Economics (10th European Edition)


Download Economics (10th European Edition) written by Michael Parkin, Melanie Powell, Kent Matthews in PDF format. This book is under the category Economics and bearing the isbn/isbn13 number 1292147822/9781292147826. You may reffer the table below for additional details of the book.

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Using Parkin/Powell/Matthews’ Economics; 10th European Edition; (PDF); you can start to think like an economist!

Economics touches almost every aspect of life; from taxes to house prices; climate change to terrorism; wages; to how much time to spend studying! Thinking like an economist will enable you to evaluate economic policies; understanding basic human behaviour; and make much more informed decisions.

The leading economists in the news today started out like you; as college or university students taking a course in the principles of economics. Like them; you can learn to think like an economist; and this ebook; Economics 10th edition (European) will show you how.

This comprehensive revision retains the hallmarks of previous editions; with a thorough and detailed presentation of the principles of economics and on the development of your critical thinking skills. With the addition of new features; such as Economics in the News and At Issue; this new 10th edition uses real-world examples and applications to incorporate the latest developments in the UK and Eurozone policy.

New to this 10th European Edition:



    • *New feature* End-of-chapter worked problem supports learning by doing and offers an active review of the chapter


    • *Reimagined feature* All Economics in the News sections have been updated and emphasize solid coverage of real news


    • *Updated coverage* EU membership; healthcare; immigration; externalities; bank regulation; financial markets; cycles; inflation; the exchange rate; and deflation


    • *New feature* Every chapter starts with a real problem or question which is then developed through the Economics in the News section and additional end-of-chapter questions; supporting critical thinking development



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Michael Parkin, Melanie Powell, Kent Matthews






832 pages









Table of contents

Table of contents :
Title page
Copyright page
About the Authors
Brief Contents
Guided Tour for Students
Part 1 The Scope of Economics
Chapter 1 What Is Economics?
A Definition of Economics
Two Big Economic Questions
What, How and For Whom?
Does the Pursuit of Self-Interest Unintentionally Promote the Social Interest?
The Economic Way of Thinking
A Choice Is a Trade-Off
Making a Rational Choice
Benefi t: What You Gain
Cost: What You Must Give Up
How Much? Choosing at the Margin
Choices Respond to Incentives
Economics as a Social Science and Policy Tool
Economist as Social Scientist
Economist as Policy Adviser
Chapter 1 Appendix: Graphs in Economics
Graphing Data
Scatter Diagrams
Breaks in the Axes
Misleading Graphs
Correlation and Causation
Graphs Used in Economic Models
Variables That Move in the Same Direction
Variables That Move in Opposite Directions
Variables That Have a Maximum or a Minimum
Variables That Are Unrelated
The Slope of a Relationship
The Slope of a Straight Line
The Slope of a Curved Line
Graphing Relationships Among More Than Two Variables
Ceteris Paribus
When Other Things Change
Mathematical Note Equations of Straight Lines
Chapter 2 The Economic Problem
Production Possibilities and Opportunity Cost
Production Possibilities Frontier
Production Efficiency
Trade-Off Along the PPF
Opportunity Cost
Using Resources Effi ciently
The PPF and Marginal Cost
Preferences and Marginal Benefit
Effi cient Use of Resources
Economic Growth
The Cost of Economic Growth
Gains from Trade
Comparative Advantage and Absolute Advantage
Achieving the Gains from Trade
Economic Coordination
Property Rights
Circular Flows Through Markets
Coordinating Decisions
Economics in the News Expanding Production Possibilities
Part 2 How Markets Work
Chapter 3 Demand and Supply
Markets and Prices
A Competitive Market
The Law of Demand
Demand Curve and Demand Schedule
A Change in Demand
A Change in the Quantity Demanded versus a Change in Demand
The Law of Supply
Supply Curve and Supply Schedule
A Change in Supply
A Change in the Quantity Supplied versus a Change in Supply
Market Equilibrium
Price as a Regulator
Price Adjustments
Predicting Changes in Price and Quantity
An Increase in Demand
A Decrease in Demand
An Increase in Supply
A Decrease in Supply
Changes in Both Demand and Supply
Economics in the News Demand and Supply: The Market for Bananas
Mathematical Note Demand, Supply and Equilibrium
Chapter 4 Elasticity 81
Price Elasticity of Demand
Calculating Price Elasticity of Demand
Inelastic and Elastic Demand
The Factors That Influence the Elasticity of Demand
Total Revenue and Elasticity
Your Expenditure and Your Elasticity
More Elasticities of Demand
Income Elasticity of Demand
Cross Elasticity of Demand
Elasticity of Supply
Calculating the Elasticity of Supply
The Factors That Influence the Elasticity of Supply
Economics in the News The Elasticity of Demand for Oil
Chapter 5 Efficiency and Equity
Resource Allocation Methods
Market Price
Majority Rule
First-Come, First-Served
Personal Characteristics
Benefit, Cost and Surplus
Demand, Willingness to Pay and Value
Individual Demand and Market Demand
Consumer Surplus
Supply and Marginal Cost
Supply, Cost and Minimum Supply-Price
Individual Supply and Market Supply
Producer Surplus
Is the Competitive Market Efficient?
Efficiency of Competitive Equilibrium
Market Failure
Sources of Market Failure
Alternatives to the Market
Is the Competitive Market Fair?
It’s Not Fair if the Result Isn’t Fair
It’s Not Fair if the Rules Aren’t Fair
Case Study: A Shortage of Hotel Rooms in a Natural Disaster
Economics in the News Making Traffic Flow Efficiently
Chapter 6 Government Actions in Markets
A Housing Market with a Rent Ceiling
A Housing Shortage
Increased Search Activity
Black Market
Inefficiency of Rent Ceilings
Are Rent Ceilings Fair?
Allocating Housing Among Demanders
A Labour Market with a Minimum Wage
Minimum Wage Brings Unemployment
Is the Minimum Wage Fair?
Inefficiency of a Minimum Wage
Tax Incidence
A Tax on Sellers
A Tax on Buyers
Equivalence of Tax on Buyers and Sellers
Tax Incidence and Elasticity of Demand
Tax Incidence and Elasticity of Supply
Taxes and Efficiency
Taxes and Fairness
Production Quotas and Subsidies and Price Supports
Production Quotas
Production Subsidies
Price Supports
Markets for Illegal Goods
Economics in the News Inefficient Rent Ceilings
Chapter 7 Global Markets in Action
How Global Markets Work
International Trade Today
What Drives International Trade?
Why the UK Imports Cars
Why the UK Exports Chemicals
Winners, Losers and the Net Gain from Trade
Gains and Losses from Imports
Gains and Losses from Exports
Gains for All
International Trade Restrictions
Import Quotas
Export Subsidies
Other Import Barriers
The Case Against Protection
Helps an Infant Industry Grow
Counteracts Dumping
Saves Domestic Jobs
Allows Us to Compete with Cheap Foreign Labour
Penalises Lax Environmental Standards
Prevents Rich Countries from Exploiting Developing Countries
Reduces Offshore Outsourcing that Sends Good UK Jobs Abroad
Avoiding Trade Wars
Why Is International Trade Restricted?
Compensating Losers
Economics in the News Brexit: Free Trade in Raw Sugar
Part 3 Households, Firms and Markets
Chapter 8 Households’ Choices
Consumption Possibilities
The Budget Line
The Budget Equation
Preferences and Indifference Curves
Marginal Rate of Substitution
Degree of Substitutability
Predicting Consumer Behaviour
Best Affordable Choice
A Change in Price
A Change in Income
Substitution Effect and Income Effect
New Ways of Explaining Households’ Choices
Behavioural Economics
Economics in the News Sugary Drinks Tax to Cut Harm
Chapter 9 Organising Production
The Firm and Its Economic Problem
The Firm’s Goal
Accounting Profit
Economic Accounting
Opportunity Cost of Production
Economic Accounting: A Summary
The Firm’s Decisions
The Firm’s Constraints
Technological and Economic Efficiency
Technological Efficiency
Economic Efficiency
Information and Organisation
Command Systems
Incentive Systems
The Principal–Agent Problem
Coping with the Principal–Agent Problem
Types of Business Organisations
Pros and Cons of Different Types of Firms
Markets and the Competitive Environment
Identifying a Market Structure
UK Market Structures
Produce or Outsource? Firms and Markets
Firm Coordination
Market Coordination
Why Firms?
Economics in the News Competition in Markets for Internet Advertising
Chapter 10 Output and Costs
Time Frames for Decisions
The Long Run
Short-Run Technology Constraint
Product Schedules
Product Curves
Total Product Curve
Marginal Product Curve
Average Product Curve
Short-Run Cost
Total Cost
Marginal Cost
Average Cost
Marginal Cost and Average Cost
Why the Average Total Cost Curve Is U-Shaped
Cost Curves and Product Curves
Shifts in the Cost Curves
Long-Run Cost
The Production Function
Short-Run Cost and Long-Run Cost
The Long-Run Average Cost Curve
Economies and Diseconomies of Scale
Economics in the News Expanding Capacity at Costa Coffee
Chapter 10 Appendix: Producing at Least Cost
Isoquants and Factor Substitution
An Isoquant Map
The Marginal Rate of Substitution
Isocost Lines
The Isocost Equation
The Isocost Map
The Effect of Factor Prices
The Least-Cost Technique
Marginal Rate of Substitution and Marginal Products
Marginal Cost
Making Connections
Chapter 11 Perfect Competition
What Is Perfect Competition?
How Perfect Competition Arises
Price Takers
Economic Profit and Revenue
The Firm’s Decisions
The Firm’s Output Decision
Marginal Analysis
Temporary Shutdown Decision
The Firm’s Short-Run Supply Curve
Output, Price and Profit in the Short Run
Market Supply in the Short Run
Short-Run Equilibrium
A Change in Demand
Profits and Losses in the Short Run
Output, Price and Profit in the Long Run
Entry and Exit
A Closer Look at Entry
A Closer Look at Exit
Long-Run Equilibrium
Changes in Demand and Supply as Technology Advances
An Increase in Demand
A Decrease in Demand
Technological Advances Change Supply
Competition and Efficiency
Efficient Use of Resources
Choices, Equilibrium and Efficiency
Economics in the News Perfect Competition in Steel
Chapter 12 Monopoly
Monopoly and How It Arises
How Monopoly Arises
Monopoly Price-Setting Strategies
A Single-Price Monopoly’s Output and Price Decision
Price and Marginal Revenue
Marginal Revenue and Elasticity
Price and Output Decision
Single-Price Monopoly and Competition Compared
Comparing Price and Output
Efficiency Comparison
Redistribution of Surpluses
Rent Seeking
Rent-Seeking Equilibrium
Price Discrimination
Two Ways of Price Discriminating
Increase Profit and Producer Surplus
Profiting by Price Discriminating
Perfect Price Discrimination
Efficiency and Rent Seeking with Price Discrimination
Monopoly Regulation
Efficient Regulation of a Natural Monopoly
Second-Best Regulation of a Natural Monopoly
Economics in the News Is Google Misusing Monopoly Power?
Chapter 13 Monopolistic Competition
What Is Monopolistic Competition?
Large Number of Firms
Product Differentiation
Competing on Quality, Price and Marketing
Entry and Exit
Examples of Monopolistic Competition
Price and Output in Monopolistic Competition
The Firm’s Short-Run Output and Price Decision
Profit Maximising Might Be Loss Minimising
Long Run: Zero Economic Profit
Monopolistic Competition and Perfect Competition
Is Monopolistic Competition Efficient?
Product Development and Marketing
Innovation and Product Development
Using Advertising to Signal Quality
Brand Names
Efficiency of Advertising and Brand Names
Economics in the News Product Differentiation in Sports Turf
Chapter 14 Oligopoly
What Is Oligopoly?
Barriers to Entry
Small Number of Firms
Examples of Oligopoly
Oligopoly Games
What Is a Game?
The Prisoners’ Dilemma
An Oligopoly Price-Fixing Game
A Game of Chicken
Repeated Games and Sequential Games
A Repeated Duopoly Game
Antitrust Law
UK and EU Antitrust Laws
Price Fixing Always Illegal
Three Antitrust Policy Debates
Mergers and Acquisitions
Economics in the News Collusion in Trucks
Part 4 Coping With Market Failure
Chapter 15 Public Choices and Public Goods
Public Choices
Why Governments
Political Equilibrium
What is a Public Good?
A Fourfold Classification
Mixed Goods
Inefficiencies that Require Public Choices
Providing Public Goods
The Free-Rider Problem
Marginal Social Benefit from a Public Good
Marginal Social Cost of a Public Good
Efficient Quantity of a Public Good
Inefficient Private Provision
Efficient Public Provision
The Principle of Minimum Differentiation
Inefficient Public Overprovision
Positive Externalities: Education and Healthcare
Positive Externalities
Public Choices in Education
Healthcare Services
Economics in the News Underprovision of UK Road Maintenance
Chapter 16 Economics of the Environment
Negative Externalities: Pollution
Negative Externalities
Establish Property Rights
Mandate Clean Technology
Tax or Cap and Price Pollution
Coping with Global Emissions
The Tragedy of the Commons
Unsustainable Use of a Common Resource
Inefficient Use of a Common Resource
Achieving an Efficient Outcome
Economics in the News Switching to Low Carbon Electricity Production
Part 5 Factor Markets, Inequality and Uncertainty
Chapter 17 The Markets for Factors of Production
The Anatomy of Factor Markets
Markets for Labour Services
Markets for Capital Services
Markets for Land Services and Natural Resources
The Demand for a Factor of Production
Value of Marginal Product
A Firm’s Demand for Labour
A Firm’s Demand for Labour Curve
Changes in the Demand for Labour
Labour Markets
A Competitive Labour Market
Differences and Trends in Wage Rates
Immigration and the Labour Market
A Labour Market with a Union
Capital and Natural Resource Markets
Capital Rental Markets
Land Rental Markets
Non-Renewable Natural Resource Markets
Economics in the News The IT Job Market in Action
Mathematical Note Present Value and Discounting
Chapter 18 Economic Inequality and Redistribution
Economic Inequality in the UK
The Distribution of Income
The Income Lorenz Curve
The Distribution of Wealth
Wealth or Income?
Annual or Lifetime Income and Wealth?
Trends in Inequality
Inequality in the World Economy
Income Distributions in Selected Countries
Global Inequality and Its Trends
The Sources of Economic Inequality
Human Capital
Contests Among Superstars
Unequal Wealth
Income Redistribution
Income Taxes
Benefit Payments
Subsidised Welfare Services
The Big Trade-Off
Economics in the News Wealth: Rising Inequality in the UK
Chapter 19 Uncertainty and Information
Decisions in the Face of Uncertainty
Expected Wealth
Risk Aversion
Utility of Wealth
Expected Utility
Making a Choice with Uncertainty
Buying and Selling Risk
Insurance Markets
A Graphical Analysis of Insurance
Risk That Can’t Be Insured
Private Information
Asymmetric Information: Examples and Problems
The Market for Used Cars
The Market for Loans
The Market for Insurance
Uncertainty, Information and the Invisible Hand
Information as a Good
Monopoly in Markets that Cope with Uncertainty
Economics in the News Grades as Signals
Part 6 Monitoring Macroeconomic Performance
Chapter 20 Measuring GDP and Economic Growth
Gross Domestic Product
GDP Defined
The Circular Flow of Expenditure and Income
Taxes, Market Price and Factor Cost
Gross and Net
Measuring UK GDP
The Expenditure Approach
The Income Approach
Nominal GDP and Real GDP
Calculating Real GDP
The Uses and Limitations of Real GDP
The Standard of Living Over Time
The Standard of Living Across Countries
Limitations of Real GDP
Economics in the News Alternative Measures of the State of the UK Economy
Chapter 20 Appendix: Graphs in Macroeconomics
The Time-series Graph
Making a Time-series Graph
Reading a Time-series Graph
Ratio Scale Reveals Trend
A Time-series with a Trend
Using a Ratio Scale
Mathematical Note Chain Volume Measure of Real GDP
Chapter 21 Monitoring Jobs and Inflation
Employment and Unemployment
Why Unemployment is a Problem
Labour Force Survey
Three Labour Market Indicators
Other Definitions of Economic Inactivity and Unemployment
Most Costly Unemployment
Other Measures of Unemployment
Unemployment and Full Employment
Frictional Unemployment
Structural Unemployment
Cyclical Unemployment
‘Natural’ Unemployment
Real GDP and Unemployment Over the Business Cycle
The Price Level, Inflation and Deflation
Why Inflation and Deflation are Problems
The Consumer Price Index
Reading the CPI Numbers
Constructing the CPI
Older Price Indexes
Measuring the Inflation Rate
Distinguishing High Inflation from a High Price Level
Biased Price Indexes
Some Consequences of Bias in the CPI
A Broader Price Index: The GDP Deflator
The Alternatives Compared
Real Variables in Macroeconomics
Economics in the News Euro Area Unemployment
Part 7 Macroeconomic Trends
Chapter 22 Economic Growth
The Basics of Economic Growth
Calculating Growth Rates
Economic Growth versus Business Cycle Expansion
The Magic of Sustained Growth
Applying the Rule of 70
Long-Term Growth Trends
Long-Term Growth in the UK Economy
Real GDP Growth in the World Economy
How Potential GDP Grows
What Determines Potential GDP?
What Makes Potential GDP Grow?
Why Labour Productivity Grows
Preconditions for Labour Productivity Growth
Physical Capital Growth
Human Capital Growth
Technological Advances
Growth Theories, Evidence and Policies
Classical Growth Theory
Neoclassical Growth Theory
New Growth Theory
New Growth Theory versus Malthusian Theory
Sorting Out the Theories
The Empirical Evidence on the Causes of Economic Growth
Policies for Achieving Faster Growth
Economics in the News Brexit and UK Growth
Chapter 23 Finance, Saving and Investment
Financial Institutions and Financial Markets
Finance and Money
Physical Capital and Financial Capital
Capital and Investment
Wealth and Saving
Financial Capital Markets
Financial Institutions
Insolvency and Illiquidity
Interest Rates and Asset Prices
The Loanable Funds Market
Funds that Finance Investment
The Real Interest Rate
The Demand for Loanable Funds
The Supply of Loanable Funds
Equilibrium in the Loanable Funds Market
Changes in Demand and Supply
Government in the Loanable Funds Market
A Government Budget Surplus
A Government Budget Deficit
Economics in the News Falling Real Interest Rate
Chapter 24 Money, the Price Level and Inflation
What Is Money?
Medium of Exchange
Unit of Account
Store of Value
Money in the UK Today
Monetary Financial Institutions
Types of Monetary Financial Institutions
What Monetary Financial Institutions Do
Economic Benefits Provided by Monetary Financial Institutions
How Monetary Financial Institutions Are Regulated
Financial Innovation
Central Banking
The European Central Bank
The Bank of England
The Bank of England’s Balance Sheet
The Bank of England’s Policy Tools
How Banks Create Money
Creating Deposits by Making Loans
The Money Creation Process
The Money Multiplier
The Money Market
The Influences on Money Holding
The Demand for Money Curve
Shifts in the Demand for Money Curve
Money Market Equilibrium
The Quantity Theory of Money
Economics in the News Brexit Interest Rate Cut
Mathematical Note The Money Multiplier
Chapter 25 International Finance
The Foreign Exchange Market
Foreign Currencies
Trading Currencies
Exchange Rates
An Exchange Rate is a Price
The Demand for One Money Is the Supply of Another Money
Demand in the Foreign Exchange Market
Law of Demand for Foreign Exchange
Demand Curve for Pounds Sterling
Supply in the Foreign Exchange Market
Law of Supply of Foreign Exchange
Supply Curve of Pounds Sterling
Market Equilibrium
Changes in the Demand for Pounds
Changes in the Supply of Pounds
Changes in the Exchange Rate
Arbitrage, Speculation and Market Fundamentals
Market Fundamentals
Exchange Rate Policy
Flexible Exchange Rate
Fixed Exchange Rate
Crawling Peg
European Monetary Union
The Benefits of the Euro
The Economic Costs of the Euro
The Optimum Currency Area
Financing International Trade
Balance of Payments Accounts
Borrowers and Lenders
The Global Loanable Funds Market
Debtors and Creditors
Is Borrowing and Debt a Problem?
Current Account Balance
Where Is the Exchange Rate?
Economics in the News A Plunging Pound
Part 8 Macroeconomic Fluctuations
Chapter 26 Aggregate Supply and Aggregate Demand
Aggregate Supply
Quantity Supplied and Supply
Aggregate Supply Time Frames
Long-Run Aggregate Supply
Short-Run Aggregate Supply
Changes in Aggregate Supply
Aggregate Demand
The Aggregate Demand Curve
Changes in Aggregate Demand
Explaining Macroeconomic Trends and Fluctuations
Short-Run Macroeconomic Equilibrium
Long-Run Macroeconomic Equilibrium
Economic Growth and Inflation in the AS–AD Model
The Business Cycle in the AS–AD Model
Fluctuations in Aggregate Demand
Fluctuations in Aggregate Supply
Macroeconomic Schools of Thought
The Classical View
The Keynesian View
The Monetarist View
The Way Ahead
Economics in the News Aggregate Supply and Aggregate Demand in Action
Chapter 27 Expenditure Multipliers
Fixed Prices and Expenditure Plans
Expenditure Plans
Consumption and Saving Plans
Marginal Propensities
Slopes and Marginal Propensities
Consumption and Real GDP
Import Function
Real GDP with a Fixed Price Level
Aggregate Planned Expenditure
Actual Expenditure, Planned Expenditure and Real GDP
Equilibrium Expenditure
Convergence to Equilibrium
The Multiplier
The Basic Idea of the Multiplier
The Multiplier Effect
Why Is the Multiplier Greater Than 1?
The Size of the Multiplier
The Multiplier and the Slope of the AE Curve
Imports and Income Taxes
The Multiplier Process
Business Cycle Turning Points
The Multiplier and the Price Level
Adjusting Quantities and Prices
Aggregate Expenditure and Aggregate Demand
Deriving the Aggregate Demand Curve
Changes in Aggregate Expenditure and Aggregate Demand
Equilibrium Real GDP and the Price Level
Economics in the News The Keynesian Model in Action
Mathematical Note The Algebra of the Multiplier
Chapter 28 The Business Cycle, Inflation and Deflation
The Business Cycle
Mainstream Business Cycle Theory
Real Business Cycle Theory
Inflation Cycles
Demand-Pull Inflation
Cost-Push Inflation
Expected Inflation
Forecasting Inflation
Inflation and the Business Cycle
What Causes Deflation?
What are the Consequences of Deflation?
How Can Deflation be Ended?
The Phillips Curve
The Short-Run Phillips Curve
The Long-Run Phillips Curve
Economics in the News The Eurozone Inflation–Unemployment Trade-Off
Part 9 Macroeconomic Policy
Chapter 29 Fiscal Policy
Government Budgets
Highlights of the UK Budget in 2016/17
The Budget in Historical Perspective
UK and EU Budget Balances and Debt in a Global Perspective
Supply-Side Effects of Fiscal Policy
Full Employment and Potential GDP
The Effects of the Income Tax
Taxes on Expenditure and the Tax Wedge
Taxes and the Incentive to Save and Invest
Tax Revenues and the Laffer Curve
The Supply-Side Debate
Generational Effects of Fiscal Policy
Generational Accounting and Present Value
The UK Welfare State and the Pensions Time Bomb
Generational Imbalance
International Debt
Fiscal Stimulus
Automatic Fiscal Policy and Cyclical and Structural Budget Balances
Discretionary Fiscal Stimulus
Economics in the News Fiscal Policy in the UK
Chapter 30 Monetary Policy
Monetary Policy Objectives and Framework
Monetary Policy Objectives
Remit for the Monetary Policy Committee
Actual Inflation and the Inflation Target
The Conduct of Monetary Policy
The Monetary Policy Instrument
The Bank Rate Decision
Implementing the Policy Decision
Monetary Policy Transmission
Quick Overview
Interest Rate Changes
Exchange Rate Fluctuations
Money and Bank Loans
The Long-Term Real Interest Rate
Expenditure Plans
Change in Aggregate Demand, Real GDP and the Price Level
The Bank Fights Recession
The Bank Fights Inflation
Loose Links and Long and Variable Lags
Extraordinary Monetary Stimulus
The Key Elements of the Crisis
The Policy Actions
Economics in the News ECB Monetary Policy

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