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Economics: Theory and Practice, 10th Edition

December 2012, ©2013
Economics: Theory and Practice, 10th Edition (EHEP002502) 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, Economics: Theory and Practice 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 1

CHAPTER 1 Introduction to Economics 3

CHAPTER 2 Economic Decision Making and Economic Systems 35

CHAPTER 3 Demand, Supply, and Price Determination 63

PART TWO The Macroeconomy 101

CHAPTER 4 Goals and Problems of the Macroeconomy: Employment, Prices, and Production 103

CHAPTER 5 Foundations of the Macroeconomy 141

CHAPTER 6 The Role of Government in the Macroeconomy 173

CHAPTER 7 Money, Financial Institutions, and the Federal Reserve 203

CHAPTER 8 Money Creation, Monetary Theory, and Monetary Policy 231

CHAPTER 9 Macroeconomic Viewpoints and Models 259

PART THREE The Microeconomy 283

CHAPTER 10 Households and Businesses: An Overview 285

CHAPTER 11 Benefits, Costs, and Maximization 305

CHAPTER 12 Production and the Costs of Production 335

CHAPTER 13 Competition and Market Structures 365

CHAPTER 14 Government and the Markets 405

CHAPTER 15 Labor Markets, Unions, and the Distribution of Income 431

PART FOUR The International Economy 461

CHAPTER 16 International Trade 463

CHAPTER 17 International Finance 485

Glossary 507

Answers to “Test Your Understanding” 517

Index 525

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New To This Edition

  • Has gone through a thorough update to the data, both macroeconomic and microeconomic, so students have the most current information available.
  • Changes include relevant changes in the macroeconomy such as higher and prolonged unemployment figures, large budget deficits, and a growing federal debt.
  • Chapter 7, Money and Banking, now includes legislative changes like Dodd-Frank and the financial crisis.
  • New and updated applications, debates, and critical thinking cases help students understand how the content is applied to everyday life.
  • Continued emphasis remains on environmental examples, issues, and policies throughout the text.
  • Updates include consumer products and company profiles such as Starbuck’s & Kraft.


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The Wiley Advantage

  • Critical Thinking Cases - Featured at the end of each chapter, these cases encourage students to develop critical thinking skills and examine how concepts are applied.
  • 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 - Accessible language and interesting case studies keep introductory, principles, and survey of economics students engaged with the material.
  • Flexibility - 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
Instructorís Companion Website
Instructorís Companion Website is a password-protected website and offers instructors resources including: o Instructorís Manual: Valuable supplemental material for teaching economics such as: chapter objectives, study organizers, teaching suggestions, teaching outlines, and recommendations on incorporating discussion and review questions into the course.
Instructor's Manual with Solutions
Powerpoint Presentations
Test Bank
Study Guide
Computerized Test Bank
Image Gallery
Digital evaluation copy available for this title
Request Copy
Contact your Wiley Representative
Find Your Rep
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Students Resources
Wiley Student Companion Site
Student Companion Site
Practice Quizzes
Study Guide
Powerpoint Presentations
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Purchase Options
Wiley E-Text   
Economics: Theory and Practice, 10th Edition
ISBN : 978-1-118-54921-6
560 pages
December 2012, ©2013
$62.50   BUY

Economics: Theory and Practice, 10th Edition
ISBN : 978-1-118-23359-7
560 pages
December 2012, ©2013
$224.95   BUY

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