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Economics: Principles, Applications and Tools, 7th Edition

By Arthur O'Sullivan, Steven Sheffrin, Stephen Perez

Published by Pearson

Published Date: Dec 27, 2010


For Principles of Economics courses.

Questions that drive interest, applications that illustrate concepts, and the tools to test and solidify comprehension.

Students come into their first Economics course thinking they will gain a better understanding of the economy around them. Unfortunately, they often leave with many unanswered questions. To ensure students actively internalize economics, O'Sullivan/Sheffrin/Perez use chapter-opening questions to spark interest on important economic concepts, applications that vividly illustrate those concepts, and chapter-ending tools that test and solidify understanding.

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 Using Utility Theory


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, Income, and Poverty

33 Unions, Monopsony, and Imperfect Information