Economics, Global Edition, 8th edition

For two-semester courses covering the principles of economics for students in business and economics.

The relevance of economics shown through real-world business examples

One of the challenges of teaching principles of economics is fostering interest in concepts, including opportunity cost, trade-offs, scarcity, and demand and supply that may not seem applicable to students’ lives. Economics makes these concepts relevant by demonstrating how real businesses apply them to make decisions every day. With ever-changing US and world economies, the 8th Edition has been updated with the latest developments using new real-world business and policy examples. Regardless of their future career path—opening an art studio, trading on Wall Street, or bartending at the local pub, students will benefit from understanding the economic forces behind their work.

Complete economics coverage shows students how economics is relevant to their lives

• NEW and UPDATED - Examples and policy discussions detail developments in US and world economies, including the longest economic expansion in the history of the US economy, the first significant international trade war since the 1930s, and record peacetime federal budget deficits — helping students become educated consumers, voters, and citizens.
• NEW and UPDATED - Chapter-opening Cases illustrate how the economic concepts presented in the text impact real-life businesses, including Nike, Apple, Lyft, and Whirlpool — providing a unifying theme for the chapter and sparking students’ interest. Students can also visit MyLab™ Economics to watch a brief video by author Glenn Hubbard that summarizes the key points of each chapter opener.
• Chapter-opening Economics in Your Life & Career boxes ask students to consider questions related to their lives and careers — adding a personal dimension to the material. 
• NEW and UPDATED - End-of-chapter Questions, Problems, and Critical Thinking Exercises help students build skills to analyze and interpret information and apply reasoning and logic to new or unfamiliar ideas and situations.

Student-focused features enhance understanding of key economic topics

• NEW - An Inside Look boxes in chapters 1 - 4 use news articles to teach students how to apply economic thinking to current events and policy debates. An excerpt of the article, step-by-step analysis, corresponding graph or table, and Thinking Critically exercise are provided. Additional articles are routinely posted to MyLab Economics. 
• NEW and UPDATED - Apply the Concepts features reinforce key concepts and help students interpret what they read in the news. Each Apply the Concept has a related question in the end-of-chapter Problems and Applications section. Students can then visit MyLab Economics to watch a brief video by author Glenn Hubbard that summarizes the key points of each. Twenty-seven new Apply the Concepts have been added and 73 have been revised in the 8th Edition. 
• Don’t Let This Happen to You boxes alert students to the most common pitfalls in the chapter’s material. This is followed up with a related question in the end-of-chapter Problems and Applications section. 
• NEW - Solved Problems show students how to solve an economic problem by breaking it down step by step. New to this edition are 7 Solved Problems and whiteboard videos of each Solved Problem that bring these real-world issues to life with audio, background photos, and construction of graphs and tables.
• UPDATED - Concept Checks, consisting of multiple-choice, true/false, and fill-in-the-blank questions, act as “speed bumps” that encourage students to stop and check their understanding of fundamental terms and concepts before moving on to the next section. 
• UPDATED - 250 Figures, tables, and their animations provide clear insights into economic issues, and have been updated so students are working with the latest data available.
• End-of-Chapter Real-Time Data Exercises help students become familiar with a key data source (FRED™, the Federal Reserve Bank of St. Louis' site), learn how to locate data and develop skills in interpreting data.

A widget-free approach and modern organization give students a solid foundation in economics

Microeconomics:

• A strong set of introductory chapters (1 - 4) provide students with a solid foundation in the basics, including marginal analysis and economic efficiency.
• Early coverage of policy issues (chapters 1, 4, 5, 6, and 7) helps clarify ideas encountered in later chapters. Topics include trade policy and tariffs; rent control and minimum wage; air pollution, global warming, and public goods; government policy toward soda / sweetened beverages; and health care policy.
• Complete coverage of monopolistic competition in chapter 13 precedes that of oligopoly (chapter 14) and monopoly (chapter 15), allowing for early discussion of topics such as brand management and sources of competitive success. A flexible organization lets instructors cover these 3 important sources of competition in the order best suited for their classes.
• Extensive, realistic game theory coverage in chapter 14 analyzes competition among oligopolists (including Apple, Amazon, Dell, Spotify, and Walmart), helping students to understand how companies with market power make strategic decisions in many competitive situations.

Macroeconomics:

• A broad discussion of macro statistics in chapters 18 and 19 helps clarify some of the policy issues encountered in later chapters, including important differences between the payroll survey and household survey for understanding conditions in the labor market; and the employment-population ratio, which is not covered in some other books but which many economists regard as a key measure of labor market performance.
• Early coverage of long-run topics in chapters 20 and 21 helps prepare students to understand business cycles to interpret economic events. Topics include the decline of the Soviet economy, the long-run prospects for growth in China, ‘Why isn’t the whole world rich?’, and more.
• Extensive coverage of monetary policy in chapters 25 and 27 emphasizes the issues involved in the Fed’s choice of monetary policy targets. The material also covers the Taylor rule and the new Fed’s latest policy tools and the debate over whether the Fed’s policies during and after the 2007—2009 financial crisis were consistent with its mandate under the Federal Reserve Act.
• A dynamic model of aggregate demand and aggregate supply (AD-AS) in chapter 23 provides students with a more accurate and realistic understanding of the causes and consequences of fluctuations in real GDP and the price level.
• UPDATED - Coverage of both the demand-side and supply-side effects of fiscal policy is included in chapter 26. The text distinguishes between automatic stabilizers and discretionary fiscal policy, and also provides significant coverage of the supply-side effects of fiscal policy. A new section discusses the requirements for the Trump administration to hit its goal of restoring the long-run annual growth rate of real GDP to 3%.

A flexible chapter structure satisfies instructors’ various approaches to teaching the principles of macroeconomics

• Discussion of long-run economic growth in chapter 20 makes it possible for instructors to omit the more thorough discussion of these issues in chapter 21.
• Discussion of the Keynesian income-expenditure approach (the ‘45 degree-line diagram,’ or ‘Keynesian cross’), introduces students to the short-run relationship between spending and production, and is confined to chapter 22 so that instructors who do not use this approach can proceed directly to aggregate demand and aggregate supply analysis in chapter 23.
• Coverage of the dynamic AD-AS model is presented in self-contained sections in chapters 23, 25, and 26, so instructors may safely omit the sections on the Dynamic AD-AS model without any loss in continuity to the discussion of macroeconomic theory and policy. 
• While 2 chapters are devoted to monetary policy, the first of these (chapter 25) is a self-contained discussion, so instructors may safely omit the material in chapter 27 if they so choose. 
• UPDATED - International material in chapters 9 and 28 give students a good understanding of international trading and financial systems — essential to understanding the macroeconomy and satisfying their curiosity about the economic world around them. Instructors may choose to cover just 1 or 2 of the chapters as needed; a flexibility chart is provided to help select the chapters and order best suited to their classrooms’ needs.
• End-of-chapter material, including summaries, review questions, and problems and applications, is grouped together under learning objectives to make it easier for instructors to assign problems based on learning objectives and to help students efficiently review material that they find difficult. 

Also available with MyLab Economics
MyLab™ is the teaching and learning platform that empowers you to reach every student. By combining trusted author content with digital tools and a flexible platform, MyLab personalizes the learning experience and improves results for each student. Learn more about MyLab Economics.

• Teach your course your way: Your course is unique. So whether you’d 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. Personalized 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.
• UPDATED - Animated Graphs in MyLab accompany many of the key graphs and figures in the text, and have been updated with real-time data from FRED — a comprehensive, up-to-date data set maintained by the Federal Reserve Bank of St. Louis. These animated graphs help students understand shifts in curves, movements along curves, and changes in equilibrium values.
• UPDATED - Digital Interactives are dynamic and engaging assessment activities that promote critical thinking and the application of key economic principles. Many Digital Interactives also include real-time data from FRED, allowing professors and students to display up-to-the-minute data in key areas. Digital Interactives can be assigned and graded within MyLab Economics, or used as a lecture tool to encourage engagement and classroom conversation.
• UPDATED - Solved Problem Videos are whiteboard-style videos that walk students in real time through the Solved Problem, bringing this hallmark feature to life. 
• Deliver trusted content: You deserve teaching materials that meet your own high standards for your course. That’s 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, student performance often improves. That’s why instructors have chosen MyLab for over 15 years, touching the lives of over 50 million students. 

Check out the preface for a complete list of features and what's new in this edition.

Complete economics coverage shows students how economics is relevant to their lives

• Examples and policy discussions detail developments in US and world economies, including the longest economic expansion in the history of the US economy, the first significant international trade war since the 1930s, and record peacetime federal budget deficits — helping students become educated consumers, voters, and citizens.
• Chapter-opening Cases illustrate how the economic concepts presented in the text impact real-life businesses, including Nike, Apple, Lyft, and Whirlpool — providing a unifying theme for the chapter and sparking students’ interest. Students can also visit MyLabTM Economics to watch a brief video by author Glenn Hubbard that summarizes the key points of each chapter opener.
• End-of-chapter Questions, Problems, and Critical Thinking Exercises help students build skills to analyze and interpret information and apply reasoning and logic to new or unfamiliar ideas and situations.

Student-focused features enhance understanding of key economic topics

• An Inside Look boxes in chapters 1 - 4 use news articles to teach students how to apply economic thinking to current events and policy debates. An excerpt of the article, step-by-step analysis, corresponding graph or table, and Thinking Critically exercise are provided. Additional articles are routinely posted to MyLab Economics.
• Apply the Concepts features reinforce key concepts and help students interpret what they read in the news. Each Apply the Concept has a related question in the end-of-chapter Problems and Applications section. Students can then visit MyLab Economics to watch a brief video by author Glenn Hubbard that summarizes the key points of each. Twenty-seven new Apply the Concepts have been added and 73 have been revised in the 8th Edition.
• Solved Problems show students how to solve an economic problem by breaking it down step by step. New to this edition are 7 Solved Problems and whiteboard videos of each Solved Problem that bring these real-world issues to life with audio, background photos, and construction of graphs and tables.
• Concept Checks, consisting of multiple-choice, true/false, and fill-in-the-blank questions, act as “speed bumps” that encourage students to stop and check their understanding of fundamental terms and concepts before moving on to the next section.
• 250 Figures, tables, and their animations provide clear insights into economic issues, and have been updated so students are working with the latest data available.

A widget-free approach and modern organization give students a solid foundation in economics

Macroeconomics:

• Coverage of both the demand-side and supply-side effects of fiscal policy is included in chapter 26. The text distinguishes between automatic stabilizers and discretionary fiscal policy, and also provides significant coverage of the supply-side effects of fiscal policy. A new section discusses the requirements for the Trump administration to hit its goal of restoring the long-run annual growth rate of real GDP to 3%.

A flexible chapter structure satisfies instructors’ various approaches to teaching the principles of macroeconomics

• International material in chapters 9 and 28 give students a good understanding of international trading and financial systems — essential to understanding the macroeconomy and satisfying their curiosity about the economic world around them. Instructors may choose to cover just 1 or 2 of the chapters as needed; a flexibility chart is provided to help select the chapters and order best suited to their classrooms’ needs.

Reach every student with MyLab

• Animated Graphs in MyLab accompany many of the key graphs and figures in the text, and have been updated with real-time data from the Federal Reserve’s Economic Data (FREDTM) — a comprehensive, up-to-date data set maintained by the Federal Reserve Bank of St. Louis. These animated graphs help students understand shifts in curves, movements along curves, and changes in equilibrium values.
• Digital Interactives are dynamic and engaging assessment activities that promote critical thinking and the application of key economic principles. Many Digital Interactives also include real-time data from FRED, allowing professors and students to display up-to-the-minute data in key areas. Digital Interactives can be assigned and graded within MyLab Economics, or used as a lecture tool to encourage engagement and classroom conversation.
• Solved Problem Videos are whiteboard-style videos that walk students in real time through the Solved Problem, bringing this hallmark feature to life.

Check out the preface for a complete list of features and what's new in this edition.