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Exploring Macroeconomics

Exploring Macroeconomics

Eighth Edition

January 2019 | 688 pages | SAGE Publications, Inc
The excitement of learning economics for the first time. 
The experience of a lifetime of teaching it.

The Eighth Edition of Exploring Macroeconomics captures the excitement of learning macroeconomics for the first time through a lively and encouraging narrative that connects macroeconomics to the world in a way that is familiar to students. Author Robert L. Sexton draws on over 25 years of teaching experience to capture students’ attention, focusing on core concepts and expertly weaving in examples from current events and popular culture to make even classic economic principles modern and relatable. The text sticks to the basics and applies a thoughtful learning design, segmenting its presentation into brief, visually appealing, self-contained sections that are easier for students to digest and retain compared to sprawling text.  

Thoughtfully placed section quizzes, interactive summaries, and problem sets help students check their comprehension at regular intervals and develop the critical thinking skills that will allow them to “think like economists.” Combined with a complete teaching and learning package, Exploring Macroeconomics is sure to help you ignite your students’ passion for the field and reveal its practical application in the world around them.

A Complete Teaching & Learning Package

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Part I: Introduction
Chapter 1: The Role and Method of Economics
1.1 Economics: A Brief Introduction

1.2 Economic Behavior

1.3 Economic Theories and Models

1.4 Pitfalls to Avoid in Scientific Thinking

1.5 Positive Statements and Normative Statements

Chapter 2: Economics: Eight Powerful Ideas
2.1 Idea 1: People Face Scarcity and Costly Trade-Offs

2.2 Idea 2: People Engage in Rational Decision Making and Marginal Thinking

2.3 Idea 3: People Respond Predictably to Changes in Incentives

2.4 Idea 4: Sepcialization and Trade Can Make People Better Off

2.5 Idea 5: Markets Can Improve Economic Efficiency

2.6 Idea 6: Appropriate Government Policies Can Improve Market Outcomes

2.7 Idea 7: Government Policies May Help Stablilize the Economy

2.8 Idea 8: Increasing Producitivty Leads to Economic Growth

Chapter 3: Scarcity, Trade-Offs, and Production Possibilities
3.1 The Three Economic Questions Every Society Faces

3.2 The Circular Flow Model

3.3 The Production Possibilities Curve

3.4 Economic Growth and the Production Possibilities Curve

Part II: Supply and Demand
Chapter 4: Demand, Supply, and Market Equilibrium
4.1 Markets

4.2 Demand

4.3 Shifts in the Demand Curve

4.4 Supply

4.5 Shifts in the Supply Curve

4.6 Market Equilibrium Price and Quantity

Chapter 5: Markets in Motion and Price Controls
5.1 Changes in Market Equilibrium

5.2 Price Controls

Chapter 6: Elasticities

6.1 Price Elasticity of Demand

6.2 Total Revenue and the Price Elasticity of Demand

6.3 Other Types of Demand Elasticities

6.4 Price Elasticity of Supply

Part III: Market Efficiency, Market Failure, and the Public System
Chapter 7: Market Efficiency and Welfare
7.1 Consumer Surplus and Producer Surplus

7.2 The Welfare Effects of Taxes, Subsidies, and Price Controls

Chapter 8: Market Failure
8.1 Externalities

8.2 Public Policy and the Environment

8.3 Property Rights and the Environment

8.4 Public Goods

8.5 Asymmetric Information

Chapter 9: Public Finance and Public Choice
9.1 Public Finance: Government Spending and Taxation

9.2 Public Choice

Part IV: Macroeconomic Foundations
Chapter 10: Introduction to Macroeconomics: Unemployment, Inflation, and Economic Fluctuations
10.1 Macroeconomic Goals

10.2 Employment and Unemployment

10.3 Types of Unemployment

10.4 Reasons for Unemployment

10.5 Inflation

10.6 Economic Fluctuations

Chapter 11: Measuring Economic Performance
11.1 National Income Accounting: A Standardized Way to Measure Economic Performance

11.2 Measuring Total Production

11.3 Other Measures of Total Production and Total Income

11.4 Problems in Calculating an Accurate GDP

11.5 Problems with GDP as a Measure of Economic Welfare

Chapter 12: Economic Growth in the Global Economy
12.1 Economic Growth

12.2 Determinants of Economic Growth

12.3 Public Policy and Economic Growth

12.4 Population and Economic Growth

Chapter 13: Financial Markets, Saving, and Investment
13.1 Financial Institutions and Intermediaries

13.2 Saving, Investment, and the Financial System

13.3 The Financial Crisis of 2008

Part V: The Macroeconomic Models
Chapter 14: Aggregate Demand and Aggregate Supply
14.1 The Determinants of Aggregate Demand

14.2 The Aggregate Demand Curve

14.3 Shifts in the Aggregate Demand Curve

14.4 The Aggregate Supply Curve

14.5 Shifts in the Aggregate Supply Curve

14.6 Macroeconomic Equilibrium: The Short Run and the Long Run

Chapter 15: The Aggregate Expenditure Model
15.1 The Simple Aggregate Expenditure Model

15.2 Finding Equilibrium in the Aggregate Expenditure Model

15.3 Adding Investment, Government Purchases, and Net Exports

15.4 Shifts in Aggregate Expenditure and the Multiplier

15.5 From Aggregate Expenditures to Aggregate Demand

Part VI: Macroeconomic Policy
Chapter 16: Fiscal Policy
16.1 Fiscal Policy

16.2 Fiscal Policy and the AD/AS Model

16.3 The Multiplier Effect

16.4 Supply-Side Effects of Tax Cuts

16.5 Possible Obstacles to Effective Fiscal Policy

16.6 Automatic Stabilizers

16.7 The National Debt

Chapter 17: Money, Banking, and the Federal Reserve System
17.1 What is Money?

17.2 Measuring Money

17.3 How Banks Create Money

17.4 The Money Multiplier

17.5 The Federal Reserve System

17.6 How Does the Federal Reserve Change the Money Supply?

17.7 Bank Failures

Chapter 18: Monetary Policy
18.1 Money, Interest Rates, and Aggregate Demand

18.2 Expansionary and Contractionary Policy

18.3 Money and Inflation-The Long Run

18.4 Problems in Implementing Monetary and Fiscal Policy

Chapter 19: Issues in Macroeconomic Theory and Policy
19.1 The Phillips Curve

19.2 The Phillips Curve over Time

19.3 Rational Expectations

19.4 Controversies in Macroeconomic Policy

Part VII: The Global Economy
Chapter 20: International Trade
20.1 The Growth in World Trade

20.2 Comparative Advantage and Gains From Trade

20.3 Supply and Demand in International Trade

20.4 Tariffs, Import Quotas, and Subsidies

Chapter 21: International Finance
21.1 The Balance of Payments

21.2 Exchange Rates

21.3 Equilibrium Changes in the Foreign Exchange Market

21.4 Flexible Exchange Rates



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  • eFlashcards and eQuizzes;
  • chapter summaries with learning objectives;
  • chapter-specific study questions;
  • exercises and meaningful Web links that facilitate student use of Internet resources, further exploration of topics, and responses to critical thinking questions.
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Key features


  • Economic Content Standards (ECS) from the National Council of Economic Education are provided in the margin where particular pieces of content are introduced, establishing clear learning objectives and connecting the text to these objectives.
  • Over 100 Figure it Out narrative video graphs, created and narrated by the author, provide additional review for complex graphing topics; videos are available on the free SAGE edge Student Study Site.
  • New Business Watch applications are strategically scattered throughout the text to demonstrate how the economic way of thinking can be applied to a wide range of issues.
  • New Policy Watch features focus on news stories that involve government policy decisions based on economic concepts, inviting students to see the relevance of economics in action.
  • SAGE coursepacks allows you to import the text’s quality content into your learning management system (LMS) with no access codes. Learn more.
  • SAGE edge companion site for students provides includes helpful tools, including eFlashcards, practice quizzes, a customizable action plan, and more. 


  • The content is built on well-known principles of learning and memory segmenting each chapter into four to seven self-contained sections of three to six pages, making it easier for students to read, comprehend, and retain the material.
  • The author’s dynamic writing style brings economic principles to life through the text's concise, easy-to-read sections, frequent use of real-life and pop culture examples, and interactive summaries.
  • A highly visual and modern design encourages student engagement as supportive graphs, tables, photos, and charts illustrate, clarify, and reinforce key economic principles.
  • Every chapter highlights the important connection between economics and modern, everyday issues by examining intriguing topics such as such as teen smoking, crime, gift-giving, and more.
  • Each chapter offers hands-on practice with assignable graphing and plotting questions, helping students learn the vital skill of appropriately reading and interpreting graphs.
  • In the News synopses present relevant and thought-provoking news stories and are placed strategically throughout the text to solidify specific concept discussed in the chapter.
  • Global Watch sections help students understand the magnitude, character, and implications of current economic changes occurring around the world.
  • Using What You've Learned exercises check students’ comprehension of important or difficult concepts, challenging them to apply key concepts from the text to real-world situations.
  • Section Quizzes encourage students to self-manage their retention of the material, providing confidence in proceeding to the next topic.

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