Welcome to the third edition of Essentials of Economics, a one-semester principles of economics text derived from McConnell-Brue-Flynn Economics, the best-selling two-semester economics textbook. Over the years numerous instructors have requested a short, one-semester version of Economics that would cover both microeconomics and macroeconomics. While some other two-semester books simply eliminate chapters, renumber those that remain, and offer the "cut and splice" version as a customized book, this methodology does not fit with our vision of a tightly focused, highly integrated book. We built this text from scratch, incorporating the core content from Economics in a format designed specifically for the one-semester course. This book has the clear and careful language and the balanced approach that has made its two-semester counterpart a best-seller, but the pedagogy and topic discussion are much better suited to the needs of the one-semester course.

We think Essentials of Economics will fit nicely in various one-term courses. It is sufficiently lively and focused for use in principles courses populated primarily by nonbusiness majors. Also, it is suitably analytical and comprehensive for use in combined micro and macro principles courses for business and potential economics majors. Finally, we think this book - if supplemented with appropriate lecture and reading assignments - will work well in refresher courses for students returning to MBA programs.

However the book is used, our goals remain the same:

• Help the student master the principles essential for understanding the economic problem, specific economic issues, and policy alternatives.
• Help the student understand and apply the economic perspective and reason accurately and objectively about economic matters.
• Promote a lasting student interest in economics and the economy.