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This is the ninth edition of “Economics: Principles, Applications, and Tools”. There are three primary goals of preparing this edition.

• This edition has incorporated the sweeping changes in the United States and world economies that have been witnessed in the last several years and the difficulties that the world economy has continued to experience in recovering from the severe economic downturn.
• This edition is updated to reflect the latest exciting developments in economic thinking and make these accessible to new students of economics.
• This edition has stayed true to the philosophy of the textbook—using basic concepts of economics to explain a wide variety of timely and interesting economic applications.

This book is divided into eleven parts.  The first part cover introduction of economics and its key principles. The second part discusses the basic concepts in macroeconomics such as national income, unemployment and inflation. The Economy, in the long run, is included in the third part of this book which discusses the economy in full employment and why do economies grow. The fourth part covers economic fluctuations and fiscal policy, where aggregate demand and aggregate supply, fiscal policy, income-expenditure model, and investment and financial markets are discussed. The fifth part includes money, banking and monetary policy, where the money and banking system, and the federal reserve and monetary policy are explained. The sixth part covers inflation, unemployment and economic policy, where modern macroeconomics: from short-run to long-run, dynamics of inflation and unemployment, macroeconomics policy debates are explained. The seventh part covers the international economy, where international trade and public policy, and the world of international finance are discussed. The eighth part includes a closer look at demand and supply, where elasticity, market efficiency and government intervention, and consumer choice are discussed. The ninth part includes market structures and pricing, where production technology and cost, perfect competition, monopoly and price discrimination, market entry and monopolistic competition, oligopoly and strategic behavior, and controlling market power are explained. The tenth part includes externalities and information, where imperfect competition, public goods and public choice, and external costs and environmental policy are discussed. The eleventh part covers the labor market and income distribution, where the labor market and distribution of income is discussed.