Page 9 - Economics

CONFIRMING PAGES

viii PREFACE
consist of side-by-side computational ques- The three Web chapters have the same design, color,
tions and the computational procedures and features as regular book chapters, are readable in
used to derive the answers. In essence, they Adobe Acrobat format, and can be printed if desired. All
extend the textbook’s explanations involv- are supported by the Study Guide , Test Banks , and other
ing computations—for example, of real supplements to the book.
GDP, real GDP per capita, the unemploy-
ment rate, the inflation rate, per-unit production costs, Consolidated Chapters
economic profit, and more. From a student perspective, With overwhelming support of reviewers, we have con-
they provide “cookbook” help for problem solving. solidated the first two chapters of the prior edition into a
This new content joins two carryover single chapter, “Limits, Alternatives, and Choices” (Chap-
Web buttons from the prior edition. “Interac- ter 1). This new chapter quickly and directly moves the
tive Graphs” (developed under the supervi- student into the subject matter of economics, demonstrat-
sion of Norris Peterson) depict more than 30 ing its methodology. This consolidation has the side ben-
major graphs and instruct students to shift the efit of reducing Part 1 (the common chapters in Economics ,
curves, observe the outcomes, and derive rel- Macroeconomics , and Microeconomics ) from six chapters to
evant generalizations. “Origins of the Idea” are brief histo- five.
ries (written by Randy Grant of Linfield College) of We also combined the prior edition’s separate chapters
70 major ideas identified in the book. Stu- on fiscal policy and the public debt into a single chapter,
dents are interested in learning about the “Fiscal Policy, Deficits, and Debt” (Chapter 11). The
economists who first developed ideas such as topics are closely related, and consolidation integrates them
opportunity costs, equilibrium price, the mul- logically and smoothly.
tiplier, comparative advantage, and elasticity.
Consumer Surplus, Producer
Two New Internet Chapters Surplus, and Deadweight Loss
Two new Internet chapters, along with an existing Analysis
Web chapter, are available for free use at our Web site, Our previous chapter on elasticity is now “Extensions of
www.mcconnell17.com . The first of these, “Financial Demand and Supply Analysis” (Chapter 18). Along with
Economics” (Chapter 14Web), examines ideas such as elasticity, this chapter introduces consumer surplus, pro-
compound interest, present value, arbitrage, risk, diversifi- ducer surplus, and deadweight loss. These topics appear
cation, and the risk-return relationship. The second new again in the pure competition and pure monopoly chap-
chapter, “Natural Resource and Energy Economics” (Chap- ters. Knowing that some instructors do not want to cover
ter 27Web) is particularly timely. It covers topics such as the deadweight loss analysis, we have taken care to present the
optimal rate of extraction, resource substitution, resource ideas in a way that will enable instructors to skip these in-
sustainability, oil prices, and alternative energy sources. sertions.
The two new Internet chapters were written by Sean
Masaki Flynn. Sean is an important new member of the
McConnell and Brue author team. He did his undergradu- New and Relocated “Consider
ate work at USC, obtained his Ph.D. from the University of This” and “Last Word” Boxes
California–Berkeley (2002), and teaches at Vassar College. Our “Consider This” boxes are used to provide analogies,
He is the author of the best-selling Economics for Dummies . examples, or stories that help drive home central economic
We are very excited to have Sean on the authorship team, ideas in a student-oriented, real-world manner. For in-
since he shares our desire to present economics in a way that stance, the idea of trade secrets is described with the story
is understandable to all. of “cat gut” and violin strings, while McDonald’s “McHits”
The third Internet chapter, “The Economics of Devel- and “McMisses” demonstrate the idea of consumer sover-
oping Countries” (16Web), is updated and available for eignty. These brief vignettes, each accompanied by a
instructors and students who have a special interest in that photo, illustrate key points in a lively, colorful, and easy-
topic. Developing economies are often in the news, and to-remember way.
many college students have a keen interest in them. (For New “Consider This” boxes include such disparate
the chapter outlines for these three chapters, see pages 283, topics as fast-food lines (Chapter 1), the economics of war
319 , and 541 of this book.) (Chapter 1), “buying American” (Chapter 2), ticket scalping

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