Designed for the Survey of Economics course, Economics: Theory and Practice introduces students to basic economic concepts, institutions, relationships, and terminology. This text prepares students to use economic thinking in their classes, careers, and everyday lives. Flexible in approach, instructor-friendly in structure, and student-friendly in language, Economics: Theory and Practice contains an essential coverage of both microeconomics and macroeconomics, in any sequence. Whether addressing topics such as the effects of inflation on interest rates or an economys response to a price increase in consumer goods, no Survey of Economics course is complete without Patrick and Gerry Welchs classic text.