Summary: The Seventh Edition of Economics maintains the hallmarks of the Boyes/Melvin series--accessible writing, strong pedagogy, and integration of global economic issues--with the revision focused on faithfully representing the latest thinking of economists on important microeconomic and macroeconomic phenomena. The authors have improved the integration of their popular pedagogy, technology, and supplements for a complete program that clearly illustrates the connection betwee...show moren the study of economics and the world of business. The text has been thoroughly updated to include the economic effects of the war in Iraq, the devastation of New Orleans by the Gulf Coast Hurricanes, and China's emergence as an economic power.
Economics, 7/e, also provides in-depth coverage of one of today's most significant issues--globalization--and how it affects economic growth and poverty. The authors examine standards of living around the world, comparing the poverty of Sub-Saharan Africa to the wealth of industrial nations. Global Business Insight boxes illustrate economic concepts with examples from around the world; corresponding thumbnail maps provide a sense of economic geography and orient students visually. In addition, all available data up to 2005, and in many cases 2006, has been included.
The text features current events in updated Economic Insight boxes. These sections focus students' attention on real-world applications and help them to consider a wide range of topics from an economic perspective. Economically Speaking and Commentary features at the close of each chapter present recent newspaper and magazine articles on world events, their economic causes, and consequences.
Specific changes to the Macro chapters include simplification of the balance of payments discussion to focus on an understanding of the big issues related to the balance-of-payments; a revised description of the money supply, which reflects the Federal Reserve's decision to stop publishing M3 data; a new discussion of the reduction in output volatility and its likely causes, sometimes called "the great moderation"; and new data and discussion of the costs of U.S. import restrictions to U.S. consumers.
In the Micro chapters, the "Elasticity" chapter has been significantly revised and streamlined to focus on the most important concepts and applications, with calculations of arc and point elasticities reassigned to a chapter appendix. In addition, coverage of behavioral economics and neuroeconomics has been added to the chapter on consumer choice, and the discussions of the short run, long run, and economies of scale have been expanded and enhanced with new examples.
The text features a unique pedagogical program built to improve student comprehension and performance. Fundamental Questions focus readers on the key issues in each chapter; these themes are reinforced in chapter-ending Summaries and in the supplements. The in-text referencing system--also keyed to the supplements--provides an easy way for students to review topics.
Eduspace, Houghton Mifflin's online learning tool (powered by Blackboard), combines a comprehensive course management tool with text-specific content--pre-set assignments, practice tests, tutorials, multimedia eBook, and a full data bank of testing questions--plus content delivery options for instructors who wish to incorporate technology in their traditional classrooms or distance-learning courses. Eduspace also links students to live, online tutoring by SMARTHINKING.
I. Introduction to the Price System 1. Economics: The World Around You
Appendix to Chapter 1. Working with Graphs 2. Choice, Opportunity Costs, and Specialization 3. Markets, Demand and Supply, and the Price System 4. The Market System and the Private Sector 5. The Public Sector
II. Macroeconomic Basics
6. National Income Accounting 7. An Introduction to the Foreign Exchange Market and the Balance of Payments 8. Unemployment and Inflation 9. Macroeconomic Equilibrium: Aggregate Demand and Supply 10. Aggregate Expenditures Appendix to Chapter 10. An Algebraic Model of Aggregate Expenditures 11. Income and Expenditures Equilibrium Appendix to Chapter 11. An Algebraic Model of Income and Expenditures Equilibrium
III. Macroeconomic Policy
12. Fiscal Policy Appendix to Chapter 12. An Algebraic Examination of the Balanced-Budget Change in Fiscal Policy 13. Money and Banking 14. Monetary Policy 15. Macroeconomic Policy: Tradeoffs, Expectations, Credibility, and Sources of Business Cycles 16. Macroeconomic Viewpoints: New Keynesian, Monetarist, and New Classical
IV. Economic Growth and Development
17. Economic Growth 18. Development Economics 19. Globalization
V. Product Market Basics
20. Elasticity: Demand and Supply 21. Consumer Choice Appendix to Chapter 21. Indifference Analysis 22. Supply: The Costs of Doing Business
VI. Product Markets
23. Profit Maximization 24. Perfect Competition 25. Monopoly 26. Monopolistic Competition and Oligopoly 27. Antitrust and Regulation 28. Government and Market Failure
VII. Resource Markets
29. Resource Markets 30. The Labor Market 31. Financial Markets: Institutions and Recent Events 32. The Land Market and Natural Resources 33. Aging, Social Security, and Health Care 34. Income Distribution, Poverty, and Government Policy
VIII. Issues in International Trade and Finance
35. World Trade Equilibrium 36. International Trade Restrictions 37. Exchange Rates and Financial Links Between Countries
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