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Exploring Economics
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Exploring Economics

Eighth Edition
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January 2019 | 944 pages | SAGE Publications, Inc
The excitement of learning economics for the first time.
The experience of a lifetime of teaching it.


The Eighth Edition of Exploring Economics captures the excitement of learning economics for the first time through a lively and encouraging narrative that connects economics to the world in a way that is familiar to students. Author Robert L. Sexton draws on over 25 years of teaching experience to capture students’ attention, focusing on core concepts and expertly weaving in examples from current events and popular culture to make even classic economic principles modern and relatable. The text sticks to the basics and applies a thoughtful learning design, segmenting its presentation into brief, visually appealing, self-contained sections that are easier for students to digest and retain compared to sprawling text.

Thoughtfully placed section quizzes, interactive summaries, and problem sets help students check their comprehension at regular intervals and develop the critical thinking skills that will allow them to “think like economists.” Combined with a complete teaching and learning package including online homework and flexible teaching options, Exploring Economics is sure to help you ignite your students’ passion for the field and reveal its practical application in the world around them.

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Part I: Introduction
 
Chapter 1: The Role and Method of Economics
1.1 Economics: A Brief Introduction  
1.2 Economic Behavior  
1.3 Economic Theories and Models  
1.4 Pitfalls to Avoid in Scientific Thinking  
1.5 Positive Statements and Normative Statements  
 
Chapter 2: Economics: Eight Powerful Ideas
2.1 Idea 1: People Face Scarcity and Costly Trade-Offs  
2.2 Idea 2: People Engage in Rational Decision Making and Marginal Thinking  
2.3 Idea 3: People Respond Predictably to Changes in Incentives  
2.4 Idea 4: Specialization and Trade Can Make People Better Off  
2.5 Idea 5: Markets Can Improve Economic Efficiency  
2.6 Idea 6: Appropriate Government Policies Can Improve Market Outcomes  
2.7 Idea 7: Government Policies May Help Stabilize the Economy  
2.8 Idea 8: Increasing Productivity Leads to Economic Growth  
 
Chapter 3: Scarcity, Trade-Offs, and Production Possibilities
3.1 The Three Economic Questions Every Society Faces  
3.2 The Circular Flow Model  
3.3 The Production Possibilities Curve  
3.4 Economic Growth and the Production Possibilities Curve  
 
Part II: Supply and Demand
 
Chapter 4: Demand, Supply, and Market Equilibrium
4.1 Markets  
4.2 Demand  
4.3 Shifts in the Demand Curve  
4.4 Supply  
4.5 Shifts in the Supply Curve  
4.6 Market Equilibrium Price and Quantity  
 
Chapter 5: Markets in Motion and Price Controls
5.1 Changes in Market Equilibrium  
5.2 Price Controls  
 
Chapter 6: Elasticities
6.1 Price Elasticity of Demand  
6.2 Total Revenue and the Price Elasticity of Demand  
6.3 Other Types of Demand Elasticities  
6.4 Price Elasticity of Supply  
 
Part III: Market Efficiency, Market Failure, and the Public System
 
Chapter 7: Market Efficiency and Welfare
7.1 Consumer Surplus and Producer Surplus  
7.2 The Welfare Effects of Taxes, Subsidies, and Price Controls  
 
Chapter 8: Market Failure
8.1 Externalities  
8.2 Public Policy and the Environment  
8.3 Property Rights and the Environment  
8.4 Public Goods  
8.5 Asymmetric Information  
 
Chapter 9: Public Finance and Public Choice
9.1 Public Finance: Government Spending and Taxation  
9.2 Public Choice  
 
Part IV: Households and Market Structure
 
Chapter 10: Consumer Choice Theory
10.1 Consumer Behavior  
10.2 The Consumer's Choice  
10.3 Behavioral Economics  
 
Chapter 11: The Firm: Production and Costs
11.1 Firms and Profits: Total Revenues Minus Total Costs  
11.2 Production in the Short Run  
11.3 Costs in the Short Run  
11.4 The Shape of the Short-Run Cost Curves  
11.5 Cost Curves: Short Run versus Long Run  
 
Chapter 12: Firms in Perfectly Competitive Markets
12.1 A Perfectly Competitive Market  
12.2 An Individual Price Taker's Demand Curve  
12.3 Profit Maximization  
12.4 Short-Run Profits and Losses  
12.5 Long-Run Equilibrium  
12.6 Long-Run Supply  
 
Chapter 13: Monopoly and Antitrust
13.1 Monopoly: The Price Maker  
13.2 Demand and Marginal Revenue in Monopoly  
13.3 The Monopolist's Equilibrium  
13.4 Monopoly and Welfare Loss  
13.5 Monopoly Policy  
13.6 Price Discrimination and Peak Load Pricing  
 
Chapter 14: Monopolistic Competition and Product Differentiation
14.1 Monopolistic Competition  
14.2 Price and Output Determination in Monopolistic Competition  
14.3 Monopolistic Competition versus Perfect Competition  
14.4 Advertising  
 
Chapter 15: Oligopoly and Strategic Behavior
15.1 Oligopoly  
15.2 Collusion and Cartels  
15.3 Other Oligopoly Models  
15.4 Game Theory and Strategic Behavior  
 
Part V: Input Markets and Microeconomic Policy Issues
 
Chapter 16: The Markets for Labor, Capital, and Land
16.1 Input Markets  
16.2 Supply and Demand in the Labor Market  
16.3 Labor Market Equilibrium  
16.4 Labor Unions  
16.5 The Markets for Land and Capital  
 
Chapter 17: Income, Poverty, and Health Care
17.1 Income Distribution  
17.2 Income Redistribution  
17.3 The Economics of Discrimination  
17.4 Poverty  
17.5 Health Care  
 
Part VI: Macroeconomic Foundations
 
Chapter 18: Introduction to Macroeconomics: Unemployment, Inflation, and Economic Fluctuations
18.1 Macroeconomic Goals  
18.2 Employment and Unemployment  
18.3 Types of Unemployment  
18.4 Reasons for Unemployment  
18.5 Inflation  
18.6 Economic Fluctuations  
 
Chapter 19: Measuring Economic Performance
19.1 National Income Accounting: A Standardized Way to Measure Economic Performance  
19.2 Measuring Total Production  
19.3 Other Measure of Total Production and Total Income  
19.4 Problems in Calculating an Accurate GDP  
19.5 Problems with GDP as a Measure of Economic Welfare  
 
Chapter 20: Economic Growth in the Global Economy
20.1 Economic Growth  
20.2 Determinants of Economic Growth  
20.3 Public Policy and Economic Growth  
20.4 Population and Economic Growth  
 
Chapter 21: Financial Markets, Saving, and Investment
21.1 Financial Institutions and Intermediaries  
21.2 Saving, Investment, and the Financial System  
21.3 The Financial Crisis of 2008  
 
Part VII: The Macroeconomic Models
 
Chapter 22: Aggregate Demand and Aggregate Supply
22.1 The Determinants of Aggregate Demand  
22.2 The Aggregate Demand Curve  
22.3 Shifts in the Aggregate Demand Curve  
22.4 The Aggregate Supply Curve  
22.5 Shifts in the Aggregate Supply Curve  
22.6 Macroeconomic Equilibrium: The Short Run and the Long Run  
 
Chapter 23: The Aggregate Expenditure Model
23.1 The Simple Aggregate Expenditure Model  
23.2 Finding Equilibrium in the Aggregate Expenditure Model  
23.3 Adding Investment, Government Purchases, and Net Exports  
23.4 Shifts in Aggregate Expenditure and the Multiplier  
23.5 From Aggregate Expenditures to Aggregate Demand  
 
Part VIII: Macroeconomic Policy
 
Chapter 24: Fiscal Policy
24.1 Fiscal Policy  
24.2 Fiscal Policy and the AD/AS Model  
24.3 The Multiplier Effect  
24.4 Supply-Side Effects of Tax Cuts  
24.5 Possible Obstacles to Effective Fiscal Policy  
24.6 Automatic Stabilizers  
24.7 The National Debt  
 
Chapter 25: Money, Banking, and the Federal Reserve System
25.1 What is Money?  
25.2 Measuring Money  
25.3 How Banks Create Money  
25.4 The Money Multiplier  
25.5 The Federal Reserve System  
25.6 How Does the Federal Reserve Change the Money Supply?  
25.7 Bank Failures  
 
Chapter 26: Monetary Policy
26.1 Money, Interest Rates, and Aggregate Demand  
26.2 Expansionary and Contractionary Monetary Policy  
26.3 Money and Inflation--The Long Run  
26.4 Problems in Implementing Monetary and Fiscal Policy  
 
Chapter 27: Issues in Macroeconomic Theory and Policy
27.1 The Phillips Curve  
27.2 The Phillips Curve over Time  
27.3 Rational Expectations  
27.4 Controversies in Macroeconomic Policy  
 
Part IX: The Global Economy
 
Chapter 28: International Trade
28.1 The Growth in World Trade  
28.2 Comparative Advantage and Gains from Trade  
28.3 Supply and Demand in International Trade  
28.4 Tariffs, Import Quotas, and Subsidies  
 
Chapter 29: International Finance
29.1 The Balance of Payments  
29.2 Exchange Rates  
29.3 Equilibrium Changes in the Foreign Exchange Market  
29.4 Flexible Exchange Rates  

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