Preface Part A INTRODUCTION Economics and Economies Economics and Global IssuesThe Core of EconomicsDifferent Economic SystemsThe Nature of Economic Reasoning Boxes What's the Latest Economics News?Looking at Macroeconomic DataThe Opportunity Costs of StudyingScarcity and AbundanceCommand EconomiesAdam Smith (1723-90)Ceteris Paribus Part B FOUNDATIONS OF MICROECONOMICS Supply and Demand DemandSupplyPrice and Output DeterminationElasticityThe Time Dimension Boxes UK House PricesStock Market PricesSocial Media Influencers and Their Effect on Demand CurvesAny More Fares?*Using Calculus to Calculate the Price Elasticity Of DemandDigital PlatformsShort SellingDealing in Futures Markets Government and the Market The Control of PricesIndirect Taxes and subsidiesGovernment Rejection of Market AllocationAgriculture and Agricultural Policy Boxes A Minimum Unit Price for AlcoholThe Impact on Prices Of Natural Disasters/Health CrisesHow Can Ticket Touts Make So Much Money?Ashes To Ashes?The Fallacy of Composition Part C MICROECONOMIC THEORY Background to Demand: The Rational Consumer Marginal utility theory*The timing of costs and benefits*Indifference analysis Boxes *Using Calculus to Derive a Marginal Utility FunctionThe Marginal Utility Revolution: Jevons, Menger, WalrasTaking Account of Time*Cash Versus Vouchers*Giffen Goods Versus Giffen Behaviour*Consumer Theory: A Further Approach Consumer Behaviour in an Uncertain World Demand under conditions of risk and uncertaintyBehavioural economics Boxes Experimental Economics*the Endowment EffectThe Best Made Plans*A Simple Experiment to Test For Social PreferencesNudging People Background to Supply The Short-Run Theory of ProductionCosts in the Short RunThe Long-Run Theory of ProductionCosts in the Long RunRevenueProfit Maximisation Boxes Malthus and the Dismal Science of EconomicsDiminishing Returns in The Bread ShopThe Relationship Between Averages and Marginals*The Relationship Between TPP, MPP and APPThe Fallacy of Using Historic CostsAre Fixed Costs Always the Same as Sunk Costs?Cost Curves in Practice*The Cobb-Douglas Production FunctionMinimum Efficient Scale*Using Calculus to Find the Maximum Profit OutputThe Logic of Logistics Profit Maximising under Perfect Competition and Monopoly Alternative Market StructuresPerfect CompetitionMonopolyThe Theory of Contestable Markets Boxes Concentration RatiosIs Perfect Best?E-Commerce and Market StructureGoogle: A Monopoly Abusing Its Market Power?X InefficiencyCut-Throat CompetitionAirline Deregulation in The USA And Europe Profit Maximising under Imperfect Competition Monopolistic CompetitionOligopolyGame TheoryPrice Discrimination Boxes Selling Ice Cream as A StudentDeclining Levels of CompetitionOPECBuying PowerThe Prisoner's DilemmaWhat's The Train Fare to London?Personalised Pricing in Digital MarketsJust the Ticket? The Behaviour of Firms Problems With Traditional TheoryBehavioural Economics of the FirmAlternative Maximising TheoriesAsymmetric Information and the Principal Agent ProblemMultiple AimsPricing in Practice Boxes What Do You Maximise?How Firms Increase Profits by Understanding Irrational ConsumersConstraints On Firms PricingWhen Is a Theory Not a Theory?Merger ActivityStakeholder Power?How Do Companies Set Prices? The Theory of Distribution of Income Wage Determination Under Perfect CompetitionWage Determination in Imperfect MarketsCapital and ProfitLand and Rent Boxes Labour As a Factor of Production*Using Indifference Curve Analysis to Derive the Individuals Supply Curve of LabourImmigration and the UK Labour MarketLife at the MillThe Rise and Decline of The Labour Movement In The UKHow Useful Is Marginal Productivity Theory?The Persistent Gender Pay Gap?Flexible Labour Markets and the Flexible FirmBehaviour at WorkStocks snd FlowsThe Economics of Non-Renewable Resources Part D MICROECONOMIC POLICY Inequality, Poverty and Policies to Redistribute Income Inequality and PovertyTaxes, Benefits, and the Redistribution of Income Boxes Poverty in the PastMinimum Wage LegislationThe Laffer Curve*Tax Cuts and IncentivesReplacing tax Credits with Universal CreditWhat the Future Holds Markets, Efficiency, and the Public Interest Efficiency Under Perfect CompetitionThe Case for Government InterventionForms of Government Intervention*Cost/Benefit AnalysisGovernment Failure and the Case for the Market Boxes The Market for VaccinesThe Police as a Public ServiceShould Health-Care Provision Be Left to The Market?Deadweight Loss from Taxes on Goods and Services*What Price a Human Life?*HS2: Is it Really Worth It?Mises, Hayek, and The Mont Pelerin Society Environmental Policy Economics of the EnvironmentPolicies to Tackle Pollution and its EffectsThe Economics of Traffic CongestionUrban Transport Policies Boxes The Economics of BiodiversityGreen TaxesPlacing A Price on CO2 emissionsInternational Co-Ordination on Climate ChangeTrading Our Way Out of Climate ChangeRoad Pricing in Singapore Government Policy towards Business Competition PolicyPrivatisation and Regulation Boxes Fixing Prices at Mini-Golf Meetings?Expensive Chips?Ticketing TakeoversSelling Power to the People   Part E FOUNDATIONS OF MACROECONOMICS An Introduction to Macroeconomic Issues and Ideas An Overview of Key Macroeconomic IssuesMeasuring National Income and OutputThe Business CycleThe Circular Flow of IncomeUnemploymentInflationThe Open Economy Appendix: Calculating GDP Boxes Which Country is Better Off?Can GDP Measure National Happiness?Output GapsThe Costs of UnemploymentThe Costs of InflationThe Phillips CurveDealing In Foreign Exchange The Development of Macroeconomic Thinking: a Historical Perspective The Macroeconomic Environment and DebatesClassical MacroeconomicsThe Keynesian RevolutionThe Rise of The Monetarist and New Classical SchoolsThe Keynesian ResponseAn Emerging Consensus Up to The Crisis Of 2008The Financial Crisis and The Covid-19 Pandemic Boxes Balance the Budget at all CostsThe Crowding-Out EffectWill Wage Cuts Cure Unemployment?Menu CostsThe Paradox of Thrift Part F MACROECONOMIC MODELS, THEORIES AND POLICY Short-Run Macroeconomic Equilibrium Background To the TheoryThe Determination of National IncomeThe Simple Keynesian Analysis of Unemployment and InflationThe Keynesian Analysis of The Business Cycle Boxes *Using Calculus to Derive the MPCConfidence and SpendingDeriving the Multiplier FormulaAllowing for Inflation in the 45°- Line DiagramHas There Been an Accelerator Effect in the UK?Balance Sheets and the Business Cycle Banking, Money, and Interest Rates The Meaning and Functions of MoneyThe Financial SystemThe Supply of MoneyThe Demand for MoneyEquilibrium Boxes Money Supply, National Income and National Wealththe Growth of Banks Balance SheetsThe Rise of SecuritisationUK and Eurozone Monetary Aggregates*Calculating the Money Multiplier The Relationship between the Money and Goods Markets The Effects of Monetary Changes on National IncomeThe Monetary Effects of Changes in The Goods MarketModelling The Interaction of Monetary Policy And The Goods MarketCredit Cycles and The Goods Market Appendix: The IS/LM Model Boxes Choosing the Exchange Rate or the Money SupplyParty Games and the Velocity of MoneyThe Stability of the Velocity of CirculationCrowding out in an Open EconomyAmplifiers and Economic Shocks Aggregate Supply, Inflation and Unemployment The AD/AS modelAD/AS and InflationAggregate Demand and Supply with Inflation Targeting: The DAD/DAS modelThe Labour Market and Aggregate Supply AD/AS and Macroeconomic Controversies Boxes The Aggregate Demand CurveCost-Push Inflation and Supply ShocksAnalysing Demand-Pull and Cost-Push Inflation Using the DAD/DAS modelCommon Ground Between Economists? The Relationship between Inflation, Unemployment and Output The EAPC and the Inflation/Unemployment RelationshipInflation and Unemployment: The Monetarist PerspectiveInflation and Unemployment: The New Classical PositionInflation and Unemployment: The Modern Keynesian PositionCentral Banks and Inflation TargetingCentral Banks, Economic Shocks and the Macroeconomy: An Integrated Model Boxes *Basing Expectations on the PastThe Accelerationist HypothesisThe Rational Expectations RevolutionForecasting the WeatherThe boy who Cried Wolf*A Model of Inflation BiasInflation Targeting Fiscal and Monetary Policy Fiscal policy and the public financesThe use of fiscal policyMonetary policyThe policy-making environment Boxes COVID, Crises and Public Sector SpendingThe Fiscal ImpulseRiding a SwitchbackThe Evolution of the Stability and Growth PactThe Operation of Monetary Policy in the UKCentral Banking and Monetary Policy in the USAQuantitative EasingMonetary Policy in the EurozoneGoodhart's LawUsing Interest Rates to Control Both Aggregate Demand and the Exchange Rate Long-term Economic Growth and Supply-side Policies Introduction to Long-Term Economic GrowthEconomic Growth Without Technological ProgressEconomic Growth with Technological ProgressApproaches To Supply-Side PolicySupply-Side Policies in Practice: Market-Orientated PoliciesSupply-Side Policies in Practice: Interventionist Policies Boxes Labour ProductivityGetting Intensive with CapitalUK Human CapitalThe Supply-Side Revolution in the USAA Modern Approach to Industrial Policy Part G THE WORLD ECONOMY  International Trade The Advantages of TradeArguments for Restricting TradePreferential TradingThe European UnionThe UK and Brexit Boxes Trading PlacesSharing Out the JobsTrade as Exploitation?Free Trade and the EnvironmentStrategic Trade Theory*The Optimum Tariff or Export TaxGiving Trade a Bad NameThe Doha Development AgendaMutual Recognition: The Cassis De Dijon CaseFeatures of the Single Market The Balance of Payments and Exchange Rates Alternative Exchange Rate RegimesFixed Exchange RatesFree-Floating Exchange RatesExchange Rate Systems in Practice *Appendix: The Open Economy and IS/LM analysis Boxes The Balance of Trade and the Public-Sector Budget BalanceThe UK’s Balance of Payments DeficitThe Effectiveness of Fiscal and Monetary Policies Under Fixed Exchange RatesThe Price of a Big MacThe Euro/Dollar SeesawThe Effectiveness of Monetary and Fiscal Policies Under Floating Exchange RatesSterling Since the 1990sDo Inflation Rates Explain Longer-Term Exchange Rate Movements? Economies in an Interdependent World Globalisation And the Problem of InstabilityEuropean Economic and Monetary Union (EMU)Global InequalityTrade and Developing CountriesThe Problem of Debt Boxes Economic and Financial Interdependencies: Trade Imbalance in The US And ChinaOptimal Currency AreasThe Human Development Index (HDI)When Driving and Alcohol do MixThe Evolving Comparative Advantage of ChinaA Debt to the Planet Postscript: Reality Island Appendix 1:Some Techniques of Economic Analysis Appendix 2: Websites Threshold Concepts and Key Ideas Glossary

Discover the exciting world of economics and learn to think like an economist, applying key economic concepts and data to understand and analyse solutions to real-world problems – from global issues to a range of everyday problems that affect us all.  Economics, 11th edition by Sloman, Garratt and Guest is an essential resource for all students of economics, providing a thorough grounding in economic theory and practice, as well as an insight into the constantly-changing and often complex issues faced by economists today.  Comprehensive, yet accessible, this best-selling student text has been extensively revised and rewritten to reflect the latest events and developments that have impacted the global economy in the 2020s, including the effects of the Covid-19 pandemic, globalisation, the climate emergency facing our planet, the rise in populism and the large-scale migration of people - events that have presented both economic problems and opportunities.  Economics, 11e will help you:  Learn to apply economics to real-world issues – 170 case studies and applications illustrate concepts and show how they translate into actual policy and practice Develop critical thinking skills – questions throughout each chapter encourage you to reflect and engage at a deeper level, building confidence to understand and evaluate different economic policies. Enhance your employability skills – learn how to analyse and find your own solution to problems and to think flexibly and critically, applying core concepts and ideas to new situations. Keep up-to-date with current issues in economics – follow the news blog that accompanies the text to access new articles and links to videos, podcasts, data and reports.  John Sloman was Director of the Economics Network from its foundation in 1999 until 2012 and is now Visiting Fellow at the University of Bristol, where the network is based. John is also Visiting Professor at the University of the West of England, Bristol.  Dean Garratt is a Senior Teaching Fellow at Aston University.  Jon Guest is a Senior Teaching Fellow at Aston University.   Pearson, the world’s learning company. 

Hallmark Features in This Edition The accessible writing style balances micro with macro content for those new to economics, providing numerous examples and questions that will test and reinforce your students' understanding of the field.Chapter introductions and a map of content make your teaching plan easier to organise.All economic terms are accessible, either highlighted and defined in the text or indexed.The wealth of material applied in 170 boxes is ideal for class exercises, aiming to keep your students engaged by showcasing the role of economics in the real world.Help your students think like an economist: the fifteen 'Threshold Concepts' help students relate economic concepts together.End-of-chapter questions are included for your students to do in class or at home.

New and updated features of this title Many new boxes have been included on topical and controversial issues, while the existing ones have been extensively revised. New topics include the market for vaccines, social media influencers, immigration and labour market, worker motivation and behavioural economics.Further emphasis and analysis on behavioural economics, both on consumer and business levels, have been given on aspects such as present bias, prospect theory, and bias when making decisions in an uncertain environment.The strengthened theoretical coverage reflects and further emphasises up-to-date developments in the field, such as the role of money and banking, debt, or balance sheets, with frequent references to the impact of the COVID-19 pandemic.Updates to policy sections reflect changes since the previous edition, emphasising the protection of the environment, the regulation of businesses, and the implications of the COVID-19 pandemic on the well-being of governments.Further development on macroeconomic models (IS/MP, DAD/DAS, Phillips Curve) is illustrated and reworks of the Solow model in terms of output per worker.A deeper exploration of game theory and further analysis on price discrimination, externalities, and public goods, is developed throughout the book.Updated tables and charts are now current as of April 2021.