By N. Gregory Mankiw
Short rules OF MACROECONOMICS is still the preferred and popular textual content in economics study rooms this day. The 5th version incorporates a robust revision of content material in all 36 chapters whereas preserving the transparent, obtainable writing type and particular presentation which are the hallmark of this hugely revered writer. Dozens of recent purposes emphasize the real-world relevance of economics for state-of-the-art scholars via attention-grabbing information articles, life like case reports, and fascinating difficulties. the hot variation additionally beneficial properties an multiplied instructor's source package deal designed to help in direction making plans and school room presentation, in addition to complete integration of content material with Aplia. "I have attempted to place myself within the place of somebody seeing economics for the 1st time. My aim is to stress the fabric that scholars may still and do locate attention-grabbing concerning the learn of the economy."--N. Gregory Mankiw.
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Additional info for Brief Principles of Macroeconomics, 5th edition
The opportunity cost of an item is what you give up to get that item. When making any decision, decision makers should be aware of the opportunity costs opportunity cost whatever must be given up to obtain some item Copyright 2009 Cengage Learning, Inc. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. 5 6 PART I INTRODUCTION that accompany each possible action. In fact, they usually are. College athletes who can earn millions if they drop out of school and play professional sports are well aware that their opportunity cost of college is very high.
Perhaps your 5. 6. 7. 8. 9. instructor will assign some of these exercises as homework. If so, do them. If not, do them anyway. The more you use your new knowledge, the more solid it becomes. Go online. The publisher of this book maintains an extensive website to help you in your study of economics. It includes additional examples, applications, and problems, as well as quizzes so you can test yourself. Check it out. com/economics/mankiw. Study in groups. After you’ve read the book and worked problems on your own, get together with classmates to discuss the material.
Like a biology teacher’s plastic model, economic models omit many details to allow us to see what is truly important. Just as the biology teacher’s model does not include all the body’s muscles and capillaries, an economist’s model does not include every feature of the economy. As we use models to examine various economic issues throughout this book, you will see that all the models are built with assumptions. Just as a physicist begins the analysis of a falling marble by assuming away the existence of friction, economists assume away many of the details of the economy that are irrelevant for studying the question at hand.