Principles of Economics / Edition 1

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This text conveys the principles of economics in a superb conversational style that engages students in the material unlike any other text. By appealing to students' interests and language; using familiar stories, illustrations, and scenarios and a direct-to-student writing style; and a narrative built on questions, the distance is lessened between the student and the unfamiliar concepts of economics. The book also maintains a focus on presenting basic concepts in depth and developing economic analysis step-by-step, rather than covering hundreds of topics superficially. With this book, students are discouraged from simply memorizing facts and are engaged in active learning.
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Editorial Reviews

An introductory text/CD-ROM with explanatory narrative based on questions and detailed answers. Chapters are in section on basics of economic analysis, microeconomics and its applications to product and factor markets, employment and fiscal policy, banking and monetary policy, government and the macroeconomy, and the world economy. Learning aids include objectives, self-check questions, Internet exercises, graph-reading and interpretation exercises, activities placing students in the role of consultants, and boxes on how economic principles apply to real events. This third edition strengthens an interdisciplinary focus. The CD-ROM contains video clips, self-tests, and a graphing tutorial. The author teaches economics at the University of Illinois. Annotation c. Book News, Inc., Portland, OR (
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Product Details

  • ISBN-13: 9780538840200
  • Publisher: South-Western
  • Publication date: 9/28/1995
  • Edition description: Older Edition
  • Edition number: 1
  • Pages: 879

Meet the Author

Fred M. Gottheil is a professor of economics at the University of Illinois in Urbana-Champaign. He came to Illinois in 1960, planning to spend one year before returning to his native Canada. But he fell in love with the campus, the community, and the Midwest, and has been at Illinois ever since. He earned his undergraduate degree at McGill University in Montreal, Canada and his Ph.D. at Duke University. His primary teaching is the principles of economics, and on occasion, he has taught the history of economic thought, Marxian economics, and the economics of the Middle East. He is the author of "Marx's Economic Predictions" and numerous articles that have appeared in scholarly journals, among them the "American Economic Review", the "Canadian Journal of Economics", the "Journal of Post-Keynesian Economics" and the "Middle East Reviews." Although he enjoys research, his labor of love is teaching the principles course. His classes have been as large as 1,800 students. He has won a plethora of teaching from the university, the college, and department of economics. Aside from his research and publications as a professor of economics, Professor Gottheil is also on the university's medical faculty, co-teaching the College of Medicine's course on medicine and society. As well, he is director of the University of Illinois's Center of Economic Education. In this capacity, he organizes and team-teaches minicourses and workshops on the principles of economics. He was a White House consultant on the Middle East during the Carter Administration and offered expert testimony to several congressional committees. Professor Gottheil was a visiting professor at Northwestern University and at Hebrew University in Jerusalem, Israel. He has lectured at many universities in the United States, Canada, and abroad, including universities in Syria, Egypt, Israel, and Jordan.

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Table of Contents

Preface     V
The Basics of Economic Analysis
Introduction     1
Production Possibilities and Opportunity Costs     19
Demand and Supply     37
Comprehensive Sample Test     60
Introduction to Microeconomics
Elasticity     70
Marginal Utility and Consumer Choice     87
Price Ceilings and Price Floors     123
Business Ownership and Organization     142
Comprehensive Sample Test     156
The Microeconomics of Product Markets
Costs of Production     167
Maximizing Profit     187
Identifying Markets and Market Structures     204
Price and Output in Monopoly, Monopolistic Competition, and Perfect Competition     218
Price and Output Determination Under Oligopoly     238
Antitrust and Regulation     258
Externalities, Market Failure, and Public Choice     272
Comprehensive Sample Test     289
The Microeconomics of Factor Markets
Wage Rates in Competitive Labor Markets     299
Wages and Employment: Monopsony and Labor Unions     321
Interest, Rent, and Profit     337
Income Distribution and Poverty     352
Comprehensive Sample Test     370
Employment,Inflation, and Fiscal Policy
Aggregate Demand and Aggregate Supply     378
Gross Domestic Product Accounting     396
Consumption and Investment     411
Equilibrium National Income     428
Fiscal Policy: Coping with Inflation and Unemployment     449
Economic Growth, Business Cycles, and Countercyclical Policy     467
Comprehensive Sample Test     483
Money, Banking, and Monetary Policy
Money     493
Money Creation and the Banking System     509
The Federal Reserve System and Monetary Policy     523
Comprehensive Sample Test     537
Government and the Macroeconomy
Can Government Really Stabilize the Economy?     546
Government Spending     563
Financing Government: Taxes and Debt     576
Comprehensive Sample Test     590
The World Economy
International Trade     598
Exchange Rates, Balance of Payments, and International Debt     617
Economic Problems of Less-Developed Countries     635
Comprehensive Sample Test     650
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