Principles of Economics, 5/e
Principles of Economics, 5/e
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ISBN: 9781324115076
Bind: Paperback
Year: 2025
Pages: 1232
Size: 8 x 10 Inch
Publisher: W. W. Norton & Company
Sales Territory: Indian Subcontinent
Price: $186.35
The book is available on procurement basis. It will take 4-6 weeks.
Description:
Foster Economics Skills in Every Student—For Life.
As award-winning professors who research and specialize in economics education, authors Dirk Mateer and Lee Coppock know how to engage and motivate students. In the new fifth edition, Principles of Economics continues to anticipate where students need help and provides the right nudges needed to succeed. New lead media author Dr. Carla Nietfeld now scaffolds interactive, assignable learning features throughout the courseware, and the team also emphasizes AI literacy in both the text content and new teaching tools. With features that emphasize how students can build economic skills for life and a cutting-edge courseware package, this text nurtures students’ problem-solving skills and brings you best-in-class teaching techniques that have engaged thousands of students.
Highlights of this edition’s new content:
- New coverage of recent tariffs and AI in the micro and macroeconomy help students learn more about these hot news topics, and a revised Chapter 30: “Money and the Federal Reserve,” offers a tested approach to teaching and learning the Fed’s new monetary policy tools.
- New interactives created by Dr. Carla Nietfeld are scaffolded throughout the courseware, expanding students’ hands-on learning and building economic intuition as they try them.
- NEW Economics at Work profiles showcase how recent grads are using Principles concepts in their current jobs and careers, and updated chapter openers highlight key life skills students will learn in each chapter.
- NEW Economics in the Media examples make economics fun and relatable, and new coverage of tariffs and AI help students apply what they’ve learned to these hot topics.
- Updated Office Hours videos have been reworked in an animated format, and include math reviews, as well as coverage of AI in Economics.
- NEW Norton AI in the Norton Illumine Ebook boosts student engagement and is grounded in your textbook’s trusted content. Norton AI uses a powerful generative AI engine with strategic guardrails to support—but not replace!—the process of learning.
- Updated Smartwork and InQuizitive courses now include 80 new Economics in the News questions. Additional new questions also use Dr. Nietfeld’s interactives, providing cohesion across the courseware and deepening students’ exploration of concepts.
- COMING FALL 2027 NortonAI for Smartwork online homework builds problem-solving abilities with personalized support to guide students toward the answer and model the process of learning. For instructors, this feature provides valuable, time-saving performance summaries and other data-driven observations to reveal patterns and challenges in students’ progress.
- New spiral-bound instructor supplement, Best of the Ultimate Guide to Teaching Economics, provides tools and ideas to help instructors engage their in-person, hybrid, and online classrooms. This manual offers curated “best” tips for teaching each chapter, a new primer and activities for using AI, and support for using the 1,000+ resources on the full Norton Teaching Tools site.
Content:
PART I. Introduction
Chapter 1. Five Foundations of Economics
Chapter 2. Model Building and Gains from Trade
Appendix 2A: Graphs in Economics
PART II. The Role of Markets
Chapter 3. The Market at Work: Supply and Demand
Appendix 3A: Changes in Both Demand and Supply
Chapter 4. Elasticity
Chapter 5. Market Outcomes and Tax Incidence
Chapter 6. Price Controls
Chapter 7. Market Inefficiencies: Externalities and Public Goods
PART III. The Theory of the Firm
Chapter 8. Business Costs and Production
Chapter 9. Firms in a Competitive Market
Chapter 10. Understanding Monopoly
Chapter 11. Price Discrimination
Chapter 12. Monopolistic Competition and Advertising
Chapter 13. Oligopoly and Strategic Behavior
PART IV. Labor Markets and Earnings
Chapter 14. The Demand and Supply of Resources
Chapter 15. Income, Inequality, and Poverty
PART V. Special Topics in Microeconomics
Chapter 16. Consumer Choice
Appendix 16A: Indifference Curve Analysis
Chapter 17. Behavioral Economics and Risk Taking
Chapter 18. Health Insurance and Health Care
PART VI. Macroeconomic Basics
Chapter 19. Introduction to Macroeconomics and Gross Domestic Product
Chapter 20. Unemployment
Chapter 21. The Price Level and Inflation
Chapter 22. Savings, Interest Rates, and the Market for Loanable Funds
Chapter 23. Financial Markets and Securities
PART VII. The Long and Short of Macroeconomics
Chapter 24. Economic Growth and the Wealth of Nations
Chapter 25. Growth Theory
Chapter 26. The Aggregate Demand–Aggregate Supply Model
Chapter 27. Recessions, Expansions, and the Debate over How to Manage Them
Appendix 27A: The Aggregate Expenditures Model 8
PART VIII. Fiscal Policy
Chapter 28. Federal Budgets: The Tools of Fiscal Policy
Chapter 29. Fiscal Policy
PART IX. Monetary Policy
Chapter 30. Money and the Federal Reserve
Chapter 31. Monetary Policy
PART X. International Economics
Chapter 32. International Trade
Chapter 33. International Finance
About the Authors:
Dirk Mateer is a senior lecturer at the University of Texas at Austin, and an award-winning instructor. He has been featured in the Great Teachers in Economics series and he was also the inaugural winner of the Economic Communicator Contest sponsored by the Association of Private Enterprise Education. Previously, while he was at Penn State, he received the George W. Atherton Award, the university’s highest teaching award, and was voted the best overall teacher in the Smeal College of Business by the readers of Critique Magazine. Then, at the University of Arizona, he received the best large class lecture award in the Eller College of Management. He also founded the Journal of Economics Teaching in 2015 in order to create a peer-reviewed journal dedicated to innovative instruction in economics. He is also the author of Economics in the Movies (Cengage, 2014).
Lee Coppock is a professor and undergraduate director in the Department of Economics at the University of Virginia, where he has taught more than 15,000 students principles of macroeconomics. He has received several teaching awards, including the 2017 Kenneth G. Elzinga Distinguished teaching Award from the Southern Economics Association, and the 2018 UVA Alumni Distinguised Professor Award. Before teaching at UVA, Professor Coppock taught for nine years at Hillsdale College, where he honed his skills in small classes of 10–15 students, giving him an understanding of each student’s point of view. Now teaching more than 1,000 students in a class, he applies what he learned in those small classes through participation, captivating imagery, and relevant stories that draw students' attention
