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Exploring Economics
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Exploring Economics

Eighth Edition
January 2019 | 944 pages | SAGE Publications, Inc
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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, Exploring Economics is sure to help you ignite your students’ passion for the field and reveal its practical application in the world around them.

A Complete Teaching & Learning Package

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SAGE coursepacks for instructors makes it easy to import our quality instructor and student resource content into your school’s learning management system (LMS). Learn more.

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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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Key features

NEW TO THIS EDITION:

  • Economic Content Standards (ECS) from the National Council of Economic Education are provided in the margin where particular pieces of content are introduced, establishing clear learning objectives and connecting the text to these objectives.
  • Over 100 Figure it Out narrative video graphs, created and narrated by the author, provide additional review for complex graphing topics; videos are available on the free SAGE edge Student Study Site.
  • New Business Watch applications are strategically scattered throughout the text to demonstrate how the economic way of thinking can be applied to a wide range of issues.
  • New Policy Watch features focus on news stories that involve government policy decisions based on economic concepts, inviting students to see the relevance of economics in action.
  • SAGE coursepacks allows you to import the text’s quality content into your learning management system (LMS) with no access codes. Learn more.
  • SAGE edge companion site for students provides includes helpful tools, including eFlashcards, practice quizzes, a customizable action plan, and more.

KEY FEATURES:

  • The content is built on well-known principles of learning and memory segmenting each chapter into four to seven self-contained sections of three to six pages, making it easier for students to read, comprehend, and retain the material.
  • The author’s dynamic writing style brings economic principles to life through the text's concise, easy-to-read sections, frequent use of real-life and pop culture examples, and interactive summaries.
  • A highly visual and modern design encourages student engagement as supportive graphs, tables, photos, and charts illustrate, clarify, and reinforce key economic principles.
  • Every chapter highlights the important connection between economics and modern, everyday issues by examining intriguing topics such as such as teen smoking, crime, gift-giving, and more.
  • Each chapter offers hands-on practice with assignable graphing and plotting questions, helping students learn the vital skill of appropriately reading and interpreting graphs.
  • In the News synopses present relevant and thought-provoking news stories and are placed strategically throughout the text to solidify specific concepts discussed in the chapter.
  • Global Watch sections help students understand the magnitude, character, and implications of current economic changes occurring around the world.
  • Using What You've Learned exercises check students’ comprehension of important or difficult concepts, challenging them to apply key concepts from the text to real-world situations.
  • Section Quizzes encourage students to self-manage their retention of the material, providing confidence in proceeding to the next topic.

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