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Learning Solutions for Social Sciences

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Second edition now available!Economics: New Ways of Thinking

Applied Learning®EMC

Economics: New Ways of Thinking, Second Edition shows students how to find economics in surprising places. It grabs students’ attention with real-world examples—the NFL draft, concert ticket prices, NASCAR—and then provides clear explanations and hundreds of supporting up-to-date graphs and charts to teach students economic principles. Projects, photos, and real-world topics engage, motivate, and challenge students.

• Teach students to recognize economic concepts in surprising real-life situations such as “What’s the Price of Playing Video Games?” in Economics in the Real World.

• Engage students with the new Economics Facts and Fallacies and Thinking Like an Economist features.

• Connect students with economics on a personal level with Your Personal Economics to discuss topics such as how to avoid scams and the increasing value of education in a global economy.

• Challenge students with debatable topics using the Debating the Issues feature.

Economics: New Ways of Thinking, Second Edition

Exhibit 1-2(a), you see the four different combinations (A–D) of these two goods that the economy can produce. For example, it can produce 50,000 snowboards and 0 sets of skis, 40,000 snowboards and 20,000 sets of skis, and so on. We then take each of the four combinations and plot them in Exhibit 1-2(b). If we simply connect these four points, A–D, we have a production possibilities frontier. In other words, the curve you see in Exhibit 1-2(b) is a production possibilities frontier (PPF).

Scarcity and the PPFNow let’s think about scarcity in terms of the PPF. Scarcity, as you know, is the condition in which our wants are greater than the resources available to satisfy them. The PPF—the actual curve in Exhibit 1-2(b)—illustrates this concept. The PPF tells us that certain things are available to us and certain things are not. We can’t have everything we want. Any of the points on the PPF is available to us. For example, we can have point B, which represents 40,000 snowboards and 20,000 sets of skis. We can also have the combination of goods represented by any point below the PPF, such as point E. What we can’t have—what is unavailable to us because we don’t have enough resources to produce it—is the combination of goods represented by point F, which lies beyond the PPF. Can you see that the PPF (the actual curve) illustrates scarcity by creating two regions? One region—consisting of points on the PPF and below it—represents what is available to us. Another region—consisting of the points beyond the PPF—represents what is unavailable to us. Scarcity tells us we can’t have everything we want, and the PPF makes this point visually clear.

Choices and the PPFNow consider the concept of choice. We stated earlier that because of scarcity, we must make choices. Looking again at Exhibit 1-2(b), we know we cannot be at points A–D at the same time. We must make a choice. Is it going to be A or B or C

or D? Once we make a choice, we are faced with opportunity cost. For example, suppose we narrowed our choices to points B and C and in the end chose point C. What is the opportunity cost of a set of skis over this range? Well, we know that we produce 20,000 more sets of skis by choosing point C over B, but the opportunity cost is producing 15,000 fewer snowboards. In other words, the opportunity cost of 20,000 more sets of skis is 15,000 fewer snowboards.

11Section 1 The Foundation of Economics

EXH I B IT 1-2 Production Possibilities Frontier1

1 The production possibilities frontier is sometimes referred to as a production possibilities curve.

ABCD

Combination

50,00040,00025,000

0

Snowboards

020,00040,00060,000

Skisand

(a)

(b)

50

40

30

20

25

10

0 10 20 30 40 50 60

Snow

boar

ds (

thou

sand

s pe

r ye

ar)

Skis (thousands per year)

A

B

C

D

E

F

▲ The economy can produce any of the four combinations of snow boards and skis in part (a); these combinations are plotted in part (b). What is the opportunity cost of moving from point A to B? What is the opportunity cost of moving from point C to D? Why is it better for an economy to be at point C than E?

“There’s no such thing as a free lunch.”

—Milton Friedman, economist

6

Scarcity ExistsPeople have wants—things they desire to have. They do not want just anything, however. They want the things they think will make them happy and satisfied. Most people want cars, houses, haircuts, clothes, entertainment, better health, and countless other things. Few people are completely satisfied, even after getting their initial wants satisfied. Then they want a bigger house, a newer car, and more clothes. All the wants of all the people in the world make the list of wants unlimited.

Resources Are NeededHow do people satisfy their wants? As you probably know, in most cases you cannot get something by just wishing for it. The things we want do not simply appear on our doorsteps because we desire them. Instead, resources are needed to produce the goods and services that satisfy our wants. If you want a new desk for your room, it will take wood, tools, and labor (all of which are resources) to produce that desk. Nanette

Chapter 1 What Is Economics?

may want a computer, but she is not going to get one by simply wishing for it. Many resources will be needed to produce it.

Resources Are LimitedUnfortunately, the world’s supply of resources is limited. So, when you want a new desk or Nanette wants a computer, you both face an ongoing problem in life that we all face—an economic problem. Our wants are unlimited, but the resources available to satisfy these wants are limited. Stated in another way, people’s wants are greater than the limited resources available to satisfy them. This condition in which our wants are greater than the resources available to satisfy them is called scarcity. Scarcity is an economic fact of life, much as the law of gravity is a fact of life. In fact, scarcity is such an important, fundamental economic concept that some economists have said that the science of economics wouldn’t exist were it not for scarcity.

The Foundation of Economics

wantSomething that we desire to have.

resourceAnything that is used to produce goods or ser vices. For example, a person’s labor may be used to produce computers, TV sets, and much more; therefore, a person’s labor is a resource.

scarcityThe condition in which our wants are greater than the resources available to satisfy them.

Focus Questions ▶ What is scarcity? ▶ How is choice related to scarcity?▶ How is opportunity cost related to choice?▶ Why are rationing devices needed? ▶ What is the purpose of a production

possibilities frontier?▶ What activity determines how rationing

devices are distributed?

Key Terms wantresourcescarcity opportunity costtrade-offproduction possibilities frontier rationing device economics

Now students can conveniently study anywhere, at anytime, on any device!

Each section begins with a list of focus questions to quickly identify student objectives.

Key terms found in the section are clearly identified at the start of the section.

Key terms are clearly defined in the margins.

Helpful exhibits illustrate economic concepts throughout the text.

Exhibit and photo caption questions challenge students to learn through visuals.

NEW!

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2 www.emcp.com | email: [email protected]

Roger A. Arnold

© 2015 Text 608 pages

Student Courseware Price ISBNStudent Textbook $89.95 978-0-82196-859-8eBook 6-year license (via email) $79.95 978-0-82196-861-1Applying the Principles Workbook $16.95 978-0-82196-867-3Applying the Principles eWorkbook $14.95 978-0-82197-040-9Finding Economics $17.95 978-0-82196-915-1Guided Reading and Study Guide $17.95 978-0-82196-917-5

Economics: New Ways of Thinking, Second Edition

CONTENTS: TextbookUNIT I Introduction to Economics. 1. What is Economics? 2. Economic Systems and the Global Economy. 3. Free Enterprise. UNIT II The Basics. 4. Demand. 5. Supply. 6. Price: Supply and Demand Together. UNIT III Microeconomics. 7. Business Operations. 8. Competition and Markets. 9. Labor, Employment, and Wages. UNIT IV Macroeconomics. 10. Money, Banking, and the Federal Reserve System. 11. Measuring Economic Performance. 12. Economic Changes and Cycles. 13. Fiscal and Monetary Policy. 14. Taxing and Spending. UNIT V Trade and Investment. 15. International Trade and Economic Development. 16. Stocks and Bonds. Multimedia Project. Personal Finance Handbook. Economic Skills Handbook. Databank. Glossary. Spanish Glossary. Photo Credits. Index.

Use Flipgrid™ to interact with students and reinforce their understanding of essential economics concepts. For additional information about Flipgrid, see page 4.

Guided Reading and Study Guide

Robert Brown

Applying the Principles Workbook Teacher’s Edition

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Instructor Resources Price ISBNAnnotated Teacher’s Edition $109.95 978-0-82196-860-4Annotated Teacher’s Edition eBook $92.95 978-0-82195-969-5Teacher Digital Resources $399.95 978-0-82196-914-4Assessment Book: Tests and Quizzes

with Answer Key $23.95 978-0-82196-919-9 Lesson Plans Book $32.95 978-0-82196-920-5Applying the Principles Workbook

Teacher’s Edition $27.95 978-0-82196-868-0Finding Economics Teacher’s Edition $27.95 978-0-82196-916-8 Guided Reading and Study Guide

Teacher’s Edition $32.95 978-0-82196-918-2

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Flipgrid Price ISBNFlipgrid Classroom $65.00 978-0-82196-641-9

Learn more about how to incorporate Flipgrid with Economics: New Ways of Thinking at www.emcschool.com/econ.

Using Flipgrid™ with Economics: New Ways of Thinking, Second Edition will help you interact with your students and reinforce the essential concepts you are teaching.

Create grids of short, discussion-style questions and have students respond through recorded videos. Grid questions can include chapter objectives, concepts, and key terms for students to answer and define. With Flipgrid, educators can:

• Reinforce chapter objectives.• Introduce social media into the classroom.• Give all students a voice in classroom discussions.

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Today’s students live in an economic environment that is more diverse and complex than ever. EMC’s Personal Finance program will help your students develop healthy money habits and understand key financial issues. Covering current and relevant topics including identity theft, buying a car, and using debit cards, this program presents hundreds of real-life examples, documents, and forms to capture the interest of today’s consumer-oriented teens.

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Personal Finance: A Lifetime Responsibility

Grady Kimbrell and Nathan Dungan


Student Courseware Price ISBNStudent Textbook $71.95 978-0-82194-254-3eBook 6-year license $61.95 978-0-82194-260-4Power Practice: Interactive Student CD $19.95 978-0-82194-662-6Student Activities Book: Forms and

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with Answer Key $99.95 978-0-82194-258-1EMC Lesson Planner: Plus Resources CD $215.95 978-0-82194-665-7PowerPoint® Lectures CD $139.95 978-0-82194-663-3

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CONTENTS: TextbookIntroduction. Unit I Income—Learning to Earn. 1. Career Planning. 2. Job and Career Success. Unit II Managing Your Money. 3. Financial Planning. 4. Budgeting. 5. Checking Accounts. Unit III Saving and Investing. 6. Savings: Starting Now! 7. Investment Options: Risks and Rewards. Unit IV Spending Wisely. 8. Influences on Buying Decisions. 9. Transportation. 10. Housing. 11. The Necessities: Food and Clothing. 12. Consumer Rights and Responsibilities. Unit V Credit and Debt. 13. Credit: Helpful or Hurtful. 14. Using Credit Wisely. Unit VI Financial Risk Management. 15. Auto and Home Insurance. 16. Health and Life Insurance. Conclusion. Economic Principles Reference Guide. Personal Finance Resource Center. Glossary. Index.

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Personal Finance

American Government: Citizenship and Power provides thought-provoking insight into today’s ever-shifting political climate. The text also presents stories, debates, and discussions of contemporary issues to capture students’ interest and encourage their active participation in politics and government. This dynamic high school program includes hundreds of high-interest features that offer students opportunities for participating in the political process.

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American Government: Citizenship and Power

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CONTENTS: TextbookUnit 1 Foundations of American Government. 1. Principles of Government and Politics. 2. Origins of American Government. 3. The Constitution. 4. Federalism. 5. Basic Freedom and the First Amendment. 6. Due Process and Other Protected Rights. 7. Equal Rights. Unit 2 The Three Branches of Government. 8. Congress: Members and Elections. 9. The Powers of Congress. 10. How Congress Works. 11. The Presidency. 12. The President at Work. 13. The Bureaucracy. 14. The Legal System and the Courts. Unit 3 Participating in Government. 15. Citizens and the Political Culture. 16. Interest Groups. 17. Political Parties. 18. Campaigns and Elections. 19. Voting. 20. The Media and Public Opinion. Unit 4 Public Policy and Other Government Systems. 21. Social and Economic Policy. 22. Foreign Policy and National Defense. 23. State and Local Government.


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Fall Catalog - EMC School · PDF fileFall Catalog Learning Solutions for Social Sciences...

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