Table of Contents

• PART 1 INTRODUCTION
• Chapter 1 Economics: foundations and models
• Appendix Using graphs and formulas
• Chapter 2 Choices and trade-offs in the market
• PART 2 HOW THE MARKET WORKS
• Chapter 3 Where prices come from: the interaction of demand and supply
• Chapter 4 Elasticity: the responsiveness of demand and supply
• Chapter 5 Economic efficiency, government price setting and taxes
• Appendix Quantitative demand and supply analysis
• PART 3 CONSUMERS AND FIRMS
• Chapter 6 Consumer choice and behavioural economics
• Appendix Using indifference curves and budget lines to understand consumer behaviour
• Chapter 7 Technology, production and costs
• Appendix Using isoquants and isocosts to understand production and cost
• PART 4 MARKET STRUCTURE AND FIRM STRATEGY
• Chapter 8 Firms in perfectly competitive markets
• Chapter 9 Monopoly markets
• Appendix Price discrimination
• Chapter 10 Monopolistic competition: the competitive model in a more realistic setting
• Chapter 11 Oligopoly: markets with few competitors
• Appendix Traditional models of oligopoly
• PART 5 MARKETS FOR FACTORS OF PRODUCTION
• Chapter 12 The markets for labour and other factors of production
• PART 6 THE INTERNATIONAL ECONOMY
• Chapter 13 Comparative advantage and the gains from international trade
• PART 7 THE ROLE OF GOVERNMENT
• Chapter 14 Government intervention in the market
• Chapter 15 Externalities, environmental policy and public goods
• Chapter 16 The distribution of income and social policy

Feature

Business Cases provide a real-world context and describe real situations facing actual companies such as Uber, Apple, Coles, Netflix and Expedia. An Inside Looks shows how to apply the concepts to the analysis of a news article and critical thinking questions with model answers available for educators. Economics in Your Life considers how economics affects your own everyday life. It emphasises the connection between the theory and real world experiences. Making the Connection cases link the concepts and models covered in the chapter with a real-world application. Solved problems are tied to select chapter learning objectives and the associated quantitative information. It presents a model of how to solve an economic problem by breaking it down step by step. Additional exercises in the end-of-chapter material are tied to every Solved Problem. Don't Let this Happen to You flags the most common pitfalls in the chapter and are reinforced with a related question at the end-of-chapter. End-of-chapter graphing problems require students to draw, read and interpret graphs. Interactive graphing exercises can be found in the supporting MyLab Economics Summary, Review Questions and Problems and Applications are grouped under learning objectives to help students efficiently review material that they find difficult.

New Feature

To improve understanding and engagement the following text features have been added and updated: Updated and new chapter-opening cases for every chapter. NEW and updated Making the Connection features help tie economic concepts to current events and policy debates. NEW! An Inside Look news articles and analysis enable application of economic concepts to current events and policy debates. Updated figures and tables with the latest data. To ensure relevance new content includes: New material on the rapid growth in the use of robotics in the workplace, in Chapters 1 and 12. Analysis of the rise of the sharing economy through companies such as Uber and Airbnb, in Chapters 6, 8 and 14. Expanded coverage of behavioural economics in Chapter 6, with new material including the rule of thumb and anchoring. Coverage of the Harper Report on competition in Chapter 9. Extended coverage of compensating differentials in Chapter 12. Updated material on the policy debate on climate change policy in Chapter 15. Expanded treatment of global poverty in Chapter 16. MyLab Economics can be packaged with this edition to promotes the practical application of learning, development of analytical skills and shows how economic concepts are applied to the real world. New in MyLab Economics NEW! Digital Interactives help students learn core economic concepts in an engaging and experiential way. Broken into a series of graduated levels that become more challenging they help develop critical thinking skills.

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