Fundamentals of Economics remains the first brief survey textbook to thoroughly integrate international economic issues while retaining concise coverage of core economic models. Boyes and Melvin have distilled formal theories to place key microeconomic and macroeconomic concepts in a real-world context. The condensed format gives instructors the flexibility to supplement the Second Edition with outside cases, readings, group projects, and classroom projects.
Each chapter highlights the decisions of real companies and government policies from around the world to illustrate how economic principles affect organizations, governments, and ultimately students. Fundamental Questions preview key points at the beginning of each chapter, reappear next to the relevant in-text discussion, and form the basis of chapter-ending summaries.
New! The Second Edition includes more discussion of the four market structures (monopoly, perfect competition, monopolistic competition, and oligopoly). The chapters on microeconomics also cover the factors that determine company strategy and market entry.
New!Now You Try It boxes in each chapter test students' ability to apply the concepts and skills under review.
New! A glossary appears at the end of the text, reinforcing the key terms located in the margins of each chapter.
International topics include the effects of exchange rates on individual markets, price discrimination on an international scale, multinationals, measuring national and international economies, a comparative analysis of different countries' fiscal policies, and international banking.
Chapter 16, Macroeconomic Policy,Business Cycles, and Growth, provides a unified look at the issues related to expansion unlike other texts.
Product dimensions: 8.40 (w) x 10.80 (h) x 0.80 (d)
Meet the Author
Dr. William Boyes is professor of economics at Arizona State University. He received his Ph.D. in economics from the Claremont Graduate School in 1974. Before joining the Arizona State faculty, he was the Distinguished Visiting Professor of Business at Weber State University; visiting professor at Tsinghua University, Beijing, China and the University of London, London, England, and lectured at ITAM in Mexico City; and was the dean of the College of Business at Cal Poly, San Luis Obispo. Dr. Boyes has also served as chairman of the Economics Department at ASU and has been an economist with Security Pacific National Bank (now Bank of America). He has been a consultant to the White House, the Commerce Department, the Federal Trade Commission, and several private firms. He is the director of the office of economic education at ASU and a member of the Pacific Research Institute's Academic Advisory Board. Dr. Boyes has received many teaching awards, including the Golden Key National Honor Society Outstanding Professor Award at ASU in 1988, the Outstanding Teacher in the MBA Program Award at ASU in 1994, the Outstanding Teacher in the College of Business Award at ASU in 1995, Huizingh Outstanding Honors Professor in 2007, and Outstanding MBA Professor in 2008.
Michael Melvin is currently Head of Currency Research at Barclays Global Investors. He also retains affiliations at the Arizona State University Department of Economics and the Haas School of Business at the University of California, Berkeley. Dr. Melvin received his Ph.D. in economics from UCLA in 1980. He has served as a visiting scholar at the Federal Reserve Board and the International Monetary Fund, was a Fulbright Professor at the University of Frankfurt, and has been a visiting professor at UCLA, Northwestern University, U.C. San Diego, and the University of Hawaii. His field of specialization is International Finance, and he is the coeditor of the Journal of International Money and Finance.
Part I: MARKETS. 1. Economics and the World Around You. 2. Markets and the Market Process. 3. The Free Market versus Government Interference. Part II: Consumers, Firms, and Social Issues. 4. The Firm and the Consumer. 5. Costs and Profit Maximization. 6. Competition. 7. Business, Society, and the Government. 8. Government Intervention versus Free Markets. Part III: The National and Global Economies. 9. An Overview of the National and International Economies. 10. Macroeconomic Measures. 11. Unemployment, Inflation, and Business Cycles. 12. Macroeconomic Equilibrium: Aggregate Demand and Supply. 13. Fiscal Policy. 14. Money and Banking. Part IV: Macroeconomic Policy. 15. Monetary Policy. 16. Macroeconomic Policy, Business Cycles, and Growth. 17. Issues in International Trade and Finance. 18. Globalization.