Microeconomics plus Pearson MyLab Economics with Pearson eText [Global Edition]

About our author Michael Parkin is Professor Emeritus in the Department of Economics at the University of Western Ontario, Canada. Professor Parkin has held faculty appointments at Brown University, the University of Manchester, the University of Essex, and Bond University. He is a past president of the Canadian Economics Association and has served on the editorial boards of the American Economic Review and the Journal of Monetary Economics and as managing editor of the Canadian Journal of Economics. Professor Parkin's research on macroeconomics, monetary economics, and international economics has resulted in over 160 publications in journals and edited volumes, including the American Economic Review, the Journal of Political Economy, the Review of Economic Studies, the Journal of Monetary Economics, and the Journal of Money, Credit and Banking. He became most visible to the public with his work on inflation that discredited the use of wage and price controls. Professor Parkin also spearheaded the movement toward European monetary union. Professor Parkin is an experienced and dedicated teacher of introductory economics.

PART 1: INTRODUCTION

What is Economics?
The Economic Problem

PART 2: HOW MARKETS WORK

Demand and Supply
Elasticity
Efficiency And Equity
Government Actions in Markets
Global Markets in Action

PART 3: HOUSEHOLDS' CHOICES

Utility and Demand
Possibilities, Preferences, and Choices

PART 4: FIRMS AND MARKETS

Organizing Production
Output and Costs
Perfect Competition
Monopoly
Monopolistic Competition
Oligopoly

PART 5: MARKET FAILURE AND GOVERNMENT

Public Choices, Public Goods, and Healthcare
Externalities

PART 6: FACTOR MARKETS, INEQUALITY, AND UNCERTAINTY

Markets for Factors of Production
Economic Inequality
Uncertainty and Information

PART 7: MONITORING MACROECONOMIC PERFORMANCE

Monitoring the Value of Production: GDP
Monitoring Jobs and Inflation

PART 8: MACROECONOMIC TRENDS

Economic Growth
Finance, Saving, and Investment
Money, the Price Level, and Inflation
The Exchange Rate and the Balance of Payments

PART 9: MACROECONOMIC FLUCTUATIONS

Aggregate Supply and Aggregate Demand
Expenditure Multipliers
The Business Cycle, Inflation, and Deflation

PART 10: MACROECONOMIC POLICY

Fiscal Policy
Monetary Policy