Economics or Macroeconomics

Economics

Author: William Boyes

Boyes and Melvin have developed the Sixth Edition of Economics to enhance its central features: direct and accessible writing, proven pedagogy, and thorough integration of global economic issues.

The text's international perspective has been strengthened and extended to focus on the implications of economic principles for business strategy. Extended coverage of topics affecting global competitiveness, such as resource pricing and foreign exchange markets, explicitly connects the study of economics with real-world business decisions.

• The Sixth Edition features greater coverage of macroeconomics, including the large-scale impact of war in Iraq and the role of financial market development in economic growth.
• The discussions of market failure and the different forms of economic and social regulation have been reorganized to facilitate learning. A stronger focus on the application of market theory to current, real-life issues—including the recent corporate accounting scandals—helps students to see the content's practical relevance.
• A consistent framework of instruction helps to improve students' understanding and performance in the course. Fundamental Questions reinforce 5–8 key points per chapter, appearing repeatedly throughout the chapter as well as the supplements.
• Powered by Blackboard, Eduspace is a customizable, powerful, and interactive platform that provides instructors with text-specific online content. Features of the Boyes/Melvin Economics course include presentation slides, photos, illustrations and links to group projects.

Go to: Human Communication or Health Economics and Policy with Economic Applications

Macroeconomics

Author: William Boyes

Boyes and Melvin have developed the Sixth Edition of Macroeconomics to enhance its central features: direct and accessible writing, proven pedagogy, and thorough integration of global economic issues.

• Chapter 19, Globalization, provides in-depth coverage of this controversial phenomenon, including the arguments for and against globalization and how it has affected economic growth and poverty world-wide.
• Greater coverage of macroeconomics includes the large-scale impact of war in Iraq, the recent recession, and the role of financial market development in economic growth.
• The discussions of market failure and the different forms of economic and social regulation have been reorganized to facilitate learning. A stronger focus on the application of market theory to current, real-life issues—including the recent corporate accounting scandals—helps students to see the content's practical relevance, increasing their comprehension of key ideas.
• Fundamental Questions reinforce 5–8 key points per chapter, appearing repeatedly throughout the chapter as well as the supplements. In addition, the text's internal referencing system establishes a hierarchy of ideas by designating a number for each section and subsection—cited consistently in the textbook and supplements (including the Test Bank).
• Powered by Blackboard, Eduspace is a customizable, powerful, and interactive platform that provides instructors with text-specific online content.

Table of Contents:

Contents

Note: Each chapter begins with a Preview and concludes with a Summary, Key Terms, Exercises, and an ACE Practice Test.

• 1. Economics: The World Around You
  Why Study Economics?
  The Definition of Economics
  The Economic Approach
  Economic Insight: "'Free' Air?"
  Economically Speaking: "Choice of Major, Years of College Influence Student Debt"

  Appendix to Chapter 1. Working with Graphs

  Reading Graphs

  Constructing a Graph

  Slopes

  2. Choice, Opportunity Costs, and Specialization

  Opportunity Costs

  Specialization and Trade

  Economically Speaking: "Guns and Butter"

  3. Markets, Demand and Supply, and the Price System

  Markets

  Demand

  Supply

  Equilibrium: Putting Demand and Supply Together

  Global Business Insight: "The Foreign Exchange Market"

  Economically Speaking: "A Sleuth for Landlords with Eviction in Mind"

  4. The Market System and the Private Sector

  The Market System

  Households

  Business Firms

  The International Sector

  Linking the Sectors

  Economic Insight: "Adam Smith"

  Economic Insight: "The Successful Entrepreneur (Sometimes It's Better to Be Lucky Than Good)"

  Economical Speaking "Report: Ramsey Friend Sold Information to National Enquirer"

  5. The Public Sector

  The Circular Flow

  The Role of Government in the Market System

  Overview of the United States Government

  Government in Other Economies

  Global Business Insight: "Government Creates a Market for Fishing Rights"

  Economically Speaking: "A Big "Nein" to Deutsche Telekom; Telecommunications: GermanyStill Doesn't Have a Completely Open Market"

  II. Macroeconomic Basics

  6. National Income Accounting

  Measures of Output and Income

  Nominal and Real Measures

  Flows of Income and Expenditures

  Economic Insight: "The Consumer Price Index"

  Economically Speaking: "Hiding in the Shadows: The Growth of the Underground Economy"

  7. An Introduction to the Foreign Exchange Market and the Balance of Payments

  The Foreign Exchange Market

  The Balance of Payments

  Global Business Insight: "Active Trading Around the World"

  Global Business Insight: "The Euro"

  Economically Speaking: "High Gas Prices, Weak Euro Result in Room Availability, Less-Crowded Facilities at Popular U.S. National Parks"

  8. Unemployment and Inflation

  Business Cycles

  Unemployment

  Inflation

  Global Business Insight: "High Unemployment in Europe"

  Economically Speaking: "Things Really Are Tight at Most Levels of Job Market"

  9. Macroeconomic Equilibrium: Aggregate Demand and Supply

  Aggregate Demand, Aggregate Supply, and Business Cycles

  Factors That Influence Aggregate Demand

  The Aggregate Demand Curve

  Aggregate Supply

  Aggregate Demand and Supply Equilibrium

  Economic Insight: "How Lack of Information in the Short Run Affects Wages in the Long Run"

  Global Business Insight: "Oil and Aggregate Supply"

  Economically Speaking: "The Conference Board's Consumer Confidence Index Plummets Nearly 15 Points"

  10. Aggregate Expenditures

  Consumption and Saving

  Investment

  Government Spending

  Net Exports

  The Aggregate Expenditures Function

  Economic Insight: "Permanent Income, Life Cycles, and Consumption"

  Economically Speaking: "U.S. Trade Deficit in 2002 Largest in History"

  Appendix to Chapter 10. An Algebraic Model of Aggregate Expenditures

  11. Income and Expenditures Equilibrium

  Equilibrium Income and Expenditures

  Changes in Equilibrium Income and Expenditures

  Aggregate Expenditures and Aggregate Demand

  Economic Insight: "John Maynard Keynes"

  Economic Insight: "The Paradox of Thrift"

  Economically Speaking: "Mexico: Hostage to Its Neighbor's Troubles"

  Appendix to Chapter 11. An Algebraic Model of Income and Expenditures Equilibrium

  III. Macroeconomic Policy

  12. Fiscal Policy

  Fiscal Policy and Aggregate Demand

  Fiscal Policy in the United States

  Fiscal Policy in Different Countries

  Economic Insight: "Supply-Side Economics and the Laffer Curve"

  Economic Insight: "The Taxpayer's Federal Government Credit Card Statement"

  Global Business Insight: "Value-Added Tax"

  Economically Speaking: "Brussels Takes Action Against France over Budget Deficit"

  Appendix to Chapter 12. An Algebraic Examination of the Balanced-Budget Change in Fiscal Policy

  13. Money and Banking

  What Is Money?

  Banking

  Banks and the Money Supply

  Global Business Insight: "Islamic Banking"

  Economically Speaking: "They Love Our Money"

  14. Monetary Policy

  The Federal Reserve System

  Implementing Monetary Policy

  Monetary Policy and Equilibrium Income

  Economic Insight: "What's on a 20-Dollar Bill?"

  Global Business Insight: "The European Central Bank"

  Economically Speaking: "Fed Leaves Rates Alone, but Message Needs Translation: Strange Statement Puzzles Economists"

  15. Macroeconomic Policy: Tradeoffs, Expectations, Credibility, and Sources of Business Cycles

  The Phillips Curve

  The Role of Expectations

  Credibility and Time Inconsistency

  Sources of Business Cycles

  The Link Between Monetary and Fiscal Policies

  Economic Insight: "The Natural Rate of Unemployment"

  Economic Insight: "Why Wages Don't Fall During Recessions"

  Economically Speaking: "War Worries Hurting U.S. Markets: Fed Chief Greenspan Warns of Further Interest Rate Cuts if Sluggishness Continues"

  16. Macroeconomic Viewpoints: New Keynesian, Monetarist, and New Classical

  Keynesian Economics

  Monetarist Economics

  New Classical Economics

  Comparison and Influence

  Economic Insight: "Milton Friedman"

  Economically Speaking: "The Ghosts of Christmas Past Haunt Economists"

  IV. Economic Growth and Development

  17. Economic Growth

  Defining Economic Growth

  The Determinants of Growth

  Productivity

  Economic Insight: "Technological Advance: The Change in the Price of Light"

  Economically Speaking: "U.S. Updating Its Economic Measurements"

  18. Development Economics

  The Developing World

  Obstacles to Growth

  Development Strategies

  Foreign Investment and Aid

  Economies in Transition from Socialism

  Global Business Insight: "Economic Development in the Americas"

  Economically Speaking: "Food Aid"

  19. Globalization

  The Meaning of Globalization

  Globalization Controversy

  Globalization, Economic Growth, and Incomes

  Financial Crises and Globalization

  Global Business Insight: "The World Trade Organization"

  Economically Speaking: "Germans' Coziness Puts Nation at Risk"

  V. Issues in International Trade and Finance

  20. World Trade Equilibrium

  An Overview of World Trade

  An Example of International Trade Equilibrium

  Sources of Comparative Advantage

  Global Business Insight: "The Dutch Disease"

  Economically Speaking: "China Trade Will Come Back to Haunt Us"

  21. International Trade Restrictions

  Arguments for Protection

  Tools of Commercial Policy

  Preferential Trade Agreements

  Global Business Insight: "Smoot-Hawley Tariff"

  Economically Speaking: "Bull in a China Shop"

  22. Exchange Rates and Financial Links Between Countries

  Past and Current Exchange-Rate Arrangements

  Fixed or Floating Exchange Rates

  Prices and Exchange Rates

  Interest Rates and Exchange Rates

  Global Business Insight: "The IMF and the World Bank"

  Economically Speaking: "The European Union"