Principles of Economics 7th edition combines microeconomics and macroeconomics into one volume for students who take a full year’s course. The latest edition of this text continues to focus on important concepts and analyses necessary for students in an introductory economics course. In keeping with the authors’ philosophy of showing students the power of economic tools and the importance of economic ideas, this edition pays careful attention to regional and global policies and economic issues – such as climate change and resource taxation, the impacts of the ongoing global financial crisis, inflation, unemployment, interest rates, monetary and fiscal policy. Accompanied by CourseMate, comprising flashcards, graphing workshops, games, quizzes, videos. Access to Search me! referring students to the online Search me! database. Aplia is available with this text as well as Mindtap

Part I: Introduction
1. Ten lessons from economics
2. Thinking like an economist
3. Interdependence and the gains from trade
Part 2: Supply and demand I: How markets work
4. The market forces of supply and demand
5. Elasticity and its application
6. Supply, demand and government policies
Part 3: Supply and demand II: Markets and welfare
7. Consumers, producers and the efficiency of markets
8. Application: The costs of taxation
9. Application: International trade
Part 4: The economics of the public sector
10. Externalities
11. Public goods and common resources
12. The design of the tax system
Part 5: Firm behaviour and the organisation of industry
13. The costs of production
14. Firms in competitive markets
15. Monopoly
16. Monopolistic competition
17. Oligopoly and business strategy
18. Competition policy
Part 6: The economics of labour markets
19. The markets for the factors of production
20. Earnings, unions and discrimination
21. Income inequality and poverty
Part 7: Topics for further study
22. The theory of consumer choice
23. Frontiers of microeconomics
Part 8: The data of macroeconomics
24. Measuring a nation’s income
25. Measuring the cost of living
Part 9: The real economy in the long run
26. Production and growth
27. Saving, investment and the financial system
28. The natural rate of unemployment
Part 10: Money and prices in the long run
29. The monetary system
30. Inflation: Its causes and costs
Part 11: The macroeconomics of open economies
31. Open-economy macroeconomics: Basic concepts
32. A macroeconomic theory of the open economy
Part 12: Short-run economic fluctuations
33. Aggregate demand and aggregate supply
34. The influence of monetary and fiscal policy on aggregate demand
35. The short-run trade-off between inflation and unemployment
36. Global Financial Crisis 2008 and beyond
Part 13: Final thoughts
37. Five debates over macroeconomic policy

Principles of Economics 7th edition combines microeconomics and macroeconomics into one volume for students who take a full year’s course. The latest edition of this text continues to focus on important concepts and analyses necessary for students in an introductory economics course. In keeping with the authors’ philosophy of showing students the power of economic tools and the importance of economic ideas, this edition pays careful attention to regional and global policies and economic issues – such as climate change and resource taxation, the impacts of the ongoing global financial crisis, inflation, unemployment, interest rates, monetary and fiscal policy. Accompanied by CourseMate, comprising flashcards, graphing workshops, games, quizzes, videos. Access to Search me! referring students to the online Search me! database. Aplia is available with this text as well as Mindtap Chapter 18 extensively updated as a result of a recently released policy document on Competition and Regulation Refreshed topical information on the GFC and beyond in light of the European debt crises, austerity and stimulus New multiple choice questions to test student knowledge and comprehension Updated cases and economic data keeps the material current and relevant for your students Chapter objectives define and reinforce content, while quick quizzes allow students to check their comprehension after they read each major section. Key concepts are listed at the end of the chapter and defined in the margin to help students grasp new terminology ‘Ten Lessons from Economics’ are outlined in Chapter 1 and referred back to throughout the text to remind students that these lessons are the key to most economic analysis Current cases provide practical illustrations of important concepts ‘FYI’ boxes present additional material designed to enhance the concepts covered in each chapter.