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! 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 17, Financial Markets: Institutions and Recent Events provides a detailed description of how 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.
New! Chapter 14, Government and Market Failure, discusses the circumstances under which markets might fail, including externalities, public goods, the lack of private property rights, and asymmetric information--as well as approaches to solving the problem.
Chapter 13, Antitrust and Regulation, covers all the forms of regulation (economic, social, and financial markets regulation) in one, convenient place.
New! Global Business Insight boxes use thumbnail maps and examples from around the world to illustrate essential economic concepts.
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).
New! Eduspace is Houghton Mifflin's online learning tool. Powered by Blackboard, Eduspace is a customizable, powerful and interactive platform that provides instructors with text-specific online courses and content in multiple disciplines. Features of the Boyes/Melvin Economics course include algorithmic homework with hints as well as presentation slides, photos, illustrations and links to group projects.
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. Product Market Basics
6. 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: Impact of Rising Fuel Costs Could Be Bigger in Canada Than U.S."
7. 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 7. Indifference Analysis Indifference Curves Budget Constraint Consumer Equilibrium
8. 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"
III. Product Markets
9. 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"
10. 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"
12. 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"
13. Antitrust and Regulation
Antitrust Policy Regulation The Securities and Exchange Commission Global Business Insight: "The California Debacle" Economically Speaking: "Don't Let It Happen Again: Why Didn't the Post-'65 Fixes Stop This Blackout?"
14. 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: "Bates College Students Retire Air Pollution Permit Worth a Ton of Sulphur Dioxide"
IV. Resource Markets
15. 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: "Agent: Eagles, McNabb Agree to Deal Worth up to $115 Million"
16. The Labor Market
The Supply of Labor Wage Differentials Discrimination Wage Differentials and Government Policies Economic Insight: "The Overworked American" Economically Speaking: "Higher Apathy"
17. 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: "Accountants Figure Law to Benefit Them"
18. The Land Market and Natural Resources
Land Nonrenewable Resources Renewable Resources Economically Speaking: "Debate: Is Anti-Sprawl Really 'Smart' Growth?"
19. 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"
20. 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: "Zimbabwe: Income Distribution and Policy"
V. Issues in International Trade and Finance
21. 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"
22. 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"
23. Exchange Rates and Financial Links Between Countries
Past and Current Exchange-Rate Arrangements Fixed or Floating Exchange Rates Prices and Exchange Rates Interest Rates and Exchange Rates Global Business Insight: "The IMF and the World Bank" Economically Speaking: "The European Union"
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