Book Summary of Principles of Economics
This edition of Principles of Economics maintains the hallmarks of the Boyes/Melvin series--accessible writing, strong pedagogy, and integration of global economic issues. The authors have improved the integration of their popular pedagogy, technology, and supplements for a complete program that clearly illustrates the connection between the study of economics and the world of business. The authors examine standards of living around the world, comparing the poverty of Sub-Saharan Africa to the wealth of industrial nations. In addition, all available data up to 2005, and in many cases 2006, has been included.

Key Feature • The text features current events in updated Economic Insight boxes. These sections focus students' attention on real-world applications and help them to consider a wide range of topics from an economic perspective. Economically Speaking feature presents recent newspaper and magazine articles on world events, their economic causes, and consequences
• In the Micro chapters, the "Elasticity" chapter has been streamlined to focus on the most important concepts and applications, with calculations of arc and point elasticities reassigned to a chapter appendix. In addition, coverage of behavioral economics and neuroeconomics has been added to the chapter on consumer choice, and the discussions of the short run, long run, and economies of scale have been expanded and enhanced with new examples
• The text features a unique pedagogical program built to improve student comprehension and performance. Fundamental Questions focus readers on the key issues in each chapter

Table of Contents
Part I: Introduction to The Price System
1. Economics: The World Around You
2. Choice, Opportunity Costs, and Specialization
3. Markets, Demand and Supply, and the Price System
4. The Market System and the Private Sector
5. The Public Sector
Part II. Macroeconomic Basics
6. National Income Accounting
7. An Introduction to the Foreign Exchange Market and the Balance of Payments
8. Unemployment and Inflation
9. Macroeconomic Equilibrium: Aggregate Demand and Supply
10. Aggregate Expenditures
11. Income and Expenditures Equilibrium
Part III: Macroeconomic Policy
12. Fiscal Policy
13. Money and Banking
14. Monetary Policy
15. Macroeconomic Policy: Tradeoffs, Expectations, Credibility, and Sources of Business Cycles
16. Macroeconomic Viewpoints: New Keynesian, Monetarist, and New Classical
Part IV: Economic Growth and Development
17. Economic Growth
18. Development Economics
19. Globalization
Part V: Product Market Basics
20. Elasticity: Demand and Supply
21. Consumer Choice
22. Supply: The Costs of Doing Business
Part VI: Product Markets
23. Profit Maximization
24. Perfect Competition
25. Monopoly
26. Monopolistic Competition and Oligopoly
27. Antitrust and Regulation
28. Government and Market Failure
Part VII: Resource Markets
29. Resource Markets
30. The Labor Market
31. Capital Markets
32. The Land Market and Natural Resources
Part VIII: Issues in International Trade and Finance
33. World Trade Equilibrium
34. International Trade Restrictions
35. Exchange Rates and Financial Links between Countries
Appendix A: Economically Speaking