This text has been written for the undergraduate principles of microeconomics course in colleges and universities. The first Canadian edition has been successfully used in all provinces of the country. This student friendly principles of economics textbook has been praised in reviews for its accessibility. One of the authors' primary concerns is to instill "economic sensibility" in the student. The text emphasizes the intellectual and historical context to which the economic models are applied.

New Features :

• Shorter: In the 2nd edition we have tried to eliminate detours from the main topics. This provides a shorter, more straightforward presentation of the central ideas of economics.
• Proof: For example: Chapter 3: The Canadian Economy in a Global Setting, combines 1st edition Chapters 4 and 5. This chapter is much shorter and surveys the issues while saving the in-depth analysis for later in the text.
• Innovation and Globalization: The revision emphasizes the digital revolution, which affects both technology and innovation, and globalization and its affect on growth. Nearly ever chapter includes some discussion of one of the other or both. Proof: An entire chapter, Chapter 14, Globalization, Technology, and Real-World Competition focuses on these issues.
• Chapter 4: Supply and Demand, now discusses shift factors of demand and supply individually.
• Chapter 5: Using Supply and Demand provides students with the opportunity to apply those shift factors learned in chapter 4 to the real world where multiple shift factors may impact the economy simultaneously.
• Increased Coverage of Technology and Globalization. Chapter 14, Globalization, Technology, and Real-World Competition, brings together several issues. The first half of the chapter discusses how goals of real-world firms differ from the pure profit-maximization assumed by the models. The second half discusses how globalization and technological advances have affected real-world competition.
• Enhanced Market Failure Coverage. Chapter 15, Government Policy and Market Failures, presents a useful policy framework for students. This chapter considers market failures based on (1) externalities, (2) public goods, and (3) asymmetric information.
• Full Coverage of Canadian Competition Issues. New Chapter 16 offers comprehensive coverage of Canadian competition issues. The chapter details Canadian competition law, discusses the economic reasoning behind the legislation, and analyses pertinent cases. Canadian competition policy is contrasted with competition legislation in other countries, notably the United States.
• Extended Policy Coverage. Chapter 17, Microeconomic Policy, Economic Reasoning, and Beyond, puts economic reasoning into practice. The first part extends the supply/demand model to a broader cost/benefit framework. The second part considers both the costs and the benefits of using economic reasoning. Three types of failures are considered: (1) failures due to distributional issues, (2) failures due to human irrationality, and (3) failures due to violations of inalienable rights.