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Economics, Global Edition, 14th edition

Published by Pearson (June 9, 2022) © 2022

  • Michael Parkin Emeritus of University of Western Ontario

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Teach your students to analyse global events like an economist

Economics, 14th edition by Michael Parkin, encourages critical thinking in your students, teaching them how an economist can bring a clearer perspective to today's events. Incorporating the latest policy and data, the text uses resources such as news articles and diagrams to deepen your students' understanding and equip them to join in discussions of global issues.

With an emphasis on real-world applications and path-breaking technology, this intuitive textbook will equip your students for a successful career in economics.

Hallmark Features

Demonstrate to your students real-world applications of their knowledge
  • 'Economics in Action' and 'Economics in the News' boxes have students link models and chapter tools to the economic world around them.
  • Interviews with Economists feature leading economists from diverse backgrounds who share what inspired them to pursue a career in economics.
Help your students understand and retain key concepts
  • Worked Problems, including questions, solutions and key figures, promote active learning
  • In-text Review Quizzes reinforce concepts and test students' knowledge of the topics just discussed.
  • Animated graphs help students grasp concepts such as shifts in curves, movements along curves and changes in equilibrium values.

New and Updated Features

Teach your students the impact of a changing microeconomic market
  • A new section in Chapter 1 explores the under-representation of women and minorities in economics.
  • 6 chapters now examine COVID-19, including its effects on the production possibilities frontier (Ch. 2) and on the hand sanitizer market (Ch. 3), movie streaming in the pandemic (Ch. 8), and more.
  • Added discussions and examples include analysis of a $15 minimum wage (Ch. 6) and of the effects of a tax on sugary drinks (Ch. 9), a look at Amazon's distribution centre decisions (Ch. 11), and more.
Teach your students the impact of ac hanging macroeconomic market
  • Updates to all chapters to now include the latest data on the labor market and price indexes (Ch. 22), economic growth (Ch. 23), interest rates and loanable funds (Ch. 24), the exchange rate and balance of payments (Ch. 26), and more.
  • 8 chapters now analyse news reports about the macro effects of COVID-19 and the policy responses it triggered, including measuring unemployment (Ch. 22), inventories in the Covid recession (Ch. 28), post-Covid inflation fears (Ch. 29), and more.
  • A Host of updates include an explanation of the Fed's new operating procedures, the growth of 'fintec' in financial markets (Ch. 24), and currency manipulation (Ch. 26).

Features of MyLab® Economics for the 14th Edition

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  • Teach your course your way: whether you would like to build assignments or create your own questions, MyLab Economics gives you the flexibility to create a course to fit your needs.
  • Empower each learner: Each student learns at a different pace. Personalised learning pinpoints the precise areas where each student needs practice, giving all students the support they need to be successful.
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Find out more about MyLab® Economics.

Features of Pearson eText for the 14th Edition

'Think economics' and learn to analyse global events like a modern practitioner.

Economics, 14th Edition is an intuitive text that teaches you to develop your critical thinking skills and develop the tools you need to view issues like a modern economist.

Extend learning beyond the classroom with Pearson eText – an easy-to-use digital textbook.

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PART 1: INTRODUCTION

  1. What is Economics?
  2. The Economic Problem

PART 2: HOW MARKETS WORK

  1. Demand and Supply
  2. Elasticity
  3. Efficiency And Equity
  4. Government Actions in Markets
  5. Global Markets in Action

PART 3: HOUSEHOLDS' CHOICES

  1. Utility and Demand
  2. Possibilities, Preferences, and Choices

PART 4: FIRMS AND MARKETS

  1. Organizing Production
  2. Output and Costs
  3. Perfect Competition
  4. Monopoly
  5. Monopolistic Competition
  6. Oligopoly

PART 5: MARKET FAILURE AND GOVERNMENT

  1. Public Choices, Public Goods, and Healthcare
  2. Externalities

PART 6: FACTOR MARKETS, INEQUALITY, AND UNCERTAINTY

  1. Markets for Factors of Production
  2. Economic Inequality
  3. Uncertainty and Information

PART 7: MONITORING MACROECONOMIC PERFORMANCE

  1. Monitoring the Value of Production: GDP
  2. Monitoring Jobs and Inflation

PART 8: MACROECONOMIC TRENDS

  1. Economic Growth
  2. Finance, Saving, and Investment
  3. Money, the Price Level, and Inflation
  4. The Exchange Rate and the Balance of Payments

PART 9: MACROECONOMIC FLUCTUATIONS

  1. Aggregate Supply and Aggregate Demand
  2. Expenditure Multipliers
  3. The Business Cycle, Inflation, and Deflation

PART 10: MACROECONOMIC POLICY

  1. Fiscal Policy
  2. Monetary Policy

Michael Parkin is Professor Emeritus in the Department of Economics at the University of Western Ontario, Canada. Professor Parkin has held faculty appointments at Brown University, the University of Manchester, the University of Essex, and Bond University. He is a past president of the Canadian Economics Association and has served on the editorial boards of the 'American Economic Review' and the 'Journal of Monetary Economics' and as managing editor of the 'Canadian Journal of Economics.

Professor Parkin's research on macroeconomics, monetary economics, and international economics has resulted in over 160 publications in journals and edited volumes, including the 'American Economic Review,' 'the Journal of Political Economy,' 'the Review of Economic Studies,' 'the Journal of Monetary Economics,' and 'the Journal of Money, Credit and Banking.' He became most visible to the public with his work on inflation that discredited the use of wage and price controls. Professor Parkin also spearheaded the movement toward European monetary union. Professor Parkin is an experienced and dedicated teacher of introductory economics.

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Extend learning beyond the classroom. Pearson eText is an easy-to-use digital textbook. It lets students customise how they study and learn with enhanced search and the ability to create flashcards, highlight and add notes all in one place. The mobile app lets students learn wherever life takes them, offline or online.

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