Essentials of Economics, 7th edition

  • Anthony Patrick O'Brien
  • Glenn Hubbard

Overview

For a one-semester course covering the principles of economics for students in business and economics.

 

The relevance of economics shown through real-world business examples

One of the challenges of teaching principles of economics is fostering interest in concepts, including opportunity cost, trade-offs, scarcity, and demand and supply that may not seem applicable to students’ lives. Essentials of Economics provides concise coverage of both Microeconomics and Macroeconomics by demonstrating how real businesses apply them to make decisions every day. With ever-changing US and world economies, the 7th Edition has been updated with the latest developments using new real-world business and policy examples. Regardless of their future career path -- opening an art studio, trading on Wall Street, or bartending at the local pub, students will benefit from understanding the economic forces behind their work.

 

Personalize learning with MyLab Economics

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Table of contents

PART I: INTRODUCTION

1. Economics: Foundations and Models

     Appendix: Using Graphs and Formulas  

2. Trade-offs, Comparative Advantage, and the Market System

3. Where Prices Come From: The Interaction of Demand and Supply    

 

PART II: MARKETS IN ACTION: POLICY AND APPLICATIONS

4. Market Efficiency and Market Failure

5. The Economics of Health Care

 

PART III: MICROECONOMIC FOUNDATIONS: CONSUMERS AND FIRMS

6. Firms, the Stock Market, and Corporate Governance

7. Consumer Choice and Elasticity                    

8. Technology, Production, and Costs   

 

PART V: MARKET STRUCTURE AND FIRM STRATEGY

9. Firms in Perfectly Competitive Markets         

10. Monopoly and Antitrust Policy

11. Monopolistic Competition and Oligopoly    

 

PART VI: MACROECONOMIC FOUNDATIONS

12. GDP: Measuring Total Production and Income        

13. Unemployment and Inflation         

 

PART VIII: LONG-RUN ECONOMIC GROWTH AND SHORT-RUN ECONOMIC FLUCTUATIONS

14. Economic Growth, the Financial System, and Business Cycles

15. Aggregate Demand and Aggregate Supply Analysis   

      Appendix: Macroeconomic Schools of Thought

 

PART VIIII: MONETARY AND FISCAL POLICY

16. Money, Banks, and the Federal Reserve System     

17. Monetary Policy    

18. Fiscal Policy

19. Comparative Advantage, International Trade, and Exchange Rates

Published by Pearson (April 21st 2020) - Copyright © 2021