Principles of Macroeconomics 2e covers the scope and sequence of most introductory economics courses. The text includes many current examples, which are handled in a politically equitable way. The outcome is a balanced approach to the theory and application of economics concepts. The second edition has been thoroughly revised to increase clarity, update data and current event impacts, and incorporate the feedback from many reviewers and adopters.Changes made in Principles of Macroeconomics 2e are described in the preface and the transition guide to help instructors transition to the second edition.

By the end of this section, you will be able to:Calculate and graph budget constraintsExplain opportunity sets and opportunity costsEvaluate the law of diminishing marginal utilityExplain how marginal analysis and utility influence choices

In this Unit, you will learn about:How Individuals Make Choices Based on Their Budget ConstraintThe Production Possibilities Frontier and Social ChoicesConfronting Objections to the Economic Approach

By the end of this section, you will be able to:

Explain demand, quantity demanded, and the law of demand
Identify a demand curve and a supply curve
Explain supply, quantity supplied, and the law of supply
Explain equilibrium, equilibrium price, and equilibrium quantity

By the end of this section, you will be able to:

Identify factors that affect demand
Graph demand curves and demand shifts
Identify factors that affect supply
Graph supply curves and supply shifts

In this activity, students will practice identifying where they can buy certain items. Students will also work on asking a partner what their likes are and use these characteristics to come up with a potential gift for them.

In this activity, students will practice identifying where they can buy certain items. Students will also work on asking a partner what their likes are and use these characteristics to come up with a potential gift for them. This activity has been revised to add an authentic resource as an interpretive reading activity to scaffold for the interpersonal speaking activity, also attached. 

In this activity, students will practice identifying where they can buy certain items. Students will also work on asking a partner what their likes are and use these characteristics to come up with a potential gift for them. This activity has been revised to add an authentic resource as an interpretive reading activity to scaffold for the interpersonal speaking activity, also attached. 

In this activity, students will practice identifying where they can buy certain items. Students will also work on asking a partner what their likes are and use these characteristics to come up with a potential gift for them. Students will learn how to identify preferences, express opinions about items and seek places to purchase items as well.

In this activity, students are going to practice asking for the cost of something and practice purchasing items. Students are also going to be exposed to the concept of bartering and how to do it with a vendor. This activity will teach students more about questions, prices, money, numbers, and items that are frequently purchased.

In this activity, students are going to practice asking for the cost of something and practice purchasing items. Students are also going to be exposed to the concept of bartering and how to do it with a vendor.  

In this activity, students will go shopping at different grocery stores in search of the best prices for their foods. Students will use vocabulary involving food, money, and numbers. They will also learn about culture through use of discussing grocery stores. Students will also learn how to ask and answer questions about shopping and selling.

This resource is a brief exercise to help students work with supply and demand and also to help students recognize how markets are connected.

This resource is a brief exercise to help students work with supply and demand and also to help students recognize how markets are connected.

In this activity, students will practice identifying where they can buy certain items. Students will also work on asking a partner what their likes are and use these characteristics to come up with a potential gift for them.

What if there were no prices? How would you use available resources? In this video, Professor Howard Baetjer Jr. of Towson University leads you through a thought experiment to illustrate why market prices are essential to human well-being. Suppose you were the commissar of railroads in the old Soviet Union. Markets and prices have been banished. You want a railroad from City A to City B, but between the cities is a mountain range. You can build the railroad around the mountains and use more steel or through the mountain and use more engineering. Which should you choose?