'  UNIQUE, PROVEN LEARNING FEATURES IMPROVE COMPREHENSION AND STUDENT PERFORMANCE. This popular text's one-of-a-kind, proven pedagogical program helps improve both comprehension and performance. Students attain the knowledge and skills to succeed in class and to develop an understanding of core economic principles essential for success throughout their careers. FUNDAMENTAL QUESTIONS DIRECT STUDENTS'' FOCUS TO KEY ISSUES. As students read and prepare for class, this book's useful Fundamental Questions for each chapter help direct students'' attention to key issues. Chapter summaries and the book's supplements further reinforce these themes and effectively guide students'' study. CONVENIENT, INTEGRATED REFERENCING SYSTEM ENABLES STUDENTS TO WORK EFFICIENTLY. With this book's integrated referencing system, students can easily explore and review the topics they need more, allowing them to work more efficiently and effectively. LEADING APLIA&trade ONLINE HOMEWORK SYSTEM INCREASES STUDENT EFFORTS AND ENGAGEMENT. The most successful online product for economics is now fully integrated with this text. Aplia&trade offers interactive tools to help prepare your economics students and increase student effort and engagementwithout requiring more work from you, the instructor. Students stay on top of coursework with regularly scheduled homework assignments while Aplia's high quality automatic grading provides detailed, immediate feedback. UPDATED ECONOMIC INSIGHT BOXES EMPHASIZE THE RELEVANCE OF CONCEPTS TO CURRENT EVENTS. Fresh new Economic Insights throughout this edition highlight some of today's most current events to focus readers'' attention on the relevance and real-world applications of the concepts in the chapter. These engaging features help students carefully consider a wide range of topics from an informed economic perspective. NEW AND UPDATED ECONOMICALLY SPEAKING AND COMMENTARY FEATURES HIGHLIGHT THE ECONOMIC IMPACT OF TODAY'S MOST IMPORTANT WORLD EVENTS. Introduce your students to recent newspaper and magazine articles that highlight important world events and their economic causes and consequences in updated and new Economically Speaking and Commentary features at the end of each chapter. These familiar, interesting, and memorable examples help your students appreciate the importance of the material they are learning in your course. THE LATEST ECONOMIC STATISTICS THROUGHOUT THIS EDITION ENSURE YOU ARE TEACHING YOUR STUDENTS USING THE MOST CONTEMPORARY INFORMATION. Updates, numerous additions and timely revisions throughout all parts of this new edition represent the latest thinking from leading economists on important macroeconomic and microeconomic phenomena. NEW COVERAGE HIGHLIGHTS THE RECENT FINANCIAL CRISIS AND ITS GLOBAL IMPLICATIONS. The authors have condensed the introduction, while providing abundant important coverage of the recent financial crisis as well as the associated recession and the central bank policies to counter its impact. A new section emphasizes how the financial crisis began in the United States before spreading globally. REVISED MICROECONOMIC COVERAGE FURTHER CLARIFIES THE FUNDAMENTALS AND THEIR APPLICATION TO CURRENT EVENTS. New meaningful examples, extensive revisions to the chapter on elasticity, further development of the debate on government economic intervention, and a new discussion of the Economic Freedom Index ensure students better understand microeconomics concepts. This edition also offers additional coverage of game theory, updated information on health care costs, and a detailed examination of income distribution.

'Part I: INTRODUCTION TO THE PRICE SYSTEM. 1. Economics: The World Around You. Appendix: Working with Graphs. 2. Choice, Opportunity Costs, and Specialization. 3. Markets, Demand and Supply, and the Price System. 4. The Market System and the Private and Public Sectors. Part II: MACROECONOMIC BASICS. 5. National Income Accounting. 6. An Introduction to the Foreign Exchange Market and the Balance of Payments. 7. Unemployment and Inflation. 8. Macroeconomic Equilibrium: Aggregate Demand and Supply. 9. Aggregate Expenditures. Appendix: An Algebraic Model of Aggregate Expenditures. 10. Income and Expenditures Equilibrium. Appendix: An Algebraic Model of Income and Expenditures Equilibrium. Part III: MACROECONOMIC POLICY. 11. Fiscal Policy. Appendix: An Algebraic Examination of the Balanced-Budget Change in Fiscal Policy. 12. Money and Banking. 13. Monetary Policy. 14. Macroeconomic Policy: Tradeoffs, Expectations, Credibility, and Sources of Business Cycles. 15. Macroeconomic Viewpoints: New Keynesian, Monetarist, and New Classical. 16. Economic Growth. 17. Development Economics. 18. Globalization. Part IV: PRODUCT MARKET BASICS. 19. Elasticity: Demand and Supply. 20. Consumer Choice. Appendix: Indifference Analysis. 21. Supply: The Costs of Doing Business. Appendix: The Mechanics of Going from Production to Costs. Part V: PRODUCT MARKETS. 22. Profit Maximization. 23. Perfect Competition. 24. Monopoly. 25. Monopolistic Competition and Oligopoly. 26. Antitrust, Regulation, and Public Finance. 27. Market Failures, Government Failures, and Rent Seeking. Part VI: RESOURCE MARKETS. 28. Resource Markets. 29. The Labor Market. 30. Capital Markets. 31. The Land Market and Natural Resources. Part VII: CURRENT ISSUES INVOLVING THE PUBLIC SECTOR AND THE MARKET ECONOMY.   32. Aging, Social Security, and Health Care. 33. Income Distribution, Poverty, and Government Policy. Part VIII: ISSUES IN INTERNATIONAL TRADE AND FINANCE. 34. World Trade Equilibrium. 35. International Trade Restrictions. 36. Exchange Rates and Financial Links Between Countries.

'Michael Melvin Michael Melvin is currently Head of Currency Research at Barclays Global Investors. He also retains affiliations at the Arizona State University Department of Economics and the Haas School of Business at the University of California, Berkeley. Dr. Melvin received his Ph.D. in economics from UCLA in 1980. He has served as a visiting scholar at the Federal Reserve Board and the International Monetary Fund, was a Fulbright Professor at the University of Frankfurt, and has been a visiting professor at UCLA, Northwestern University, U.C. San Diego, and the University of Hawaii. His field of specialization is International Finance, and he is the coeditor of the Journal of International Money and Finance.   William Boyes Dr. William Boyes is professor of economics at Arizona State University. He received his Ph.D. in economics from the Claremont Graduate School in 1974. Before joining the Arizona State faculty, he was the Distinguished Visiting Professor of Business at Weber State University visiting professor at Tsinghua University, Beijing, China and the University of London, London, England, and lectured at ITAM in Mexico City and was the dean of the College of Business at Cal Poly, San Luis Obispo. Dr. Boyes has also served as chairman of the Economics Department at ASU and has been an economist with Security Pacific National Bank (now Bank of America). He has been a consultant to the White House, the Commerce Department, the Federal Trade Commission, and several private firms. He is the director of the office of economic education at ASU and a member of the Pacific Research Institute's Academic Advisory Board. Dr. Boyes has received many teaching awards, including the Golden Key National Honor Society Outstanding Professor Award at ASU in 1988, the Outstanding Teacher in the MBA Program Award at ASU in 1994, the Outstanding Teacher in the College of Business Award at ASU in 1995, Huizingh Outstanding Honors Professor in 2007, and Outstanding MBA Professor in 2008.