Economics : Principles, Applications and Tools

by O'Sullivan, Arthur; Sheffrin, Steven M.; Perez, Stephen

• ISBN13: 9780136076445
• ISBN10: 0136076440
• Edition: 6th
• Format: Paperback
• Copyright: 2010-01-01
• Publisher: Prentice Hall

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

Introduction and Key Principles
Introduction: What Is Economics?	p. 2
The Key Principles of Economics	p. 28
Exchange and Markets	p. 48
Demand, Supply, and Market Equilibrium	p. 66
The Basic Conceptsin Macroeconomics
Measuring a Nationrsquo;s Production and Income	p. 98
Unemployment and Inflation	p. 122
The Economy in the Long Run
The Economy at Full Employment	p. 142
Why Do Economies Grow?	p. 162
Economic Fluctuations
Aggregate Demand and Aggregate Supply	p. 190
Fiscal Policy	p. 210
The Income-Expenditure Model	p. 230
Investment and Financial Markets	p. 262
Money, Banking, and Monetary Policy
Money and the Banking System	p. 280
The Federal Reserve and Monetary Policy	p. 300
Inflation, Unemployment, and Economic Policy
Modern Macroeconomics: From the Short Run to the Long Run	p. 320
The Dynamics of Inflation and Unemployment	p. 338
Macroeconomic Policy Debates	p. 358
The International Economy
International Trade and Public Policy	p. 376
The World of International Finance	p. 396
A Closer Look at Demand and Supply
Elasticity: A Measure of Responsiveness	p. 418
Market Efficiency and Government Intervention	p. 448
Consumer Choice Using Utility Theory	p. 472
Market Structures and Pricing
Production Technology and Cost	p. 504
Perfect Competition	p. 526
Monopoly and Price Discrimination	p. 552
Market Entry and Monopolistic Competition	p. 574
Oligopoly and Strategic Behavior	p. 590
Table of Contents provided by Publisher. All Rights Reserved.