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An intuitive and grounded approach to economics Get students to think like an Economist using the latest policy and data while incorporating global issues. Economics, Twelfth Edition builds on the foundation of the previous edition and retains a thorough and careful presentation of the principles of economics. Economics emphasizes real-world applications, the development of critical thinking skills, diagrams renowned for pedagogy and clarity, and path-breaking technology. Each chapter opens with one of today's central issues and is then revisited in the chapter ending Economics in the News feature. This Parkin hallmark encourages student to think critically about a news article relating to the issue, demonstrating how thinking like an economist can bring a clearer perspective to and deeper understanding of today's events. Students will begin to think about issues the way real economists do and learn how to explore difficult policy problems to make more informed decisions in their own economic lives. MyEconLab is an online homework, tutorial, and assessment program designed to work with this text to engage students and improve results. Within its structured environment, students practice what they learn, test their understanding, and pursue a personalized study plan that helps them better absorb course material and understand difficult concepts. Please note that the product you are purchasing does not include MyEconLab. MyEconLab Join over 11 million students benefiting from Pearson MyLabs. This title can be supported by MyEconLab, an online homework and tutorial system designed to test and build your understanding. Would you like to use the power of MyEconLab to accelerate your learning? You need both an access card and a course ID to access MyEconLab. These are the steps you need to take: 1. Make sure that your lecturer is already using the system Ask your lecturer before purchasing a MyLab product as you will need a course ID from them before you can gain access to the system.2. Check whether an access card has been included with the book at a reduced cost If it has, it will be on the inside back cover of the book.3. If you have a course ID but no access code, you can benefit from MyEconLab at a reduced price by purchasing a pack containing a copy of the book and an access code for MyEconLab (ISBN:9781292094618)4. If your lecturer is using the MyLab and you would like to purchase the product...Go to www.myeconlab.com to buy access to this interactive study programme. For educator access, contact your Pearson representative. To find out who your Pearson representative is, visit www.pearsoned.co.uk/replocator
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Table of Contents

PART ONEIntroduction Chapter 1 What Is Economics? Chapter 2 The Economic Problem PART TWOHow Markets Work Chapter 3 Demand and Supply Chapter 4 Elasticity Chapter 5 Efficiency and Equity Chapter 6 Government Actions in Markets Chapter 7 Global Markets in Action PART THREEHouseholds' Choices Chapter 8 Utility and Demand Chapter 9 Possibilities, Preferences, andChoices PART FOURFirms and MarketsChapter 10 Organizing Production Chapter 11 Output and Costs Chapter 12 Perfect Competition Chapter 13 Monopoly Chapter 14 Monopolistic CompetitionChapter 15 Oligopoly PART FIVEMarket Failure and Government Chapter 16 Public Choices, Public Goods, andHealthcare Chapter 17 Externalities PART SIXFactor Markets, Inequality,and Uncertainty Chapter 18 Markets for Factors of Production Chapter 19 Economic Inequality Chapter 20 Uncertainty and Information PART SEVENMonitoring MacroeconomicPerformance Chapter 21 Measuring GDP and EconomicGrowth Chapter 22 Monitoring Jobs and Inflation PART EIGHTMacroeconomic Trends Chapter 23 Economic Growth Chapter 24 Finance, Saving, and Investment Chapter 25 Money, the Price Level, andInflation Chapter 26 The Exchange Rate and the Balanceof Payments PART NINEMacroeconomic Fluctuations Chapter 27 Aggregate Supply and AggregateDemand Chapter 28 Expenditure Multipliers Chapter 29 The Business Cycle, Inflation, andDeflation PART TENMacroeconomic Policy Chapter 30 Fiscal Policy Chapter 31 Monetary Policy

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