Economics, 10th edition

Published by Pearson (January 22, 2018) © 2018

  • John Sloman University of Bristol
  • Dean Garratt Aston Business School
  • Jon Guest Aston Business School



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Now in its 10th edition, Economics by Sloman, Garratt & Guest is known and loved for its active learning, student-friendly approach and unrivalled lecturer and student support. It has been specially updated for 2020/21 totake into account the latest developments in the global economy, including theeffects of the Covid-19 pandemic.

Retaining all the hall mark features of previous editions, it continues to provide a balanced, comprehensive and completely up-to-date introduction to the world of economics.

MyLab Economics not included. Students, if MyLab Economics is a recommended/mandatory component of the course, please ask your instructor for the correct ISBN and course ID. MyLab Economics should only be purchased when required by an instructor. Instructors, contact your Pearson representative for more information.

This edition includes a Companion Website.

The updated 2020/21 10th edition retains many of the popular features of the previous edition:

·    An even micro/macro split.

·    A wealth of applied material, with 177 boxes, relating economics to the real world.

·    An open learning approach, with questions incorporated into the text so as to test and reinforce students' understanding as they progress. This makes learning a much more active process.

·    End-of-chapter questions with answers on the Companion Website

·    All economic terms highlighted in the text where they first appear and defined at the foot of that page. Each term is also highlighted in the index, so that the student can simply look up a given definition as required.

·    40 Key Ideas and 15 Threshold Concepts are highlighted throughout the book and explained when they first appear.

·    Extensive use of data, with links in the online version to general data sources and individual datasets, with many opportunities for students to explore data to help them reflect on policy choices.

·    Chapter maps at the beginning of each chapter help students to see how the chapter is structured and how the various topics relate to each other.

·    Starred sections and boxes contain more advanced material allowing the book to be used by students with different abilities and experience, and on courses of different levels of difficulty.

·    ‘Looking at the maths' sections express a topic mathematically and support those on more quantitatively-focused courses.

·    A companion website and MyLab Economics support the text with extra case studies, audio animations, maths cases, answers to all the questions in the text and link to the frequently-updated Sloman Economics News site for students as well as a full package of teaching and learning resources, assessment and lecturer materials for lecturers.

Economics, updated 10th edition has been thoroughly revised and rewritten in many places to reflect recent developments in economic policy and practice around the world from the perspective of 2020.  

Changes include:

·  Coverage of the effects of the Covid-19 pandemic on nationaleconomies and the global economy and discussion of policies to mitigate theeconomic effects of the pandemic.

·  Many new boxes on topical and controversial issues, including the secondary ticket market, the dominance of Google, the Financial Accelerator and primary surpluses/sustainable debt.

·    An increased emphasis on the role of borrowing, debt, financial markets, balance sheets and risk at the government, corporate and household levels;

·    The development of macroeconomic models, including the interaction between the IS/MP model, the DAD/DAS model and the expectations augmented Phillips curve models;

·    Increased emphasis on behavioural economics at the level of both the consumer and the firm, including the impact of present bias, loss aversion, preferences for fairness and biases when making decisions in an uncertain environment.

·    A deeper exposition of game theory and more detailed analysis of price discrimination, externalities and public goods.

·    Extensive coverage of the recent developments in money and banking and their impact on the economy.

·    All policy sections, tables, charts and references reflect the changes that have taken place since the last edition, including the implications of the Brexit vote and Trump administration, changes to the regulation of businesses and the protection of the environment, and the continuing international responses to the financial crisis and policies adopted in various countries to reduce levels of public-sector deficits and debt.

  • Why Economics is Good for You
  • 1. Economics and Economies
  • 2. Supply and Demand
  • 3. Government and the Market
  • 4. Background to Demand: the Rational Customer
  • 5. Consumer Behaviour in an Uncertain World
  • 6. Background to Supply
  • 7. Profit Maximising under Perfect Competition and Monopoly
  • 8. Profit Maximising under Imperfect Competition
  • 9. The Behaviour of Firms
  • 10. The Theory of Distribution of Income
  • 11. Inequality, Poverty and Policies to Redistribute Income
  • 12. Markets, Efficiency and the Public Interest
  • 13. Environmental Policy
  • 14. Government Policy towards Business
  • 15. An Introduction to Macroeconomic Issue and Ideas
  • 16. The Development of Macroeconomic Thinking: A Historical Perspective
  • 17. Short-run Macroeconomic Equilibrium
  • 18. Banking, Money and Interest Rates
  • 19. The Relationship between the Money and Goods Markets
  • 20. Aggregate Supply, Inflation and Unemployment
  • 21. The relationship between Inflation, Unemployment and Output
  • 22. Fiscal and Monetary Policy
  • 23. Long-term Economic Growth and Supply-side Policies
  • 24. International Trade
  • 25. The Balance of Payments and Exchange Rates
  • 26. Economies in an Interdependent World
  • Appendix 1: Some Techniques of Economic Analysis
  • Appendix 2: Websites
  • Threshold Concepts and Key Ideas
  • Glossary
  • Index

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