Economics, Global Edition, 14th edition

Published by Pearson (29 July 2024) © 2024

  • Michael Parkin Emeritus of University of Western Ontario
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Title overview

Economics, Global Edition helps students develop the skills and mindset needed to think like an economist and understand the forces shaping the modern world. Using relevant global examples and contemporary economic issues, the text introduces core economic principles while encouraging critical thinking about the decisions made by individuals, businesses, and governments. Clear explanations, engaging real-world applications, and renowned visual learning tools help students connect economic theory to the challenges and opportunities facing economies today.

Covering both microeconomics and macroeconomics, the text explores topics ranging from markets, competition, and consumer behaviour to economic growth, inflation, monetary policy, and international trade. Practical learning features, worked examples, interactive review activities, and analysis of current economic events support students in building analytical skills and applying economic reasoning to real-world situations. By linking economic models to global events and policy debates, students gain a deeper understanding of how economics influences everyday life.

Table of contents

PART 1: INTRODUCTION

  1. What is Economics?
  2. The Economic Problem

PART 2: HOW MARKETS WORK

  1. Demand and Supply
  2. Elasticity
  3. Efficiency And Equity
  4. Government Actions in Markets
  5. Global Markets in Action

PART 3: HOUSEHOLDS' CHOICES

  1. Utility and Demand
  2. Possibilities, Preferences, and Choices

PART 4: FIRMS AND MARKETS

  1. Organizing Production
  2. Output and Costs
  3. Perfect Competition
  4. Monopoly
  5. Monopolistic Competition
  6. Oligopoly

PART 5: MARKET FAILURE AND GOVERNMENT

  1. Public Choices, Public Goods, and Healthcare
  2. Externalities

PART 6: FACTOR MARKETS, INEQUALITY, AND UNCERTAINTY

  1. Markets for Factors of Production
  2. Economic Inequality
  3. Uncertainty and Information

PART 7: MONITORING MACROECONOMIC PERFORMANCE

  1. Monitoring the Value of Production: GDP
  2. Monitoring Jobs and Inflation

PART 8: MACROECONOMIC TRENDS

  1. Economic Growth
  2. Finance, Saving, and Investment
  3. Money, the Price Level, and Inflation
  4. The Exchange Rate and the Balance of Payments

PART 9: MACROECONOMIC FLUCTUATIONS

  1. Aggregate Supply and Aggregate Demand
  2. Expenditure Multipliers
  3. The Business Cycle, Inflation, and Deflation

PART 10: MACROECONOMIC POLICY

  1. Fiscal Policy
  2. Monetary Policy

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