Includes glossary.

Includes bibliographical references and index.

Economic issues and concepts -- How economists work -- Demand, supply, and price -- Elasticity of demand and supply -- Consumer choice : indifference theory -- the cost structure of firms -- Perfect competition -- Monopoly -- Imperfect competition -- Demand and supply of inputs -- The labour market -- Capital, investment, and new technology -- Market failure -- The role of government -- Macroeconomic issues and measurement -- A basic model of the determination of GDP in the short term -- GDP in an open economy with government -- GDP and the price level in the short run -- GDP and the price level in the long run -- Money and monetary institutions -- The role of money in macroeconomics -- The balance of payments and exchange rates -- Macroeconomic policy in an open economy -- Inflation -- unemployment -- Economic growth -- International trade.

The eleventh edition of this successful textbook for Economics majors has been thoroughly updated and revised to give more depth to core principles. Pitched at a level that will stretch readers but still comprehensible for beginners, Economics is explained straightforwardly, whilst maintaining the rigor needed to enable students to progress with their studies. The book features a depth and breadth of topics combined with a balance of technical and applied material. In-depth explanations of theoretical concepts are balanced with a range of real-world examples that help students to understand and apply the concepts they have learned. A supporting and newly expanded Online Resource Centre features supplements for lecturers including an instructor's manual; PowerPoint slides; answers to questions in the text; class exercises; and artwork from the text. Supplements for students include self-assessment multiple-choice questions with feedback; crosswords compiled from key glossary terms; a list of useful websites; maths appendices; past exam papers and additional case studies.