Campbell R McConnell,
University of Nebraska Stanley L Brue,
Pacific Lutheran University Sean M Flynn,
Scripps College Thomas P Barbiero,
Ryerson University
ISBN: 0070969523 Copyright year: 2010
Feature Summary
Feature Summary
Comprehensive Explanations at an Appropriate Level Microeconomics is comprehensive, analytical, and challenging, yet fully accessible to a wide range of students. Its thoroughness and accessibility enable instructors to select topics for special classroom emphasis with confidence that students can independently read and comprehend other assigned material in the book. Where needed, an extra sentence of explanation is provided. Brevity at the expense of clarity is false economy.
Fundamentals of the Market System Many economies throughout the world are making difficult transitions from planning systems to market systems. Our detailed description in Chapter 2 of the institutions and operation of the market system is even more relevant than before. We pay particular attention to property rights, entrepreneurship, freedom of enterprise and choice, competition, and the role of profits because these concepts are often misunderstood by beginning students.
Stress on the Theory of the Firm and Technological Advance We have given much attention to microeconomics in general and to the theory of the firm in particular, for two reasons: First, the concepts of microeconomics are difficult for most beginning students; abbreviated expositions usually compound these diffi culties by raising more questions than they answer. Second, we wanted to couple analysis of the various market structures with a discussion of the impact of each market arrangement on price, output levels, resource allocation, and the rate of technological advance.
Focus on Economic Issues For many students, the macro chapters on fiscal policy, monetary policy, and public debt, and the micro chapters on competition policy, agriculture, income inequality, labour issues, and health care are where the action is. We guide that action along logical lines through the application of appropriate analytical tools.
Integrated Text and Web Site Microeconomics and its Web site are highly integrated through intext Web icons, bonus Web chapters, Web newspaper articles, Web math notes, and other features. Our Web site is part and parcel of our student learning package, customized to the book.
Organizational Alternatives
Although instructors generally agree as to the content of principles of economics courses, they sometimes differ as to how to arrange the material. Microeconomics includes four parts, and that provides considerable organizational flexibility. Some instructors will prefer to intersperse the microeconomics of Parts 2 and 3 with the chapters of Part 4. Chapter 16W on agriculture may follow Chapter 7 on perfect competition; Chapter 10 on competition policy and regulation may follow either Chapters 8 or 9 on imperfect competition models; Chapter 14W on income inequality may follow Chapter 13 on rent, interest, and profit.
Pedagogical Aids
Microeconomics has always been student oriented. Economics is concerned with efficiency— accomplishing goals using the best methods. Therefore, we offer the student some brief introductory comments on how to improve their effi ciency and hence their grades.
In This Chapter You Will Learn We set out the learning objectives at the start of each chapter so the chapter’s main concepts can be easily recognized. We have also tied the learning objectives to each of the numbered sections in each chapter and the Study Questions at the end of each chapter. In addition, the chapter summaries are organized by number.
Terminology A significant portion of any introductory course is terminology. Key terms are highlighted in bold type the fi rst time they appear in the text. Key terms are defined in the margin and a comprehensive list appears at the end of each chapter. A glossary of definitions can also be found at the end of the book and on the Web site.
Ten Key Concepts Ten Key Concepts have been identified to help students organize the main principles. The Ten Key Concepts are introduced in Chapter 1 and each one is reinforced throughout the textbook by an icon.
Key Graphs We have labelled graphs having special relevance as Key Graphs. There is a quick quiz of four questions related to each Key Graph, with answers provided at the bottom of the graph.
Graphics with Supporting Data Where possible we have tried to provide data to support our graphs. In such cases a data table now appears in the same figure with the graph.
Data Updates Data updates for selected graphs and tables can be found on this website.
Reviewing the Chapter Important things should be said more than once. You will fi nd a Chapter Summary at the conclusion of every chapter as well as two or three Quick Reviews within each chapter. The summary at the end of each chapter is presented by numbered chapter section. These review statements will help you to focus on the essential ideas of each chapter and also to study for exams.
The Last Word The Last Word features are lengthier applications and case studies located toward the end of each chapter. In this edition, we have included photos to pique student interest. See list of Last Word features inside the front cover of the text.
Global Perspective Boxes Each nation functions increasingly in a global economy. To help the student gain appreciation of this wider economic environment, we provide Global Perspective features, which compare Canada to other nations.
Consider This Boxes Consider This boxes are used to provide analogies, examples, or stories that help drive home central economic ideas in a student-oriented, real-world manner. These brief vignettes illustrate key points in a lively, colourful, and easy-to-remember way. See the list of Consider This boxes inside the front cover of the text.
Appendix on Graphs Being comfortable with graphical analysis and a few related quantitative concepts will be a big advantage to students in understanding the principles of economics. The Appendix to Chapter 1, which reviews graphing, line slopes, and linear equations, should not be skipped.
Study Questions A comprehensive list of questions is located at the end of each chapter. The old cliché that you “learn by doing” is very relevant to economics. Use of these questions will enhance students’ understanding. We designate several of them as “Key Questions” and answer them in the Study Guide. For the twelfth Canadian edition of Microeconomics we have added a total of 8 new Study Questions and connected every question with a Learning Objective.
Internet Application Questions Students are presented with questions to explore on the Internet relevant to the topic discussed in the chapter. From the McConnell Web site, www.mcgrawhillconnect.ca, students will find direct links to the Web sites included in these questions.
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