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Economics: Theory and Practice, 9th Edition

November 2009, ©2010
Economics: Theory and Practice, 9th Edition (EHEP000316) cover image


Designed for the Survey of Economics course, Economics: Theory and Practice introduces students to basic economic concepts, institutions, relationships, and terminology. This text prepares students to use economic thinking in their classes, careers, and everyday lives.

Flexible in approach, instructor-friendly in structure, and student-friendly in language, the new 9th Edition contains an essential coverage of both microeconomics and macroeconomics, in any sequence.  Whether addressing topics such as the effects of inflation on interest rates or an economy’s response to a price increase in consumer goods, no survey of economics course is complete without Patrick and Gerry Welch’s classic text.

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Table of Contents

PART ONE: Introduction to Economics.

Chapter 1 Introduction Economics.

Chapter 2 Economic Decision Making and Economic Systems.

Chapter 3 Demand, Supply, and Price Determination.

PART TWO: The Macroeconomy.

Chapter 4 Goals and Problems of the Macroeconomy: Employment, Prices, and Production.

Chapter 5 Foundations of the Macroeconomy.

Chapter 6 The Role of Government in the Macroeconomy.

Chapter 7 Money, Financial Institutions, and the Federal Reserve.

Chapter 8 Money Creation, Monetary Theory, and Monetary Policy.

Chapter 9 Macroeconomic Viewpoints and Models.

PART THREE: The Microeconomy.

Chapter 10 Household and Businesses: An Overview.

Chapter 11 Benefits, Costs, and Maximization.

Chapter 12 Production and the Costs of Production.

Chapter 13 Competition and Market Structures.

Chapter 14 Government and the Markets.

Chapter 15 Labor Markets, Unions, and the Distribution of Income.

PART FOUR: The International Economy.

Chapter 16 International Trade.

Chapter 17 International Finance.


Answers to "Test Your Understanding".


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New To This Edition

NEW Applications. Over 20 new applications have been integrated into the ninth edition. Chapters average at least 3 applications each. These applications:

•     Demonstrate the breadth of subject matter in economics.

•     Connects economics to other disciplines.

•     Connects economics to real world experiences.

“Green” Approach.  The authors have taken available opportunities to discuss “green economics” and how business and the environment are related.

Data Updates. Thoroughly revised for the most recently available qualitative data at the time of publication.

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The Wiley Advantage

Critical Thinking Cases
Featured at the end of each chapter, these cases encourage critical thinking skills while enriching concepts.

Up For Debate
Looks at the competing sides of a current economic issue. Examples of issues include: 
 - Raising minimum wage
 - Should the Federal Reserve be controlled by Congress?

Test Your Understanding
Reinforces key concepts and material by focusing on a particular case or way of using the concept.

Student-friendly writing style

The organization of the material allows instructors to take either a macro/micro or micro/macro sequence.

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Instructors Resources
Wiley Instructor Companion Site
Instructor's Manual
This resource contains teaching suggestions, recommendations on incorporating the discussion and review questions and critical thinking cases into the course. Suggested answers for the discussion and review and case questions are also provided.
Test Bank
Contains over 3,000 multiple choice, true/false and short essay questions.  Many require students to make computations.  Hundreds of brand new questions have been added for the 9th Edition.
PowerPoint Presentations
Provides outlines for each chapter as well as all of the text figures and tables from the chapter.
Computerized Test Bank
Content from the Test Bank has been imported into a Test Generating Program so that instructors can customize their exams.
Video Cases
Respondus Cartridge
Instant access to textbooks as eTextbooks.
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Digital evaluation copy available for this title
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Contact your Wiley Representative
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Students Resources
Wiley Student Companion Site
Student Practice Quizzes
Video Cases
Economics: Theory and Practice, Online Study Guide , 9th Edition (Online Products-all types), by Pa
—Available for purchase and download from the companion web site(www.wiley.com/college/welch), this student resource includes objectives and terms from the text, a study organizer that identifies important concepts, a self-test review, computational exercises, and practice examination questions. Answers for self-review are included at the end of the study guide.
Instant access to textbooks as eTextbooks.
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Purchase Options
Wiley E-Text   
Economics: Theory and Practice, 9th Edition
ISBN : 978-0-470-57170-5
December 2009, ©2010
$62.50   BUY

Economics: Theory and Practice, 9th Edition
ISBN : 978-0-470-45009-3
560 pages
November 2009, ©2010
$219.95   BUY

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