Principles of Economics 2e covers the scope and sequence of most introductory economics courses. The text includes many current examples, which are handled in a politically equitable way. The outcome is a balanced approach to the theory and application of economics concepts. The second edition has been thoroughly revised to increase clarity, update data and current event impacts, and incorporate the feedback from many reviewers and adopters.

Principles of Economics 2e

1.1 What Is Economics, and Why Is It Important?

1.3 How Economists Use Theories and Models to Understand Economic Issues

1.4 How To Organize Economies: An Overview of Economic Systems

Introduction to Choice in a World of Scarcity

2.1 How Individuals Make Choices Based on Their Budget Constraint

2.2 The Production Possibilities Frontier and Social Choices

2.3 Confronting Objections to the Economic Approach

3.1 Demand, Supply, and Equilibrium in Markets for Goods and Services

3.2 Shifts in Demand and Supply for Goods and Services

3.3 Changes in Equilibrium Price and Quantity: The Four-Step Process

Introduction to Labor and Financial Markets

4.1 Demand and Supply at Work in Labor Markets

4.2 Demand and Supply in Financial Markets

4.3 The Market System as an Efficient Mechanism for Information

5.1 Price Elasticity of Demand and Price Elasticity of Supply

5.2 Polar Cases of Elasticity and Constant Elasticity

6.2 How Changes in Income and Prices Affect Consumption Choices

6.3 Behavioral Economics: An Alternative Framework for Consumer Choice

Introduction to Production, Costs, and Industry Structure

7.1 Explicit and Implicit Costs, and Accounting and Economic Profit

Chapter 7. Production, Costs, and Industry Structure

8.1 Perfect Competition and Why It Matters

8.2 How Perfectly Competitive Firms Make Output Decisions

8.3 Entry and Exit Decisions in the Long Run

8.4 Efficiency in Perfectly Competitive Markets

9.1 How Monopolies Form: Barriers to Entry

9.2 How a Profit-Maximizing Monopoly Chooses Output and Price

Introduction to Monopolistic Competition and Oligopoly

Chapter 10. Monopolistic Competition and Oligopoly

Introduction to Monopoly and Antitrust Policy

Chapter 11. Monopoly and Antitrust Policy

Introduction to Environmental Protection and Negative Externalities

12.4 The Benefits and Costs of U.S. Environmental Laws

12.6 The Tradeoff between Economic Output and Environmental Protection

Chapter 12. Environmental Protection and Negative Externalities

Introduction to Positive Externalities and Public Goods

13.1 Why the Private Sector Underinvests in Innovation

13.2 How Governments Can Encourage Innovation

Chapter 13. Positive Externalities and Public Goods

14.2 Wages and Employment in an Imperfectly Competitive Labor Market

14.3 Market Power on the Supply Side of Labor Markets: Unions

Introduction to Poverty and Economic Inequality

15.4 Income Inequality: Measurement and Causes

15.5 Government Policies to Reduce Income Inequality

Chapter 15. Poverty and Economic Inequality

Introduction to Information, Risk, and Insurance

16.1 The Problem of Imperfect Information and Asymmetric Information

Chapter 16. Information, Risk, and Insurance

17.1 How Businesses Raise Financial Capital

17.2 How Households Supply Financial Capital

18.1 Voter Participation and Costs of Elections

18.3 Flaws in the Democratic System of Government

Introduction to the Macroeconomic Perspective

19.1 Measuring the Size of the Economy: Gross Domestic Product

19.2 Adjusting Nominal Values to Real Values

19.5 How Well GDP Measures the Well-Being of Society

Chapter 19. The Macroeconomic Perspective

20.1 The Relatively Recent Arrival of Economic Growth

20.2 Labor Productivity and Economic Growth

21.1 How Economists Define and Compute Unemployment Rate

21.3 What Causes Changes in Unemployment over the Short Run

21.4 What Causes Changes in Unemployment over the Long Run

22.2 How to Measure Changes in the Cost of Living

22.3 How the U.S. and Other Countries Experience Inflation

Introduction to the International Trade and Capital Flows

23.2 Trade Balances in Historical and International Context

23.3 Trade Balances and Flows of Financial Capital

23.4 The National Saving and Investment Identity

23.5 The Pros and Cons of Trade Deficits and Surpluses

23.6 The Difference between Level of Trade and the Trade Balance

Chapter 23. The International Trade and Capital Flows

Introduction to the Aggregate Supply–Aggregate Demand Model

24.1 Macroeconomic Perspectives on Demand and Supply

24.2 Building a Model of Aggregate Demand and Aggregate Supply

24.5 How the AD/AS Model Incorporates Growth, Unemployment, and Inflation

24.6 Keynes’ Law and Say’s Law in the AD/AS Model

Chapter 24. The Aggregate Demand/Aggregate Supply Model

Introduction to the Keynesian Perspective

25.1 Aggregate Demand in Keynesian Analysis

25.2 The Building Blocks of Keynesian Analysis

25.4 The Keynesian Perspective on Market Forces

Introduction to the Neoclassical Perspective

26.1 The Building Blocks of Neoclassical Analysis

26.2 The Policy Implications of the Neoclassical Perspective

26.3 Balancing Keynesian and Neoclassical Models

27.2 Measuring Money: Currency, M1, and M2

Introduction to Monetary Policy and Bank Regulation

28.1 The Federal Reserve Banking System and Central Banks

28.3 How a Central Bank Executes Monetary Policy

28.4 Monetary Policy and Economic Outcomes

Chapter 28. Monetary Policy and Bank Regulation

Introduction to Exchange Rates and International Capital Flows

29.1 How the Foreign Exchange Market Works

29.2 Demand and Supply Shifts in Foreign Exchange Markets

29.3 Macroeconomic Effects of Exchange Rates

Chapter 29. Exchange Rates and International Capital Flows

Introduction to Government Budgets and Fiscal Policy

30.3 Federal Deficits and the National Debt

30.4 Using Fiscal Policy to Fight Recession, Unemployment, and Inflation

30.6 Practical Problems with Discretionary Fiscal Policy

Chapter 30. Government Budgets and Fiscal Policy

Introduction to the Impacts of Government Borrowing

31.1 How Government Borrowing Affects Investment and the Trade Balance

31.3 How Government Borrowing Affects Private Saving

31.4 Fiscal Policy, Investment, and Economic Growth

Chapter 31. The Impacts of Government Borrowing

Introduction to Macroeconomic Policy around the World

32.1 The Diversity of Countries and Economies across the World

32.2 Improving Countries’ Standards of Living

32.3 Causes of Unemployment around the World

32.4 Causes of Inflation in Various Countries and Regions

Chapter 32. Macroeconomic Policy Around the World

33.2 What Happens When a Country Has an Absolute Advantage in All Goods

33.3 Intra-industry Trade between Similar Economies

33.4 The Benefits of Reducing Barriers to International Trade

Introduction to Globalization and Protectionism

34.1 Protectionism: An Indirect Subsidy from Consumers to Producers

34.2 International Trade and Its Effects on Jobs, Wages, and Working Conditions

34.3 Arguments in Support of Restricting Imports

34.4 How Governments Enact Trade Policy: Globally, Regionally, and Nationally

Chapter 34. Globalization and Protectionism

Appendix A The Use of Mathematics in Principles of Economics

OpenStax

Principles of Microeconomics 2e covers the scope and sequence of most introductory microeconomics courses. The text includes many current examples, which are handled in a politically equitable way. The outcome is a balanced approach to the theory and application of economics concepts. The second edition has been thoroughly revised to increase clarity, update data and current event impacts, and incorporate the feedback from many reviewers and adopters.

Principles of Microeconomics 2e 

Steven A. Greenlaw

David Shapiro

Principles of Macroeconomics 3e covers the scope and sequence of most one semester introductory macroeconomics courses. The third edition takes a balanced approach to the theory and application of macroeconomics concepts. The text uses conversational language and ample illustrations to explore economic theories, and provides a wide array of examples using both fictional and real-world scenarios. The third edition has been carefully and thoroughly updated to reflect current data and understanding, as well as to provide a deeper background in diverse contributors and their impacts on economic thought and analysis. For example, the third edition highlights the research and views of a broader group of economists. Brief references and deeply explored socio-political examples have also been updated to showcase the critical – and sometimes unnoticed – ties between economic developments and topics relevant to students.

Principles of Macroeconomics 3e

Daniel MacDonald

Principles of Microeconomics for AP® Courses 2e covers the scope and sequence requirements for an Advanced Placement® microeconomics course and is listed on the College Board’s AP® example textbook list. The second edition includes many current examples and recent data from FRED (Federal Reserve Economic Data), which are presented in a politically equitable way. The outcome is a balanced approach to the theory and application of economics concepts.

Principles of Microeconomics for AP® Courses 2e 

Principles of Economics 3e covers the scope and sequence of most introductory economics courses. The third edition takes a balanced approach to the theory and application of economics concepts. The text uses conversational language and ample illustrations to explore economic theories, and provides a wide array of examples using both fictional and real-world scenarios. The third edition has been carefully and thoroughly updated to reflect current data and understanding, as well as to provide a deeper background in diverse contributors and their impacts on economic thought and analysis. For example, the third edition highlights the research and views of a broader group of economists. Brief references and deeply explored socio-political examples have been updated to showcase the critical – and sometimes unnoticed – ties between economic developments and topics relevant to students.

Principles of Economics 3e

Principles of Microeconomics 3e covers the scope and sequence of most one semester introductory microeconomics courses. The third edition takes a balanced approach to the theory and application of microeconomics concepts. The text uses conversational language and ample illustrations to explore economic theories, and provides a wide array of examples using both fictional and real-world applications. The third edition has been carefully and thoroughly updated to reflect recent developments, as well as to provide a deeper background in diverse contributors and their impacts on economic thought and analysis. For example, the third edition highlights the research and views of a broader group of economists.

Principles of Microeconomics 3e

Principles of Macroeconomics for AP® Courses 2e covers the scope and sequence requirements for an Advanced Placement® macroeconomics course and is listed on the College Board’s AP® example textbook list. The second edition includes many current examples and recent data from FRED (Federal Reserve Economic Data), which are presented in a politically equitable way. The outcome is a balanced approach to the theory and application of economics concepts.

Principles of Macroeconomics for AP® Courses 2e

Principles of Macroeconomics 2e covers the scope and sequence of most introductory economics courses. The text includes many current examples, which are handled in a politically equitable way. The outcome is a balanced approach to the theory and application of economics concepts. The second edition has been thoroughly revised to increase clarity, update data and current event impacts, and incorporate the feedback from many reviewers and adopters.

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Steven A. Greenlaw

Principles of Microeconomics 2e

Principles of Macroeconomics 3e

Principles of Microeconomics for AP® Courses 2e

Principles of Economics 3e

Principles of Microeconomics 3e

Principles of Macroeconomics for AP® Courses 2e

Principles of Macroeconomics 2e

Steven A. Greenlaw

David Shapiro

David Shapiro