Economics: Theory and Practice, 9th Edition
November 2009, ©2010
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.
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".
• 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.
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.