Principles of Economics, 12th Global Edition

New to this Edition

• Spotlights Recent Research.
• Shows the Power and Breadth of Economic Models.
• Clear Macroeconomics Organization and Coverage.
• Macro data throughout the text has been updated through 2014.
• The supply of money and demand for money chapters have been merged into one chapter to streamline analysis (Chapter 25)
• Important macroeconomic concepts and trends are discussed.
• Coverage of the modern approach to economic development has been updated, including discussion of the millennium challenge (Chapter 35).
• Discussion of the research methodology of economics has been added and highlights some of the key concerns of empirical economics: selection issues, causality, statistical significance, and regression analysis (Chapter 36).
• A History of Excellence in Economic Content and Application
  End-of-chapter material delivers questions designed to help individuals learn course concepts and help instructors assess student performance.

MyEconLab not included. Students, if MyEconLab is a recommended/mandatory component of the course, please ask your instructor for the correct ISBN and course ID. MyEconLab should only be purchased when required by an instructor. Instructors, contact your Pearson representative for more information.

Table of Contents

Part I: Introduction To Economics

1. The Scope and Method of Economics

2. The Economic Problem: Scarcity and Choice

3. Demand, Supply, and Market Equilibrium

4. Demand and Supply Applications

5. Elasticity

Part II: The Market System

6. Household Behavior and Consumer Choice

7. The Production Process: The Behavior of Profit-Maximizing Firms

8. Short-Run Costs and Output Decisions

9. Long-Run Costs and Output Decisions

10. Input Demand: The Labor and Land Markets

11. Input Demand: The Capital Market and the Investment Decision

12. General Equilibrium and the Efficiency of Perfect Competition

Part III: Market Imperfections and the Role of Government

13. Monopoly and Antitrust Policy

14. Oligopoly

15. Monopolistic Competition

16. Externalities, Public Goods, and Common Resources

17. Uncertainty and Asymmetric Information

18. Income Distribution and Poverty

19. Public Finance: The Economics of Taxation

Part IV: Concepts and Problems in Macroeconomics

20. Introduction to Macroeconomics

21. Measuring National Output and National Income

22. Unemployment, Inflation, and Long-Run Growth

Part V: The Core of Macroeconomic Theory

23. Aggregate Expenditure and Equilibrium Output

24. The Government and Fiscal Policy

25. Money, the Federal Reserve, and the Interest Rate

26. The Determination of Aggregate Output, the Price Level, and the Interest Rate

27. Policy Effects and Cost Shocks in the AS/AD Model

28. The Labor Market in the Macroeconomy

Part VI: Further Macroeconomics Issues

29. Financial Crises, Stabilization, and Deficits

30. Household and Firm Behavior in the Macroeconomy: A Further Look

31. Long-Run Growth

32. Alternative Views in Macroeconomics

Part VII: The World Economy

33. International Trade, Comparative Advantage, and Protectionism

34. Open-Economy Macroeconomics: The Balance of Payments and Exchange Rates

35. Economic Growth in Developing Economies

Part VIII: Methodology

36. Critical Thinking about Research

MyLab Economics

This title can be supported by MyLab Economics, an online homework and tutorial system, designed to test and build your student's understanding. If you'd like to arrange a demonstration of MyLab Economics, let us know by contacting us at docent@pearson.com and we can get a Pearson representative to contact you. Visit Pearson MyLab & Mastering to find out how it can improve results by engaging students effectively with immersive content, tools, and experiences.

Downloadable Instructor Resources

Instructor Resources are available to aid your teaching and can be downloaded from the Instructor Resource Centre. You need to request access before you can download the resources or login with an existing account. Click the button on the right to get access or login. 

Having trouble getting access? Contact us