Reviewers tell us that Case/Fair/Oster is one of the all-time bestselling Principles of Economics texts because they trust it to be clear, thorough, and complete. Readers of Principles of Economics, Twelfth Edition come away with a basic understanding of how market economies function, an appreciation for the things they do well, and a sense of things they do poorly. With the latest research and added exercises, readers begin to learn the art and science of economic thinking and start to look at some policy and even personal decisions in a different way. KEY TOPICS: The Scope and Method of Economics; The Economic Problem: Scarcity and Choice; Demand, Supply, and Market Equilibrium; Demand and Supply Applications; Elasticity; Household Behavior and Consumer Choice; The Production Process: The Behavior of Profit-Maximizing Firms; Short-Run Costs and Output Decisions; Long-Run Costs and Output Decisions; Input Demand: The Labor and Land Markets; Input Demand: The Capital Market and the Investment Decision; General Equilibrium and the Efficiency of Perfect Competition; Monopoly and Antitrust Policy; Oligopoly; Monopolistic Competition; Externalities, Public Goods, and Common Resources; Uncertainty and Asymmetric Information; Income Distribution and Poverty; Public Finance: The Economics of Taxation; Introduction to Macroeconomics; Measuring National Output and National Income; Unemployment, Inflation, and Long-Run Growth; Aggregate Expenditure and Equilibrium Output; The Government and Fiscal Policy; Money, the Federal Reserve, and the Interest Rate; The Determination of Aggregate Output, the Price Level, and the Interest Rate; Policy Effects and Cost Shocks in the AS/AD Model; The Labor Market in the Macroeconomy; Financial Crises, Stabilization, and Deficits; Household and Firm Behavior in the Macroeconomy: A Further Look; Long-Run Growth; Alternative Views in Macroeconomics; International Trade, Comparative Advantage, and Protectionism; Open-Economy Macroeconomics: The Balance of Payments and Exchange Rates; Economic Growth in Developing Economies; Critical Thinking about Research MARKET: For all readers interested in the principles of economics.
