Updated, revised, and improved test bank. Author Gary Walton is a renowned expert in the field of teaching economics. The student obtains a respect for and knowledge of the economic way of thinking. Comprehensive yet not overly detailed, the text's clear narrative focuses on the key economic concepts. Economic Reasoning Propositions are introduced in the preface, continued in Chapter one, and are found throughout the text.
Incentives are rewards that encourage people to act.
Disincentives discourage actions. The circular flow diagram is used through many of the macroeconomics chapters. This pedagogical device brings a sense of order to the complexities of macroeconomics. Concepts Reintroduced is an alphabetical listing of reintroduced key terms with references to the page where the concept was first discussed. New Concepts are key new terms introduced in chapter.