Principles of Economics by Libby Rittenberg, Timothy Tregarthen

By Libby Rittenberg, Timothy Tregarthen

Flat international wisdom is venerated to put up a brand new, first version re-launch of Tim Tregarthen's really good ideas of macroeconomics ebook, and proud to convey Tim's magnificent skills as a instructor again to lifestyles so destiny generations of scholars can keep learning from him.

In 1996, he released the 1st version of his rules of microeconomics textbook to nice acclaim, and it turned everyday in faculties round the kingdom. that very same yr, MS made him wheelchair-bound. The sickness compelled his retirement from educating on the collage of Colorado at Colorado Springs in 1998. He misplaced using his hands in 2001 and has been quadriplegic ever since.

Tim by no means allow his disorder get him down. in reality, he became again to his love of writing and educating for thought. He bought a voice-activated computing device, recruited a co-author, Libby Rittenberg of Colorado collage, and grew to become his realization to revising his ideas of economics book.

Today we're excited to introduce Libby Rittenberg and Timothy Tregarthen's ideas of Macroeconomics. The authors educate economics because the learn of "choice " by means of delivering scholars with an available, undemanding review of economics. this article combines the readability and writing of Tregarthen's seminal periodical "The Margin" with nice instructing insights.

Rittenberg and Tregarthen support scholars to appreciate how actual members truly paintings with economics. during this new e-book, the authors illustrate the practicality and relevance of economics with a number of new illustrations and insights.

The authors take a three-pronged method of each suggestion: (1) the idea that is roofed with a "Heads Up" to chase away confusion, (2) a "You try out It" part makes certain scholars are staying on most sensible of the concept that and (3) a "Case and element" part that makes use of a real-world program to harness the concept that in truth.

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Extra resources for Principles of Economics

Sample text

Should a firm employ a few skilled or a lot of unskilled workers? Should it produce in its own country or should it use foreign plants? Should manufacturing firms use new or recycled raw materials to make their products? For whom should goods and services be produced? If a good or service is produced, a decision must be made about who will get it. A decision to have one person or group receive a good or service usually means it will not be available to someone else. For example, representatives of the poorest nations on earth often complain that energy consumption per person in the United States is 17 times greater than energy consumption per person in the world’s 62 poorest countries.

Oil is an exhaustible resource. The oil we burn today will not be available for use in the future. Part of the opportunity cost of our consumption of goods such as gasoline that are produced from oil includes the value people in the future might have placed on oil we use today. It appears that the cost of our use of oil may be rising. We have been using “light crude,” the oil found in the ground in deposits that can be readily tapped. As light crude becomes more scarce, the world may need to turn to so-called “heavy crude,” the crude oil that is found in the sandy soil of places such as Canada and Venezuela.

Try It! questions—These problems, which appear at the end of each content section and which are answered completely in the text, give students the opportunity to be active learners. They are designed to give students a clear signal as to whether they understand the material before they go on to the next topic. Cases in Point—These essays included at the end of each content section illustrate the influence of economic forces on real issues and real people. Unlike other texts that use boxed features to present interesting new material or newspaper articles, we have written each case ourselves to integrate them more clearly with the rest of the text.

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