An engaging, practice-oriented approach to understanding core economic principles
Foundations of Economics introduces students to economic principles they can use to navigate the financial decisions of their futures. Each chapter concentrates on a manageable number of ideas, usually 3 to 4, with each reinforced several times throughout the text. This patient approach helps guide students through unfamiliar terrain and focus them on the most important concepts and key skills -- like reading and interpreting graphs.
The 9th Edition continues to fine tune the content with more concise points, while bringing it to life with interactive and digital features that create excitement and engagement. It also motivates with compelling issues and questions, and encourages learning with activities and practice questions, to help students grasp and apply economic principles to the real world. After using these materials, students will have the foundational knowledge of how the economy works and can apply it to their lives going forward.
Fine-tuned content focuses on core concepts while also reflecting the current economy
Each chapter concentrates on approx. 3 to 4 ideas and revisits them throughout the text, to help students navigate the material and focus on key concepts.
UPDATED - Examples provide students with clarity and currency by reflecting recent events.
NEW and UPDATED - Discussions of important issues help students to better understand and embrace economics.
Notable content changes in Micro include:
Chapter 1 “Getting Started” contains a new section that focuses on employability, including the job skills students can develop by studying economics and jobs available to economics majors.
Chapter 6 “Efficiency of Fairness and Markets” replaces material on gouging with that on scalping.
Chapter 10 “Externalities” discusses climate change and the Green New Deal.
Chapter 12 “Private Information and Healthcare Markets” streamlines and simplifies explanation of the lemons problem.
Chapter 19 “Markets for Factors of Production” covers the gig economy (like Uber) and its effects on the labor market, plus falling wages of lower educated and/or less skilled people.
Chapter 20 “Economic Inequality” reviews the implications for income distribution.
Notable content changes in Macro include:
Chapter 21 “GDP: A Measure of Total Production and Income” covers using big data to real-time high-frequency monitor and ‘nowcast’ real GDP.
Chapter 28 “Money, Interest, and Inflation” examines the Modern Monetary Theory movement and why it’s incorrect.
Chapter 31 “The Short-Run Policy Tradeoff” tries to solve the persistent low inflation puzzle.
Chapter 32 “Fiscal Policy” looks at tax cuts, infrastructure spending, and increasing deficit.
Chapter 34 “International Finance” includes the rise of protectionism and mercantilism.
Real-world connections bring theories to life
NEW and UPDATED - Eye On boxes offer fresh examples to help students see that economics is everywhere. Each chapter opening box is answered by an Eye On box that helps students see the economic factors behind a key issue facing the world and highlights major aspects of the chapter. They include:
Eye on the US Economy relates examples to current and recent events.
Eye on the Global Economy puts these events in global context.
Eye on the Past offers historical economic perspectives.
Eye on Your Life shows students how to apply economic principles to their lives.
New boxes focus on US protection (i.e., the use of quotas and Trump tariffs), how the sharing economy (e.g., Airbnb) intensifies competition, minimum wage, Fintech in loans markets (e.g., Afterpay) and in payments (e.g., Venmo).
Features with an enhanced focus on outcome-driven teaching and learning
Diagrams make consistent use of color to show the direction of shifts, and detailed, numbered captions guide students step-by-step through actions to help them learn difficult concepts.
Material is presented in graphs, words, and tables to appease students who are apprehensive about working with graphs.
The text leaves room for flexibility for professors who want to cover the material in a different order.
Also available with MyLab Economics
MyLab™ is the teaching and learning platform that empowers you to reach every student. By combining trusted author content with digital tools and a flexible platform, MyLab personalizes the learning experience and improves results for each student. Learn more about MyLab Economics.
Reach every student with MyLab
Teach your course your way: Your course is unique. So whether you’d like to build your own assignments, teach multiple sections, or set prerequisites, MyLab gives you the flexibility to easily create your course to fit your needs.
Pearson eText is a simple-to-use, personalized reading experience available within MyLab. Students can use their computer or the mobile app to easily highlight and take notes all in one place -- even when offline. Seamlessly integrated videos and rich media give students access to the help they need, when they need it. You can also share your own notes with students so they see the connection between their reading and what they learn in class.
Empower each learner: Each student learns at a different pace. Personalized learning pinpoints the precise areas where each student needs practice, giving all students the support they need -- when and where they need it -- to be successful.
Dynamic Study Modules use the latest developments in cognitive science and help students study chapter topics by adapting to their performance in real time
Digital Interactives are dynamic and engaging assessment activities that promote critical thinking and the application of key economic principles. Many Digital Interactives also include real-time data from the Federal Reserve’s Economic Data (FRED™), allowing professors and students to display up-to-the-minute data in key areas. Digital Interactives can be assigned and graded within MyLab Economics, or used as a lecture tool to encourage engagement and classroom conversation.
Deliver trusted content: You deserve teaching materials that meet your own high standards for your course. That’s why we partner with highly respected authors to develop interactive content and course-specific resources that you can trust -- and that keep your students engaged.
Every week, microeconomic and macroeconomic news stories and accompanying exercises are posted to MyLab. Assignable and auto-graded, these multi-part exercises ask students to recognize and apply economic concepts to current events.
Improve student results: When you teach with MyLab, student performance often improves. That’s why instructors have chosen MyLab for over 15 years, touching the lives of over 50 million students.