Principles of Economics Brief Edition + Economy 2009 Update

by Frank, Robert; Bernanke, Ben

• ISBN13: 9780077354329
• ISBN10: 007735432X
• Edition: 1st
• Format: Hardcover
• Copyright: 2009-07-13
• Publisher: McGraw-Hill/Irwin

Summary

In recent years, innovative texts in mathematics, science, foreign languages, and other fields have achieved dramatic pedagogical gains by abandoning the traditional encyclopedic approach in favor of attempting to teach a short list of core principles in depth. Two well-respected writers and researchers, Bob Frank and Ben Bernanke, have shown that the less-is-more approach affords similar gains in introductory economics. The authors introduce a coherent short list of core principles and reinforce them by illustrating and applying each in numerous contexts. Students are periodically asked to apply these principles and to answer related questions and exercises.The BRIEF editions were developed for instructors who appreciate the Frank & Bernanke approach, but desire a more manageable amount of content and slightly less rigor. In the brief editions, the authors made careful choices of material to eliminate and condense, in order to produce of more concise covereage.

Table of Contents

Introduction

Thinking Like an Economist

Comparative Advantage

Supply and Demand

Competition and the Invisible Hand

Elasticity

Demand

Perfectly Competitive Supply

Efficiency, Exchange, and the Invisible Hand in Action

Market Imperfections

Monopoly, Oligopoly, and Monopolistic Competition

Games and Strategic Behavior

Externalities and Property Rights

Economics of Public Policy

Using Economics to Make Better Policy Choices

Macroeconomics: Data and Issues

Spending, Income, and GDP

Inflation and the Price Level

Wages and Unemployment

The Economy in the Long Run

Economic Growth

Saving, Capital Formation, and Financial Markets

The Financial System, Money, and Prices

The Economy in the Short Run

Short-Term Economic Fluctuations

Spending and Output in the Short Run

Stabilizing the Economy: The Role of the Federal Reserve

Aggregate Demand, Aggregate Supply, and Macroeconomic Policy

The International Economy

Exchange Rates, International Trade, and Capital Flows

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