Essentials of Economics, 5th edition

Published by Pearson (September 23, 2021) © 2022

  • Glenn Hubbard Columbia University
  • Anthony Patrick O'Brien Lehigh University
  • Anne M. Garnett Murdoch University
  • Philip Lewis Formerly of University of Gloucestershire
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Includes current full Australian articles and teaching applications throughout the text

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The 5th Edition of Essentials of Economics reflects the current economic climate and contemporary issues of immediate relevance to students, from the growth in cryptocurrencies to the global COVID-19 pandemic. Now with case studies representing over six countries, the 5th edition is valuable and relatable in the diverse economics classroom.

Essentials of Economics includes solved problems within chapters to keep students focused on the main ideas of each chapter and empowers them to develop their maths or literacy skills.

The question 'Why am I here, and will I ever use this?' is asked throughout the text, prompting students to apply the teachings to their own lives, perspectives and the real-world.

Samples

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Preview sample pages from Essentials of Economics, 5th edition >

  • Part 1: Introduction
  • 1: Economics: foundations and ideas
  • Appendix: Using graphs and formulas
  • 2: Choices and trade-offs in the market
  • Part 2: How the market works
  • 3: Where prices come from: The interaction of demand and supply
  • Appendix: Behavioural economics: do people make rational choices?
  • 4: Elasticity: The responsiveness of demand and supply
  • 5: Economic efficiency, government price setting and taxes
  • Part 3: Firms and market structures
  • 6: Technology, production and costs
  • 7: Firms in perfectly competitive markets
  • 8: Monopoly markets
  • 9: Monopolistic competition and oligopoly
  • Part 4: Markets for factors of production
  • 10: The markets for labour and other factors of production
  • Part 5: The role of government
  • 11: Externalities, environmental policy and public goods
  • 12: Social policy and inequality
  • Part 6: Macroeconomic foundations
  • 13: Gross domestic product and economic growth
  • 14: Unemployment and inflation
  • 15: Aggregate demand and aggregate supply analysis
  • Part 7: Monetary and fiscal policy
  • 16: Money, banks and the reserve bank of Australia
  • 17: Monetary policy
  • 18: Fiscal policy
  • Part 8: International economy
  • 19: International trade
  • 20: International finance and exchange rates
  • Glossary
  • Index

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