Author Description

Go beyond the theory and experience real world microeconomics and macroeconomics. Real World Microeconomics and Real World Macroeconomics, a two-volume series, feature hands-on, classroom-tested group projects and experiments to encourage students to analyze economic concepts and connect them to the real world. These texts use timely discussion questions, centered around important current events and described by real news stories, to invite readers to consider how the economy impacts their lives. The distinctive "Unlocking the Mysteries" feature reveals hidden wisdom that makes sense of the model and vital concepts not evident in graphs. In Real World Microeconomics, the economic decision process for businesses and consumers is presented with realistic examples and user-friendly steps. This book includes a detailed analysis of how businesses can most efficiently decide on the most vital questions, including their output level, pricing, and how many workers, machines, and materials to acquire. There is also a complete treatment of market structures, from pure competition to pure monopoly and everything in between. The new and timely chapter "The Financial Crisis" has the depth and scope to do justice to the inception of the Great Recession in a treatment that goes well beyond all other introductory economics textbooks.