Economics: Theory and Practice, 10th Edition

PREFACE

We are pleased to introduce the tenth edition of Economics: Theory & Practice. Over the decades, many students have learned the basic fundamentals of economics through class work and this textbook, and have come to appreciate the relevance of the field in their everyday lives. The study of basic economic principles and institutions is an important endeavor. It enables us to sort through a daily barrage of information to identify issues and understand them in a knowledge-based framework. Basic economics also introduces us to decision-making tools and thought processes that make us smarter about problem solving. And, importantly, economics shows us that choices made at all levels, from personal to global, are based on values and points of view that differ with decision makers and contexts.

Economics: Theory & Practice is appropriate for a variety of courses from the one-semester introduction or survey course to the one-semester principles of economics course to the economics refresher in an MBA program. Its balanced coverage of microeconomics and macroeconomics, flexibility in topic coverage order, and the use of appendices and chapter sections to shorten or deepen course material give an instructor a choice of levels and sequences for a course.

Through nine editions and now the tenth, Economics: Theory & Practice has never lost its focus on student learning, the very foundation of this text. Known as a student-friendly and readable textbook, the title has stayed true to ...