Economics: Principles, Applications and Tools, 7th Edition

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
Chapter 1 Introduction: What Is Economics?
Chapter 2 The Key Principles of Economics
Chapter 3 Exchange and Markets
Chapter 4 Demand, Supply, and Market Equilibrium

PART 2 The Basic Concepts in Macroeconomics
Chapter 5 Measuring a Nation s Production and Income
Chapter 6 Unemployment and Inflation

PART 3 The Economy in the Long Run
Chapter 7 The Economy at Full Employment
Chapter 8 Why Do Economies Grow?

PART 4 Economic Fluctuations and Fiscal Policy
Chapter 9 Aggregate Demand and Aggregate Supply
Chapter 10 Fiscal Policy
Chapter 11 The Income-Expenditure Model
Chapter 12 Investment and Financial Markets

PART 5 Money, Banking, and Monetary Policy
Chapter 13 Money and the Banking System
Chapter 14 The Federal Reserve and Monetary Policy

PART 6 Inflation, Unemployment, and Economic Policy
Chapter 15 Modern Macroeconomics: From the Short Run to the Long Run
Chapter 16 The Dynamics of Inflation and Unemployment
Chapter 17 Macroeconomic Policy Debates

PART 7 The International Economy
Chapter 18 International Trade and Public Policy
Chapter 19 The World of International Finance

PART 8 A Closer Look at Demand and Supply
Chapter 20 Elasticity: A Measure of Responsiveness
Chapter 21 Market Efficiency and Government Intervention
Chapter 22 Consumer Choice Using Utility Theory

PART 9 Market Structures and Pricing
Chapter 23 Production Technology and Cost
Chapter 24 Perfect Competition
Chapter 25 Monopoly and Price Discrimination
Chapter 26 Market Entry and Monopolistic Competition
Chapter 27 Oligopoly and Strategic Behavior
Chapter 28 Controlling Market Power: Antitrust and Regulation

PART 10 Externalities and Information
Chapter 29 Imperfect Information: Adverse Selection and Moral Hazard
Chapter 30 Public Goods and Public Choice
Chapter 31 External Costs and Environmental Policy

PART 11 The Labor Market and Income Distribution
Chapter 32 The Labor Market, Income, and Poverty
Chapter 33 Unions, Monopsony, and Imperfect Information