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Economics PDF

889 Pages·2012·39.585 MB·English
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William Boyes • m ichael m elvin Economic understanding in a Global Context... no borders, no boundaries! Boyes and Melvin’s Economics, 9e introduces students to the latest thinking of today’s economists on important economic phenomena while equipping them with a solid global understanding of economic principles. With this edition’s reader-friendly approach, carefully integrated learning features, memorable examples, and unique global emphasis, you can clearly illustrate the connections between key economic principles and today’s actual business practices. Updated Economic Insight boxes emphasize the relevance of concepts to current events. These new features highlight some of today’s most current events to focus on the relevance and real-world applications of the concepts in the chapter. New and updated Economically Speaking and Commentary features highlight the economic impact of today’s most important events. Recent newspaper and magazine articles in this edition’s updated and new Economically Speaking and Commentary features present economic causes and consequences of important world events. Updated content keeps the course as current as possible. Updated examples throughout the text, extensive revisions to the chapter on elasticity, further development of the debate on government economic intervention, and a new discussion of the Economic Freedom Index keep this course up-to-date with current developments. You’ll also find additional material on game theory, updated information on health care costs, and a detailed examination of income distribution. Economic understanding in a Global Context ... no borders, no boundaries! Digital Effective, leading teaching and learning technology and a full range of supplements, including the best-selling Aplia™ homework system and CourseMate online OptiO ns fOr tools, help complete your economics coverage that clarifies and emphasizes the Economics, 9E importance of concepts for career and business success. Aplia™ Created by economist Paul Romer for his classroom, Aplia is the best selling online economics product. In fact, Aplia is the most successful and widely-used homework solution in the Economics market. Aplia provides automatically graded assignments that were written to make the most of the web medium and contain detailed, immediate explanations of every question. Find out more at www.aplia.com/cengage. Economic understanding in a Global Context ... no borders, no boundaries! Economics CourseMate Engagement Tracker Economics CourseMate brings course How do you know your students have read the material or concepts to life with interactive learning, viewed the resources you’ve assigned? Engagement Tracker study, and exam-preparation tools that assesses student preparation and engagement. Use the support the printed textbook. Watch student tracking tools to see progress for the class as a whole or for comprehension soar as your class works with individual students. Identify students at risk early in the course. the printed textbook and the text-specific Uncover which concepts are most difficult for your class. website. Economics CourseMate goes beyond Monitor time on task. Keep your students engaged. the book to deliver what you need! Interactive Teaching and Learning Tools Economics CourseMate provides interactive teaching and learning tools including: • Quizzes • Flashcards • Graphing Tutorials • Videos • News, Debates, and Data Interactive eBook In addition to interactive teaching and learning tools, Economics CourseMate includes an interactive eBook. Students can take notes, highlight, search and interact with embedded media specific to their book. Go to login.cengage.com to access these resources within CourseMate. Learn more at www.cengage.com/coursemate. Global Economic Watch The Watch, a groundbreaking resource, stimulates discussion and understanding of the global downturn. • A content-rich blog of breaking news, expert analysis, and commentary—updated multiple times daily. • A powerful real-time database of hundreds of relevant and vetted journal, newspaper, and periodical articles, videos, and podcasts—updated four times every day. • A thorough overview and timeline of events leading up to the global economic crisis. • Discussion and testing content, PowerPoint slides on key topics, sample syllabi, and other teaching resources. For more information, visit www.cengage.com/thewatch. Economic understanding in a Global Context ... no borders, no boundaries! a D D i t iO n a l O p t iO n s f O r Economics, 9E CenageNOW This robust, online course management and learning system gives instructors the tools they need and students the practice they need to be successful. For instructors, it includes resources organized around lecturing, creating assignments, grading, quizzing, and tracking student progress and performance. Students can use a Personalized Study diagnostic tool to determine areas that need more study focus. Built-in technology tools help students master concepts as well as prepare for exams. www.cengage.com/coursemaster WebTutor WebTutor is an online teaching and learning system that provides text-specific media assets, quizzing, weblinks, discussion topics, interactive games and exercises, and more to supplement the classroom experience and ensure that students leave with the resources they need to succeed in today’s business world. Tomlinson Videos This dynamic online multimedia video lecture series provides students with instructional assistance in economic concepts 24/7. Students can watch these brief video segments as often as they wish to prepare for class, review topics or study for exams. Cenagebrain.com On CengageBrain.com students will be able to save up to 60% on their course materials through our full spectrum of options. Students will have the option to rent their textbooks, purchase print textbooks, e-textbooks, or individual e-chapters and audio books all for substantial savings over average retail prices. CengageBrain.com also includes access to Cengage Learning’s broad range of homework and study tools, and features a selection of free content. Students can: • Study in less time to get the grade they want... using online resources such as chapter quizzing, flashcards, and interactive study tools. • Prepare for tests anywhere, anytime. • Practice, review, and master course concepts... using printed guides and manuals that work hand-in-hand with each chapter of this textbook. www.cengagebrain.com NINTH EDITION WILLIAM BOYES Arizona State University MICHAEL MELVIN Arizona State University and BlackRock This is an electronic version of the print textbook. Due to electronic rights restrictions, some third party content may be suppressed. Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. The publisher reserves the right to remove content from this title at any time if subsequent rights restrictions require it. For valuable information on pricing, previous editions, changes to current editions, and alternate formats, please visit www.cengage.com/highered to search by ISBN#, author, title, or keyword for materials in your areas of interest. Economics, NinthEdition ª2013,2011South-Western,CengageLearning WilliamBoyes,MichaelMelvin ALLRIGHTSRESERVED.Nopartofthisworkcoveredbythecopyrightherein VicePresidentofEditorial,Business:JackW. maybereproduced,transmitted,stored,orusedinanyformorbyanymeans Calhoun graphic,electronic,ormechanical,includingbutnotlimitedtophotocopying, Publisher:JoeSabatino recording,scanning,digitizing,taping,webdistribution,informationnetworks, orinformationstorageandretrievalsystems,exceptaspermittedunder AcquisitionsEditor:SteveScoble Section107or108ofthe1976UnitedStatesCopyrightAct,withouttheprior DevelopmentalEditor:ClaraGoosman writtenpermissionofthepublisher. 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RightsAcquisitionsSpecialisttextandimages: LibraryofCongressControlNumber:2011943695 AmberHosea Textpermissionsresearcher:Vinodh ISBN-13:978-1-111-82613-0 Ramachandran/PMG ISBN-10:1-111-82613-7 Imagepermissionsresearcher:ScottRosen/Bill SmithGroup South-WesternCengageLearning 5191NatorpBoulevard Mason,OH45040 USA CengageLearningproductsarerepresentedinCanadaby NelsonEducation,Ltd. Foryourcourseandlearningsolutions,visitwww.cengage.com Purchaseanyofourproductsatyourlocalcollegestoreoratourpreferred onlinestorewww.cengagebrain.com PrintedintheUnitedStatesofAmerica 1234567 1514131211 To Melissa, Katie, and Lindsey –W. B. To Bettina, Jason, Jeremy, Anna, and Sonia –M. M. This page intentionally left blank

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