Principles of Economics

Authors Bob Frank, Ben Bernanke, and introducing Kate Antonovics from the University of California San Diego, present a coherent short list of core principles in introductory economics and reinforce them by illustrating and applying each in numerous contexts. With engaging questions, explanations and exercises, the authors help students relate economic principles to a host of everyday experiences such as going to the ATM or purchasing airline tickets. Throughout this process, the authors encourage students to become “economic naturalists:” people who employ basic economic principles to understand and explain what they observe in the world around them.

Principles of Economics, sixth edition, is thoroughly integrated with the adaptive digital tools available in McGraw-Hill’s LearnSmart Advantage Suite, proven to increase student engagement and success in the course.

Part 1 Introduction

1. Thinking Like an Economist

2. Comparative Advantage

3. Supply and Demand

Part 2 Competition and the Invisible Hand

4. Elasticity

5. Demand

6. Perfectly Competitive Supply

7. Efficiency, Exchange, and the Invisible Hand in Action

Part 3 Market Imperfections

8. Monopoly, Oligopoly, and Monopolistic Competition

9. Games and Strategic Behavior

10. Externalities and Property Rights

11. The Economics of Information

Part 4 Economics of Public Policy

12. Labor Markets, Poverty, and Income Distribution

13. The Environment, Health, and Safety

14. Public Goods and Tax Policy

Part 5 Macroeconomics: Data and Issues

15. Spending, Income, and GDP

16. Inflation and the Price Level

17. Wages and Unemployment

Part 6 The Economy in the Long Run

18. Economic Growth

19. Saving, Capital Formation, and Financial Markets

20. Money, Prices, and the Financial System

Part 7 The Economy in the Short Run

21. Short-Term Economic Fluctuations

22. Spending, Output, and Fiscal Policy

23. Monetary Policy and the Federal Reserve

24. Aggregate Demand, Aggregate Supply, and Business Cycles

25. Macroeconomic Policy

Part 8 The International Economy

26. Exchange Rates, International Trade, and Capital Flows

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