Economics

Description

NOTE: This edition features the same content as the traditional text in a convenient, three-hole-punched, loose-leaf version. Student Value Editions also offer a great value; this format costs significantly less than a new textbook. Before purchasing, check with your instructor or review your course syllabus to ensure that you select the correct ISBN. For Student Value Editions that include MyLab™ or Mastering™, several versions may exist for each title — including customized versions for individual schools — and registrations are not transferable. In addition, you may need a Course ID, provided by your instructor, to register for and use MyLab or Mastering platforms.

For two-semester courses in the principles of 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 that may not seem applicable to students’ lives. Economics makes this topic relevant by demonstrating how real businesses use economics to make decisions every day. With an ever-changing US and world economy, 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.

 

Also available with MyLab Economics

MyLab™ is the teaching and learning platform that empowers you to reach every student. By combining trusted author content with digital tools and a flexible platform, MyLab personalizes the learning experience and improves results for each student. Learn more about MyLab Economics.

 

Hallmark features of this title

Complete economics coverage

• Real-world business examples and applications help students become educated consumers, voters, and citizens.
• Introductory chapters 1 to 4 give students a solid foundation in the basics, including marginal analysis and economic efficiency.
• International material helps students understand global trading and financial systems, which is essential to understanding the macroeconomy.

Engaging practice

• Economics in Your Life & Career boxes ask students to consider questions related to their lives and careers, adding a personal dimension to the material.

Learner and instructor resources

• An accessible writing style brings the concepts to life.
• A flexible chapter organization satisfies multiple approaches to teaching the principles of economics.

New and updated features of this title

Real-world coverage

• NEW: Section describes economics as a career and highlights the key skills students of any major can gain from studying economics.
• NEW and UPDATED: Chapter-Opening Cases illustrate how the economic concepts presented in the text impact real-life businesses, such as Ford, Snapchat, Apple and Spotify.

Student-focused features

• NEW: An Inside Look boxes use news articles to teach students how to apply economic thinking to current events and policy debates.

• 20 NEW: Apply the Concepts features reinforce key concepts and help students interpret the news. They discuss how managers can forecast the demand for premium bottled water (Ch. 3), who gains/loses from US trade with China (Ch. 9), and more.

Engaging practice

• NEW: Critical-Thinking Sections include end-of-chapter exercise sets, consisting of 2 to 4 real-world problems, which explain key concepts and encourage students to do their own research.
• 17 NEW or UPDATED: Solved Problems show students how to solve an economic problem by breaking it down step by step.

About our authors

Glenn Hubbard, policymaker, professor, and researcher. Hubbard is Dean emeritus and Russell L. Carson Professor of Finance and Economics in the Graduate School of Business at Columbia University and professor of economics in Columbia’s Faculty of Arts and Sciences. He is also a research associate of the National Bureau of Economic Research and a director of Automatic Data Processing, Black Rock Fixed-Income Funds, and MetLife. He received a PhD in economics from Harvard University in 1983. From 2001 to 2003, he served as chair of the White House Council of Economic Advisers and chair of the OECD Economic Policy Committee, and from 1991 to 1993, he was deputy assistant secretary of the US Treasury Department. He currently serves as co-chair of the nonpartisan Committee on Capital Markets Regulation. Hubbard’s fields of specialization are public economics, financial markets and institutions, corporate finance, macroeconomics, industrial organization, and public policy. He is the author of more than 100 articles in leading journals, including American Economic Review; Brookings Papers on Economic Activity; Journal of Finance; Journal of Financial Economics; Journal of Money, Credit, and Banking; Journal of Political Economy; Journal of Public Economics; Quarterly Journal of Economics; RAND Journal of Economics; and Review of Economics and Statistics. His research has been supported by grants from the National Science Foundation, the National Bureau of Economic Research, and numerous private foundations.

Tony O’Brien, award-winning professor and researcher. O’Brien is a professor of economics at Lehigh University. He received a PhD from the University of California, Berkeley, in 1987. He has taught principles of economics for more than 20 years, in both large sections and small honors classes. He received the Lehigh University Award for Distinguished Teaching. He was formerly the director of the Diamond Center for Economic Education and was named a Dana Foundation Faculty Fellow and Lehigh Class of 1961 Professor of Economics. He has been a visiting professor at the University of California, Santa Barbara, and the Graduate School of Industrial Administration at Carnegie Mellon University. O’Brien’s research has dealt with issues such as the evolution of the US automobile industry, the sources of US economic competitiveness, the development of US trade policy, the causes of the Great Depression, and the causes of black-white income differences. His research has been published in leading journals, including American Economic Review; Quarterly Journal of Economics; Journal of Money, Credit, and Banking; Industrial Relations; Journal of Economic History; and Explorations in Economic History. His research has been supported by grants from government agencies and private foundations.

NOTE: This edition features the same content as the traditional text in a convenient, three-hole-punched, loose-leaf version. Student Value Editions also offer a great value; this format costs significantly less than a new textbook. Before purchasing, check with your instructor or review your course syllabus to ensure that you select the correct ISBN. For Student Value Editions that include MyLab™ or Mastering™, several versions may exist for each title — including customized versions for individual schools — and registrations are not transferable. In addition, you may need a Course ID, provided by your instructor, to register for and use MyLab or Mastering platforms.

For two-semester courses in the principles of economics.

 

The relevance of economics shown through real-world business examples

The authors of Economics help foster interest in the discipline concepts, and make the key principles of this topic relevant to readers’ lives by demonstrating how real businesses use economics to make decisions every day. With an ever changing US and world economy, 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, readers will benefit from understanding the economic forces behind their work.

 

Also available with MyLab Economics

By combining trusted author content with digital tools and a flexible platform, MyLab™ personalizes the learning experience and improves results for each student.  

NOTE: You are purchasing a standalone product; MyLab™ Economics does not come packaged with this content. Students, if interested in purchasing this title with MyLab Economics, ask your instructor to confirm the correct package ISBN and Course ID. Instructors, contact your Pearson representative for more information.

If you would like to purchase both the loose-leaf version of the text and MyLab Economics, search for:

 

0134833392 / 9780134833392 Economics, Student Value Edition Plus MyLab Economics with Pearson eText — Access Card Package, 7/e  

 

Package consists of:

• 0134739221 / 9780134739229 Economics, Student Value Edition
• 013473940X / 9780134739403 MyLab Economics with Pearson eText — Access Card — for Economics

 

 

 

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    

4. Economic Efficiency, Government Price Setting, and Taxes   

Appendix: Quantitative Demand and Supply Analysis

           

PART II: MARKETS IN ACTION: POLICY AND APPLICATIONS

5. Externalities, Environmental Policy, and Public Goods

6. Elasticity: The Responsiveness of Demand and Supply          

7. The Economics of Health Care

           

PART III: FIRMS IN THE DOMESTIC AND INTERNATIONAL ECONOMIES

8. Firms, the Stock Market, and Corporate Governance

Appendix: Tools to Analyze Firms’ Financial Information

9. Comparative Advantage and the Gains from International Trade

           

PART IV: MICROECONOMIC FOUNDATIONS: CONSUMERS AND FIRMS

10. Consumer Choice and Behavioral Economics          

Appendix: Using Indifference Curves and Budget Lines to Understand Consumer Behavior         

11. Technology, Production, and Costs

Appendix: Using Isoquants and Isocost Lines to Understand Production and Cost

           

PART V: MARKET STRUCTURE AND FIRM STRATEGY

12. Firms in Perfectly Competitive Markets      

13. Monopolistic Competition: The Competitive Model in a More Realistic Setting        

14. Oligopoly: Firms in Less Competitive Markets         

15. Monopoly and Antitrust Policy      

16. Pricing Strategy

           

PART VI: LABOR MARKETS, PUBLIC CHOICE, AND THE DISTRIBUTION OF INCOME

17. The Markets for Labor and Other Factors of Production

18. Public Choice, Taxes, and the Distribution of Income

           

PART VII: MACROECONOMIC FOUNDATIONS AND LONG-RUN GROWTH

19. GDP: Measuring Total Production and Income        

20. Unemployment and Inflation         

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

22. Long-Run Economic Growth: Sources and Policies

           

PART VIII: SHORT-RUN FLUCTUATIONS

23. Aggregate Expenditure and Output in the Short Run           

Appendix: The Algebra of Macroeconomic Equilibrium  

24. Aggregate Demand and Aggregate Supply Analysis  

Appendix: Macroeconomic Schools of Thought

           

PART VIIII: MONETARY AND FISCAL POLICY

25. Money, Banks, and the Federal Reserve System     

26. Monetary Policy    

27. Fiscal Policy          

Appendix: A Closer Look at the Multiplier         

28. Inflation, Unemployment, and Federal Reserve Policy

           

PART X: THE INTERNATIONAL ECONOMY

29. Macroeconomics in an Open Economy       

30. The International Financial System

 

Appendix: The Gold Standard and the Bretton Woods System