Book Summary of Principles of Economics This edition of Principles of Economics maintains the hallmarks of the Boyes/Melvin series--accessible writing, strong pedagogy, and integration of global economic issues. The authors have improved the integration of their popular pedagogy, technology, and supplements for a complete program that clearly illustrates the connection between the study of economics and the world of business. The authors examine standards of living around the world, comparing the poverty of Sub-Saharan Africa to the wealth of industrial nations. In addition, all available data up to 2005, and in many cases 2006, has been included. Key Feature • The text features current events in updated Economic Insight boxes. These sections focus students' attention on real-world applications and help them to consider a wide range of topics from an economic perspective. Economically Speaking feature presents recent newspaper and magazine articles on world events, their economic causes, and consequences • In the Micro chapters, the "Elasticity" chapter has been streamlined to focus on the most important concepts and applications, with calculations of arc and point elasticities reassigned to a chapter appendix. In addition, coverage of behavioral economics and neuroeconomics has been added to the chapter on consumer choice, and the discussions of the short run, long run, and economies of scale have been expanded and enhanced with new examples • The text features a unique pedagogical program built to improve student comprehension and performance. Fundamental Questions focus readers on the key issues in each chapter Table of Contents Part I: Introduction to The Price System 1. Economics: The World Around You 2. Choice, Opportunity Costs, and Specialization 3. Markets, Demand and Supply, and the Price System 4. The Market System and the Private Sector 5. The Public Sector Part II. Macroeconomic Basics 6. National Income Accounting 7. An Introduction to the Foreign Exchange Market and the Balance of Payments 8. Unemployment and Inflation 9. Macroeconomic Equilibrium: Aggregate Demand and Supply 10. Aggregate Expenditures 11. Income and Expenditures Equilibrium Part III: Macroeconomic Policy 12. Fiscal Policy 13. Money and Banking 14. Monetary Policy 15. Macroeconomic Policy: Tradeoffs, Expectations, Credibility, and Sources of Business Cycles 16. Macroeconomic Viewpoints: New Keynesian, Monetarist, and New Classical Part IV: Economic Growth and Development 17. Economic Growth 18. Development Economics 19. Globalization Part V: Product Market Basics 20. Elasticity: Demand and Supply 21. Consumer Choice 22. Supply: The Costs of Doing Business Part VI: Product Markets 23. Profit Maximization 24. Perfect Competition 25. Monopoly 26. Monopolistic Competition and Oligopoly 27. Antitrust and Regulation 28. Government and Market Failure Part VII: Resource Markets 29. Resource Markets 30. The Labor Market 31. Capital Markets 32. The Land Market and Natural Resources Part VIII: Issues in International Trade and Finance 33. World Trade Equilibrium 34. International Trade Restrictions 35. Exchange Rates and Financial Links between Countries Appendix A: Economically Speaking