Economics

• Learning by doing: The hallmark of the Bade/Parkin approach is learning by doing. Studies have shown that students retain 90% of what they apply immediately in real-life situations and 75% of what they practice, but only 10% of what they read or hear. The unique Checklist/Checkpoint system in Foundations of Microeconomics ensures that students are constantly practicing the multi-step thought process that characterizes the economic way of thinking.
• Checklists at the beginning of each chapter preview the key ideas of each chapter, so students know where they’re heading.
• Checkpoints follow each chapter section (which develops one core concept) and present a Practice Problem with solution and a parallel Exercise. These Practice Problems and Exercises aren’t simple recall/review problems–they’re multi-step economic problems that require the kind of careful thought that ensures real learning takes place. The Checkpoints are a central component of the Foundations of Microeconomics learning program and complement, rather than replace, the end-of-chapter problems and exercises instructors may assign for homework.
• Quality over quantity: Each chapter of Foundations of Microeconomics concentrates on three or four core concepts that are called out in the beginning-of-chapter Checklists. Students remember more of what's important and are better able to use their knowledge to approach and solve problems.
• Diagrams that tell the whole story: Since understanding graphs is so important to students' understanding of economics, Foundations of Microeconomics uses gradated color to show the direction of shifts in graphs, and detailed, numbered captions that walk students step-by-step through the action.
• Tight integration with MyEconLab: All Checkpoint Problems as well as end-of-chapter exercises and problems can be completed online within MyEconLab. With MyEconLab, students can take advantage of interactive graphs, customized feedback and guided solutions, and instructors can make use of powerful online automatically graded homework and quizzing tools.

• Features of MyEconLab
• Computer graded graphing exercises: To help students become more comfortable and proficient working with economic graphs and models, MyEconLab has three types of automatically graded graphing exercises: freehand Draw Graph exercises, interactive Model-based Graph exercises, and time-series Data Graph exercises.
• Online homework and quizzing capabilities: Instructors can assign any of the hundreds of text-specific exercises and problems, and MyEconLab will grade and track all student work. All textbook problems are also found in MyEconLab, ensuring a seamless experience for instructors and students.
• Practice Tests: Within MyEconLab, students can assess how well they understand the material before they take an exam by taking the online Practice Tests.
• Study Plan: MyEconLab customizes a Study Plan based on each student’s individual performance on Practice Tests. From the Study Plan, students can link to additional practice exercises with guided solutions, detailed feedback, interactive tutorials, and links to relevant sections of the textbook for review.
• Economics In the News: Updated daily during the semester, this online link to a current news story is accompanied by questions written by the textbook authors.                      
• Office Hours: Students can email their questions to the authors and receive a response, usually within 24 hours.

• Flexibility for traditional, hybrid, or pure online courses: Foundations of Microeconomics is a tightly integrated learning system, allowing instructors adapt it for a variety of different course formats:
• In the traditional classroom, the textbook stands on its own as a solid foundation for any principles-level course. MyEconLab can be used for student self-study, or as the primary platform for homework and quizzing.
• For instructors who wish to mix classroom instruction with online learning, MyEconLab and the textbook work together seamlessly and provide resources that support students as well as instructors in and out of the classroom.
• Purely online courses benefit from MyEconLab with eText–which, by itself, can be comfortably relied upon for all your course needs.

• Available in a variety of different formats to accommodate different budgets
• Each new student edition of the standard textbook comes with access to MyEconLab.
• Books á la Carte Plus–a three-hole drilled, unbound textbook with access to MyEconLab, at approximately 70% of the price of the standard textbook.
• MyEconLab with eText–an online, unabridged version of the textbook with all of the features of MyEconLab, for approximately half the price of the standard textbook.
• SafariX Textbooks Online–an online, unabridged version of the textbook at approximately half the price of the standard textbook.

• The Reality Check feature emphasizes why we study economics by periodically challenging students to reflect upon the common sense applications of economics in their own lives.
• A new theme of fairness informs the book, beginning with a crisper, more dynamic view of the concept of fairness in Chapter 6, Efficiency and Fairness of Markets.
• Chapter 16 on Oligopoly goes into greater depth on cartels, games such as the advertising game and contestable markets, and the efficiency and equity of oligopoly.
• More attention is paid to the distinction between poverty and inequality and to mobility between income classes and the discussion of discrimination has been revamped. Chapter 19, Inequality and Poverty, features significant revision.
• Additional changes on the microeconomics side include new coverage of property rights and allocating resources (Chapter 1), more examples of price ceilings and price floors (Chapter 7), a look at the reasons why systems are inefficient and /or why government might fail (Chapter 10), and an optional section on efficiency and equity of perfect competition (Chapter 13).

I. INTRODUCTION.

1. Getting Started.

2. The U.S. and Global Economics Economy.

3. The Economic Problem.

4. Demand and Supply.

II. A CLOSER LOOK AT MARKETS.

5. Elasticities of Demand and Supply.

6. Efficiency and Fairness of Markets.

III. HOW GOVERNMENTS INFLUENCE THE ECONOMY.

7. Government Influences on Markets.

8. Taxes.

9. Externalities.

10. Public Goods and Common Resources.

IV. A CLOSER LOOK AT DECISION MAKERS.

11. Consumer Choice and Demand.

12. Production and Cost.

V. PRICES, PROFITS, AND INDUSTRY

13. Perfect Competition.

14. Monopoly.

15. Monopolistic Competition.

16. Oligopoly.

17. Regulation and Antitrust Law.

VI. HOW INCOMES ARE DETERMINED.

18. Demand and Supply in Factor Markets.

19. Inequality and Poverty.

VII. THE GLOBAL ECONOMY.

20. International Trade.

21. International Finance.