In writing this book, I benefited from the input of many talented people. Indeed, the list of people who have contributed to this project is so long, and their contributions so valuable, th.it it seems an injustice th.it only a single name appears on the cover

Let me begin with my colleagues in the economics profession. The four editions of this text and its supplemental materials have benefited enormously from their input. In reviews and surveys, they have offered suggestions, identified challenges, and shared ideas from their own classroom experience. I am indebted to them for the perspective» they have brought to the text. Unfortunately, tin: list has become too long to thank those who contributed to previous editions, even though students reading the current edition are still benefiting from their insights

Most important in this process have been Ron Cronovich (Carthage College) and David Hakes (University of Northern Iowa). Ron and David, both dedicated teachers, have served as reliable sounding board* for ideas and hardworking partners with me in putting together the superb package of supplements.

For this new edition, the following diary reviewers recorded their day-to-day experience over the civurse of a semester, offering detailed suggestions about how to improve the text.

John Crooker, University of Central Missouri

Rachel Fried berg. Bnwn University Greg Hunter, California State

University. Polytechnic, Pomona Lillian Kama I, Northwestern University

Franc-is Kemegue, Bryant University Oniglas Miller, University of Missouri Babu Nahata, University of Louisville Edward Skellon, Southern Methodic University

The following reviewers of the fourth edition provided suggestions for refining the content, organization, and approach in the fifth

Syed Ahmed, Cameron University Far had Ameen, Staff University of New York, Westchester Community College Mohammad Bajwa, Northampton

Community College Carl Bauer, OtMon Community College Roberta Biby, Grand Valley State

University Stephen Billings, {JnittTOriy of Colorado at Boulder

Bruce Brown, California Slate

University, Polytechnic, Pomona Lynn Burbridge, Northern Kentucky

University Mark Chester, Reading Area

Community College David Ching, ¿Jninrotiy ofHtnmtii, Manoa

Sarah Cosgrove, University of Massachusetts. Dartmouth

Copyright 2009 Ctngafc Learning. Inc. All Ri;hlv Reserved. May nix he copied, wanned. cr daplvuted. in »hole or in purt.

Craig Depken, (Jnrcmif)/ of North

Carolina, Charlotte Angela Dzata, Alabama Slate

Unhvrtity Jost' Esteban, Palomar College Mark Frascatore, CLi^üin University Satyajit Glu>sh, University of Scranion Soma Chosh, Bridgewuter State College

Daniel Giedeman, Grand Valley Stale

University Robert L. Holland, Purdue University Anisul Islam, University of Houston,

Downtown Nancy Jianakopkm, Colorado Stete

University Paul [ohnson, Uitfaersity of Alaska.

Anchorage Robert Jones, Univasiiy of

Massachusetts, Dartmouth Lillian Kama I, .Vini/tauyir-ni

University Jongsung Kim, Bryant University Marek Kolar, Deila College Leonard Lardaro, University of Rhode hland

Nazma Lalif-Zaman, Providence College

William Mertens, Univrrsüy of Colorado

Francis Mummen-, Fullerton College David Mushinski, Colorado State

Unrmrsity Chrfetopher Mushrush, Illinois State

Unfrersily Btibii Nahata, Uwwrsrty of bwhviRe Laudo Ogura, Grand Valley State

UniversUy Michael Patrcno,Okaboia--Walten College

Jeff Rubin, Rutgers tlniversity, Neio

Brunswik Samuel S«irri, College of Southern Srcada

Harinder Singh, Grand Valley State

Univtrslly David Spencer, Ifwwrftfy of Michigan David Switzer, Saint Cloud State

Untverslty Henry Terrell, University of Maryland Ngocbich Tran, San Jacinto College Miae Wang, Marquette University Elizabeth Wheaton, Southern Methodist

Umvtrtily Mariin Zelder. Northmeslcrn Untvtrsily

I received de tailed feedback on specific elements in the text, including all end-of-cKapler problem» and application», from the following instructors.

Casey R. Abington, Kansas State

University Seemi Ahmad, DutcfWS Community College

Faihad Ameen, State University of New York. Westchester Community College J. J. Aria», (;«»£!« College. & Slate

University James Bathgate, Willamette University Scott Beaulier, Mercer I Iniversily Clive Belfidd, Queens College Calvin Blackwell, College of Charleston Cecil E. Bohanon, Hall State University Douglas Campbell, Uniivrsily of

Memphis Michael G. Carew, Banich College Sew in Clwn, New York University

Joyce J. Chen, The Ohio State Uniivrsity Edward A. Cohn, Del Mar College Chad D.Cotti, University of South Carolina

Erik D. Craft. L/firiYrsiry of Richmond Eleanor D. Craig, University of

Delaware Abdelmagead b'lbuli, Rio Hondo College

Hamid W. Elder, University of Alabama Hadi Solehi Esfahani, University of

Illinois. Urbano-Champaign David Franck, I rancis Marlon

University Amanda S. Freeman, Kansas State

University J P. Gilbert, MhaCosta College

Joanne Guo, Dyson CvUege of Pace linft*rsify Charle» E. Hegji. Auburn University at Montgomery Andrew J. Hussey, University of

Memphis H.sni R. lsakson, Unruervly of

Northern loira Simran Kahai, fohn Carroll

University David E. Kalist, Shtfpensburg

University Mark P. Karecig, Unrevrofiy of

Central Missouri Theodore Kuhn, Butler Unit<er$ity Dong Li, Kansas State University Daniel Lin, Grorj? Aid sua University Nathaniel Manning, Southern

University Vince Marra, University of Delaivare Akbar Marvasti, University of

Southern Masnuppi Heather Mattson, University of

Saint Thomas Charles C. Mnul, Washington

University in St. Iminit Albert A. Oku rude, Umrorsrly of

Memphis J. Brian O'Rivirk, Robeit Morris

University Anthony L. Ostrosky, Illinois State University

Nitin V. Paranjpe. Wayne State

University & Oakland University Sanela Porta, University of South

Carolina. Aiken Walter G. I'ark. American University Re/a M. Ramazani, Sdcrf Michael's College

Rhonda Vonshay Sharpe, Unnvnofy of Vermont Carolyn Fabian Stuniph, Indiana University-PurJue University Fort Wayne Rkk Tannery, Slippery fiiv*

iirtj'ivrs/fy Aditi Thapar, Netv York University Michael H. Tew, Troy University Jennifer A. Vincent, Champlain College Mao»Vulanovic, Lehman College Bhavncet Walw, Kansas Statf

University Douglas M. Walker, College of

Charleston Patrick Walsh, Saint Michael's College Larry Wolfenbatger, Motor State College

William C. Wix»d, fames Madison

University Chtou-nan Yeh, Alabama State University

The accuracy of a textbook is critically important. I am responsible for any remaining error», but I am grateful to I lie following professors for reading through the final manuscript and page proofs with mc:

Joel Dalatave, Buck* County

Community College Greg Hunter, California State

University - Pomona Lillian Kamal, Northwestern University

Francis Kemcgue. Rryant University Douglas Miller, Uniivrsity of Missouri Ed Skelton, Southern Methodist University

The team of editors who worked on this book improved if tremendously. Jane Tufts, developmental editor, provided truly spectacular editing—as she always does. Mike Worts, economics executive editor, did a splendid job of overseeing the many people involved in such a large project. Jennifer Thomas (senior developmental editor) and Katie Yanos (developmental editor) were crucial in assembling an extensive and thoughtful group of reviewers to give tne feedback on the previous edition, while putting together an excellent team to revise the supplements. Colleen Farmer, senior content project manager, and Katherine Wilson, Senior project manager, h.ul the patience and dedication necessary to turn my manuscript into this book Michcllc Kunkler, senior art director, gave this book its dean, friendly look. Michael Steirnagle, the illustrator, helped make the book more visually appealing and the economics in it leu abstract. Carolyn Crabtree, copveditor, refined my prose, and Terry Casey, indexer, prepared a careful and thorough index. Brian Joyncr, executive marketing manager, worked long hours getting tlx- word out to potential users of this book The rest of the Cengage team, including Jean But from, Sandra Milewski and Deepak Kumar, was also consistently professional, enthusiastic, and dedicated.

I am grateful also to josh Boo kin, a former Advanced Placement economics teacher and recently an extraordinary section leader for Ec 10, the introductory course at Harvard. Josh helped me refine the manuscript and check the page proofs tor this edition-

As always, I must thank my "in-house" editor Deborah Mankiw, As the first reader of almost everything I write, she continued lo offer jusl the right mix of criticism and encouragement.

Finally, I would like to mention mv three children Catherine, Nicholas, and Peter. Their contribution to this book was putting up with a father spending too many hours in his study. The four of us have much in common—not least of which is our love of ice cream (which becomes apparent in Chapter 4). Maybe sometime soon one of them will pick up my passion for economics as well.

N.Cregorv Mankiw September 2<X*>

to n

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