Paul Krugman and Robin Wells’ signature storytelling style helps readers understand how economic concepts play out in our world. The new edition, revised and enhanced throughout, now offers holistic digital learning tools as part of SaplingPlus, a complete, integrated online learning system.

This new edition is revised and enhanced throughout, including a much stronger array of superior online tools that are part of a complete, integrated online learning system.

Part 1: What Is Economics?
Introduction An Engine for Growth and Discovery
Chapter 1 First Principles
Chapter 2 Economic Models: Trade-offs and Trade
Appendix: Graphs in Economics
 
Part 2: Supply and Demand
Chapter 3 Supply and Demand
Chapter 4 Consumer and Producer Surplus
Chapter 5 Price Controls and Quotas: Meddling with Markets
Chapter 6 Elasticity
 
Part 3: Individuals and Markets
Chapter 7 Taxes
Chapter 8 International Trade
 
Part 4: Economics and Decision Making
Chapter 9 Decision Making by Individuals and Firms
Appendix: Toward a Fuller Understanding of Present Value
 
Part 5: The Consumer
Chapter 10 The Rational Consumer
Appendix: Consumer Preferences and Consumer Choice
 
Part 6: The Production Decision
Chapter 11 Behind the Supply Curve: Inputs and Costs
Chapter 12 Perfect Competition and the Supply Curve
 
Part 7: Market Structure: Beyond Perfect Competition
Chapter 13 Monopoly
Chapter 14 Oligopoly
Chapter 15 Monopolistic Competition and Product Differentiation
 
Part 8: Microeconomics and Public Policy
Chapter 16 Externalities
Chapter 17 Public Goods and Common Resources
Chapter 18 The Economics of the Welfare State
 
Part 9: Factor Markets and Risk
Chapter 19 Factor Markets and the Distribution of Income
Appendix Indifference Curve Analysis of Labor Supply
Chapter 20 Uncertainty, Risk, and Private Information