Economics: Theory and Practice, Binder Ready Version, 11th Edition

Book Cover

Economics: Theory and Practice, Binder Ready Version, 11th Edition

By Patrick J. Welch, Gerry F. Welch

Economics: Theory and Practice connects theory to the practice of economics in the everyday world through examples and applications, debates, and critical thinking cases—some that are classics in the field and others that are fresh and up-to-date. It’s balanced coverage of microeconomics and macroeconomics, flexibility in topic coverage order, and use of appendices and content sections to shorten or deepen course material offer a choice of levels and sequences for a course.

Schedule a Demo Sign Up for a Test Drive Adopt WileyPLUS

Want to learn more about WileyPLUS? Click Here

Hear from our Authors

Read, Study, and Practice

Students learn course concepts using the complete online eTextbook, flashcards, crossword puzzles, practice questions, videos, and animations. Organized by learning objective, students can filter for relevant learning resources based on what they need to study most and print any section of the eTextbook.

ORION Adaptive Practice (when available)

Every student has a different starting point, and adaptive practice provides endless opportunities for practice to effectively prepare for class or quizzes and exams. Active retrieval of information with practice questions is proven to improve retention of information better than re-reading or reviewing the material, and students who use adaptive practice to prepare for exams do significantly better than those who do not. Students begin with a quick, chapter-level diagnostic to determine their initial level of understanding, and they can use the dashboard and quick reports to see what topics they know and don’t know.


Students who fully engage in WileyPLUS assignments do better in the course by more than a letter grade. Auto-graded assignments give students immediate feedback based on flexible assignment settings determined by the instructor, while the notification center allows students to set their own email notification policies to stay on track.

Instructors can select from extensive and reliable question banks to create and deploy reading, practice, homework, pre-post lectures, and assessment assignments. This course includes essay, label drag-and-drop, multiple choice, text entry, and true-/false question types.


Students know where they stand on WileyPLUS assignments, and they can track progress by learning objective.

Instructors have insights into student performance at the granular question attempt and can track trends by individual student, assignment, or learning objective. Flexible policies allow instructors to change points, set assignment weighing policies, extend individual due dates, or drop the lowest grade.

Chapter 1. Introduction to Economics
Chapter 2. Economic Decision Making and Economic Systems
Chapter 3. Demand, Supply, and Price Determination
Chapter 4. Chapter 1. Goals and Problems of the Macroeconomy: Employment, Prices, and Production
Chapter 5. Foundations of the Macroeconomy
Chapter 6. The Role of Government in the Macroeconomy
Chapter 7. Money, Financial Institutions, and the Federal Reserve
Chapter 8. Money Creation, Monetary Theory, and Monetary Policy
Chapter 9. Macroeconomic Viewpoints and Models
Chapter 10. Households and Businesses: An Overview
Chapter 11. Benefits, Costs, and Maximization
Chapter 12. Production and the Costs of Production
Chapter 13. Competition and Market Structures
Chapter 14. Government and the Markets
Chapter 15. Labor Markets, Unions, and the Distribution of Income
Chapter 16. International Trade
Chapter 17. International Finance

Answers to “Test Your Understanding”

Wiley Team for Success. Dedicated to Student Achievement.

The Team for Success authors are dedicated to ensuring that all of their Accounting titles are accessible to students, current, accurate, and have a consistent voice and pedagogy from introductory accounting to the intermediate level. Millions of students worldwide have learned from their exceptional resources—and now students are getting real results using ORION Adaptive Practice available in WileyPLUS for Accounting.