Economics: Principles, Applications, and Tools

by O'Sullivan, Arthur; Sheffrin, Steven; Perez, Steve

• ISBN13: 9780131479715
• ISBN10: 0131479717
• Additional ISBN(s): 9780130081513, 9780132235655
• Edition: 5th
• Format: Paperback
• Copyright: 2007-01-01
• Publisher: Prentice Hall
• More Book Details
• Purchase Benefits

Summary

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

Preface	p. xxi
Introduction and Key Principles	p. 1
Introduction: What Is Economics?	p. 1
Key Principles of Economics	p. 23
Markets and Government in the Global Economy	p. 41
Supply, Demand, and Market Equilibrium	p. 63
A Closer Look at Supply and Demand	p. 95
Elasticity: A Measure of Responsiveness	p. 95
Market Efficiency and Government Intervention	p. 119
Consumer Choice	p. 145
Market Structures and Pricing	p. 163
Production and Cost	p. 163
Perfect Competition: Short Run and Long Run	p. 187
Monopoly	p. 213
Entry and Monopolistic Competition	p. 235
Oligopoly and Strategic Behavior	p. 251
Using Market Power: Price Discrimination and Advertising	p. 277
Controlling Market Power: Antitrust Policy and Deregulation	p. 293
Spillovers and Information	p. 311
Imperfect Information and Disappearing Markets	p. 311
Public Goods, Taxes, and Public Choice	p. 329
Environmental Policy	p. 349
The Labor Market and Economic Challenges	p. 371
The Labor Market	p. 371
Economic Challenges: Poverty, Aging, and Health Care	p. 399
The Basic Concepts in Macroeconomics	p. 417
Measuring a Nation's Production and Income	p. 417
Unemployment and Inflation	p. 437
The Economy in the Long Run	p. 453
Classical Economics: The Economy at Full Employment	p. 453
Why Do Economies Grow?	p. 475
Economic Fluctuations	p. 501
Aggregate Demand and Aggregate Supply	p. 501
Keynesian Economics and Fiscal Policy	p. 521
Investment and Financial Intermediation	p. 553
Money, Banking, and Monetary Policy	p. 571
Money, the Banking System, and the Federal Reserve	p. 571
Monetary Policy in the Short Run	p. 591
Inflation, Unemployment, and Economic Policy	p. 611
From the Short Run to the Long Run	p. 611
The Dynamics of Inflation and Unemployment	p. 629
Current Issues in Macroeconomic Policy	p. 651
The International Economy	p. 669
International Trade and Public Policy	p. 669
The World of International Finance	p. 691
Glossary	p. 1
Answers to Odd Numbered Problems and Discussion Questions	p. 1
Index	p. 1
Photo Credits	p. 1
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