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Economics : Principles, Applications and Tools,9780136076445
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Economics : Principles, Applications and Tools

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Pub. Date:
Prentice Hall
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This modern, Micro first book has a strong foundation in demand and supply. Its thoughtful coverage of change in demand vs. change in quantity demanded (also in supply coverage) enables readers to better visualize and truly understand the difference between these 2 fundamental concepts. Its hallmark feature includes a focus on the 5 Key Principles of Economics: 1) Opportunity Cost, 2) The Marginal Principle (comparing marginal benefits and marginal costs), 3) Diminishing Returns, 4) The Spillover Principle (for externalities in production and consumption), and, 5) The Reality Principle (distinguishing real from nominal magnitudes). For economists, financial analysts and other finance professionals.

Table of Contents

Introduction and Key Principles
Introduction: What Is Economics?p. 2
The Key Principles of Economicsp. 28
Exchange and Marketsp. 48
Demand, Supply, and Market Equilibriump. 66
The Basic Conceptsin Macroeconomics
Measuring a Nationrsquo;s Production and Incomep. 98
Unemployment and Inflationp. 122
The Economy in the Long Run
The Economy at Full Employmentp. 142
Why Do Economies Grow?p. 162
Economic Fluctuations
Aggregate Demand and Aggregate Supplyp. 190
Fiscal Policyp. 210
The Income-Expenditure Modelp. 230
Investment and Financial Marketsp. 262
Money, Banking, and Monetary Policy
Money and the Banking Systemp. 280
The Federal Reserve and Monetary Policyp. 300
Inflation, Unemployment, and Economic Policy
Modern Macroeconomics: From the Short Run to the Long Runp. 320
The Dynamics of Inflation and Unemploymentp. 338
Macroeconomic Policy Debatesp. 358
The International Economy
International Trade and Public Policyp. 376
The World of International Financep. 396
A Closer Look at Demand and Supply
Elasticity: A Measure of Responsivenessp. 418
Market Efficiency and Government Interventionp. 448
Consumer Choice Using Utility Theoryp. 472
Market Structures and Pricing
Production Technology and Costp. 504
Perfect Competitionp. 526
Monopoly and Price Discriminationp. 552
Market Entry and Monopolistic Competitionp. 574
Oligopoly and Strategic Behaviorp. 590
Table of Contents provided by Publisher. All Rights Reserved.

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