Economics is a vital com ponent of any studentseduca 1 tion because an understanding of econom ic principles is Iessential for success in the m odern world. The rapid evolu­tion of global interdependence am ong both highly industrialized and less developed econom ies affects students lives. My goal in writing this book has been to communi cate the relevance of economics to everyday life by blend ing examples and applications with econom ic the oryin each chapter. In this edition, I've revised to u p d a te the information, to give you the most relevant and interesting applications, and to provide analysis o femerging issuesfor the 21st century, including the transition to free marketsin nations that formerly operated under sy stem sofcentral planning.