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Economics: Principles, Applications, and Tools, 10th edition

  • Arthur O'Sullivan
  • Steven Sheffrin
  • Stephen Perez

Overview

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Introduces students to the basic concepts of economics with engaging stories and timely applications

Students enter their first economics course hoping to gain a better understanding of the world around them, but often leave with their questions unanswered. Economics: Principles, Applications, and Tools is built upon the authors’ philosophy of using basic concepts of economics to explain a wide variety of relevant, current, and engaging economic applications. The 10th Edition incorporates the latest economic developments and timely applications throughout, such as the impact of Bitcoin on monetary policy and the opportunity cost of hosting an AirBnB. By making every chapter accessible and applied, students develop an understanding of core principles that they will use as citizens and consumers, now and in their careers.

 

Personalize learning with MyLab Economics

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Table of contents

PART 1: INTRODUCTION AND KEY PRINCIPLES      

1. Introduction: What Is Economics? 

2. The Key Principles of Economics 

3. Exchange and Markets 

4. Demand, Supply, and Market Equilibrium 

 

PART 2: THE BASIC CONCEPTS IN MACROECONOMICS

5. Measuring a Nation’s Production and Income 

6. Unemployment and Inflation 

 

PART 3: THE ECONOMY IN THE LONG RUN

7. The Economy at Full Employment 

8. Why Do Economies Grow? 

 

PART 4: ECONOMIC FLUCTUATIONS AND FISCAL POLICY

9. Aggregate Demand and Aggregate Supply 

10. Fiscal Policy 

11. The Income-Expenditure Model 

12.  Investment and Financial Markets 

 

PART 5: MONEY, BANKING, AND MONETARY POLICY

13. Money and the Banking System 

14. The Federal Reserve and Monetary Policy 

 

PART 6: INFLATION, UNEMPLOYMENT, AND ECONOMIC POLICY

15. Modern Macroeconomics: From the Short Run to the Long Run 

16. The Dynamics of Inflation and Unemployment 

17. Macroeconomic Policy Debates 

 

PART 7: THE INTERNATIONAL ECONOMY  

18. International Trade and Public Policy 

19. The World of International Finance 

 

PART 8: A CLOSER LOOK AT DEMAND AND SUPPLY          

20. Elasticity: A Measure of Responsiveness 

21. Market Efficiency and Government Intervention 

22. Consumer Choice: Utility Theory and Insights from Behavioral Economics 

 

PART 9: MARKET STRUCTURES AND PRICING       

23. Production Technology and Cost 

24. Perfect Competition 

25. Monopoly and Price Discrimination 

26. Market Entry and Monopolistic Competition 

27. Oligopoly and Strategic Behavior 

28. Controlling Market Power: Antitrust and Regulation 

 

PART 10: EXTERNALITIES AND INFORMATION      

29. Imperfect Information: Adverse Selection and Moral Hazard 

30. Public Goods and Public Choice 

31. External Costs and Environmental Policy 

 

PART 11: THE LABOR MARKET AND INCOME DISTRIBUTION         

32. The Labor Market and the Distribution of Income 

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Published by Pearson (July 18th 2019) - Copyright © 2020