Economics by Design Survey & Issues

9780131400580

0131400584

A BOOK FOR TODAY'S STUDENTS Taking your first course in economics can be like finding yourself in a foreign country where you do not know the language. You want the freedom to explore various interesting spots, but you cannot read the street signs for direction and you struggle when trying to communicate with the locals. There may be several different, exciting paths you can choose, but you are not sure which is best. To get your bearings in the country and reach your destinations, you need to learn something about the country's language. Students in a first economics course face many of the same challenges as a wandering traveler. They have registered for the course, but they face the hurdle of learning a new language that includes many new terms and concepts. They also face the challenge of learning how to read and interpret graphs.Economics by Design: Survey and Issueswas written to help students in one-term courses learn the language of economics. As in the first two editions, substance, access, and interest motivate learning. We engage students with familiar real-world examples and applications that bring economics to life. Our goal is to encourage students to apply the concepts they learn in this book to personal, business, and social issues that will face them long after their economics course is over. We teach students how to analyze events in the world around them and draw their own conclusions. To achieve our goal, we use three key tools: Real-world applications Sound pedagogy Straightforward presentation The third edition ofEconomics by Designis significantly revised from the second edition. It is now subtitledSurvey and Issuesto emphasize that each chapter surveys fundamental economic concepts and applies the analysis to economic issues. The third edition expands the number of chapters from 14 to 17>which allows for an easier learning pace through core micro and macro material, as well as through the analysis of both market and government failure. Because of the expansion of the book,Economics by Designnow offers adopters full chapters on market power (Chapter 7), the economics of the environment (Chapter 10), public choice (Chapter 11), and fiscal policy (Chapter 15). All chapters are oriented toward coverage of current issues, an emphasis which is often at the heart of the one-term course. Pedagogical adjustments have been made throughout, such as the more intuitive and expanded graphical presentations in the chapter on supply and demand (Chapter 3) and its applications (Chapter 4). REAL-WORLD APPLICATIONS A course in economics is often required for a variety of majors, since its subject matter relates to so many of life's issues: Should I stay in school, or quit and get a full-time job? Which major should I select? Why does it matter if the Federal Reserve increases or decreases interest rates, or if Microsoft is a monopoly? To help students find the answers to such questions and fulfill the purpose of this course, we emphasize both economic tools and the application of those tools. Explore & Apply A unique feature ofEconomics by Designhas been its issues section that follows the teaching of each chapter's core economic principles. The third edition retains this approach by concluding each chapter with anExplore & Applysection that provides an in-depth application of the chapter's analysis to a selected issue. Many of these segments are new or thoroughly updated for this edition. New topics include: market incentives in China the economy's role in military success electricity shortages in California business ethics in principle and practice the growth of government the war on terrorism deficits and debt technology and the new economy energy security EachExplore & Applyincludes twoT