Publisher's Synopsis
A concise treatment of all core topics in economics, the sixth edition of Economics: Theory and Practice provides a thorough grounding in supply and demand theory and an introduction to institutions. Simple conceptual models are reinforced by institutional examples and real-world applications helping students understand key economic relationships and terms. This balanced presentation of macro- and microeconomics is ideally suited for one-term courses in both two and four-year institutions. Features: * Balanced coverage of macroeconomics and microeconomics exposes students to all core concepts of economics. * Excellent pedagogical features include chapter objectives, discussion and review questions, and a marginal glossary of key terms. * In-depth coverage of price elasticity in Chapter 3 provides a solid background for understanding the chapters in microeconomics. * Two major sections on economic growth and alternative macroeconomic viewpoints (Chapter 9) include current, theoretically complete discussions of the classical, Keynesian, monetarist, and new classical and supply-side schools.;* Although the book covers the macroeconomy first, it can easily be adapted for a Microeconomics first curriculum. * Applications cover a variety of international topics, including trade and finance. * "Test Your Understanding", "Up For Debate" boxes and "Critical Thinking Cases" are in each Chapter. New to this edition: * New four-colour design. * New Chapter 9 updates the coverage of the different Macro models and viewpoints, this allows the instructor to give students a thorough coverage of the different schools of thought or pick the one they want to emphasize. * New "Up for Debate" boxes now are in a Pro/Con format. * All data, graphs, and tables have been updated with the latest 1996 economics numbers.
