Economics, 4th Edition

Learn economics through real business examples.

Hubbard/O’Brien explains the basics of economics by demonstrating how real businesses use economics to make real decisions everyday. This is something all readers can connect to, as they encounter businesses in their daily lives. And regardless of future career path—opening an art studio, doing social work, trading on Wall Street, working for the government, or bartending at the local pub—readers will benefit from understanding the economic forces behind their work.

Table of Contents

PART 1: Introduction
Chapter 1: Economics: Foundations and Models
Chapter 2: Trade-offs, Comparative Advantage, and the Market System
Chapter 3: Where Prices Come From: The Interaction of Demand and Supply
Chapter 4: Economic Efficiency, Government Price Setting, and Taxes

PART 2: Markets in Action: Policy and Applications
Chapter 5: Externalities, Environmental Policy, and Public Goods
Chapter 6: Elasticity: The Responsiveness of Demand and Supply
Chapter 7: The Economics of Health Care

PART 3: Firms in the Domestic and International Economies
Chapter 8: Firms, the Stock Market, and Corporate Governance
Chapter 9: Comparative Advantage and the Gains from International Trade

PART 4: Microeconomic Foundations: Consumers and Firms
Chapter 10: Consumer Choice and Behavioral Economics
Chapter 11: Technology, Production, and Costs

PART 5: Market Structure and Firm Strategy
Chapter 12: Firms in Perfectly Competitive Markets
Chapter 13: Monopolistic Competition: The Competitive Model in a More Realistic Setting
Chapter 14: Oligopoly: Firms in Less Competitive Markets
Chapter 15: Monopoly and Antitrust Policy
Chapter 16: Pricing Strategy

PART 6: Labor Markets, Public Choice, and the Distribution of Income
Chapter 17: The Markets for Labor and Other Factors of Production
Chapter 18: Public Choice, Taxes, and the Distribution of Income

PART 7: Macroeconomic Foundations and Long-Run Growth
Chapter 19: GDP: Measuring Total Production and Income
Chapter 20: Unemployment and Inflation
Chapter 21: Economic Growth, the Financial System, and Business Cycles
Chapter 22: Long-Run Economic Growth: Sources and Policies

PART 8: Short-Run Fluctuations
Chapter 23: Aggregate Expenditure and Output in the Short Run
Chapter 24: Aggregate Demand and Aggregate Supply Analysis

PART 9: Monetary and Fiscal Policy
Chapter 25: Money, Banks, and the Federal Reserve System
Chapter 26: Monetary Policy
Chapter 27: Fiscal Policy
Chapter 28: Inflation, Unemployment, and Federal Reserve Policy

PART 10: The International Economy
Chapter 29: Macroeconomics in an Open Economy
Chapter 30: The International Financial System