profit" Economically Speaking "Business Ethics Guarantee Value to All Interested Parties"
24. Perfect Competition
The Perfectly Competitive Firm in the Short Run The Long Run Economically Speaking "Avoid 'Commoditization'"
The Market Structure of Monopoly The Demand Curve Facing a Monopoly Firm Profit Maximization Market Power and Price Discrimination Comparison of Perfect Competition and Monopoly Economically Speaking "Conflict Diamonds; Americans Can Stop the Damage They Do"
26. Monopolistic Competition and Oligopoly
Monopolistic Competition Oligopoly and Interdependence Summary of Market Structures Economic Insight "The Prisoner's Dilemma" Economically Speaking "Authorities Gather to Combat Warring Drug Cartels"
27. Antitrust and Regulation
Antitrust Policy Regulation The Securities and Exchange Commission Global Business Insight "The California Debacle" Economically Speaking "University Study Puts High Price Tag on New Storm Water Regulations"
28. Government and Market Failure
Externalities Private Property Rights Public Goods Asymmetric Information Government Failure Global Business Insight "Why Aren't Cows and Chickens on the Endangered Species List?" Economically Speaking "Opposed to ODS's 'Tradeable Pollution Permits' Idea"
VII. Resource Markets
29. Resource Markets
Buyers and Sellers of Resources The Market Demand for and Supply of Resources How Firms Decide What Resources to Buy Economic Insight "The Company Town" Economically Speaking "McNabb Signs Richest Contract in NFL History"
30. The Labor Market
The Supply of Labor Wage Differentials Discrimination Wage Differentials and Government Policies Economic Insight "The Overworked American?" Economically Speaking "Higher Apathy"
31. Financial Markets: Institutions and Recent Events
Equity The Equity Market Fraud and Accounting Shenanigans Bonds Economic Insight "The P/E Ratio" Global Business Insight "Stock Market Booms and Busts" Global Business Insight "Country Bond Ratings" Economically Speaking "Tokio Marine to Introduce NPV Rule for Axing Projects"
32. The Land Market and Natural Resources
Land Nonrenewable Resources Renewable Resources Economically Speaking "Debate: Is Anti-sprawl Really 'Smart' Growth? As Durham Mulls Plan, Groups Differ on Effects on Poor"
33. Aging, Social Security, and Health Care
Aging and Social Security Health Economics Global Business Insight "The World Is Aging" Economic Insight "Myths About Social Security" Global Business Insight "Health Care Spending in Various Nations" Economically Speaking "Many Travel a Painful Circuit for Their Managed Health Care"
34. Income Distribution, Poverty, and Government Policy
Income Distribution and Poverty The Poor Government Antipoverty Policies Income Distribution Among Nations Global Business Insight "Economic Development and Happiness" Economically Speaking "Income Inequality Is Raging, but the Poor Aren't"
VIII. Issues in International Trade and Finance
35. World Trade Equilibrium
An Overview of World Trade An Example of International Trade Equilibrium Sources of Comparative Advantage Global Business Insight "The Dutch Disease" Economically Speaking "China Trade Will Come Back to Haunt Us"
36. International Trade Restrictions
Arguments for Protection Tools of Commercial Policy Preferential Trade Agreements Global Business Insight "Smoot-Hawley Tariff" Economically Speaking "Bull in a China Shop"
37. Exchange Rates and Financial Links Between Countries
Past and Current Exchange-Rate Arrangements Fixed or Floating Exchange Rates 3. Prices and Exchange Rates 4. Interest Rates and Exchange Rates Global Business Insight "The IMF and the World Bank" Economically Speaking "The European Union"
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