- Published
- July 2017
- Page Count
- 728
- ISBN (Digital)
- 978-1-4533-8451-0
Principles of Economics
Version 8.0
By John B. Taylor and Akila Weerapana
Included Supplements
Key Features
- Stimulating vignettes at the beginning of each chapter.
- Carefully selected, revised and tested problems at the end of every chapter and appendix for the reader to work out.
- Questions for review appear at the end of every chapter. Definitions of key terms appear in the margins or hyperlinked online.
- Customizable.
This textbook is suitable for the following courses: Introductory Economics and Principles of Economics.
This market-leading textbook presents modern economics in a form that’s intuitive, relevant, and memorable to students with no prior exposure to the subject. Taylor and Weerapana have recent and extensive classroom-based experiences, which is seen through their engaging real-world examples. The textbook provides clear explanations of why markets are efficient when the incentives are right and inefficient when the incentives are wrong; and outlines examples of economics choices that students actually face. Version 8.0 gives special attention to key policy questions about the role of the government that are being debated today. This volume encompasses both macroeconomics and microeconomics.
New in This Version
- Now published by FlatWorld at an affordable price in print and digital formats suited to today’s students.
- Incorporates discussion of new monetary developments since 2011, including QE3, taper, raising of interest rates and the move to negative interest rates in some countries.
- Covers the debate about whether the Fed is unwinding its extraordinary policy measures at an appropriate pace, as well as whether the fiscal policy measures implemented in the 2008/9 recession worked, based on academic studies.
- Discusses labor market developments, including the fall in unemployment rates, slow improvement in the employment to population ratios, and the falling labor force participation rate for men.
- Expands the discussion of productivity slowdown, including Robert Gordon’s claim that economic headwinds will keep U.S. productivity growth low in the foreseeable future.
- About the Authors
- Acknowledgments
- Preface
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Chapter 1: The Central Idea
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Chapter 2: Observing and Explaining the Economy
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Chapter 3: The Supply and Demand Model
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Chapter 4: Subtleties of the Supply and Demand Model
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Chapter 5: The Demand Curve and the Behavior of Consumers
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Chapter 6: The Supply Curve and the Behavior of Firms
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Chapter 7: The Efficiency of Markets
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Chapter 8: Costs and the Changes at Firms Over Time
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Chapter 9: The Rise and Fall of Industries
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Chapter 10: Monopoly
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Chapter 11: Product Differentiation, Monopolistic Competition, and Oligopoly
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Chapter 12: Antitrust Policy and Regulation
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Chapter 13: Labor Markets
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Chapter 14: Taxes, Transfers, and Income Distribution
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Chapter 15: Public Goods, Externalities, and Government Behavior
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Chapter 16: Capital and Financial Markets
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Chapter 17: Macroeconomics: The Big Picture
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Chapter 18: Measuring the Production, Income, and Spending of Nations
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Chapter 19: The Spending Allocation Model
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Chapter 20: Unemployment and Employment
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Chapter 21: Productivity and Economic Growth
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Chapter 22: Money and Inflation
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Chapter 23: The Nature and Causes of Economic Fluctuations
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Chapter 24: The Economic Fluctuations Model
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Chapter 25: Using The Economic Fluctuations Model
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Chapter 26: Fiscal Policy
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Chapter 27: Monetary Policy
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Chapter 28: Economic Growth Around the World
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Chapter 29: International Trade
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Chapter 30: International Finance

FlatWorld Homework
FlatWorld Homework includes multi-format questions written specifically for your FlatWorld book, which you can access through our stand-alone interface or integrate with your learning management system.

Instructor’s Manual
The Instructor’s Manual guides you through the main concepts of each chapter and important elements such as learning objectives, key terms, and key takeaways. Can include answers to chapter exercises, group activity suggestions, and discussion questions.

PowerPoint Lecture Notes
A PowerPoint presentation highlighting key learning objectives and the main concepts for each chapter are available for you to use in your classroom. You can either cut and paste sections or use the presentation as a whole.

Test Generator - powered by Cognero
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Test Bank Files for Import to Learning Management Systems
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Test Item File
Need assistance in supplementing your quizzes and tests? Our test-item files (in Word format) contain many multiple-choice, fill-in-the-blank, and short-answer questions.
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Additions & Errata
- Changed "10.1 percent in October 2008" to "10.1 percent in October 2009." (11/9/18)