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Microeconomics, Global Edition, 14th edition

Published by Pearson (March 31, 2022) © 2022

  • Michael Parkin Emeritus of University of Western Ontario

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For 2-semester principles of economics courses.

An intuitive and grounded approach to economics

Economics gets students to think like economists by incorporating the latest policy, data and discussions on important global issues.

The 14th Edition emphasizes real-world applications, the development of critical-thinking skills, diagrams renowned for their pedagogy and clarity, and path-breaking technology. Hallmark features in the chapter openings and endings encourage students to think critically about a news article relating to the issue, demonstrating how thinking like an economist can bring a clearer perspective to, and deeper understanding of, today's events.

Hallmark features of this title

Concepts connect to economics in the real world
  • 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.
Ample opportunities for practice
  • Worked Problems, consisting of questions, solutions and key figures, help students to learn-by-doing and to actively, rather than passively, review the chapter content.
  • In-text Review Quizzes reinforce major concepts and test students' knowledge of the topics just discussed.

New and updated features of this title

Coverage of the impact of a changing microeconomic market
  • NEW: Chapter 1 has a new section on the under-representation of women and minorities in economics.
  • NEW: 6 chapters 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.
  • NEW: Other notable 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 center decisions (Ch. 11), and more.
Coverage of the impact of a changing macroeconomic market
  • UPDATED: All chapters are updated to 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.
  • NEW: 8 chapters have an analysis of news reports about the macro effects of COVID-19 and the policy responses it triggered. These include measuring unemployment (Ch. 22), inventories in the Covid recession (Ch. 28), post-Covid inflation fears (Ch. 29), and more.
  • NEW: Other changes 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

  • NEW: Economics in the News stories at the end of each chapter are updated on a semesterly basis to provide currency and relevance to real-world applications.
  • NEW: With Podcast Exercises, students listen to a podcast and then answer questions about the economic principles covered within.
  • Animated graphs accompany key graphs and figures. They help students grasp concepts such as shifts in curves, movements along curves and changes in equilibrium values.
  • Digital Interactives are dynamic, engaging assessment activities that promote critical thinking and the application of key economic principles.
  • Chapter R Review Questions are a rich array of assignable and auto-graded exercises covering fundamental math concepts. They aim to increase student confidence and success.
  • Experiments are an easy-to-use, fun, and engaging way to promote active learning and mastery of important economic concepts.

New and updated features of this title

Coverage of the impact of a changing microeconomic market
  • NEW: Chapter 1, "Getting Started", has a new section on a diversity challenge: the under-representation of women and minorities in economics.
  • NEW: 6 chapters examine COVID-19, including its effects on the production possibilities frontier (Ch. 2) and on the hand sanitizer market (Ch. 3), the elasticity of supply of face masks (Ch. 4), movie streaming in the pandemic (Ch. 8), the competitive market in fitness equipment and services (Ch. 12), and the increased inequality arising from Covid's labor market effects (Ch. 19).
  • NEW: Other notable discussions and examples include a push for a $15 minimum wage (Ch. 6); an updated discussion of the work of the World Trade Organization and its new Director General, Ngozi OkonjoIweala and the US-China trade war (Ch. 7); an analysis of the effects of a tax on sugary drinks (Ch. 9); a look at Amazon's distribution center decisions (Ch. 11), product differentiation in streaming services (Ch. 14); an analysis of carbon pricing to lower emissions (Ch. 17); and more.

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

About our author

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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