Foundations of Economics, Global Edition

Foundations of Economics introduces you to economic principles you can use to navigate the financial decisions of your future. Each chapter concentrates on a manageable number of ideas, usually 3 to 4, with each reinforced several times throughout the text. This patient approach helps guide you through unfamiliar terrain and focuses you on the most important concepts and key skills, like reading and interpreting graphs. The 9th Edition motivates with compelling issues and encourages learning with practice questions, to help you grasp and apply economic principles to the real world. This print textbook is available for students to rent for their classes. The Pearson print rental program provides students with affordable access to learning materials, so they come to class ready to succeed.

Table of Contents:
PART 1: INTRODUCTION Getting Started The US and Global Economies The Economic Problem Demand and Supply PART 2: A CLOSER LOOK AT MARKETS Elasticities of Demand and Supply Efficiency of Fairness and Markets PART 3: HOW GOVERNMENTS INFLUENCE THE ECONOMY Government Actions in Markets Taxes Global Markets in Action PART 4: MARKET FAILURES AND PUBLIC POLICY Externalities Public Goods and Common Resources Private Information and Healthcare Markets PART 5: A CLOSER LOOK AT DECISION MAKERS Consumer Choice and Demand Production and Cost PART 6: PRICES, PROFITS, AND INDUSTRY PERFORMANCE Perfect Competition Monopoly Monopolistic Competition Oligopoly PART 7: INCOMES AND INEQUALITY Markets for Factors of Production Economic Inequality PART 8: MONITORING THE MACROECONOMY GDP: A Measure Of Total Production and Income Jobs and Unemployment The CPI and the Cost of Living PART 9: THE REAL ECONOMY Potential GDP and the Natural Unemployment Rate Economic Growth Finance, Saving, and Investment PART 10: THE MONEY ECONOMY The Monetary System Money, Interest, and Inflation PART 11: ECONOMIC FLUCTUATIONS Aggregate Supply and Aggregate Demand Aggregate Expenditure Multiplier The Short-Run Policy Tradeoff PART 12: MACROECONOMIC POLICY Fiscal Policy Monetary Policy International Finance

About the Author :
About our authors Robin Bade was an undergraduate at the University of Queensland, Australia, where she earned degrees in mathematics and economics. After a spell teaching high school math and physics, she enrolled in the PhD program at the Australian National University, from which she graduated from in 1970. She has held faculty appointments at the University of Edinburgh in Scotland, at Bond University in Australia, and at the Universities of Manitoba, Toronto, and Western Ontario in Canada. Her research on international capital flows appears in the International Economic Review and the Economic Record. Robin first taught the principles of economics course in 1970 and has taught it (alongside intermediate macroeconomics and international trade and finance) most years since then. She developed many of the ideas found in this text while conducting tutorials with her students at the University of Western Ontario. Michael Parkin studied economics in England and began his university teaching career immediately after graduating with a BA from the University of Leicester. He learned the subject on the job at the University of Essex, England’s most exciting new university of the 1960s, and at the age of 30 became one of the youngest full professors. 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. His research on macroeconomics, monetary economics, and international economics has resulted in more than 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 is author of the best-selling textbook, Economics (Pearson), now in its 12th edition. Robin and Michael are a wife-and-husband team. Their most notable joint research created the Bade-Parkin Index of central bank independence and spawned a vast amount of research on that topic. They don’t claim credit for the independence of the new European Central Bank, but its constitution and the movement toward greater independence of central banks around the world were aided by their pioneering work. Their joint textbooks include Macroeconomics (Prentice-Hall), Modern Macroeconomics (Pearson Education Canada), and Economics: Canada in the Global Environment, the Canadian adaptation of Parkin, Economics (Addison-Wesley). They are dedicated to the challenge of explaining economics ever more clearly to a growing body of students. Music, the theater, art, walking on the beach, and 5 grandchildren provide their relaxation and fun.