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Overview

Written by two highly respected economists and educators, the book uses the "Stories, Graphs, and Equations" approach to make economic concepts accessible and relevant to readers with various learning styles. It is known for its unified and logical structure, lively writing style, and clear explanations. Chapter topics include the scope and method of economics; the economic problem: scarcity and choice; demand, supply, and market equilibrium; household behavior and consumer choice; short- and long-run costs and output decisions; input demand; general equilibrium and the efficiency of perfect competition; monopoly and antitrust policy; monopolistic competition and oligopoly; income distribution and poverty; international trade, comparative advantage, and protectionism; and economic growth in developing and transitional economies. For individuals who want to better understand the fundamentals of microeconomics.

Author Biography:

Karl E. Case is the Katherine Coman and A. Barton Hepburn Professor of Economics at Wellesley College where he has taught for 24 years and is a Visiting Scholar at the Federal Reserve Bank of Boston.

Before coming to Wellesley, he served as Head Tutor (director of undergraduate studies) at Harvard, where he won the Allyn Young Teaching Prize. He has been a member of the AEA's Committee on Economic Education and was Associate Editor of the Journal of Economic Education, responsible for the section on innovations in teaching. He teaches at least one section of the principles course every year.

Professor Case received his B.A. from Miami University in 1968, spent three years on active duty in the Army including a year in Vietnam, and received his Ph.D. in Economics from Harvard University in 1976.

Professor Case's research has been in the areas of real estate, housing, and public finance. He is author or co-author of five books, including Principles of Economics, Economics and Tax Policy, and Property Taxation: The Need for Reform and has published numerous articles in professional journals.

He is also a founding partner in the real estate research firm of Case Shiller Weiss, Inc. and serves as a member of the Boards of Directors of the Mortgage Guaranty Insurance Corporation (MGIC), Century Bank, The Lincoln Institute of Land Policy, and the New England Economic Project.

Ray C. Fair is Professor of Economics at Yale University. He is a member of the Cowles Foundation at Yale and a Fellow of the Econometric Society. He received a B.A. in economics from Fresno State College in 1964 and Ph.D. in economics from M.LT. in 1968. He taught at Princeton University from 1968 to 1974 and has been at Yale since 1974.

Professor Fair's research has primarily been in the areas of macroeconomics and econometrics, with particular emphasis on macroeconometric model building. His publications include Specification, Estimation, and Analysis of Macroeconometric Models (Harvard Press, 1984) and Testing Macroeconometric Models (Harvard Press, 1994).

Professor Fair has taught introductory and intermediate macroeconomics at Yale. He has also taught graduate courses in macroeconomic theory and macroeconometrics.

Professor Fair's United States and multicountry models are available for use on the Internet free of charge. The address is http://fairmodel.econ.yale.edu. Many teachers have found that having students work with the United States model on the Internet is a useful complement to even an introductory macroeconomics course.

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Editorial Reviews

Booknews
A textbook containing five introductory chapters, 15 microeconomics chapters, and selected international chapters from the publisher's hardbound Principles of Economics text. This fourth edition contains more international material, and coverage of health-care reform, immigration, urban problems, new trade treaties, and transitional economies. Annotation c. Book News, Inc., Portland, OR (booknews.com)
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Product Details

  • ISBN-13: 9780130746436
  • Publisher: Prentice Hall
  • Publication date: 6/28/2001
  • Edition description: Older Edition
  • Edition number: 6
  • Pages: 451
  • Product dimensions: 8.64 (w) x 10.91 (h) x 0.89 (d)

Read an Excerpt

Preface

At the end of 2000 the United States was in its tenth consecutive year of an economic expansion, the longest in the country's history. Unemployment was at its lowest since 1970, productivity growth was high, and although oil prices had risen sharply, inflation was low. Chronic federal budget deficits had turned into budget surpluses; the Asian economies that suffered sharp downturns in 1998 were recovering fairly well (except for Japan); and even the transitional economies in Eastern Europe and Russia seemed to have turned the corner with reasonable rates of growth. Presidential candidates George W Bush and A1 Gore slugged it out in the fall of 2000 over alternative tax cut and social security proposals.

Perhaps the greatest change in the past three years has been the dramatic emergence of the technology-based "new economy." There can be no question that the dawn of the information age and the power of the Internet have changed the economy in ways that we do not yet fully understand. It has led to increased productivity, new products, and the transformation of many markets. What we don't know is how it will play out in the long run. Will the stock market continue to produce extraordinary returns to investors?

As this edition goes to press there are signs that the U. S. economy may be slowing down. President-elect George W. Bush and his economic advisors expressed concern in mid December about a possible recession in 2001, and the Federal Reserve stated after its December 19, 2000, meeting that the risks were "weighted mainly toward conditions that may generate economic weakness in the foreseeable future:" Others, however, were concerned that inflationmay be a problem in the future because of tight labor markets and possible lagged responses to higher oil prices.

How rapidly times change. It has been our goal in writing this sixth edition to highlight many of these changes and the debates surrounding them. It is not our role to forecast future events. It is rather our goal in revising the text to set the discussion in an up-to-date world context and to highlight what we do and do not understand about it.

More than one million students have used Principles of Economics or one of its split volumes. We have made every effort in this new edition to be responsive to our readers' suggestions while maintaining the book is basic focus and pedagogical organization.

THE FOUNDATION

Despite major revisions and new features, the themes of the sixth edition are the same themes of the first five editions. The purpose of this book is to introduce the discipline of economics and to provide a basic understanding of how economies function. This requires a blend of economic theory, institutional material, and real-world applications. We have maintained a balance between these ingredients in every chapter in this book.

THREE TIERED EXPLANATIONS: STORIES-GRAPHS-EQUATIONS

Professors who teach principles of economics are faced with a classroom of students with different abilities, backgrounds and learning styles. For some, analytical material is difficult no matter how it is presented; for others, graphs and equations seem to come naturally. The problem facing instructors and textbook authors is how to convey the core principles of the discipline to as many students as possible without selling the better students short.

Our approach to this problem is to present each core concept in three ways:

  • First, each concept is presented in the context of a simple intuitive story or illustrative example in words followed by a numerical illustration.
  • Second, the numerical example is presented graphically.
  • And finally, where appropriate, equations are used.

Perhaps the best example of our approach can be found in Chapter 7, "Short-Run Costs and Output Decisions," where we show an independent accountant facing diminishing returns.

MICROECONOMIC STRUCTURE

The organization of the microeconomic chapters continues to reflect our belief that the best way to understand how market economies operate—and the best way to understand basic economic theory—is to work through the perfectly competitive model first, including discussions of output and input markets and the connections between them, before turning to noncompetitive market structures. When students understand how a simple competitive system works, they can start thinking about how the pieces of the economy "fit together." We think this is a better approach to teaching economics than some of the more traditional approaches, which encourage students to think of economics as a series of disconnected alternative market models.

Doing competition first also enables students to see the power of the market system. It is impossible to discuss the things that markets do well until students have seen how a simple system determines the allocation of resources. This is our purpose in Chapters 5-10. Chapter 11, "General Equilibrium and the Efficiency of Perfect Competition," remains a pivotal chapter that links the world of perfect competition with the imperfect world of noncompetitive markets, externalities, imperfect information, and poverty, all of which we discuss in Chapters 12-15. The accompanying visual gives you an overview of our structure.

To visually reinforce basic connections between and among markets, we use the circular flow diagram. This diagram is introduced in Chapter 3 and recurs in Chapters 5, 6, 9, and 11. We believe strongly that students need to be continuously reminded that the material presented in each chapter builds upon the material in earlier chapters and is connected to material in later chapters. Throughout the entire book, the material in the diagrams that relates to the behavior of firms is illustrated in red while the material that relates to the behavior of households is illustrated in blue.

INTERNATIONAL COVERAGE

We continue to integrate international examples throughout the chapters. We discuss international examples and applications in boxed features that appear in most chapters. We have also integrated international examples directly into the text whenever appropriate. All international examples are listed in a table following the book's detailed table of contents.

NEW TO THE SIXTH EDITION

We developed our revision plan based on reviews, market surveys, and focus groups with over 40 professors as well as our own teaching experiences. Our goals for the sixth edition were to:

  1. Streamline the book without sacrificing core concepts.
  2. Integrate print, CD-ROM, and Web technologies.
  3. Update data and examples.
  4. Improve the pedagogical features.

A SHORTER BOOK

Revising a book involves adding new material, and there is a tendency for textbooks to grow in volume over time. However, student time is a scarce resource, and longer books are more costly to produce. Therefore, our goal throughout was to update, refine, and add material where needed, but to end up cutting excess baggage and obsolete material wherever possible. The bottom line is that the sixth edition contains five fewer chapters than the previous edition and is over 100 pages shorter.

Based on extensive market research, we discovered that many professors did not have the time to cover certain chapters, or they found selected chapters could be either streamlined 1a11d merged or moved to the book's supporting web site. We used these recommendations to implement the following changes:

  • Streamlined previous edition Chapter 15, "Antitrust Polity and Regulation" and merged content with new Chapter 12, "Monopoly and Antitrust Policy."
  • Streamlined previous edition Chapter 18, "Public Finance: The Economics of Taxation" and merged content with new Chapter 14, "Externalities, Public Goods, Imperfect Information, and Social Choice," and Chapter 15, "Income Distribution and Poverty."
  • Streamlined and merged previous edition Chapter 23, "Economic Growth in Developing Nations" and Chapter 24, "Economies in Transition and Alternative Economic Systems" into new Chapter 17, "Economic Growth in Developing and Transitional Economies:'
  • Posted 3 chapters to the book's Web site. Previous edition's Chapter 3, "The Structure of the U.S. Economy: The Private, Public and International Sectors," Chapter 19, "The Economics of Labor Markets and Labor Unions," and Chapter 20, "Current Topics in Applied Microeconomics: Health Care, Immigration, and Urban Problems:" The key concepts from previous edition Chapter 3 appear in new edition Chapters 11-16. The land and labor markets are covered in new edition Chapter 9. Health care and urban problems are covered in new edition Chapter 15.
  • Posted the "Case Studies" and the "Fast Facts" features on the book's Web site.

INTEGRATED PRINT, CD-ROM, AND WEB TECHNOLOGIES

A new, interactive ActiveEcon CD-ROM can be shrinkwrapped with this book for a small charge. It includes chapter summaries and outlines, self-assessment quizzes, key term definitions and further explanations. Active Graphs are a key feature of the CD-ROM. Each Graph allows students to change the value of a variable and look at the effects on the equilibrium. Over 40 Active Graphs are referenced in the book with this icon.

New to this edition are end-of-chapter Web exercises that encourage students to use the Internet as a learning tool. Students research data at Web sites such as the U.S. Census Bureau, the Bureau of Labor Statistics, the White House, or Microsoft and are asked to apply the concepts of the chapter to a specific exercise.

RECENT DATA, EXAMPLES, EVENTS, AND TOPICS

Every chart, table, and graph in the book has been revised with the most recent data available. In addition, we have integrated topics that have generated a great deal of attention over the last few years—the impact of technology on the world economy, the 2000 presidential results, the Justice Department's investigation of Microsoft, the budget surplus, and recent experiences of Russia and the economies of Eastern Europe and Asia, to name just a few.

TOOLS FOR LEARNING

As authors and teachers, we understand the challenges of the principles of economics course. Our pedagogical features are designed to illustrate and reinforce key economic concepts through real-world examples and applications.

NEWS ANALYSIS

We have included over 20 news articles from various sources including The New York Times, The Economist, The Wall Street Journal, and The Los Angeles Times. A technology icon identifies those news articles that deal with topics such as electronic commerce and the impact of the Internet on the economy.

An international icon highlights articles Preface that deal with Europe, Russia, Asia, and Africa. The end-of-chapter material includes a problem related to the News Analysis articles.

FURTHER EXPLORATION

Selected chapters include Further Exploration boxes that provide students with additional information on a concept introduced in the chapter. The Chapter 1 box, for example, highlights the various branches of economic study including economic law, international economics, and labor economics. Chapter 4 discusses how London newspapers and New York restaurants consider elasticity when determining prices.

GRAPHS AND PHOTOS

Reading and interpreting graphs is a key part of understanding economic concepts. The Chapter 1 appendix, "How to Read and Understand Graphs," shows readers how to interpret the over 200 graphs featured in the book.

Over 40 graphs include an Active Graph icon to identify those graphs that appear on the interactive CD-ROM.

New to this edition are chapter-opening photos that preview chapter concepts.

Photos also appear in other areas within the chapters, including the News Analysis and Further Exploration features.

HIGHLIGHTS OF MAJOR CONCEPTS

We have set major economic concepts off from the text in highlighted boxes. These highlights flow logically from the preceding text and into the text that follows. Students tell us that they find these very useful as a way of reviewing the key points in each chapter to prepare for exams.

RUNNING GLOSSARY

Definitions of key terms appear boxed in the margin so they are easy to spot.

PROBLEM SETS AND SOLUTIONS

Each chapter and appendix ends with a problem set that asks students to think about what they've learned in the chapter. These problems are not simple memorization questions. Rather, they ask students to perform graphical analysis or to apply economics to a real-world situation or policy decision. Approximately 30 percent of the problems are new to this edition. More challenging problems are indicated by an asterisk. The solutions to all even-numbered problems appear at the back of the book so that students can check their own work. The solutions to all the problems, as well as additional problem sets, are available in the Instructor's Resource Manual.

WEB EXERCISES

New to this edition are end-of-chapter Web exercises that ask students to research data at Preface Web sites such as the U.S. Census Bureau, the Bureau of Labor Statistics, the White House, and Microsoft and then apply the concepts of the chapter to a specific exercise.

OPTIONAL CHAPTERS

We have tried to keep uppermost in our minds that time is always tight in a principles course. For this reason, we have made sure that certain chapters can be skipped without losing the flow of the material. In microeconomics, Chapter 10, "Input Demand: The Capital Market and the Investment Decision," can be skipped because Chapter 9, "Input Demand: The Labor and Land Markets," covers the basics of the capital market.

INTEGRATED LEARNING PACKAGE

The integrated learning package for the sixth edition reflects changes in technology and utilizes new ways of disseminating information. A customized Web site links with MyPHLIP (Prentice Hall Learning on the Internet Partnership) to offer a comprehensive Internet package for the student and the instructor. An integrated package of software, printed supplements, videos, and reference guides completes the total teaching and learning package. Please contact your Prentice Hall sales representative for information on any of the Case/Fair supplements.

INTERNET RESOURCES


MyPHLIP is a content-rich, multidisciplinary Web site with Internet exercises, activities, and resources related specifically to the sixth edition of Principles of Microeconomics. New Internet resources are added every two weeks by a team of economics professors to provide both the student and the instructor with the most current, up-to-date resources available.

In the News Articles and Exercises, related to topics in each chapter, are fully supported by group activities, critical-thinking exercises, and discussion questions. These articles, from current news publications to economics-related publications, help show students the relevance of economics in today's world.

The Online Study Guide, prepared by Fernando Quijano of Dickinson State University, offers students another opportunity to sharpen their problem-solving skills and to assess their understanding of the text material. The Online Study Guide contains two levels of quizzes: definitional and applied. Each level includes 15 to 20 multiple-choice and true/false questions, and 2 essay questions per chapter. The Online Study Guide grades each question submitted by the student, provides immediate feedback for correct and incorrect answers, and allows students to e-mail results to up to four e-mail addresses. The MyPHLIP site also links the student to the Web Exercises featured in the textbook. These Web exercises are keyed to each chapter and direct the student to an appropriate, updated, economics-related Web site to gather data and analyze a specific economic problem.

For the instructor, MyPHLIP offers resources such as the Syllabus Manager, answers to Current Events and Internet exercises, and a Faculty Lounge area including teaching resources and faculty chat rooms. From the MyPHLIP Web site, instructors can also download supplements and lecture aids, including the Instructor's Manuals and PowerPoint Presentations. Instructors should contact their Prentice Hall sales representative to obtain the necessary username and password to access the faculty resources on MyPHLIP

ActiveEcon CD-ROM

This new interactive student CD-ROM, prepared by Mary Lesser of Iona College, in conjunction with Gregory M. Werner, Inc., includes, for each chapter, a tutorial walk-through, which incorporates a detailed summary of key concepts, Test Your Understanding, key tables and graphs, pop-up glossary of terms with expanded explanations, Active Graphs, and end-of-chapter self-assessment quizzes. The end-of-chapter quizzes contain 20 original multiple-choice questions. More than 40 Active Graphs are featured on the CD-ROM, which correspond to the most important figures in the text. Active Graphs are referenced with this icon.

Each Active Graph allows students to change the value of a variable and loot at the effects on the equilibrium. The CD-ROM also links the student to the MyPHLIP Web site.

The sixth edition Instructor's Manual provides tips for integrating the ActiveEcon CDROM and the Mastering Economics CD-ROM (described as follows) into the course.

MASTERING ECONOMICS CD-ROM

The Mastering Economics CD-ROM, developed by Active Learning Technologies, is an integrated series of 12 video-enhanced interactive exercises that follow the people and issues of Canto, an e-business start up. Students use economic concepts to solve key business decisions including how to launch the start-up company's initial public offering (IPO), enter new markets for existing products, develop new products, determine prices, attract new employees, and anticipate competition from rivals. The videos illustrate the importance of an economic way of thinking to make real-world business decisions. Every episode includes three separate video segments: the first video clip introduces the episode topics by way of a current problem or issue at Canto. After viewing the first clip, students read more about the theory or concept and then work through a series of multi-layered exercises. The exercises are composed of multiple-choice, true/false, fill-in, matching, ranking choices, comparisons, and one- or two-sentence answers. After completing the exercises, students watch another video clip. This resolution video illustrates one of the possible resolutions to the problem or decision faced by Canto's management team. A correlation guide that links the Mastering Economics segments with chapters of the book is included in the Instructor's Manuals. Please contact your local Prentice Hall sales representative for pricing information.

ONLINE COURSE OFFERINGS

WebCT

Developed by educators, WebC1~ provides faculty with easy-to-use Internet tools to create online courses. Prentice Hall provides the content and enhanced features to help instructors create a complete online course. Standard Online Courses are free when shrinkwrapped with a new copy of the sixth edition text and contain the online study guide and test questions derived from the test item files. The Premium Online Courses contain the online study guide, test questions, lecture notes created by economics professors to support each chapter of the book, video clips with a summary of the key points of each chapter, and PowerPoint. Please visit our web site for more information or contact your local Prentice Hall sales representative.

BLACKBOARD/COURSECOMPASS

Easy to use, Blackboard's simple templates and tools make it easy to create, manage and use online course materials. Prentice Hall provides the content and instructors can create online courses using the Blackboard tools which include design, communication, testing, and course management tools. Please visit our Web site location for more information. Blackboard is also available as a nationally hosted solution through Preface CourseCompass, the Prentice Hall private label version of Blackboard.

TECHNOLOGY SUPPLEMENTS FOR THE INSTRUCTOR

PRENTICE HALL CUSTOM TESTS

Principles of Microeconomics, Sixth Edition is supported by a comprehensive set of three test item files with over 5,500 questions and problems with skill descriptors of fact, definition, conceptual, and analytical. These test item files are described in detail in the section of this preface entitled "Print Supplements:"

Available for Windows and Macintosh, Prentice Hall Custom Test is the computerized version of the test item files. The test program allows professors to edit, add, or delete questions from the test item files, edit existing graphics and create new graphics, and export files to word processing programs.

POWERPOINT LECTURE PRESENTATION

Prepared by Fernando Quijano of Dickinson State University, the PowerPoint presentation offers summaries and necessary reinforcement of important text material. Many important graphs "build" over a sequencing of slides so that students may see the step-by-step process involved in economic analysis. The package will allow for instructors to make full-color, professional-looking presentations while providing the ability for custom handouts to be provided to the students.

INSTRUCTOR'S RESOURCE CD-ROM

The Instructor's Resource CD-ROM includes the computerized test banks, instructor's manuals, and PowerPoint Presentation.

ABC NEWS/PRENTICE HALL VIDEO LIBRARY

ABC News and Prentice Hall combine their individual expertise in academic publishing and global reporting to provide a comprehensive video ancillary to the sixth edition. The 2001 Economics Video Library contains news clips from Nightline, World News Tonight, Wall Street Journal Report, and 20/20. Each clip illustrates the vital, ongoing connections between what is learned in the classroom and what is happening in the world around us. All the videos are timely or timeless, and many can be used at different points in the course. The instructors' manuals provide suggestions on where and how to integrate each video.

PRINT SUPPLEMENTS

STUDY GUIDES

A comprehensive study guide has been prepared by Thomas Beveridge of North Carolina State University. These study aids reinforce the textbook and provide students with additional applications and exercises. Each chapter contains the following elements:

  • Point-by-Point Objectives. A list of learning goals for the chapter, along with a summary of the material, helpful study hints, practice questions with solutions, and page references to the text.
  • Practice Tests. Approximately 20 multiple-choice questions and answers.
  • Application Questions. A series of questions that require the use of graphic or numerical analysis to solve economic problems.
  • Solutions. Worked-out solutions to all questions in the Study Guide, complete with page references to the text.
  • Comprehensive Part Exams. Four part exams consisting of 25 multiple-choice questions, extended examples, and problem questions where appropriate, test the students' overall comprehension.

The Study Guide also references the Web exercises from the text and alerts the student to relevant applications in the ActiveEcon CD-ROM.

THE WALL STREET JOURNAL PRINT AND INTERACTIVE EDITIONS

Prentice Hall has formed a strategic alliance with The Wall Street Journal, the most respected and trusted daily source for information on business and economics. For a small additional charge, Prentice Hall offers your students a 10-week subscription to The Wall Street Journal print edition and The Wall Street Journal Interactive Edition. Adopting professors will receive a complimentary one-year subscription of both the print and interactive version as well as weekly subject-specific Wall Street Journal educators' lesson plans.

THE FINANCIAL TIMES SUBSCRIPTION

We are pleased to announce a special partnership with The Financial Times. Upon adoption of Principles of Microeconomics, Sixth Edition, instructors will receive a complimentary one-year personal subscription. Students receive a 15-week print subscription for $10. Please contact your Prentice Hall representative for details and ordering information.

INSTRUCTOR'S MANUALS

The innovative instructor's manuals for Principles of Microeconomics has been written by Mary Lesser of Iona College. The manual is designed to help the instructor incorporate applicable elements of the sixth edition supplement package. The manual includes:

  • Detailed chapter outlines with key terminology, teaching notes, and lecture suggestions.
  • Solutions to all problems in the book. Video Guide for the 2001 Economics Video Library.
  • Teaching Tips on incorporating the ActiveEcon CD-ROM.
  • Correlation guide that links the Mastering Economics CD-ROM with each chapter.
  • Topics for Class Discussion feature real-world ideas from the students' point of view.
  • Extended Applications, which include exercises, activities, and experiments to help make economics relevant to students.

THREE-VOLUME TEST BANK

The sixth edition microeconomics test banks have been greatly expanded from the last edition to include over 5,500 questions. To help instructors select questions more quickly and efficiently, we have used the skill descriptors of fact, definition, conceptual, and analytical. Solutions and text pages where the solutions appear are also included.

Test Bank 1. Prepared by Jon L. Vencil of San Diego State University, this test bank includes over 3,000 questions, two-thirds of which are new to this edition. Types of questions include short-answer, analytical, multiple-choice, and true/false.

Test Bank 2. Prepared by Peter Zaleski of Villanova University, this test bank now includes 1,500 questions. Instructors can choose from a wide variety of short-answer, analytical, true/false, and multiple-choice questions.

Test Bank 3. New to the sixth edition supplement package is a third test bank prepared by Linda S. Ghent of Eastern Illinois University. This new test bank includes 1,000 short answer problems and questions. Application-type problems ask students to draw graphs and analyze tables.

COLOR TRANSPARENCIES

All figures and tables from the text are reproduced as full-page, four-color acetates.

ECONOMIC EXPERIMENTS

Using Economic Experiments, Cases, and Activities in the Classroom, Second Edition, by Dirk Preface Yandell of the University of San Diego, features 15 classroom experiments that illustrate key economic concepts. Also included are nine case studies and several in-class exercises of varying lengths.

E-COMMERCE GUIDE

Electronic commerce is playing an increasingly important role in how business is conducted. Prentice Hall's Guide to E-Commerce and E-Businesses provides readers with background on the history and direction of E-Commerce, the impact it has on the economy, and how to use it as a source of economic information and data. This guide can be shrinkwrapped free with a copy of the sixth edition.

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Table of Contents

Most chapters end with a Summary, Review Terms and Concepts, Problem Set, Web Exercises and Mastering Economics CD-Rom.

I. INTRODUCTION TO ECONOMICS.

1. The Scope and Method of Economics.
Why Study Economics? The Scope of Economics. The Methods of Economics. An Invitation. Appendix: How to Read and Understand Graphs.

2. The Economic Problem: Scarcity and Choice.
Scarcity, Choice, and Opportunity Cost. Economic Systems. Looking Ahead.

3. Demand, Supply, and Market Equilibrium.
Firms and Households: The Basic Decision-Making Units. Input Markets and Output Markets: The Circular Flow. Demand In Product/Output Markets. Supply In Product/Output Markets. Market Equilibrium. Demand and Supply in Product Markets: A Review. Looking Ahead: Markets and the Allocation of Resources.

4. The Price System, Demand and Supply, and Elasticity.
The Price System: Rationing and Allocating Resources. Supply and Demand Analysis: An Oil Import Fee. Elasticity. Looking Ahead. Appendix: Point Elasticity.

II. FOUNDATIONS OF MICROECONOMICS: CONSUMERS AND FIRMS.

5. Household Behavior and Consumer Choice.
Household Choice in Output Markets. The Basis of Choice: Utility. Income and Substitution Effects. Consumer Surplus. Household Choice in Input Markets. A Review: Households in Output and Input Markets. Appendix: Indifference Curves.

6. The Production Process: The Behavior of Profit Maximizing Firms.
The Behavior of Profit-Maximizing Firms. The Production Process. Choice of Technology. Looking Ahead: Cost and Supply. Appendix: Isoquants and Isocosts.

7. Short-Run Costs and Output Decisions.
Costs in the ShortRun. Output Decisions: Revenues, Costs, and Profit Maximization. Looking Ahead.

8. Costs and Output Decisions in the Long Run.
Short-Run Conditions and Long-Run Directions. Long-Run Costs: Economies and Diseconomies of Scale. Long-Run Adjustments to Short-Run Conditions. Output Markets: A Final Word. Appendix: External Economies and Diseconomies and the Long-Run Industry Supply Curve.

9. Input Demand: The Labor and Land Markets.
Input Markets: Basic Concepts. Labor Markets. Land Markets. The Firm's Profit-Maximization Condition in Input Markets. Input Demand Curves. Resource Allocation and the Mix of Output in Competitive Markets.

10. Input Demand: The Capital Market and the Investment Decision.
Capital, Investment, And Depreciation. The Capital Market. The Demand for New Capital and the Investment Decision. A Final Word on Capital. Appendix: Calculating Present Value.

11. General Equilibrium and the Efficiency of Perfect Competition.
General Equilibrium Analysis. Allocative Efficiency and Competitive Equilibrium. The Sources of Market Failure. Evaluating the Market Mechanism.

III. MARKET IMPERFECTIONS AND THE ROLE OF GOVERNMENT.

12. Monopoly and Antitrust Policy.
Imperfect Competition and Market Power: Core Concepts. Price and Output Decisions in Pure Monopoly Markets. The Social Costs of Monopoly. Remedies for Monopoly: Antitrust Policy. The Enforcement of Antitrust Law. A Natural Monopoly. Imperfect Markets: A Review and a Look Ahead.

13. Monopolistic Competition and Oligopoly.
Monopolistic Competition. Oligopoly. The Role of Government.

14. Externalities, Public Goods, Imperfect Information, and Social Choice.
Externalities And Environmental Economics. Public (Social) Goods. Imperfect Information. Social Choice. Government and the Market. Appendix: Government Tax Distortions, Excess Burdens, and the Principle of Neutrality.

15. Income Distribution and Poverty.
The Utility Possibilities Frontier. The Sources of Household Income. The Distribution of Income. The Redistribution Debate. Redistribution Programs and Policies. Government or the Market? A Review. Appendix: Tax Incidence: The Effect of Taxes on Distribution.

IV. THE WORLD ECONOMY.

16. International Trade, Comparative Advantage, and Protectionism.
Trade Surpluses and Deficits. The Economic Basis for Trade: Comparative Advantage. The Sources of Comparative Advantage. Trade Barriers: Tariffs, Export Subsidies, and Quotas. Free Trade or Protection? An Economic Consensus.

17. Economic Growth in Developing and Transitional Economies.
Life in the Developing Nations: Population and Poverty. Economic Development: Sources and Strategies. Issues in Economic Development. Economies in Transition. The End of the Soviet Union. The Transition to a Market Economy.

Glossary of Terms.
Solutions to Even-Numbered Problems.
Index.

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Preface

At the end of 2000 the United States was in its tenth consecutive year of an economic expansion, the longest in the country's history. Unemployment was at its lowest since 1970, productivity growth was high, and although oil prices had risen sharply, inflation was low. Chronic federal budget deficits had turned into budget surpluses; the Asian economies that suffered sharp downturns in 1998 were recovering fairly well (except for Japan); and even the transitional economies in Eastern Europe and Russia seemed to have turned the corner with reasonable rates of growth. Presidential candidates George W Bush and A1 Gore slugged it out in the fall of 2000 over alternative tax cut and social security proposals.

Perhaps the greatest change in the past three years has been the dramatic emergence of the technology-based "new economy." There can be no question that the dawn of the information age and the power of the Internet have changed the economy in ways that we do not yet fully understand. It has led to increased productivity, new products, and the transformation of many markets. What we don't know is how it will play out in the long run. Will the stock market continue to produce extraordinary returns to investors?

As this edition goes to press there are signs that the U. S. economy may be slowing down. President-elect George W. Bush and his economic advisors expressed concern in mid December about a possible recession in 2001, and the Federal Reserve stated after its December 19, 2000, meeting that the risks were "weighted mainly toward conditions that may generate economic weakness in the foreseeable future:" Others, however, were concerned that inflation may be aproblem in the future because of tight labor markets and possible lagged responses to higher oil prices.

How rapidly times change. It has been our goal in writing this sixth edition to highlight many of these changes and the debates surrounding them. It is not our role to forecast future events. It is rather our goal in revising the text to set the discussion in an up-to-date world context and to highlight what we do and do not understand about it.

More than one million students have used Principles of Economics or one of its split volumes. We have made every effort in this new edition to be responsive to our readers' suggestions while maintaining the book is basic focus and pedagogical organization.

THE FOUNDATION

Despite major revisions and new features, the themes of the sixth edition are the same themes of the first five editions. The purpose of this book is to introduce the discipline of economics and to provide a basic understanding of how economies function. This requires a blend of economic theory, institutional material, and real-world applications. We have maintained a balance between these ingredients in every chapter in this book.

THREE TIERED EXPLANATIONS: STORIES-GRAPHS-EQUATIONS

Professors who teach principles of economics are faced with a classroom of students with different abilities, backgrounds and learning styles. For some, analytical material is difficult no matter how it is presented; for others, graphs and equations seem to come naturally. The problem facing instructors and textbook authors is how to convey the core principles of the discipline to as many students as possible without selling the better students short.

Our approach to this problem is to present each core concept in three ways:

  • First, each concept is presented in the context of a simple intuitive story or illustrative example in words followed by a numerical illustration.
  • Second, the numerical example is presented graphically.
  • And finally, where appropriate, equations are used.

Perhaps the best example of our approach can be found in Chapter 7, "Short-Run Costs and Output Decisions," where we show an independent accountant facing diminishing returns.

MICROECONOMIC STRUCTURE

The organization of the microeconomic chapters continues to reflect our belief that the best way to understand how market economies operate—and the best way to understand basic economic theory—is to work through the perfectly competitive model first, including discussions of output and input markets and the connections between them, before turning to noncompetitive market structures. When students understand how a simple competitive system works, they can start thinking about how the pieces of the economy "fit together." We think this is a better approach to teaching economics than some of the more traditional approaches, which encourage students to think of economics as a series of disconnected alternative market models.

Doing competition first also enables students to see the power of the market system. It is impossible to discuss the things that markets do well until students have seen how a simple system determines the allocation of resources. This is our purpose in Chapters 5-10. Chapter 11, "General Equilibrium and the Efficiency of Perfect Competition," remains a pivotal chapter that links the world of perfect competition with the imperfect world of noncompetitive markets, externalities, imperfect information, and poverty, all of which we discuss in Chapters 12-15. The accompanying visual gives you an overview of our structure.

To visually reinforce basic connections between and among markets, we use the circular flow diagram. This diagram is introduced in Chapter 3 and recurs in Chapters 5, 6, 9, and 11. We believe strongly that students need to be continuously reminded that the material presented in each chapter builds upon the material in earlier chapters and is connected to material in later chapters. Throughout the entire book, the material in the diagrams that relates to the behavior of firms is illustrated in red while the material that relates to the behavior of households is illustrated in blue.

INTERNATIONAL COVERAGE

We continue to integrate international examples throughout the chapters. We discuss international examples and applications in boxed features that appear in most chapters. We have also integrated international examples directly into the text whenever appropriate. All international examples are listed in a table following the book's detailed table of contents.

NEW TO THE SIXTH EDITION

We developed our revision plan based on reviews, market surveys, and focus groups with over 40 professors as well as our own teaching experiences. Our goals for the sixth edition were to:

  1. Streamline the book without sacrificing core concepts.
  2. Integrate print, CD-ROM, and Web technologies.
  3. Update data and examples.
  4. Improve the pedagogical features.

A SHORTER BOOK

Revising a book involves adding new material, and there is a tendency for textbooks to grow in volume over time. However, student time is a scarce resource, and longer books are more costly to produce. Therefore, our goal throughout was to update, refine, and add material where needed, but to end up cutting excess baggage and obsolete material wherever possible. The bottom line is that the sixth edition contains five fewer chapters than the previous edition and is over 100 pages shorter.

Based on extensive market research, we discovered that many professors did not have the time to cover certain chapters, or they found selected chapters could be either streamlined 1a11d merged or moved to the book's supporting web site. We used these recommendations to implement the following changes:

  • Streamlined previous edition Chapter 15, "Antitrust Polity and Regulation" and merged content with new Chapter 12, "Monopoly and Antitrust Policy."
  • Streamlined previous edition Chapter 18, "Public Finance: The Economics of Taxation" and merged content with new Chapter 14, "Externalities, Public Goods, Imperfect Information, and Social Choice," and Chapter 15, "Income Distribution and Poverty."
  • Streamlined and merged previous edition Chapter 23, "Economic Growth in Developing Nations" and Chapter 24, "Economies in Transition and Alternative Economic Systems" into new Chapter 17, "Economic Growth in Developing and Transitional Economies:'
  • Posted 3 chapters to the book's Web site at www.prenhall.com/casefair. Previous edition's Chapter 3, "The Structure of the U.S. Economy: The Private, Public and International Sectors," Chapter 19, "The Economics of Labor Markets and Labor Unions," and Chapter 20, "Current Topics in Applied Microeconomics: Health Care, Immigration, and Urban Problems:" The key concepts from previous edition Chapter 3 appear in new edition Chapters 11-16. The land and labor markets are covered in new edition Chapter 9. Health care and urban problems are covered in new edition Chapter 15.
  • Posted the "Case Studies" and the "Fast Facts" features on the book's Web site.

INTEGRATED PRINT, CD-ROM, AND WEB TECHNOLOGIES

A new, interactive ActiveEcon CD-ROM can be shrinkwrapped with this book for a small charge. It includes chapter summaries and outlines, self-assessment quizzes, key term definitions and further explanations. Active Graphs are a key feature of the CD-ROM. Each Graph allows students to change the value of a variable and look at the effects on the equilibrium. Over 40 Active Graphs are referenced in the book with this icon.

New to this edition are end-of-chapter Web exercises that encourage students to use the Internet as a learning tool. Students research data at Web sites such as the U.S. Census Bureau, the Bureau of Labor Statistics, the White House, or Microsoft and are asked to apply the concepts of the chapter to a specific exercise. Students can access www.prenhall.com/casefair for links to complete these Web exercises.

RECENT DATA, EXAMPLES, EVENTS, AND TOPICS

Every chart, table, and graph in the book has been revised with the most recent data available. In addition, we have integrated topics that have generated a great deal of attention over the last few years—the impact of technology on the world economy, the 2000 presidential results, the Justice Department's investigation of Microsoft, the budget surplus, and recent experiences of Russia and the economies of Eastern Europe and Asia, to name just a few.

TOOLS FOR LEARNING

As authors and teachers, we understand the challenges of the principles of economics course. Our pedagogical features are designed to illustrate and reinforce key economic concepts through real-world examples and applications.

NEWS ANALYSIS

We have included over 20 news articles from various sources including The New York Times, The Economist, The Wall Street Journal, and The Los Angeles Times. A technology icon identifies those news articles that deal with topics such as electronic commerce and the impact of the Internet on the economy. Students can access www.prenhall.com/casefair for additional and updated articles and exercises.

An international icon highlights articles Preface that deal with Europe, Russia, Asia, and Africa. The end-of-chapter material includes a problem related to the News Analysis articles.

FURTHER EXPLORATION

Selected chapters include Further Exploration boxes that provide students with additional information on a concept introduced in the chapter. The Chapter 1 box, for example, highlights the various branches of economic study including economic law, international economics, and labor economics. Chapter 4 discusses how London newspapers and New York restaurants consider elasticity when determining prices.

GRAPHS AND PHOTOS

Reading and interpreting graphs is a key part of understanding economic concepts. The Chapter 1 appendix, "How to Read and Understand Graphs," shows readers how to interpret the over 200 graphs featured in the book.

Over 40 graphs include an Active Graph icon to identify those graphs that appear on the interactive CD-ROM.

New to this edition are chapter-opening photos that preview chapter concepts.

Photos also appear in other areas within the chapters, including the News Analysis and Further Exploration features.

HIGHLIGHTS OF MAJOR CONCEPTS

We have set major economic concepts off from the text in highlighted boxes. These highlights flow logically from the preceding text and into the text that follows. Students tell us that they find these very useful as a way of reviewing the key points in each chapter to prepare for exams.

RUNNING GLOSSARY

Definitions of key terms appear boxed in the margin so they are easy to spot.

PROBLEM SETS AND SOLUTIONS

Each chapter and appendix ends with a problem set that asks students to think about what they've learned in the chapter. These problems are not simple memorization questions. Rather, they ask students to perform graphical analysis or to apply economics to a real-world situation or policy decision. Approximately 30 percent of the problems are new to this edition. More challenging problems are indicated by an asterisk. The solutions to all even-numbered problems appear at the back of the book so that students can check their own work. The solutions to all the problems, as well as additional problem sets, are available in the Instructor's Resource Manual.

WEB EXERCISES

New to this edition are end-of-chapter Web exercises that ask students to research data at Preface Web sites such as the U.S. Census Bureau, the Bureau of Labor Statistics, the White House, and Microsoft and then apply the concepts of the chapter to a specific exercise.

OPTIONAL CHAPTERS

We have tried to keep uppermost in our minds that time is always tight in a principles course. For this reason, we have made sure that certain chapters can be skipped without losing the flow of the material. In microeconomics, Chapter 10, "Input Demand: The Capital Market and the Investment Decision," can be skipped because Chapter 9, "Input Demand: The Labor and Land Markets," covers the basics of the capital market.

INTEGRATED LEARNING PACKAGE

The integrated learning package for the sixth edition reflects changes in technology and utilizes new ways of disseminating information. A customized Web site links with MyPHLIP (Prentice Hall Learning on the Internet Partnership) to offer a comprehensive Internet package for the student and the instructor. An integrated package of software, printed supplements, videos, and reference guides completes the total teaching and learning package. Please contact your Prentice Hall sales representative for information on any of the Case/Fair supplements.

INTERNET RESOURCES

www.prenhall.com/casefair
MyPHLIP is a content-rich, multidisciplinary Web site with Internet exercises, activities, and resources related specifically to the sixth edition of Principles of Microeconomics. New Internet resources are added every two weeks by a team of economics professors to provide both the student and the instructor with the most current, up-to-date resources available.

In the News Articles and Exercises, related to topics in each chapter, are fully supported by group activities, critical-thinking exercises, and discussion questions. These articles, from current news publications to economics-related publications, help show students the relevance of economics in today's world.

The Online Study Guide, prepared by Fernando Quijano of Dickinson State University, offers students another opportunity to sharpen their problem-solving skills and to assess their understanding of the text material. The Online Study Guide contains two levels of quizzes: definitional and applied. Each level includes 15 to 20 multiple-choice and true/false questions, and 2 essay questions per chapter. The Online Study Guide grades each question submitted by the student, provides immediate feedback for correct and incorrect answers, and allows students to e-mail results to up to four e-mail addresses. The MyPHLIP site also links the student to the Web Exercises featured in the textbook. These Web exercises are keyed to each chapter and direct the student to an appropriate, updated, economics-related Web site to gather data and analyze a specific economic problem.

For the instructor, MyPHLIP offers resources such as the Syllabus Manager, answers to Current Events and Internet exercises, and a Faculty Lounge area including teaching resources and faculty chat rooms. From the MyPHLIP Web site, instructors can also download supplements and lecture aids, including the Instructor's Manuals and PowerPoint Presentations. Instructors should contact their Prentice Hall sales representative to obtain the necessary username and password to access the faculty resources on MyPHLIP

ActiveEcon CD-ROM

This new interactive student CD-ROM, prepared by Mary Lesser of Iona College, in conjunction with Gregory M. Werner, Inc., includes, for each chapter, a tutorial walk-through, which incorporates a detailed summary of key concepts, Test Your Understanding, key tables and graphs, pop-up glossary of terms with expanded explanations, Active Graphs, and end-of-chapter self-assessment quizzes. The end-of-chapter quizzes contain 20 original multiple-choice questions. More than 40 Active Graphs are featured on the CD-ROM, which correspond to the most important figures in the text. Active Graphs are referenced with this icon.

Each Active Graph allows students to change the value of a variable and loot at the effects on the equilibrium. The CD-ROM also links the student to the MyPHLIP Web site.

The sixth edition Instructor's Manual provides tips for integrating the ActiveEcon CDROM and the Mastering Economics CD-ROM (described as follows) into the course.

MASTERING ECONOMICS CD-ROM

The Mastering Economics CD-ROM, developed by Active Learning Technologies, is an integrated series of 12 video-enhanced interactive exercises that follow the people and issues of Canto, an e-business start up. Students use economic concepts to solve key business decisions including how to launch the start-up company's initial public offering (IPO), enter new markets for existing products, develop new products, determine prices, attract new employees, and anticipate competition from rivals. The videos illustrate the importance of an economic way of thinking to make real-world business decisions. Every episode includes three separate video segments: the first video clip introduces the episode topics by way of a current problem or issue at Canto. After viewing the first clip, students read more about the theory or concept and then work through a series of multi-layered exercises. The exercises are composed of multiple-choice, true/false, fill-in, matching, ranking choices, comparisons, and one- or two-sentence answers. After completing the exercises, students watch another video clip. This resolution video illustrates one of the possible resolutions to the problem or decision faced by Canto's management team. A correlation guide that links the Mastering Economics segments with chapters of the book is included in the Instructor's Manuals. Please contact your local Prentice Hall sales representative for pricing information.

ONLINE COURSE OFFERINGS

WebCT

Developed by educators, WebC1~ provides faculty with easy-to-use Internet tools to create online courses. Prentice Hall provides the content and enhanced features to help instructors create a complete online course. Standard Online Courses are free when shrinkwrapped with a new copy of the sixth edition text and contain the online study guide and test questions derived from the test item files. The Premium Online Courses contain the online study guide, test questions, lecture notes created by economics professors to support each chapter of the book, video clips with a summary of the key points of each chapter, and PowerPoint. Please visit our web site at www.prenhall.com/webct for more information or contact your local Prentice Hall sales representative.

BLACKBOARD/COURSECOMPASS

Easy to use, Blackboard's simple templates and tools make it easy to create, manage and use online course materials. Prentice Hall provides the content and instructors can create online courses using the Blackboard tools which include design, communication, testing, and course management tools. Please visit our Web site location www.prenhall.com/blackboard for more information. Blackboard is also available as a nationally hosted solution through Preface CourseCompass, the Prentice Hall private label version of Blackboard. Visit www.coursecompass.com for more information.

TECHNOLOGY SUPPLEMENTS FOR THE INSTRUCTOR

PRENTICE HALL CUSTOM TESTS

Principles of Microeconomics, Sixth Edition is supported by a comprehensive set of three test item files with over 5,500 questions and problems with skill descriptors of fact, definition, conceptual, and analytical. These test item files are described in detail in the section of this preface entitled "Print Supplements:"

Available for Windows and Macintosh, Prentice Hall Custom Test is the computerized version of the test item files. The test program allows professors to edit, add, or delete questions from the test item files, edit existing graphics and create new graphics, and export files to word processing programs.

POWERPOINT LECTURE PRESENTATION

Prepared by Fernando Quijano of Dickinson State University, the PowerPoint presentation offers summaries and necessary reinforcement of important text material. Many important graphs "build" over a sequencing of slides so that students may see the step-by-step process involved in economic analysis. The package will allow for instructors to make full-color, professional-looking presentations while providing the ability for custom handouts to be provided to the students.

INSTRUCTOR'S RESOURCE CD-ROM

The Instructor's Resource CD-ROM includes the computerized test banks, instructor's manuals, and PowerPoint Presentation.

ABC NEWS/PRENTICE HALL VIDEO LIBRARY

ABC News and Prentice Hall combine their individual expertise in academic publishing and global reporting to provide a comprehensive video ancillary to the sixth edition. The 2001 Economics Video Library contains news clips from Nightline, World News Tonight, Wall Street Journal Report, and 20/20. Each clip illustrates the vital, ongoing connections between what is learned in the classroom and what is happening in the world around us. All the videos are timely or timeless, and many can be used at different points in the course. The instructors' manuals provide suggestions on where and how to integrate each video.

PRINT SUPPLEMENTS

STUDY GUIDES

A comprehensive study guide has been prepared by Thomas Beveridge of North Carolina State University. These study aids reinforce the textbook and provide students with additional applications and exercises. Each chapter contains the following elements:

  • Point-by-Point Objectives. A list of learning goals for the chapter, along with a summary of the material, helpful study hints, practice questions with solutions, and page references to the text.
  • Practice Tests. Approximately 20 multiple-choice questions and answers.
  • Application Questions. A series of questions that require the use of graphic or numerical analysis to solve economic problems.
  • Solutions. Worked-out solutions to all questions in the Study Guide, complete with page references to the text.
  • Comprehensive Part Exams. Four part exams consisting of 25 multiple-choice questions, extended examples, and problem questions where appropriate, test the students' overall comprehension.

The Study Guide also references the Web exercises from the text and alerts the student to relevant applications in the ActiveEcon CD-ROM.

THE WALL STREET JOURNAL PRINT AND INTERACTIVE EDITIONS

Prentice Hall has formed a strategic alliance with The Wall Street Journal, the most respected and trusted daily source for information on business and economics. For a small additional charge, Prentice Hall offers your students a 10-week subscription to The Wall Street Journal print edition and The Wall Street Journal Interactive Edition. Adopting professors will receive a complimentary one-year subscription of both the print and interactive version as well as weekly subject-specific Wall Street Journal educators' lesson plans.

THE FINANCIAL TIMES SUBSCRIPTION

We are pleased to announce a special partnership with The Financial Times. Upon adoption of Principles of Microeconomics, Sixth Edition, instructors will receive a complimentary one-year personal subscription. Students receive a 15-week print subscription for $10. Please contact your Prentice Hall representative for details and ordering information.

INSTRUCTOR'S MANUALS

The innovative instructor's manuals for Principles of Microeconomics has been written by Mary Lesser of Iona College. The manual is designed to help the instructor incorporate applicable elements of the sixth edition supplement package. The manual includes:

  • Detailed chapter outlines with key terminology, teaching notes, and lecture suggestions.
  • Solutions to all problems in the book. Video Guide for the 2001 Economics Video Library.
  • Teaching Tips on incorporating the ActiveEcon CD-ROM.
  • Correlation guide that links the Mastering Economics CD-ROM with each chapter.
  • Topics for Class Discussion feature real-world ideas from the students' point of view.
  • Extended Applications, which include exercises, activities, and experiments to help make economics relevant to students.

THREE-VOLUME TEST BANK

The sixth edition microeconomics test banks have been greatly expanded from the last edition to include over 5,500 questions. To help instructors select questions more quickly and efficiently, we have used the skill descriptors of fact, definition, conceptual, and analytical. Solutions and text pages where the solutions appear are also included.

Test Bank 1. Prepared by Jon L. Vencil of San Diego State University, this test bank includes over 3,000 questions, two-thirds of which are new to this edition. Types of questions include short-answer, analytical, multiple-choice, and true/false.

Test Bank 2. Prepared by Peter Zaleski of Villanova University, this test bank now includes 1,500 questions. Instructors can choose from a wide variety of short-answer, analytical, true/false, and multiple-choice questions.

Test Bank 3. New to the sixth edition supplement package is a third test bank prepared by Linda S. Ghent of Eastern Illinois University. This new test bank includes 1,000 short answer problems and questions. Application-type problems ask students to draw graphs and analyze tables.

COLOR TRANSPARENCIES

All figures and tables from the text are reproduced as full-page, four-color acetates.

ECONOMIC EXPERIMENTS

Using Economic Experiments, Cases, and Activities in the Classroom, Second Edition, by Dirk Preface Yandell of the University of San Diego, features 15 classroom experiments that illustrate key economic concepts. Also included are nine case studies and several in-class exercises of varying lengths.

E-COMMERCE GUIDE

Electronic commerce is playing an increasingly important role in how business is conducted. Prentice Hall's Guide to E-Commerce and E-Businesses provides readers with background on the history and direction of E-Commerce, the impact it has on the economy, and how to use it as a source of economic information and data. This guide can be shrinkwrapped free with a copy of the sixth edition.

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