Introduction to Economics: Social Issues and Economic Thinking / Edition 1

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More About This Textbook


This book presents a realistic picture of current economic thought through an understanding of theory and the application of issues. It discusses concepts in economics and how they relate to real issues in life. It delves into economics by looking at Crime, Labor Markets, Drug Use, Population etc, using the "tools" of economics.

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Product Details

  • ISBN-13: 9780470574782
  • Publisher: Wiley
  • Publication date: 11/6/2012
  • Edition description: New Edition
  • Edition number: 1
  • Pages: 448
  • Sales rank: 1,344,559
  • Product dimensions: 7.95 (w) x 9.90 (h) x 0.62 (d)

Table of Contents

About the Author xiii

Preface xiv


Chapter 1 An Introduction to the Economic Way of Th inking 3

Chapter 1 Appendix: Working with Graphs 18

Chapter 2 Production Possibilities 23

Chapter 3 Demand and Supply 40

Chapter 4 Consumer Surplus, Producer Surplus, and Economic Efficiency 67

Chapter 5 Elasticity 80

Chapter 5 Appendix: Elasticity and the Slope of Demand 94

Chapter 6 Measuring Economic Activity 97

Chapter 7 Inflation and the Measurement of Prices 115

Chapter 8 The Power and Limits of Markets 131


Chapter 9 Wage Determination and Superstar Salaries 145

Chapter 10 The Minimum Wage 165

Chapter 11 International Trade of Goods 178

Chapter 12 Immigration and the International Trade of Labor 196

Chapter 13 Foreign Exchange and the International Trade of Money 212

Chapter 14 Farm Policy 222

Chapter 15 The Economics of Illegal Drugs 237

Chapter 16 Pollution, The Environment, and Global Warming 253

Chapter 17 The Economics of Education 271

Chapter 17 Appendix: Education as an Investment: Present and

Future Values 288

Chapter 18 Competition and Monopoly 291


Chapter 19 The Economics of Labor Market Discrimination 311

Chapter 20 Poverty and the Distribution of Income 329

Chapter 21 The Economics of Health Care 347

Chapter 22 Monetary Policy and the Federal Reserve 363

Chapter 23 Fiscal Policy and the Federal Budget 382

Appendix A Answers to “Think for Yourself” Questions 399

Appendix B Glossary 411

Index 419

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