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Principles of Economics
Second Edition| ©2023 Betsey Stevenson; Justin Wolfers
Stevenson and Wolfers’ Principles of Economics is the most successful new introductory text in a generation. Betsey and Justin’s focus on useful economics helps students develop and apply economic intuition to their everyday decisions. They offer a fresh take on a wide range o...
Stevenson and Wolfers’ Principles of Economics is the most successful new introductory text in a generation. Betsey and Justin’s focus on useful economics helps students develop and apply economic intuition to their everyday decisions. They offer a fresh take on a wide range of foundational topics in an engaging presentation that has drawn enthusiastic feedback from hundreds of instructors and thousands of students.
The accompanying Achieve offers an interactive e-textbook plus thousands of assignable and editable problems, LearningCurve adaptive quizzing, easy LMS integration, and the new Graphing Reserve— the first tool in almost 20 years to offer a new approach to graphing in the Principles course.
ISBN:9781319449995
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ISBN:9781319419769
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ISBN:9781319419899
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ISBN:9781319531065
This package includes Achieve and Loose-Leaf.

Every Decision Is An Economic Decision
Stevenson and Wolfers’ Principles of Economics is the most successful new introductory text in a generation. Betsey and Justin’s focus on useful economics helps students develop and apply economic intuition to their everyday decisions. They offer a fresh take on a wide range of foundational topics in an engaging presentation that has drawn enthusiastic feedback from hundreds of instructors and thousands of students.
The accompanying Achieve offers an interactive e-textbook plus thousands of assignable and editable problems, LearningCurve adaptive quizzing, easy LMS integration, and the new Graphing Reserve— the first tool in almost 20 years to offer a new approach to graphing in the Principles course.
Features
Achieve offers the eBook alongside thousands of assignable and editable problem sets. Adaptive quizzing offers a low stakes student friendly way to reinforce concepts and our new Graphing Reserve is the first tool in almost 20 years to offer a new approach to graphing in the Principles course. Achieve offers prebuilt content that can be used 'out of the box' and integrates easily with your LMS system (Bb, D2L, Canvas and more).
An intuitive decision-making framework based on four key principles is referenced throughout the text and guides students to make better choices in all aspects of their lives.
A modern approach to Microeconomics integrates current economic insights into the Principles curriculum, with emphasis on empirical data and behavioral economics, labor and personnel economics, industrial organization, strategic decision making, and information asymmetries.
A cutting-edge presentation of the Macro economy improves and strengthens the innovations from the first edition. It emphasizes how microfoundations underpin macroeconomic theory, offers compelling examples and guidance to help students apply their understanding of the macroeconomy in their professional and personal lives, and provides the most realistic and current presentation of monetary policy. Stevenson and Wolfers offer instructors a choice in teaching short-run macroeconomic fluctuations,: 1) a modern framework including the IS curve to explain spending decisions, MP curve to describe monetary policy, and Phillips curve to explain inflation, OR 2) a traditional AD-AS approach.
New to This Edition
NEW “Think Like An Economist” podcast in Achieve uncovers the economic forces that shape the world around us. Created by the Authors and aligned with every text chapter, this fun and engaging podcast introduces students to the big ideas and shows them how to apply economic principles to make better decisions in their own lives. Each episode is paired with assignable assessments to ensure that students listen and understand.
NEW Interactive graphs in the Achieve e-textbook.To help students improve data literacy and understand economic models, Achieve now offers interactive graphs throughout the eBook. Students can manipulate each data graph to simulate market dynamics providing for a more engaging reading and learning experience. Instructors can include interactive graphs in their in-person and online lectures using our new Interactive Graphing Bank, found in Achieve.
NEW Homework assignments in Achieve offer targeted feedback for use in class and as homework. Designed so that students learn by doing the economics, these problems contain multiple question types including our intuitive graphing that assess students’ understanding of economics. Each chapter offers a new set of assignable, multi-step problems that complement online, auto-graded versions of the end-of-chapter problems.
Thoroughly revised with extensive coverage of the Covid19 pandemic, numerous new stories and examples, and revised headings and chapter order to make concepts even clearer.
“I'm very excited about this text and plan to actively promote it to my colleagues. Stevenson/Wolfers has done a wonderful job relating to students. That is what I appreciate most about this text. I really appreciate how the test bank questions draw on real world data. It helps me to convince students that these concepts will matter outside of this class.”
- Karie Dornon, Bridgewater College“The textbook has been very well thought out–the examples, the charts and figures, the organization. I like how the textbook does not try to do too much– it covers core principles without trying to cover more advanced material that belongs in an intermediate course. The decision point activity is designed to make economic concepts less abstract and more relatable to students.”
- Paul Pieper, University of Illinois at Chicago“This is a progressive, student-oriented, engaging textbook and online companion. Students will find it intuitive and fun. Examples are explained clearly and in a compelling way. The faculty tools will help you with grading and teaching.”
- Amy Leung, Cosumnes River College“The Stevenson/Wolfers textbook is as revolutionary as Greg Mankiw's first edition and definitely surpasses Mankiw's current edition. It will convince the students that microeconomics is fun and easy to learn.”
- Debashis Pal, University of Cincinnati“[Stevenson/Wolfers] provides a more practical on-the-ground view of macro than other textbooks. It's more up-to-date in terms of the economic issues facing the US economy and current thinking about how to approach them. The integration of learning objectives and foundations throughout the text is a good innovation.”
- Susan Laury, Georgia State University

Principles of Economics
Second Edition| ©2023
Betsey Stevenson; Justin Wolfers
Digital Options

Achieve
Achieve is a comprehensive set of interconnected teaching and assessment tools that incorporate the most effective elements from Macmillan Learning's market leading solutions in a single, easy-to-use platform.

E-book
Read online (or offline) with all the highlighting and notetaking tools you need to be successful in this course.

Principles of Economics
Second Edition| 2023
Betsey Stevenson; Justin Wolfers
Table of Contents
Preface
A Quick Review of Graphs
PART I Foundations of Economics
Chapter 1 The Four Core Principles of Economics
Chapter 2 Demand and Consumer Choice
Chapter 3 Supply and Producer Choice
Chapter 4 Equilibrium: Where Supply Meets Demand
PART II Analyzing Markets
Chapter 5 Elasticity: Measuring Responsiveness
Chapter 6 Taxes, Price Controls, and Quantity Regulations
Chapter 7 Welfare Economics: Evaluating Market Efficiency and Market Failure
Chapter 8 Comparative Advantage and Gains from Trade
PART III Applications and Policy Issues
Chapter 9 International Trade
Chapter 10 Externalities and Public Goods
Chapter 11 The Labor Market
Chapter 12 Why Wages Vary: Workers, Jobs, Institutions, and Discrimination
Chapter 13 Inequality, Poverty, and Social Insurance
PART IV Industrial Organization and Business Strategy
Chapter 14 Market Structure and Market Power
Chapter 15 Entry, Exit, and Long-Run Profitability
Chapter 16 Price Discrimination and Sophisticated Pricing Strategies
Chapter 17 Economics of Strategic Management
PART V Advanced Decisions
Chapter 18 Game Theory and Strategic Choices
Chapter 19 Decisions Involving Uncertainty
Chapter 20 Decisions Involving Private Information
Part VI Macroeconomic Foundations and the Long Run
Chapter 21 Sizing Up the Economy Using GDP
Chapter 22 Economic Growth
Chapter 23 Unemployment
Chapter 24 Inflation and Money
Part VII Micro Foundations of Macroeconomics
Chapter 25 Consumption and Saving
Chapter 26 Investment
Chapter 27 The Financial Sector: Banks, Bonds, and Stocks
Chapter 28 International Finance and the Exchange Rate
Part VIII The Business Cycle
Chapter 29 Tracking the Business Cycle
Chapter 30 Linking Interest Rates and Output Using IS-MP Analysis
Chapter 31 The Phillips Curve and Inflation
Chapter 32 The Fed Model: Putting it All Together
Chapter 33 Aggregate Demand and Aggregate Supply
Part IX Macroeconomic Policy
Chapter 34 Monetary Policy
Chapter 35 Government Spending, Taxes, and Fiscal Policy
Appendix: A Closer Look at Aggregate Expenditure and the Multiplier
Glossary
Index

Principles of Economics
Second Edition| 2023
Betsey Stevenson; Justin Wolfers
Authors

Betsey Stevenson
Betsey Stevenson is a professor of economics and public policy at the University of Michigan. Her research focuses on the impact of public policies on the labor market, and explores women’s labor market experiences, the economic forces shaping the modern family, and the role of subjective well-being data for public policy. She serves on the Executive Committee of the American Economic Association, and is also a research associate with the National Bureau of Economic Research, a fellow of the Institute for Economic Research in Munich, a visiting associate professor of economics at the University of Sydney, and a research Fellow with the Centre for Economic Policy Research in London. She served as a member of the Council of Economic Advisers from 2013 to 2015, where she advised President Obama on social policy, labor market, and trade issues. She also served as the chief economist of the U.S. Department of Labor from 2010 to 2011. Betsey is an occasional editorialist for Bloomberg, and a trusted presence in the public debate about economics and public policy. She earned a BA in economics and mathematics from Wellesley College and an AM and PhD in economics from Harvard University.

Justin Wolfers
Justin Wolfers is a professor of economics and public policy at the University of Michigan. He does research in both macroeconomics and applied microeconomics topics, and has explored unemployment and inflation, the power of prediction markets, the economic forces shaping the modern family, discrimination, and happiness. He is a research associate with the National Bureau for Economic Research, a fellow of the Brookings Institution, a fellow of the Peterson Institute for International Economics, a research fellow with the Centre for Economic Policy Research in London, a fellow of the Institute for Economic Research in Munich, a visiting professor of economics at the University of Sydney, and an international research fellow at the Kiel Institute for the World Economy in Germany. He has been an editor of the Brookings Papers on Economic Activity, a board member on the Committee on the Status of Women in Economics, a member of the Panel of Advisors of the U.S. Congressional Budget Office, among many other board and advisory positions. He is currently a contributing columnist for the New York Times , and has written about economic issues in numerous other outlets. He is frequently quoted in the media on economic policy and relied upon to provide unbiased assessments of the current state of the macroeconomy. Justin earned a BA in economics from the University of Sydney and an AM and PhD in economics from Harvard University.

Principles of Economics
Second Edition| 2023
Betsey Stevenson; Justin Wolfers
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Betsey Stevenson; Justin Wolfers | Second Edition | ©2023 | ISBN:9781319419936
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Principles of Economics
Second Edition| 2023
Betsey Stevenson; Justin Wolfers
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