High quality, engaging content for students…ultimate flexibility for educators
The seventh edition of this benchmark Australian text continues to offer students a comprehensive and relevant introduction to economics whilst offering educators the ability to customise and deliver content – your way.
Economics 7th edition provides a streamlined approach to study and recognises the difficulties some students may face in comprehending key concepts. By leaving the more technical content and application until later, students can enjoy the more exciting policy material from the beginning and engage with the content early.
Through compelling examples, clear explanations and the latest instructive on-line resources, the text draws students into the content and reinforces learning through practice and solving problems which are relevant to them.
The authors train students to think about issues in the way real economists do, and learn how to explore difficult policy problems and make more informed decisions by offering a clear introduction to theory and applying the concepts to today’s events, news, and research.
A new and innovative suite of learning and teaching solutions accompany the text, including the free Study on the Go mobile app and tighter integration with MyEconLab, all designed to help lecturers deliver a successful course.
Want to Learn on the Go?
Link to Pearson’s unique Study on the Go content directly from your iPhone or Android smartphone, and study whenever and wherever you wish! Just scan a QR code to start cramming.
Save time and improve your results with MyEconLab
Economics may be packaged with MyEconLab, a personalised, interactive learning experience that integrates homework, tutorial assistance, guided solutions and a complete eText with the power of unlimited practice.
Here’s proof:
“There is overwhelming evidence that the compulsory usage of MyEconLab in a course’s overall assessment structure will in fact significantly improve
a student’s overall performance in the course.” --from MyEconLab Case Study, 2010.
Part 1: INTRODUCTION
1. What is Economics?
2. The Economic Problem
3. Demand and Supply
4. Elasticity
Part 2: HOW MARKETS WORK
5. Efficiency and Equity
6. Government Actions in Markets
7. Global Markets in Action
8. Public Choices and Public Goods
9. Economics of the Environment
10. Monopoly and its Regulation
11. Economic Inequality
Part 3: DECISIONS AND STRATEGIES IN MARKETS
12. Consumer Choices and Constraints
13. Producer Choices and Constraints
14. Perfect Competition
15. Monopolistic Competition
16. Oligopoly Games and Strategy
17. Decisions in Factor Markets
Part 4: MONITORING THE MACROECONOMY
18. Measuring GDP and Economic Growth
19. Monitoring Jobs and Inflation
Part 5: UNDERSTANDING THE MACROECONOMY
20. Economic Growth
21. Finance, Saving, and Investment
22. Money, the Price Level, and Inflation
23. The Exchange Rate and the Balance of Payments
24. Aggregate Demand and Aggregate Supply
25. Expenditure Multipliers: The Keynesian Model
26. Australian Macroeconomic Fluctuations
Part 6: MACROECONOMIC POLICY
27. Fiscal Policy
28. Monetary Policy
This comprehensive revision retains all of the hallmarks of previous editions while incorporating and responding to the detailed suggestions for improvements made by reviewers and users, including:
- Simpler where possible, stripped of some technical detail, more copiously illustrated with well-chosen photographs.
- Reinforced with improved chapter summaries and problem sets.
- New briefer chapter-opening questions.
- Even more tightly integrated with MyEconLab
- Coverage of new issues, particularly those that involve current policy problems, to enable students to learn how to use the economic toolkit to analyse their own decisions and understand economic events and issues.
- Educators: choose your own structure. Whether you want to teach a traditional course that blends theory and policy, or one that takes a fast-track through either theory or policy issues, Economics gives you the choice. The preface includes a 'Flexibility Chart' which provides guidelines for chapter organisation and sequence.
- News stories about today's major economic events tie each chapter together, from chapter-opening vignettes and photos to end-of-chapter problems and online practice. Students learn to use economic tools to analyse their own daily decisions and recent real-world events and issues.
- Problems and Applications. A review quiz at the end of each major section enables students to determine whether a topic needs further study before moving on, and problems and applications at the end of each chapter provide an opportunity to practice and apply the topics of the chapter.
- Each chapter discusses a critical issue of our time to demonstrate how economic theory can be applied to explore a particular debate or question.
- McTaggart's diagrams show the action. McTaggart sets the standard for clear and meticulous diagrams. With a consistent and meaningful use of colour, each and every figure has been designed with the study and review needs of students in mind.
Among the many issues covered in Economics are
- The rising opportunity cost of food in Chapter 2
- The fluctuating prices of bananas and coffee in Chapter 3
- Expanding the universities in Chapter 8
- Climate change and the carbon tax in Chapter 9
- Monopoly and competition policy in Chapter 10
- The top 1 per cent, rising inequality in Australia and falling inequality across nations in Chapter 11
- Recession and unemployment in Chapters 18, 24,and 26
- Currency fluctuations and the managed Chinese yuan in Chapter 23
- Fiscal stimulus and the debate about the fiscal stimulus multipliers in Chapter 27
- Monetary stimulus in Chapter 28
Learning and Teaching Tools
- PowerPoint® Presentations for each chapter – making it easy to deliver key concepts in class. Includes animated versions of the textbook figures and tables from the text in each chapter.
- Instructor’s Resource Centre at www.pearson.com.au with instructor-only access to the following supplements:
- Solutions Manual for Instructors - detailed solutions to the Review Quizzes and the end-of-chapter Study Plan Problems and Applications.
- Testbank – create customised exams in just minutes with Pearson’s TestGen software. Access more than 3000 questions, exercises and problems, complete with solutions and calculation support.
- MyEconLab - a personalised, interactive suite of tools for students and instructors, that help students study and saves instructors time. When packaged with Economics, it provides 12 months access to:
- Study plans customised to each student
- Self-assessment tests and graded homework assignments
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a full eText version of the textbook, accessible within the online course materials and offline via an iPad and Android app. With the eText you can search, highlight, bookmark, take notes and share them, view animated versions of the textbook figures and check definitions in the electronic glossary.
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- Experiments - a fun and engaging way to promote active learning and mastery of important economic concepts.
- Email help from the author, and
- Full integration within the text.
eBooks
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eBooks overview.
Douglas McTaggart is Chief Executive Officer of the Queensland Investment Corporation (a fund manager with over $55 billion in assets under management). He was a student at the Australian National University, earned his PhD at the University of Chicago, and has held academic appointments at the Virginia Polytechnic Institute, the University of Adelaide, and Bond University. He is a former Under Treasurer and Under Secretary of the Queensland Treasury, a past President of the Economic Society of Australia, a former member of the Australian Accounting Standards Board, and a former Chairman of the Investment and Financial Services Association. Currently he is a member of Council at QUT and also a Councillor on the National Competition Council. Dr McTaggart’s research and publications span a wide area and cover macroeconomics, monetary theory, game theory, and applied microeconomics.
Christopher Findlay was educated at the University of Adelaide and the Australian National University (ANU). He was Professor of Economics in the Asia Pacific School of Economics and Government at the ANU before moving in late 2005 to the University of Adelaide to become Professor of Economics and Head of the School of Economics. He is now Executive Dean of the University of Adelaide Faculty of the Professions. His chief interests are Australia’s economic links with Asia and international trade and investment in services, air transport in particular.
Michael Parkin received his training as an economist at the Universities of Leicester and Essex in England. He is Professor Emeritus in the Department of Economics at the University of Western Ontario, Canada. Professor Parkin has held faculty appointments at Brown University, the University of Manchester, the University of Essex, and Bond University. 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 and as managing editor of the Canadian Journal of Economics. Professor Parkin’s research on macroeconomics, monetary economics, and international economics has resulted in over 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 became most visible to the public with his work on inflation that discredited the use of wage and price controls. Michael Parkin also spearheaded the movement towards European monetary union.
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