Economics

Economics: Theory & Practice, 11th Edition by Patrick J. Welch and Gerry F. Welch connects theory to the practice of economics and the everyday world through examples and applications, debates, and critical thinking cases—some that are classics in the field and others that are fresh and up-to-date. Its balanced coverage of microeconomics and macroeconomics, flexibility in topic coverage order, and the use of appendices and chapter sections to shorten or deepen course material offer a choice of levels and sequences for a course.

CHAPTER 1 Introduction to Economics 1

CHAPTER 2 Economic Decision Making and Economic Systems 29

CHAPTER 3 Demand, Supply, and Price Determination 53

CHAPTER 4 Goals and Problems of the Macroeconomy: Employment, Prices, and Production 85

CHAPTER 5 Foundations of the Macroeconomy 119

CHAPTER 6 The Role of Government in the Macroeconomy 151

CHAPTER 7 Money, Financial Institutions, and the Federal Reserve 177

CHAPTER 8 Money Creation, Monetary Theory, and Monetary Policy 203

CHAPTER 9 Macroeconomic Viewpoints and Models 233

CHAPTER 10 Households and Businesses: An Overview 257

CHAPTER 11 Benefits, Costs, and Maximization 277

CHAPTER 12 Production and the Costs of Production 307

CHAPTER 13 Competition and Market Structures 331

CHAPTER 14 Government and the Markets 361

CHAPTER 15 Labor Markets, Unions, and the Distribution of Income 385

CHAPTER 16 International Trade 413

CHAPTER 17 International Finance 433

Glossary 453

Answers to "Test Your Understanding" 461

Index 469

Patrick J. Welch, St. Louis University, MO.

Gerry F. Welch, St. Louis Community College at Meramec, MO.