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Sample Chapter

Chapter 6 Intro to Macro and Gross Domestic Product (pdf)

Book Details

  • Paperback
  • August 2013
  • ISBN 978-0-393-93577-6
  • 8.1 × 9.9 in / 643 pages
  • Territory Rights: Worldwide

Media Showcase Site

Showcase Site

Visit the showcase site for Principles of Economics.

Principles of Macroeconomics


Lee Coppock (Author, University of Virginia), Dirk Mateer (Author, University of Kentucky)


Makes economics stick. Meets students where they are.

An innovative instructor uses his tested insights and successful teaching practices to create a truly student-centered approach: real-world examples, pedagogy developed in his own classrooms, and problem solving tools that resonate with today’s students.

A framework that helps students relate economics to their own lives

Principles of Macroeconomics uses examples that meet students where they are. Economics in the Real World examples connect the narrative to current events. Economics in the Media boxes in every chapter illuminate how economics informs popular culture. And Economics for Life boxes show how economics impacts students personally.

Teaches problem solving skills

Practice What You Know boxes allow students to self-assess and check their understanding as soon as they finish learning about a topic. Theses boxes are framed within everyday situations, illuminating how the concepts relate to students’ lives. Two completely solved problems at the end of every chapter reinforce important chapter concepts and help students develop the problem solving skills they’ll need on exams.

An engaging and personal path to learning

Each chapter begins with Big Questions that focus student attention on the most important chapter topics. The Answering the Big Questions feature at the end of the chapter returns to these questions and reinforces the important take-home messages. Snapshot infographics in each chapter highlight a key chapter topic, reinforcing important chapter takeaways for students. These engaging and highly visual spreads include review questions that get students thinking about the illustrated concept and connect the graphic to key chapter content. In addition, Office Hours Video Tutorials (filmed with and conceived by the author) explain fundamental concepts focusing on topics that are typically difficult to explain in writing. Office Hours videos have been incorporated throughout Norton SmartWork as video feedback for questions, integrated into the ebook, and included in the coursepack.

Norton SmartWork: a complete learning environment and online course

Norton SmartWork delivers a suite of innovative tutorials, learning tools, and assessment in a pedagogically effective way. Solution feedback and answer-specific feedback help students become better problem solvers, not just solve a single problem. Four pre-created question types, available for instructors to assign, include concept check quizzes, homework assignments and “Snapshot” activities. In addition, Interactive Scratch Paper Tutorials help students better understand cause and effect in economics. Based on the foundational graphs of economics, these 10 tutorial modules encourage students to experiment with moving different curves and help students see how changes in one curve can affect other variables like price. Finally, the Norton Ebook is imbedded, consistently motivating students to actively engage with the readings as a key step to deeper understanding. Designed from the ground up to be tablet compatible, Norton SmartWork can be accessed on desktops, on laptops, or on the go with any tablet.


Norton SmartWork will be available Summer, 2014.

A resource package created for instructors by instructors

The instructor resource package provides support and guidance for every aspect of the course, from class preparation to lecture to assessment. Norton SmartWork includes pre-created assignments to help instructors get started quickly and easily, including reading quiz questions, homework questions, infographic questions, and end-of-chapter problems. The Ultimate Guide to Teaching Economics contains hundreds of teaching tips and activities, descriptions of movie clips, TV shows, commercials, music examples, and more—with author introductions and recommendations for each chapter. The Test Bank adheres to the goals of the text and to Bloom’s Taxonomy, and has been author approved and reviewed.

    1) The Five Foundations of Economics
    2) Model Building and Gains from Trade
    3) The Market at Work: Supply and Demand
    4) Price Controls
    5) The Efficiency of Markets and the Costs of Taxation

    Macroeconomic Basics
    6) Introduction to Macroeconomics and Gross Domestic Product
    7) Unemployment
    8) The Price Level and Inflation
    9) Savings, Interest Rates, and the Market for Loanable Funds
    10) Financial Markets and Securities

    The Long and Short of Macroeconomics
    11) Economic Growth and the Wealth of Nations
    12) Growth Theory
    13) The Aggregate Demand–Aggregate Supply Model
    14) The Great Recession, the Great Depression, and Great Macroeconomic Debates

    Fiscal Policy
    15) Federal Budgets: The Tools of Fiscal Policy
    16) Fiscal Policy

    Monetary Policy
    17) Money and the Federal Reserve
    18) Monetary Policy

    International Economics
    19) International Trade
    20) International Finance