Dear Student,

Welcome to the study of economics and to the tenth edition of Economics: Theory & Practice. This course may well be among the most valuable you will take for application to and enrichment of your everyday life. We are excited to join you in this learning experience.

What can you expect from this textbook and your course?

• Economic topics are given a great deal of attention in daily news reports. Unemployment numbers, banking issues, health care programs, government bailouts, gasoline price changes, the stability of global economies, and so many more topics are frequently featured. This textbook will provide basic information that helps you to understand economic issues in a knowledge-based context.
• In the first few pages of Chapter 1, you will learn that economics is rooted in scarcity and choice: The scarcity of resources, time, and money forces everyone, including businesses and governments, into making choices, or decisions, about how to use these limited resources, or how to deal with scarcity. Economics introduces us to tools used in decision-making, and to thought processes that are valuable in our own problem solving and in thinking through issues.
• Other than mathematics and parts of the natural sciences, very little in fields of study is indisputable. Instead, in most areas like economics, the subject matter is gray and lends itself to varied points of view. Every chapter in this textbook has an “Up for Debate,” where issues are viewed from different perspectives. For example, the issue of banning the use of cell phones while driving (“Up for Debate” in Chapter 11) has both pro and con arguments.
• Today's focus on environmental issues is a significant example of the basic economic problem, and the decisions that surround these concerns are perfect examples of the application of the study and tools of economics in our everyday world. Throughout this edition, you will find environmental applications and debates in almost every chapter. This text will make you smarter about thinking through global warming, recycling, carbon emissions, and a host of other “green” issues as well as the new career opportunities they bring.

We have worked to maintain and improve the reputation of this textbook for its student-friendly style. For the student who needs extra support, there is online help. We know that economics has a reputation as a difficult and dense subject area, but we ask that you put this notion aside as you work through this accessible textbook—you will find it most readable and interesting. We are always open to your ideas and questions.

Enjoy!

Patrick Welch

Gerry Welch