Economics, European Edition, 11th edition

Published by Pearson (March 2, 2022) © 2022

  • Michael Parkin Emeritus of University of Western Ontario
  • Melanie Powell Derby University
  • Kent Matthews Cardiff University



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Introduce the essential principles of Economics to your students with this revised edition and guide them through their first steps of thinking like an economist!

Economics 11th edition retains the hallmarks of previous editions with a detailed overview of the principles of economics and application of economic theories to real-world data, events and examples. It incorporates the latest developments in Eurozone and UK policy, including Brexit and the impact of COVID-19 on the economy.

The text encourages students to evaluate economic policies and develop critical thinking and decision-making skills, offering support as you lay the foundations for them to start thinking like an economist.

Hallmark Features in This Edition

  • Economics in the News: Each chapter introduces and develops a contemporary issue through this section, offering end-of-chapter questions to support your students' critical thinking.
  • Learning by Doing: The end-of-chapter worked problems offer an active review to improve students' comprehension of the issue introduced.
  • Review Quizzes: The questions cement knowledge and understanding gained from the chapter review and monitor your students' progress, highlighting the areas they might need to improve.
  • Lively Figures and Diagrams: Coming with boxed notes, graphs, and data tables, they offer further study support.
  • Lecturer's Manual: The book offers the Manual with PowerPoint Resources as lecturer additional support material.

New to This Edition

  • A discussion on COVID-19 and its economic effects both on macroeconomic and microeconomic scales, with case studies and examples.
  • In-depth discussion on climate change and the economic challenges it presents, with an extensive presentation of the climate data, the external cost of burning fossil fuels, and the alternative methods of achieving an efficient outcome.
  • Emphasis on the changes in the Bank of England's monetary policy, in response to the global financial crisis.
  • Extensive reference on Brexit and its effect on economic growth, investments, and interest rates, as well as the demand for loanable funds.
  • Updated versions on all 'Economics in the News' sections and 'At Issue' segments, covering current news around the world.

Features of MyLab® Economics for the 11th Edition; published 2022

  • Teach your course your way: Your course is unique. So whether you would like to build your own assignments, teach multiple sections, or set prerequisites, MyLab gives you the flexibility to easily create your course to fit your needs.
  • Empower each learner: Each student learns at a different pace. Personalised learning pinpoints the precise areas where each student needs practice, giving all students the support they need – when and where they need it – to be successful.
  • Deliver trusted content: You deserve teaching materials that meet your own high standards for your course. That is why we partner with highly respected authors to develop interactive content and course-specific resources that you can trust – and that keep your students engaged.
  • Improve student results: When you teach with MyLab Economics, student performance often improves. That is why instructors have chosen MyLab for over 15 years, touching the lives of over 50 million students.
  • 300 new questions with instant feedback and new animations in MyLab Economics make it the go-to tool for assessment and grading.
  • Homework, quiz, test, and tutorial options to manage all assessment needs.

Part 1: The Scope of Economics

  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, Firms and Markets

  1. Households' Choices
  2. Organising Production
  3. Output and Costs
  4. Perfect Competition
  5. Monopoly
  6. Monopolistic Competition
  7. Oligopoly

Part 4: Coping with Market Failure

  1. Public Choices and Public Goods
  2. Economics of the Environment

Part 5: Factor Markets, Inequality and Uncertainty

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

Part 6: Monitoring Macroeconomic Performance

  1. Measuring GDP and Economic Growth
  2. Monitoring Jobs and Inflation

Part 7: Macroeconomic Trends

  1. Economic Growth
  2. Finance, Saving and Investment
  3. Money, the Price Level and Inflation
  4. International Finance

Part 8: Macroeconomic Fluctuations

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

Part 9: Macroeconomic Policy

  1. Fiscal Policy
  2. Monetary Policy



Publisher's Acknowledgements

Michael Parkin is Professor Emeritus of the University of Western Ontario. His books are used by over a million students across the world.

Melanie Powell is Senior Lecturer in Economics and Postgraduate Course Director at Derby University Business School.

Kent Matthews is Sir Julian Hodge Professor of Banking and Finance at the Cardiff Business School, Cardiff University, and Professor in Banking at Nottingham University Business School, University of Nottingham Ningbo China.

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