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Understanding Modern Economics - With CD

Understanding Modern Economics - With CD - 05 edition

Understanding Modern Economics - With CD - 05 edition

ISBN13: 9780321197535

ISBN10: 0321197534

Understanding Modern Economics - With CD by Roger LeRoy Miller - ISBN 9780321197535
Cover type: Paperback
Edition: 05
Copyright: 2005
Publisher: Addison-Wesley Longman, Inc.
Published: 2005
International: No
Understanding Modern Economics - With CD by Roger LeRoy Miller - ISBN 9780321197535

ISBN13: 9780321197535

ISBN10: 0321197534

Cover type: Paperback
Edition: 05

List price: $225.00

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Understanding Modern Economics is a fresh approach to the survey of economics course, blending just the right amount of theory with dozens of real-world examples to give students the key to modern economic reasoning. Miller's proven methodology harnesses the power of current events and issues to spark students' interest and pave the way to understanding modern economics.

Through his use of real-world examples that whet student interest and make complex ideas easier to grasp, Miller gives students the tools they need to analyze supply and demand, the theory of the firm, taxation, inflation, unemployment, national income determination, fiscal and monetary policy, economic growth, and international trade and finance.


  • Includes hundreds of domestic as well as international examples that motivate students, while driving home the applications of economic theory.
  • Graphs are bold, bright, and conceptually clear. The text includes enough graphs to make students comfortable, but not so many that students become overwhelmed.
  • Examples are an integrated part of the presentation and numbered sequentially throughout the text (so you can refer directly a specific example on which you might wish to expand the presentation).
  • At least two separate features per chapter take an in-depth look at specific policy, e-commerce, and global issues.
  • A CD-ROM packaged with all new copies of the textbook includes animations and video and audio clips that will sharpen students' overall mastery of economics.
  • Extensive Internet problems within each chapter promote using the Internet for economic analysis.
  • End-of-chapter materials include Questions and Problems and Exploring Critical Thinking, with more than enough questions and problems to reinforce material for students.
  • Homework Sets in the Appendix consist of 10 additional problems per chapter.
  • Economics and Your Everyday Life, a booklet offering numerous applications of economics and guidance for analyzing economic news, is shrink-wrapped with every new textbook.

Table of Contents

Table of Contents


1. Economics and the World of Scarcity.
2. The United States and the World Economy.


3. Demand and Supply.
4. Consumer Decision Making and Consumer Reaction to Price Changes.
5. The Firm: Production and Cost.
6. The Two Extremes: Perfect Competition and Pure Monopoly.
7. In Between the Extremes: Imperfect Competition.
8. Market and Government Failures.
9. Labor Economics.


10. Unemployment, Inflation, and the Business Cycle.
11. Aggregate Demand and Supply.
12. The Fiscal Policy Approach to Stabilization.
13. Money and Our Banking System.
14. The Monetary Policy Approach to Stabilization.
15. How Economies Grow.


16. Trading With Other Nations.
17. Financing World Trade.