Principles of Macroeconomics 2e covers the scope and sequence of most introductory economics courses. The text includes many current examples, which are handled in a politically equitable way. The outcome is a balanced approach to the theory and application of economics concepts. The second edition has been thoroughly revised to increase clarity, update data and current event impacts, and incorporate the feedback from many reviewers and adopters.Changes made in Principles of Macroeconomics 2e are described in the preface and the transition guide to help instructors transition to the second edition.

By the end of this section, you will be able to:

Discuss how international trade influences the job market
Analyze the opportunity cost of protectionism
Explain how international trade impacts wages, labor standards, and working conditions

By the end of this section, you will be able to:

Explain how inflation can cause redistributions of purchasing power
Identify ways inflation can blur the perception of supply and demand
Explain the economic benefits and challenges of inflation

By the end of this section, you will be able to:

Predict shifts in the demand and supply curves of the labor market
Explain the impact of new technology on the demand and supply curves of the labor market
Explain price floors in the labor market such as minimum wage or a living wage

By the end of this section, you will be able to:

Analyze cyclical unemployment
Explain the relationship between sticky wages and employment using various economic arguments
Apply supply and demand models to unemployment and wages