Economics : Principles and Tools

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

• ISBN13: 9780130273833
• ISBN10: 013027383X
• Edition: 2nd
• Format: Hardcover
• Copyright: 2001-01-01
• Publisher: Pearson (Manual)

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	xxi
PART 1: Introduction and Key Principles	1	(96)
Introduction: What is Economics?	1	(22)
Key Principles of Economics	23	(20)
Markets in the Global Economy	43	(20)
Supply, Demand, and Market Equilibrium	63	(34)
PART 2: A Closer Look at Supply and Demand	97	(66)
Elasticity: A Measure of Responsiveness	97	(22)
Market Efficiency and Government Intervention	119	(26)
Consumer Choice	145	(18)
PART 3: Market Structures and Pricing	163	(144)
Production and Cost	163	(24)
Perfect Competition: Short Run and Long Run	187	(24)
Monopoly	211	(22)
Entry and Monopolistic Competition	233	(16)
Oligopoly and Strategic Behavior	249	(26)
Using Market Power: Price Discrimination and Advertising	275	(18)
Controlling Market Power: Antitrust Policy and Deregulation	293	(14)
PART 4: Spillovers and Information	307	(64)
Public Goods, Taxes, and Public Choice	307	(24)
Environmental Policy	331	(22)
Imperfect Information and Disappearing Markets	353	(18)
PART 5: The Labor Market and Economic Challenges	371	(46)
The Labor Market	371	(28)
Economic Challenges: Poverty, Aging, Health Care	399	(18)
PART 6: The Basic Concepts in Macroeconomics	417	(34)
Measuring a Nation's Production and Income	417	(18)
Unemployment and Inflation	435	(16)
PART 7: The Economy in the Long Run	451	(46)
Classical Economics: The Economy at Full Employment	451	(20)
Why Do Economies Grow?	471	(26)
PART 8: Economic Fluctuations	497	(68)
Aggregate Demand and Aggregate Supply	497	(20)
Keynesian Economics and Fiscal Policy	517	(30)
Investment and Financial Intermediation	547	(18)
PART 9: Money, Banking, and Monetary Policy	565	(38)
Money, the Banking System, and the Federal Reserve	565	(18)
Monetary Policy in the Short Run	583	(20)
PART 10: Inflation, Unemployment, and Economic Policy	603	(58)
From the Short Run to the Long Run	603	(18)
The Dynamics of Inflation and Unemployment	621	(22)
Current Issues in Macroeconomic Policy	643	(18)
PART 11: The International Economy	661	(1)
International Trade and Public Policy	661	(22)
The World of International Finance	683
Glossary	1	(1)
Photo Credits	1	(1)
Answers to Odd Numbered Problems and Discussion Questions	1	(1)
Index	1