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The4 second edition of Economics builds on the foundationof success of its first edition. I remain convinced that students have an innate interest in the subject  of economics that can be stimulated by a text that applies and uses economic theory, showing how the economy functions. In this new edition I have added featuresthat help students fathom the modern global economy. I have also added many more applications that demonstrate how the discipline of economics is relevant to students’ personal lives and to the business, managerial, and policy issues that they read and hear about.



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