These two highly-respected authors have revised this best-selling book to include more current, modern subject matter and events, while maintaining those features that have contributed to its great success. It continues to use stories, graphs, and equations and a unified and logical organization to make economic concepts easy-to-understand and relevant to all readers. Users of this book see the connection between growth, trade, comparative advantage, and the production possibilities frontier. When readers understand how a simple competitive market system works, they are ready to focus on problems of real-world markets. Revamped to include such subjects as globalization and growth and development, this book explores the issues, current trends, and debates surrounding trade in the developing world. It continues to provide an excellent foundation by discussing: the scope and method of economics; scarcity and choice; demand, supply, and market equilibrium; household behavior and consumer choice; the production process; short-run and long-run costs and output decisions; input demand; monopoly and antitrust policy; oligopoly; social choice; income distribution and poverty; and public finance. An excellent resource for economists; this handy book can serve those in business, as an understanding of basic economics will prove helpful in any venture.