New to this Edition

Overview

Micro/Macro economics for Life 2e addresses the growing market needs and trends toward a literacy targeted approach to teaching economics, supported by an active-learning pedagogy and premium online teaching and learning resources.

Micro/Macro economics for Life offers a new narrative-driven approach to learning and teaching economics that demonstrates the relevance of economics to students. Accessible language and graphs, engaging first-person writing, a less-mathematical approach, and practical examples connect economics to students’ lives in a meaningful way. This text helps students become economically literate citizens, unlike traditional texts which prepare them to become economics majors.

Graphs

The first edition had narratives based on tables of numbers — implicit graphs — but very few graphs. The 2nd edition makes these implicit graphs explicit. There are more than 80 new graphs. The addition of simple demand and supply graphs,  production possibilities frontiers, and aggregate demand/aggregate supply fit smoothly into the existing flow of the book’s narrative, providing the students an additional powerful tool for understanding of the material.

Graphs – Overview

Graphs in the lecture deck, alternative deck and narrated dynamic graphs
Micro Summary of Graphs, Illustrations and Tables
Macro Summary of Graphs, Illustrations and Tables

Organizational Changes

Micro
  • The material on elasticity that was integrated in the demand and supply chapters  is now separated out and expanded in a new chapter on elasticity (Ch. 5 Just How Badly Do You Want It?: Elasticity). Additional topics include cross-elasticity of demand to illustrate substitutes and complements, income elasticity of demand, and applications of elasticity to tax incidence, as in who really pays the HST?
  • Demand and supply graphs enable presentations of consumer and producer surplus, and graphical illustrations of efficiency and inefficiency in Micro Chs 4 (Demand & Supply), 5 (Elasticity and Tax Incidence), 7 (Price Ceilings & Floors) and 9 (Market Structures Restricting Output and Raising Prices).
  • After Micro Ch 9, which explains the general rule for profit maximization in any market structure (Marginal Revenue = Marginal Cost) there is a new appendix with the complete treatment of perfect competition, including diminishing marginal productivity, deriving the marginal cost and average total cost curves, the breakeven point, economic profits/losses and short- and long-run equilibrium.
  • Micro Ch 11 on externalities now discusses the Tragedy of the Commons – the problems of common resources.
Macro
  • The first four chapters of micro previously appeared as appendices at the end. These micro chapters are now placed at the beginning. Macro-specific chapters start with  Ch. 5.
  • Macro Ch 8 on aggregate demand and aggregate supply now has a complete graphical treatment of long- and short-run aggregate supply, aggregate demand, long- and short-run equilibrium, and output gaps.
  • Macro Ch 10 on exchange rates now has a separate section on the balance of payments.

Literacy-Targeted Approach

The 2nd edition of Economics for Life retains the focus on the question “What do we really want our students to remember of what we teach them in an introductory economics class?” The focus is on essential economic concepts students need to know to become economically literate citizens, delivered in an engaging, narrative style. Those concepts are now illustrated with the core graphs that are at the heart of thinking like an economist. Because fewer topics are covered in more depth, this literacy-targeted approach allows instructors to spend more time in the classroom helping students master the core concepts, supported by active learning exercises, group work, economic experiments, and other forms of engagement that will be integrated into both the student exercises and the instructor’s manual.

More About the Literacy-Targeted Approach
Micro Detailed Table of Contents
Macro Detailed Table of Contents 

Dynamic Study Modules

Canadian study modules allow students to work through groups of question and check their understanding of foundational Economics topics. As students work through questions, the Dynamic Study Modules assess their knowledge and only show questions that still require practice. Dynamic Study Modules can be completed online using your computer, tablet, or mobile device. Learn more about dynamic study modules.

Learning Catalytics

Learning Catalytics is a “bring your own device” student engagement, assessment, and classroom intelligence system. It allows instructors to engage students in class with a variety of questions types designed to gauge student understanding. Learn more about Learning Catalytics.