Principles of Macroeconomics 2e covers the scope and sequence of most introductory economics courses. The text includes many current examples, which are handled in a politically equitable way. The outcome is a balanced approach to the theory and application of economics concepts. The second edition has been thoroughly revised to increase clarity, update data and current event impacts, and incorporate the feedback from many reviewers and adopters.Changes made in Principles of Macroeconomics 2e are described in the preface and the transition guide to help instructors transition to the second edition.

By the end of this section, you will be able to:Explain the origin and role of the World Trade Organization (WTO) and General Agreement on Tariffs and Trade (GATT)Discuss the significance and provide examples of regional trading agreementsAnalyze trade policy at the national levelEvaluate long-term trends in barriers to trade

By the end of this section, you will be able to:Discuss how international trade influences the job marketAnalyze the opportunity cost of protectionismExplain how international trade impacts wages, labor standards, and working conditions

By the end of this section, you will be able to:Explain the meaning of trade balance and its implications for the foreign exchange marketAnalyze concerns over international trade in goods and services and international flows of capitalIdentify and evaluate market-oriented economic reforms