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
I. INTRODUCTION AND KEY PRINCIPLES
1. Introduction: What is Economics?
2. Key Principles of Economics
3. Exchange and Markets
4. Demand, Supply, and Market Equilibrium
II. THE BASIC CONCEPTS IN MACROECONOMICS
5. Measuring a Nation’s Production and Income
6. Unemployment and Inflation
III. THE ECONOMY IN THE LONG RUN
7. The Economy at Full Employment
8. Why Do Economies Grow?
IV. ECONOMIC FLUCTUATIONS AND FISCAL POLICY
9. Aggregate Demand and Aggregate Supply
10. Fiscal Policy
11. The Income Expenditure Model
12. Investment and Financial Markets
V. MONEY, BANKING, AND MONETARY POLICY
13. Money and the Banking System
14. The Federal Reserve and Monetary Policy
VI. 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
VII. THE INTERNATIONAL ECONOMY
18. International Trade and Public Policy
19. The World of International Finance
VIII. 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 Neuroscience
IX. 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
X. EXTERNALITIES AND INFORMATION
29. Imperfect Information: Adverse Selection and Moral Hazard
30. Public Goods and Public Choice
31. External Costs and Environmental Policy
XI. THE LABOR MARKET AND INCOME DISTRIBUTION
32. The Labor Market and the Distribution of Income
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