Restructured Introductory Chapters: In response to reviewers, the five introductory chapters common to all versions of the book have been restructured as follows:
- Part 1 contains Chapter 1(Limits, Alternatives, and Choices) and Chapter 2 (The Market System and the Circular Flow).
- Part 2 now consists of three chapters: Chapter 3 (Demand, Supply, and Market Equilibrium), Chapter 4 (Elasticity), and Chapter 5 (Market Failures: Public Goods and Externalities).
- The chapters in Part 2 are more concept-oriented and analytical rather than general and descriptive as they were in the previous edition.
- This allows the elasticity chapter to immediately follow the supply and demand chapter.
- This new organization eliminates the mainly descriptive Chapter 4 on the private and public sectors and moves the relevant content to where it fits more closely with related micro and macro materials.
- The 19th edition provides a single chapter on international trade, rather than two separate chapters that have overlapping coverage (Chapter 23 in the 19th edition rather than Chapters 5 and 23 in the 18th edition).
- The new edition boosts the analysis of market failures (public goods and externalities) in the introductory sections to complement and balance the introduction to the market system discussed in Chapter 2.
- For micro instructors, the new ordering provides a clear supply-and-demand path to the subsequent chapters on consumer and producer behavior.
- The content on the United States in the global economy that appeared in Chapter 5 of the 18th edition is now integrated into Chapter 23 (International Trade).
- Chapter 23 draws only on production possibilities analysis and supply and demand analysis, so it can be assigned at any point after Chapter 3 (Demand, Supply, and Market Equilibrium).
- Therefore, instructors who want to introduce international economics early in their courses can assign Chapter 23 within the introductory chapters found in Parts 1 and 2.
- For instructors who prefer Chapter 5 from the 18th edition to Chapter 23 of the new edition, the authors have fully updated the previous Chapter 5 content and made it freely available for viewing and printing at both the instructor and student portions of our Web site. This substitute for Chapter 23, called Content Option for Instructors #1: The United States and the Global Economy, is fully supported by both the instructor supplement package and the student supplement package.
Divided Pure Competition Chapter: The very long pure competition chapter (Chapter 9 of the 18th edition) is now divided into two logically distinct chapters, one on pure competition in the short run (Chapter 8) and the other on pure competition in the long run (Chapter 9). These more “bite-sized” chapters should improve student retention of the material.
Reworked End-of-chapter Questions and Problems: End-of-chapter study questions have been split into questions, which are more analytic and free-response, and problems, which are quantitative. Many new problems have been added, and the questions and problems continue to be aligned with the chapter learning objectives.
New “Consider This” and “Last Word” examples:
- “Consider This” boxes offer student-oriented real world examples to help reinforce important economic concepts and themes. There are 16 new “Consider This” boxes in the 19th edition.
- “Last Word” sections are real world applications or case studies at the end of each chapter. There are 10 new “Last Word” sections in the 19th edition.
Current Discussions & Examples Throughout: The 19th edition of refers to and discusses many current topics. Examples include: aspects of behavioral economics; applications of game theory; the most rapidly expanding and disappearing U.S. jobs; oil and gasoline prices; the value-added tax; the Food, Conservation, and Energy Act of 2008; the Patient Protection and Affordable Care Act (PPACA) of 2010; immigration issues; the severe recession of 2007–2009; U.S. trade deficits; off-shoring of American jobs; trade adjustment assistance; the European Union and the Euro Zone; changes in exchange rates; and many other current topics.
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