The most successful first edition of a principles of economics text in Prentice Hall history. The authors build a framework for economic reasoning on the Five Principles of Economics then moves the student from memorization to understanding by applying these simple, intuitive and memorable principles repeatedly throughout the text in an "active learning" environment (Economic Experiments, Economic Detective, Using the Tools). The goal is for student to not only think like economists, but to act like economists. The economics analysis is rigorous yet accessible to the average student. The macroeconomics organization is modern and balanced, with equal weight given to showing how they are linked. WebCT, Blackboard, myPHLIP supported.
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Preface Our Story
When we set out to write an economics text, we were driven by the vision of the sleeping student. A few years ago, one of the authors was in the middle of a fascinating lecture on monopoly pricing when he heard snoring. It wasn't the first time a student had fallen asleep in one of his classes, but this was the loudest snoring he had ever heard—it sounded like a sputtering chain saw. The instructor turned to Bill, who was sitting next to the sleeping student and asked, "Could you wake him up?" Bill looked at the sleeping student and then gazed theatrically around the room at the other students. He finally looked back at the instructor and said, "Well professor, I think you should wake him up. After all, you put him to sleep."
That experience changed the way we taught economics. It highlighted for us a basic truth—for many students, economics isn't exactly exciting. We took this as a challenge—to get first-time economics students to see the relevance of economics to their lives, their careers, and their futures.
In order to get students to see the relevance of economics we knew that we had to engage them. With the first edition of Macroeconomics: Principles and Tools, we helped professors to do that by emphasizing an active learning approach. We engaged students by teaching them how to do something—economic analysis. We kept the book brief, lively, and to the point, and used the five key principles of economics as an organizing theme.
The first edition was a success in classrooms across the country, but it wasn't enough because we knew that we could do even better. Our Mission
Our objective was to make the sequel even better than the original. Although the first edition of the book was successful, we set ourselves a higher standard: to make it better. We knew that students and other instructors would provide the most important help, so we began an extensive review process. We had dozens of professors and students review the first edition, encouraging them to give us lots of constructive criticism. We gave them free rein to tell us what they liked and disliked about the book—and asked them to suggest ways to make the text a better teaching instrument. In addition, several focus groups took a critical look at the first edition and suggested ways to improve the book.
Armed with the comments and suggestions from the reviewers, student users, and focus groups, we locked ourselves up in a hotel for 48 hours with the topnotch editorial staff from Prentice Hall. We examined, discussed, debated, and reexamined all of the information we had gathered. The end result was a clearly defined revision plan for the second edition. Our plan carefully incorporated the comments and suggestions of professors and students. After thoroughly revising the manuscript based on this feedback, we sent the revised manuscript for another set of peer reviews. We were pleased that the second round of reviews confirmed our belief that we had achieved our goal of improving an already good book.
At the end of this process, we met our goal: We wrote a better textbook. We are proud to present Macroeconomics: Principles And Tools, Second Edition. Over the next few pages, we will show you exactly what we have done to make it better. At the same time, we will point out what made this book such a success in its first edition. Key Improvements
We knew that our text's brevity and student accessibility were strengths, so we made it even more focused and accessible by streamlining chapters. In particular, we made these key changes:
We reorganized the first two chapters on macroeconomics, with Chapter 20 devoted to production and income, and Chapter 21 focusing on unemployment and inflation. Our original version put these two concepts together. Our peer reviewers wanted two separate chapters in order to add depth.
The chapter on supply and demand (Chapter 4) has been reorganized to provide a more thorough and methodical presentation of the basics of supply and demand.
We undertook an unprecedented review of our test bank to ensure accuracy. We hired an outside team of economists, writers, and fact checkers to check and doublecheck the over 3,500 test questions in the Macroeconomics Test Bank manual. We also had the questions thoroughly reviewed by educational psychologists to evaluate the effectiveness of the format and wording of the questions. Teaching Philosophy
We began with the idea that an introductory economics course should be taught as if it is the last economics class a student will ever take. Because this is true for most students, we have just one opportunity to teach them how to use economics. The best way to teach economics is to focus on a few key concepts and ideas and apply them repeatedly in different circumstances.
We start the book with the five key principles of economics and then apply them throughout the book. This approach provides students with the big picture—the framework of economic reasoning. We make the key concepts unforgettable by using them repeatedly, illustrating them with intriguing examples, and giving students many opportunities to practice what they've learned.
Our book is designed to be accessible to students. We have kept the writing lean, the examples lively and topical, and the visuals exciting. Principles And Tools
In keeping with the themes of relevance and student accessibility, we have once again organized p>.V text around the five key principles of economics. Throughout the text, every point of theory is tied back to the five key principles and is indicated by the key symbol.
The Principle of Opportunity Cost. The opportunity cost of something is what you sacrifice to get it. The Marginal Principle. Pick the level of an activity at which the marginal benefit equals the marginal cost. The Principle of Diminishing Returns. If we increase one input while holding the other inputs fixed, output will increase, but at a decreasing rate. The Spillover Principle. In some circumstances, decision makers do not bear all the cost or experience all the benefits from their decision. The Reality Principle. What matters to people is the real value of money or income—its purchasing power—not the face value of money or income.
We use these principles to explain the logic underpinning the most important tools of economics. By using these five principles repeatedly, we reveal the logic of economic reasoning and demystify the tools of economics. Students see the big picture and also learn how to use the tools of economics properly. "What I Do, I Understand" - confucius
Our book is based on Active Learning, a teaching approach based on the idea that students learn best by doing. Our book engages students by letting them do activities as they read. We implement Active Learning with the following features:
Economic Detective exercises provide a few clues and then ask the student to solve the economic mystery. Using the Tools questions at the end of each chapter give students opportunities to do their own economic analysis. Complete answers appear at the end of each chapter. Economic Experiments actively involve the student in role-playing as consumers, producers, and policy makers. All these activities are designed to be fun for students and easy for professors, who decide when and how to use them. Test Your Understanding questions help students determine whether they understand the preceding material before continuing. These are straightforward questions that ask students to review and synthesize what they have read. Complete answers appear at the end of each chapter. Chapter-opening stories open each chapter and motivate the chapter's subject matter. Each chapter starts with a list of practical questions that are answered in the chapter. Lively Examples are integrated throughout the text and help bring economic concepts to life. We have hundreds of fresh, new examples in this edition. A Closer Look boxes are featured throughout the text and provide brief, interesting examples of the tools and concepts discussed in the text. Macro Organization
Because the U.S. economy has performed so well in recent years—low inflation, low unemployment—and our last recession in the early 1990's, economists have been increasingly interested in economic growth. In fact, most of our students do not even remember living through a recession, which is why we cover long-run growth early in the macroeconomics chapters. We are living in a new world where we no longer tell students that low inflation and full employment are incompatible because the real world is telling us that it is possible. Our theories of economic growth address the fundamental question of how long-term living standards are determined and why some countries prosper while others do not. This is the essence of economic growth. As one noted economist says, "Once you start thinking about growth, its hard to think about anything else."
A key dilemma confronting economics professors has always been how much time to devote to classical topics such as growth and production, versus more Keynesian topics such as economic fluctuations. Our book is designed to let professors choose. It works like this: to pursue a classical approach, professors should initially concentrate on the first four chapters, followed by the first four chapters in the macroeconomics section. To focus n Keynesian themes, start with Chapters 1-4, cover the first two chapters in macroeconomics, and then turn to the chapter on aggregate demand and supply. The Teaching And Learning Package
Each component of the teaching and learning package has been carefully crafted to ensure that the introductory economics course is a rewarding experience for both students and instructors. Test Banks
We've assembled a team of dedicated educators to edit, write, review, and accuracy check the over 3,500 multiple-choice questions in the macroeconomics test bank.
The Test Bank to accompany, Macroeconomics: Principles and Tools, prepared by Mary Lesser of Iona College, offers approximately 3,500 multiple-choice, true/false, short answer, and problem questions. Each question is keyed by degree of difficulty (easy, moderate, or challenging), page reference, and type of question (definitional, conceptual, or applied). The second edition contains a wealth of new questions and totally new graphs.
The author test bank worked together and with a team of technical reviewers to follow a strict formula of screening, analysis, and assessment of every test question. Peggy Crane of Southwestern College contributed to a continuous technical review and numerous accuracy checks. Prentice Hall Test Manager, Version 4.1
The Test Bank is designed for use with the Prentice Hall Test Manager, a computerized package that allows instructors to custom design, save, and generate classroom tests. The test program (in PC Windows and Macintosh formats) permits instructors to edit, add, or delete questions from the test banks; edit existing graphics and create new graphics; analyze test results; and organize a database of tests and student results. Active Learning CD-ROM
This interactive student CD-ROM, prepared by Stephen J. Perez of Washington State University, in conjunction with Gregory M. Werner, Inc., includes, for each chapter, a tutorial walk-through, which incorporates a detailed summary of key concepts with hot links to Chapter-Opening Questions, Test Your Understanding, key tables and graphs, pop-up glossary terms, Active Graphs, and end-of-chapter self-assessment quizzes. The end-of-chapter quizzes, prepared by Rashid Al-Hmoud of Texas Tech University, contain twenty original multiple-choice questions. Thirty-nine Active Graphs are featured on the CD ROM, which correspond to the most important figures in the text. Active Graphs are referenced with a CD Each Active Graph allows students to change the value of a variable and look at the effects on the equilibrium. The Active Learning CDROM also links the student to myPHLIP Web site. Prentice Hall's Learning on the Internet
myPHLIP is a content-rich, multidisciplinary Web site with Internet exercises, activities, and resources related specifically to the second edition of Macroeconomics: Principles and Tools. New Internet resources are added every two weeks by a team of economics professors to provide both the student and the instructor with the most current, up-to-date resources available.
Current Events Articles and Exercises, related to topics in each chapter, are fully supported by group activities, critical-thinking exercises, and discussion questions. These articles, from current news publications to economics-related publications, help show students the relevance of economics in today's world.
The Online Study Guide, prepared by Leonie Stone of SUNY, Geneseo, offers students another opportunity to sharpen their problem-solving skills and to assess their understanding of the text material. The Online Study Guide for O'Sullivan/Sheffrin contains two levels of quizzes: definitional and applied. Each level includes 15 to 20 multiple-choice and true/false questions, and 2 essay questions per chapter. The Online Study Guide grades each question submitted by the student, provides immediate feedback for correct and incorrect answers, and allows students to e-mail results to up to four e-mail addresses. The myPHLIP site also links the student to the Take it to the Net exercises featured in the textbook. These Web-destination exercises are keyed to each chapter and direct the student to an appropriate, updated, economics related Web site to gather data and analyze a specific economic problem. In addition to these features, an additional book chapter, Interest Rates and Present Value, will be available to students at this Web site.
For the instructor, myPHLIP offers resources such as the Syllabus Manager, answers to Current Events and Internet exercises, and a Faculty Lounge area including teaching resources and faculty chat rooms. From the myPHLIP web site, instructors can also download supplements and lecture aids, including the Instructor's Manuals and PowerPoint Presentations. Instructors should contact their Prentice Hall sales representative to get the necessary username and password to access the faculty resources on myPHLIP On-line Course Offerings WebCT
Developed by educators, WebCT provides faculty with easy-to-use Internet tools to create on-line courses. Prentice Hall provides the content and enhanced features to help instructors create a complete on-line course. For more information, please visit our Web site, located at prenhall/webct. Blackboard
Easy to use, Blackboard's simple templates and tools make it easy to create, manage and use on-line course materials. Prentice Hall provides the content and instructors can create on-line courses using the Blackboard tools which include design, communication, testing, and course management tools. For more information, please visit our website located at prenhall/blackboard. The Wall Street Journal Print and Interactive Editions
Prentice Hall has formed a strategic alliance with The Wall Street Journal, the most respected and trusted daily source for information on business and economics. For a small additional charge, Prentice Hall offers students a 10-week subscription to The Wall Street Journal print edition and The Wall Street Journal Interactive Edition. Adopting professors will receive a free subscription of both the print and interactive version as well as weekly subject-specific Wall Street Journal educators' lesson plans. In...From the Back Cover:
This interactive student CD-ROM includes a tutorial walk-through of the key graphs in the text and self-assessment quizzes for each chapter. Also featured on the CD-ROM are more than 60 Active Graphs selected from key figures in the text (and referenced with an icon) which allow students to manipulate variables in the graphs and note the changes and effects.
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