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Principles of Economics focuses on seven core principles to produce economic naturalists through active learning. By eliminating overwhelming detail and focusing on core principles, students from all backgrounds are able to gain a deeper understanding of economics. Focused on helping students become "economic naturalists," people who employ basic economic principles to understand and explain what they observe in the world around them. COVID-19 pandemic content, analysis, and examples further engage students.


With engaging questions, explanations, exercises and videos, the authors help students relate economic principles to a host of everyday experiences such as going to the ATM or purchasing airline tickets. Throughout this process, the authors encourage students to become "economic naturalists." Author developed Learning Glass concept overview videos and Worked Problem videos give students an overview of challenging and important concepts.


With new videos and engagement tools in Connect, like Application-Based Activities, alongside SmartBook's adaptive reading experience, the 8th edition enables instructors to spend class time engaging, facilitating, and answering questions instead of lecturing on the basics.

Principles of Economics

Chapter 1: Thinking Like an Economist

Chapter 2: Comparative Advantage

Chapter 3: Supply and Demand

Chapter 4: Elasticity

Chapter 5: Demand

Chapter 6: Perfectly Competitive Supply

Chapter 7: Efficiency, Exchange, and the Invisible Hand in Action

Chapter 8: Monopoly, Oligopoly, and Monopolistic Competition

Chapter 9: Games and Strategic Behavior

Chapter 10: An Introduction to Behavioral Economics

Chapter 11: Externalities, Property Rights, and the Environment

Chapter 12: The Economics of Information

Chapter 13: Labor Markets, Poverty, and Income Distribution

Chapter 14: Public Goods and Tax Policy

Chapter 15: International Trade and Trade Policy

Chapter 16: Macroeconomics: The Bird's-Eye View of the Economy

Chapter 17: Measuring Economic Activity: GDP and Unemployment

Chapter 18: Measuring the Price Level and Inflation

Chapter 19: Economic Growth, Productivity, and Living Standards

Chapter 20: The Labor Market: Workers, Wages, and Unemployment

Chapter 21: Saving and Capital Formation

Chapter 22: Money, Prices, and the Federal Reserve

Chapter 23: Financial Markets and International Capital Flows

Chapter 24: Short-Term Economic Fluctuations: An Introduction

Chapter 25: Spending and Output in the Short Run

Chapter 26: Stabilizing the Economy: The Role of the Fed

Chapter 27: Aggregate Demand, Aggregate Supply, and Inflation

Chapter 28: Exchange Rates and the Open Economy