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Essentials of Economics, 9th edition

Published by Pearson (March 6, 2023) © 2023

  • John Sloman University of Bristol
  • Dean Garratt Aston Business School

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An accessible introduction to the key principles of economics, exploring real-life issues facing the economy today.

The new edition has been thoroughly updated to include insights and analysis into global problems such as the climate emergency, the Russian invasion of Ukraine, the Covid-19 pandemic, the cost-of-living crisis and how economic thinking and government policies might be applied to address them.

Each chapter supports and engages students with topical examples, news stories and case studies with integrated activities and questions to check understanding. The free student website includes animated explainers of key economic models, 225 extra cases and feedback to in-text questions.

Enhance student learning with MyLab®Economics.

Hallmark features of this title

A wealth of applied material brings economics alive for students and shows how the subject relates to real-world issues

  • 36 'key ideas', highlighted and explained when they first appear, provide a ‘toolkit' for your students, showing how these ideas can be used in a variety of contexts and helping them relate different parts of the subject together.
  • 15 'Threshold Concepts' are highlighted in the text. Understanding and being able to use these concepts, such as opportunity cost, helps your students think like economists.
  • Despite considerable updating, the book retains the same structure as the previous edition, making the transition to the 9th edition straightforward as it removes the need to update references to chapters and pages in the book.

New and updated features of this title

New content gives your students an insight into the latest developments and recent global events affecting individuals, businesses and society.

  • New content covers the impact of the COVID-19 pandemic and the various measures taken by governments to limit economic damage.
  • New content offers an analysis of the impact on inflation and the problems that occurred for both supply and demand, in the aftermath of COVID and the Russian invasion of Ukraine. The reaction of governments and central banks is also considered.
  • Renewed focus on the climate emergency with consideration of the economic causes & government policies to tackle global warming.

Renewed and updated content supports your students’ understanding of the principal concepts in the book.

  • Renewed coverage of behavioural economics.
  • Updated charts and tables throughout the book reflect current data.
  • Updated and thoroughly revised policy sections reflect the changes that have taken place since the last edition, including a thorough analysis of the implications of the UK’s exit from the EU and the policies being pursued in various parts of the world that restrict trade.
  • Strengthened and revised economic analysis and debate throughout the text in light of economic events and developments in economic thinking.

Features of MyLab®Economics for the 9th Edition

Build your own assignments and coursework with a fully integrated homework system.
  • Teach your course your way: Create a course that responds to your requirements. MyLab offers the flexibility to build your own assignments, teach multiple sections, or set prerequisites.
  • An extensive bank of questions tailored to the content of the book includes algorithmic, graphing, multi-step and case study problems, allowing you to create your own formative and summative assignments to fit the needs of your course with ease.
  • MyLab Economics' robust gradebook offers an easy way for you and your students to track their performance in your course.
Deliver trusted content in a digital tutorial environment and enhance your students' learning experience from theory to practice.
  • 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.
  • A Study Plan tailored to your students' needs helps them identify areas they need to focus on to support their understanding, build confidence and improve their grades.
  • Economic Experiments and regularly updated news articles in MyLab Economics promote active learning and engagement in real economic scenarios.

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Preface

Student and lecturer resources

Acknowledgements

Publisher's acknowledgements

Part A INTRODUCTION

  1. Economic issues

Part B MICROECONOMICS

  1. Markets, demand and supply
  2. Markets in action
  3. The demand decision
  4. The supply decision
  5. Market structures
  6. Wages and the distribution of income
  7. Market failures and government policy

Part C MACROECONOMICS

  1. Aggregate demand and the business cycle
  2. Aggregate supply and economic growth
  3. The financial system, money and interest rates
  4. Output, unemployment and inflation
  5. Macroeconomic policy

Part D INTERNATIONAL ECONOMICS

  1. Globalisation and international trade
  2. Balance of payments and exchange rates

Websites appendix

Key ideas and glossary

Index

John Sloman was Director of the Economics Network from its foundation in 1999 until 2012, and is now Visiting Fellow at the University of Bristol where the Network is based. John is also Visiting Professor at the University of the West of England, Bristol.

Dean Garratt is a Senior Teaching Fellow at Aston Business School and Associate of the Economics Network. Dean was also an Academic Assessor for Government Economics Service and a tutor on HM Treasury's Graduate Development Programme.

Discover more on our Sloman Economics news site.

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