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Economics for Today, 7 edition


Author: Irvin B. Tucker

Publisher: South-Western College Pu


Publish Date: September 13, 2010

ISBN-10: 538469382

Pages: 928

File Type: PDF

Language: English

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Book Preface


The purpose of Economics for Today, Seventh Edition, is to teach, in an engaging style, the basic operations of the U.S. economy to students who will take a twoterm economics course. Rather than taking an encyclopedic approach to economic concepts, Economics for Today focuses on the most important tool in economics— supply and demand analysis—and applies it to clearly explain real-world economic issues.

Every effort has been made to make Economics for Today the most “student friendly” text on the market. This text was written because so many others expose students to a confusing array of economic analyses that force students to simply memorize in order to pass the course. Instead, Economics for Today presents a straightforward and unbiased approach that effectively teaches the application of basic economic principles. After reading this text, the student should be able to say “now that economics stuff in the news makes sense.”


The text presents the core principles of microeconomics, macroeconomics, and international economics. The fi rst 14 chapters introduce the logic of economic analysis and develop the core of microeconomic analysis. Here students learn the role of demand and supply in determining prices in competitive versus monopolistic markets. This part of the book explores such issues as minimum wage laws, rent control, and pollution. The next 13 chapters develop the macroeconomics part of the text. Using the modern, yet simple, aggregate demand and aggregate supply model, the text explains measurement of and changes in the price level, national output, and employment in the economy. The study of macroeconomics also includes how the supply of money and the demand for money infl uence the economy. Finally, the text concludes with three chapters devoted entirely to global issues. For example, students will learn how the supply of and demand for currencies determine exchange rates and what the complications of a strong or a weak dollar are.


The full version of Economics for Today is easily adapted to an instructor’s preference for the sequencing of microeconomics and macroeconomics topics. The text can be used in a macroeconomic–microeconomic sequence by teaching the fi rst four chapters and then Parts 5 through 7. Next, microeconomics is covered in Parts 2 through 4. Finally, the course can be completed with Part 8, consisting of three chapters devoted to international economics.

An important design of this text is that it accommodates the two camps for teaching principles of macroeconomics: (1) those who cover both the Keynesian Cross and AD/AS models and (2) those who skip the Keynesian model and cover only the AD/AS model. For instructors who prefer the former model sequence, Economics for Today moves smoothly in Chapters 18–19 (8–9) from the Keynesian model (based on the Great Depression) to the AD/AS model in Chapter 20 (10). For instructors using the latter approach, this text is written so that instructors can skip the Keynesian model in Chapters 18–19 (8–9) and proceed from Chapter 17 (7) to Chapter 20 (10) without losing anything. For example, the spending multiplier is completely covered both in the Keynesian and AD/AS model chapters.

For instructors who wish to teach the self-correcting AD/AS model, emphasis can be placed on the appendixes to Chapters 20 (10) and 26 (16). Instructors who choose not to cover this model can simply skip these appendixes. In short, Economics for Today provides more comprehensive and fl exible coverage of macroeconomics models than is available in other texts. Also, a customized text might meet your needs. If so, contact your South-Western/Cengage Learning sales representative for information.


To some students, studying economics is a little frightening because many chapters are full of graphs. Students often make the mistake of preparing for tests by trying to memorize the lines of graphs. When their graded tests are returned, the students using this strategy will probably exclaim, “What happened?” The answer to this query is that the students should have learned the economic concepts fi rst; then they would understand the graphs as illustrations of these underlying concepts. Stated simply, superfi cial cramming for economics quizzes does not work.

For students who are anxious about using graphs, the appendix to Chapter 1 provides a brief review of graphical analysis. In addition, the Graphing Workshop and Study Guide contain step-by-step features on how to interpret graphs.

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