This is a real-world look at economics and its applications. Economics is renowned for its conversational writing style, and for treating standard economic concepts as tools for making judgments as opposed to inflexible rules. This latest edition features updated international analysis along with more in-depth coverage of increasingly vital outsourcing issues than any other principles text. A new discussion of behavioral economics includes an examination of the work of Richard Thaler, the ultimatum game, and the status quo bias.