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Principles of Economics, 7/E
Karl E. Case
Ray C. Fair, Yale University

ISBN-10: 0131441728
ISBN-13:  9780131441729

Publisher:  Prentice Hall
Copyright:  2004
Format:  Cloth; 832 pp
Published:  12/29/2003
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Description

For the 2-semester freshman/sophomore course in Principles of Economics.

 

These two highly-respected economists and educators have revised this best-selling MICRO FIRST book to include more current topics and events while maintaining its hallmark feature of teaching economics through stories, graphs, and equations; relevant to students with various learning styles (verbal, visual, and numerical).

 


Features

Expanded treatment of comparative advantage in Chapter 2, The Economic Problem: Scarcity and Choice.

~This enables the students to see the connection between growth, trade, comparative advantage and the production possibilities frontier (PPF).

Proven treatment of demand and supply in Chapter 3, Demand, Supply, and Market Equilibrium.

~Change in demand versus change in quantity demanded is explained in 3 different formats (stories, graphs, equations) to help students understand and retain this difficult concept.

If you have looked at or used Case/Fair in the past, but wished it had more modern coverage of Economic Principles, be sure to check out the expanded game theory coverage in Chapter 13, a new Chapter (16) on Public Finance, and early coverage of Consumer and Producer Surplus in Chapter 4.

 

Chapter 4, Demand and Supply Applications and Elasticity, is an extension of supply and demand and features applications including consumer and producer surplus, elasticity, and price ceilings.

~New coverage of consumer surplus, producer surplus, deadweight loss and price floors has been added to provide a more balanced and complete treatment of modern demand and supply applications.

The Foundation: Stories, graphs, equations –Presents the core concepts of economics in three ways: First, each major concept is presented in the context of a simple intuitive story or illustrative example in words followed by a numerical illustration or table. Second, the numerical example is presented graphically. And finally, where appropriate, equations are used.

~Presenting the material in different formats will convey the core principles of the discipline to a wide range of students.

MICRO

 

Unified, logical structure to Microeconomics –The perfectly competitive market is covered first, including coverage of how firms decide what to produce and how firms decide the number of people and type of technology to employ, before turning to noncompetitive markets such as monopoly.

~When students understand how a simple competitive market system works (Chapters 5-10), they are ready to focus on problems of real-world markets such as monopoly power, other non-competitive market structures, public goods, externalities, and income distribution (see Chapters 12-15).

Chapter 11, General Equilibrium and the Efficiency of Perfect Competition, makes the transition from competitive markets to non-competitive markets and the potential role for government in the economy.

~Other texts encourage students to think of economics as a series of disconnected alternative market models and overwhelm students with too many concepts at once.

MACRO

 

If you prefer to introduce short run issues before long run issues, and fully develop the Keynesian Cross with integrated coverage between chapters before covering the AS/AD Model, examine Case and Fair's chapters 20-25.

 

Unified and logical structure to Macroeconomics–The book slowly leads up to the Aggregate Demand/Aggregate Supply Model (AD/AS Model) after the development of the goods and money market.

~By building up slowly to the Aggregate supply and Aggregate Demand Model (AD/AS Model), the authors help students understand that aggregate demand is NOT simply the sum of all demand and that aggregate supply is NOT simply the sum of all supply. See Chapters 20 and 21 (which cover the market for goods and services); Chapters 22 and 23 (which cover the money market); Chapter 24 (which links the goods and services market with the money market) and Chapter 25 (which covers the AD/AS Model).

 


New To This Edition

MICRO

 

If you have looked at or used Case/Fair in the past, but wished it had more modern coverage of Economic Principles, be sure to check out the expanded game theory coverage in Chapter 13, a new Chapter (16) on Public Finance, and early coverage of Consumer and Producer Surplus in Chapter 4.

 

Expanded game theory coverage in Chapter 13, Monopolistic Competition and Oligopoly, provides a basic introduction to strategic interaction of firms.

~An accessible presentation of a modern micro topic.

Expanded coverage of the minimum wage in Chapter 15, Income Distribution and Poverty.

~Minimum wage is now introduced in Chapter 4, Demand and Supply Applications, and covered thoroughly in Chapter 15.

NEW - Chapter 16, Public Finance: The Economics of Taxation, covers basic taxation information, including Bush's recent tax changes and what this means for different segments of the economy.

~Consumer surplus and producer surplus is revisited here to reinforce the principles discussed in Chapter 4, Demand and Supply Applications.

Expanded coverage of price discrimination in Chapter 12, Monopoly and Antitrust.

~Shows how and why a firm with market power charges different prices to different consumers.

 

MACRO

 

Chapter 18, Long Run & Short Run Concerns, includes expanded discussion of the CPI (consumer price index), including CPI bias.

~Provides a more detailed analysis of how the government measures the price changes of the typical goods and services that consumers buy.

NEW - More detailed discussion of Monetary and Fiscal Policy presented in Chapter 27, Macroeconomic Issues and Policy.

~Includes a careful analysis of the nature of the economy in the 1990s and the role that policy played.

Do you want to engage your students with coverage of the booms and busts of the Stock Market? If so, review Case and Fair's all new Chapter on the Stock Market and the Economy (28).

 

NEW - Chapter 28, The Stock Market and the Economy, discusses the stock market and how it affects the economy

~Recent changes in the economy are highlighted so the student will understand how these events actually affect investment decisions and policy. The 90's boom and the recent bust are examined.

NEW Chapter 34, Globalization, Growth and Development, examines the current trends, issues and debates surrounding the effect of globalization and trade on the developing world.

~Issues such as the movement for and against globalization, trade agreements and barriers, the World Trade Organization, the environment, child labor, sovereignty, and the impact of AIDS on developing economies are discussed to show recent developments.  

 


Table of Contents

I. INTRODUCTION TO ECONOMICS.

 1. The Scope and Method of Economics.

 2. The Economic Problem: Scarcity and Choice.

 3. Demand, Supply, and Market Equilibrium.

 4. Demand and Supply Applications and Elasticity.

II. FOUNDATIONS OF MICROECONOMICS: CONSUMERS AND FIRMS.

 5. Household Behavior and Consumer Choice.

 6. The Production Process: The Behavior of Profit-Maximizing Firms.

 7. Short-Run Costs and Output Decisions.

 8. Long-Run Costs and Output Decisions.

 9. Input Demand: The Labor and Land Markets.

10. Input Demand: The Capital Market and the Investment Decision.

11. General Equilibrium and the Efficiency of Perfect Competition.

III. MARKET IMPERFECTIONS AND THE ROLE OF GOVERNMENT.

12. Monopoly and Antitrust Policy.

13. Monopolistic Competition and Oligopoly.

14. Externalities, Public Goods, Imperfect Information, and Social Choice.

15. Income Distribution and Poverty.

16. Public Finance: The Economics of Taxation.

IV. CONCEPTS AND PROBLEMS IN MACROECONOMICS.

17. Introduction to Macroeconomics.

18. Measuring National Output and National Income.

19. Long-Run and Short-Run Concerns: Growth, Productivity, Unemployment, and Inflation.

V. THE GOODS AND MONEY MARKETS.

20. Aggregate Expenditure and Equilibrium Output.

21. The Government and Fiscal Policy.

22. The Money Supply and the Federal Reserve System.

23. Money Demand, the Equilibrium Interest Rate, and Monetary Policy.

VI. MACROECONOMIC ANALYSIS.

24. Money, the Interest Rate, and Output: Analysis and Policy.

25. Aggregate Demand, Aggregate Supply, and Inflation.

26. The Labor Market, Unemployment, and Inflation.

27. Macroeconomic Issues and Policy.

28. The Stock Market and the Economy.

29. Household and Firm Behavior in the Macroeconomy: A Further Look.

30. Long-Run Growth.

31. Debates in Macroeconomics: Monetarism, New Classical Theory, and Supply-Side Economics.

VII. THE WORLD ECONOMY.

32. International Trade, Comparative Advantage, and Protectionism.

33. Open-Economy Macroeconomics: The Balance of Payments and Exchange Rates.

34. Globalization.

35. Economic Growth in Developing and Transitional Economies.

Glossary.

Solutions to Even-Numbered Problems.

Index.


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