Economics

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Introduction to Economic Reasoning, 7/E
William D. Rohlf, Jr., Drury College

ISBN-10: 0321416112
ISBN-13: 9780321416117

Publisher: Prentice Hall
Copyright: 2008
Format: Paper; 560 pp
Published: 02/20/2007
Status: Instock

Suggested retail price: $139.40
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With a goal of encouraging students to become informed decision-makers, Introduction to Economic Reasoning, Seventh Edition, provides a non-technical, concise introduction to basic economic theories that is ideal for a one-semester course.

The Seventh Edition relates coherent explanations of general theories and models with thought-provoking, current features that apply and enliven core concepts. The hands-on economic reasoning approach promotes the idea that students can use economic analysis in their everyday lives to help them succeed in their careers and understand today’s global economic issues.

The core of the text is economic theory, and all essential micro and macroeconomic concepts are included. Extraneous information is omitted so that more time can be devoted to the careful, patient development of the most important concepts.
Thoughtful, clear development of potentially challenging topics such as the theory of rational expectations and game theory make the concepts accessible to the beginning student.
A built-in study guide, including fill-in-the-blank and multiple choice questions (with answers) and problems and questions for discussion, appears at the end of each chapter of the text, increasing the likelihood that the study guide will be used, encouraging students to review the chapter to correct deficiencies.
The importance of marginal reasoning is developed at the personal level and then extended to business decision-making.
A discussion of the price elasticity of demand, with applications such as excise taxes and subsidies, is integrated into Chapter 4, Applications Using Demand and Supply.
The discussion of marginal reasoning is blended with the analysis of production costs in chapter 5, Costs and Decision Making.
Expanded student exercises have been added to the companion website at www.aw-bc.com/rohlf.
The Instructor’s Manual and Test Bank, both created by the book’s author, William Rohlf, are cohesive with the book’s content, providing instructors with fluid transitions between supplements between the book and supplements.

The international trade and finance chapters (formerly chapters 16 and 17) are condensed into a single, concise chapter.
Chapter 9, Market Failure, is heavily updated, and includes a new appendix, Poverty, Equality, and Trends in Income Distribution.
Updated Use Your Economic Reasoning boxes, built around relevant articles from the New York Times and other major sources, reflect current developments in economic news and research, demonstrating real-world applications of economic principles and prompting students to test their knowledge in realistic situations.
Refreshed end-of-chapter questions—about 30 percent new throughout the book—give students the opportunity to practice their knowledge.
Now available in print format, the Workbook for Introduction to Economic Reasoning asks real-world economic application questions, requiring students to apply their economic reasoning in critical thinking situations.

PART ONE. INTRODUCTION: SCARCITY AND THE ECONOMIC SYSTEM

Chapter 1. The Study of Economics
The Economic Problem
Cost-Benefit Analysis and Opportunity Cost
The Production Possibilities Curve
The Three Fundamental Questions
Five Economic Goals
Conflicts and Trade-Offs
Economic Theory and Policy
Economists and Conclusions
The Organization of the Text

Chapter 2. Economic Systems
The Model of Pure Capitalism
The Model of Pure Command Socialism
Mixed Economies: The Real-World Solution

PART TWO. MICROECONOMICS: MARKETS, PRICES, AND THE ROLE OF COMPETITION

Chapter 3. Demand and Supply: Price Determination in Competitive Markets
Demand
The Law of Demand
Determinants of Demand
Change in Quantity Demanded versus Change in Demand
Supply
The Law of Supply
Determinants of Supply
Change in Supply versus Change in Quantity Supplied
The Process of Price Determination
Changes in the Equilibrium Price
Economic Efficiency and the Role of Prices

Chapter 4. Applications Using Demand and Supply
Government Intervention in Pricing
Elasticity of Demand

Chapter 5. Costs and Decision Making
Explaining Human Behavior: The Role of Assumptions
The Importance of Marginal Analysis
The Improper Estimation of Costs
Business Decision Making and the Pursuit of Profit
Short-Run Costs of Production
The Cost Curves
Selecting the Profit-Maximizing Level of Output
Gas Stations, Fast Food, and the All-Night Grocery Store

Chapter 6. Price Taking: The Purely Competitive Firm
The Nature of Pure Competition
The Firm under Pure Competition
Profit Maximization in the Short Run
Profit Maximization in the Long Run
The Benefits of Pure Competition

Chapter 7. Price Searching: The Firm with Market Power
The Acquisition of Market Power
Price Searching
The Profit-Maximization Rule
Evaluating the Short-Run Profit or Loss
Barriers to Entry and Long-Run Profits
Price Searchers and Resource Allocation
Price Searchers and Economies of Scale

Chapter 8. Industry Structure and Public Policy
Industry Structure and Market Power
Pure Competition
Monopolistic Competition
Oligopoly
Monopoly
The Consequences of Monopoly or Oligopoly
Antitrust and Regulation

Chapter 9. Market Failure
Externalities as a Source of Market Failure
Market Failure and the Provision of Public Goods
Government Failure: The Theory of Public Choice

PART THREE. MACROECONOMICS: THE ECONOMY AS A WHOLE

Chapter 10. Measuring Aggregate Performance
Measuring Unemployment
Measuring Inflation
Measuring Total Output

Chapter 11. Aggregate Demand and Supply: The Model of the Self-Correcting Economy
Aggregate Demand
Changes in Aggregate Demand
Aggregate Supply
Changes in Aggregate Supply
The Equilibrium Output and Price Level
The Impact of Changes in Aggregate Demand or Supply
The Model of the Self-Correcting Economy

Chapter 12. Fiscal Policy
The Federal Budget
Classical Economics, the Great Depression, and John Maynard Keynes
The Existence of Unemployment or Inflation
Discretionary Fiscal Policy: Combating Unemployment or Inflation
Automatic Fiscal Policy: The Economy’s Automatic Stabilizers
Fiscal Policy and the Federal Budget
Issues Related to Fiscal Policy
The Public Debt

Chapter 13. Money, Banking, and Monetary Policy
What Is Money?
How Depository Institutions Create Money
The Federal Reserve System
Monetary Policy and the Federal Reserve
Money, Interest Rates, and the Level of Economic Activity
The Limits to Monetary Policy

Chapter 14. The Activist-Nonactivist Debate
The Activist Position: Keynes Revisited
The Nonactivist Position: The Monetarists
The Nonactivist Position: The New Classical Economists
A Different Form of Activism: Managing Aggregate Supply
Summing Up: Final Thoughts on Policy Activism

Chapter 15. Economic Growth: The Importance of the Long Run
Economic Growth and Why It Matters
Sources of Economic Growth
Policies to Promote Growth
Debates about Growth Policy

PART FOUR. INTERNATIONAL ECONOMICS: TRADE, EXCHANGE RATES, AND THE ROLE OF TRADE AGREEMENTS

Chapter 16. International Economics
Interdependent Economies and U.S. Trade
The Rationale for International Trade
Barriers to Trade
Reducing Barriers: The Role of Trade Agreements
Exchange Rates
Managing Exchange Rates

Glossary
Photo Credits
Index

One-Semester Principles of Economics [MAIN TEXT] (Economics)

Author Bios

Dr. William Rohlf is a Professor of Economics at Drury University. Dr. Rohlf was awarded his doctorate in 1972 from Kansas State University; a Masters from the Kansas State University in 1969; and a bachelors degree from Baker University, Baldwin City, Kansas, in 1967.

Companion Website for Introduction to Economic Reasoning, 7/E
Rohlf
©2008 | Prentice Hall | Website | Instock
ISBN-10: 0321485270 | ISBN-13: 9780321485274
URL: http://www.aw-bc.com/rohlf/
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Professional Copy for Introduction to Economic Reasoning, 7/E
Rohlf
©2008 | Prentice Hall | Cloth; 560 pp | Instock
ISBN-10: 0321485297 | ISBN-13: 9780321485298

Blackboard Test Item Files, Introduction to Economic Reasoning, 7/E
Rohlf
©2008 | Prentice Hall | On-line Supplement | Estimated Availability : 05/01/2008
ISBN-10: 0321565908 | ISBN-13: 9780321565907
View Downloadable Files

Computerized Test Bank for Introduction to Economic Reasoning, 7/E
Rohlf
©2008 | Prentice Hall | On-line Supplement | Instock
ISBN-10: 0321486552 | ISBN-13: 9780321486554
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Instructor's Resource Disk for Introduction to Economic Reasoning, 7/E
Rohlf
©2008 | Prentice Hall | CD-ROM Only | Instock
ISBN-10: 0321485289 | ISBN-13: 9780321485281

Online Instructor's Manual for Introduction to Economic Reasoning, 7/E
Rohlf
©2008 | Prentice Hall | On-line Supplement; 300 pp | Instock
ISBN-10: 0321488199 | ISBN-13: 9780321488190
View Downloadable Files

Online PowerPoint for Introduction to Economic Reasoning, 7/E
Rohlf
©2008 | Prentice Hall | On-line Supplement | Instock
ISBN-10: 0321488237 | ISBN-13: 9780321488237
View Downloadable Files

Online Test Bank for Introduction to Economic Reasoning, 7/E
Rohlf
©2008 | Prentice Hall | On-line Supplement | Instock
ISBN-10: 0321486544 | ISBN-13: 9780321486547
View Downloadable Files

TestBank in WebCT for Introduction to Economic Reasoning, 7/E
Rohlf
©2008 | Prentice Hall | Electronic Supplement | Estimated Availability : 08/01/2007
ISBN-10: 0321539664 | ISBN-13: 9780321539663
View Downloadable Files

Workbook for Introduction to Economic Reasoning, 7/E
Rohlf
©2008 | Prentice Hall | Paper; 210 pp | Instock
ISBN-10: 0321485262 | ISBN-13: 9780321485267
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ISBN-10: 0321578708 | ISBN-13: 9780321578709
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ISBN-10: 0321621530 | ISBN-13: 9780321621535

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ISBN-10: 0321621522 | ISBN-13: 9780321621528

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ISBN-10: 0321621514 | ISBN-13: 9780321621511

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ISBN-10: 0321588037 | ISBN-13: 9780321588036

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