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Betsey Stevenson and Justin Wolfers present a new synthesis of economic principles for a new generation of students. Their focus on useful economics employs compelling explanations and real-life examples to help students develop economic intuition and apply it to everyday decisions. The authors provide a fresh take on a wide range of principles topics and develop macroeconomics from its microfoundations in an engaging presentation that has drawn enthusiastic reviews from hundreds of instructors and thousands of students in pre-publication class-tests. This text is available in Achieve, a new, integrated online learning system that features powerful tools for each step of the Learning Path: pre-class, in-class, and post-class. Cover Page......Page 1 Inside Cover Page......Page 2 Title Page......Page 4 Copyright Page......Page 5 Dedication......Page 7 About the Authors......Page 8 A Fresh Perspective on Economics......Page 10 Broad. Useful. Intuitive.......Page 12 Build a Solid Foundation......Page 16 Teaching Modern Economics......Page 20 Applications That Keep It Real......Page 23 Tools That Prepare and Engage......Page 26 Practice the Process of Graphing......Page 33 Technology That Supports Learning......Page 35 Acknowledgments......Page 41 Organization of This Book......Page 52 Contents......Page 53 A Quick Review of Graphs......Page 72 PART I: Foundations of Economics......Page 80 Chapter 1 The Core Principles of Economics......Page 82 1.1 A Principled Approach to Economics......Page 85 1.2 The Cost-Benefit Principle......Page 88 1.3 The Opportunity Cost Principle......Page 100 1.4 The Marginal Principle......Page 116 1.5 The Interdependence Principle......Page 128 Tying It Together......Page 134 Chapter at a Glance......Page 137 End of Chapter......Page 138 Chapter 2 Demand: Thinking Like a Buyer......Page 144 2.1 Individual Demand: What You Want, at Each Price......Page 146 2.2 Your Decisions and Your Demand Curve......Page 153 2.3 Market Demand: What the Market Wants......Page 156 2.4 What Shifts Demand Curves?......Page 162 2.5 Shifts versus Movements Along Demand Curves......Page 173 Tying It Together......Page 176 Chapter at a Glance......Page 179 End of Chapter......Page 180 Chapter 3 Supply: Thinking Like a Manager......Page 187 3.1 Individual Supply: What You Sell, at Each Price......Page 190 3.2 Your Decisions and Your Individual Supply Curve......Page 198 3.3 Market Supply: What the Market Sells......Page 211 3.4 What Shifts Supply Curves?......Page 215 3.5 Shifts versus Movements Along Supply Curves......Page 223 Tying It Together......Page 226 Chapter at a Glance......Page 228 End of Chapter......Page 229 Chapter 4 Equilibrium......Page 235 4.1 Understanding Markets......Page 238 4.2 Equilibrium......Page 243 4.3 Predicting Market Changes......Page 252 Tying It Together......Page 280 Chapter at a Glance......Page 281 End of Chapter......Page 282 PART II: Analyzing Markets......Page 287 Chapter 5 Elasticity: Measuring Responsiveness......Page 289 5.1 Price Elasticity of Demand......Page 292 5.2 How Businesses Use Demand Elasticity......Page 293 5.3 Other Demand Elasticities......Page 294 5.4 Price Elasticity of Supply......Page 296 Tying It Together......Page 297 Chapter at a Glance......Page 298 End of Chapter......Page 299 Chapter 6 When Governments Intervene in Markets......Page 301 6.1 How Taxes and Subsidies Change Market Outcomes......Page 304 6.2 Price Regulations......Page 322 6.3 Quantity Regulations......Page 333 Tying It Together......Page 338 Chapter at a Glance......Page 340 End of Chapter......Page 341 Chapter 7 Welfare and Efficiency......Page 347 7.1 Evaluating Public Policies......Page 350 7.2 Measuring Economic Surplus......Page 355 7.3 Market Efficiency......Page 356 7.4 Market Failure and Deadweight Loss......Page 362 7.5 Beyond Economic Efficiency......Page 366 Tying It Together......Page 369 Chapter at a Glance......Page 371 End of Chapter......Page 372 Chapter 8 Gains from Trade......Page 379 8.1 Gains from Trade......Page 382 8.2 Comparative Advantage......Page 383 8.3 Prices Are Signals, Incentives, and Information......Page 387 8.4 How Managers Can Harness Market Forces......Page 393 Tying It Together......Page 398 Chapter at a Glance......Page 400 End of Chapter......Page 401 PART III: Applications and Policy Issues......Page 407 Chapter 9 International Trade......Page 409 9.1 Comparative Advantage Is the Foundation of International Trade......Page 412 9.2 How International Trade Shapes the Economy......Page 425 9.3 The Debate About International Trade......Page 440 9.4 International Trade Policy......Page 447 9.5 Effects of Globalization......Page 452 Tying It Together......Page 456 Chapter at a Glance......Page 459 End of Chapter......Page 460 Chapter 10 Externalities and Public Goods......Page 468 10.1 Identifying Externalities......Page 471 10.2 The Externality Problem......Page 477 10.3 Solving Externality Problems......Page 480 10.4 Public Goods and the Tragedy of the Commons......Page 496 Tying It Together......Page 505 Chapter at a Glance......Page 507 End of Chapter......Page 508 Chapter 11 The Labor Market......Page 516 11.1 The Labor Market: Supply and Demand at Work......Page 519 11.2 Labor Demand: Thinking Like an Employer......Page 523 11.3 Labor Supply: How to Balance Work and Leisure......Page 526 11.4 Changing Economic Conditions and Labor Market Equilibrium......Page 543 Tying It Together......Page 555 Chapter at a Glance......Page 557 End of Chapter......Page 558 Chapter 12 Wages, Work and Management......Page 564 12.1 Labor Demand: What Employers Want......Page 567 12.2 Labor Supply: What Workers Want......Page 576 12.3 Institutional Factors That Explain Why Wages Vary......Page 580 12.4 How Discrimination Affects Wages......Page 587 12.5 Personnel Economics......Page 596 Tying It Together......Page 605 Chapter at a Glance......Page 606 End of Chapter......Page 607 Chapter 13 Inequality, Social Insurance, and Redistribution......Page 612 13.1 Measuring Inequality......Page 615 Chapter 13 Inequality, Social Insurance, and Redistribution......Page 624 Chapter 13 Inequality, Social Insurance, and Redistribution......Page 634 13.4 The Debate About Income Redistribution......Page 645 Tying It Together......Page 660 Chapter at a Glance......Page 662 End of Chapter......Page 663 PART IV: Market Structure and Business Strategy......Page 668 Chapter 14 Market Structure and Market Power......Page 670 14.1 Monopoly, Oligopoly, and Monopolistic Competition......Page 673 14.2 Setting Prices When You Have Market Power......Page 684 14.3 The Problem with Market Power......Page 696 14.4 Public Policy to Restrain Market Power......Page 704 Tying It Together......Page 712 Chapter at a Glance......Page 714 End of Chapter......Page 715 Chapter 15 Entry, Exit, and Long-Run Profitability......Page 722 15.1 Revenues, Costs, and Economic Profits......Page 725 15.2 Free Entry and Exit in the Long Run......Page 727 15.3 Barriers to Entry......Page 741 Tying It Together......Page 758 Chapter at a Glance......Page 759 End of Chapter......Page 760 Chapter 16 Business Strategy......Page 766 16.1 The Five Forces That Determine Business Profitability......Page 769 16.2 Non-Price Competition: Product Positioning......Page 777 16.3 Bargaining Power of Buyers and Sellers......Page 779 Tying It Together......Page 794 Chapter at a Glance......Page 798 End of Chapter......Page 799 Chapter 17 Sophisticated Pricing Strategies......Page 805 17.1 Price Discrimination......Page 808 17.2 Group Pricing......Page 819 17.3 The Hurdle Method......Page 829 Tying It Together......Page 840 Chapter at a Glance......Page 842 End of Chapter......Page 843 Chapter 18 Game Theory and Strategic Choices......Page 847 18.1 How to Think Strategically......Page 850 18.2 The Prisoner’s Dilemma and the Challenge of Cooperation......Page 856 18.3 Multiple Equilibria and the Problem of Coordination......Page 867 18.4 Advanced Strategy: First and Second Mover Advantages......Page 879 18.5 Advanced Strategy: Repeated Games and Punishments......Page 889 Tying It Together......Page 897 Tying It Together......Page 899 End of Chapter......Page 900 PART V: Advanced Decisions......Page 910 Chapter 19 Decisions Involving Uncertainty......Page 912 19.1 Risk Aversion......Page 915 19.2 Reducing Risk......Page 927 19.3 Behavioral Economics: How People Make Mistakes Around Uncertainty......Page 941 Tying It Together......Page 948 Chapter at a Glance......Page 950 End of chapter......Page 951 Chapter 20 Decisions Involving Private Information......Page 957 20.1 Adverse Selection When Sellers Know More Than Buyers......Page 960 20.2 Adverse Selection When Buyers Know More Than Sellers......Page 974 20.3 Moral Hazard: The Problem of Hidden Actions......Page 986 Tying It Together......Page 998 Chapter at a Glance......Page 1000 End of chapter......Page 1001 Dedication......Page 1006 Index......Page 1028