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Essentials of Economics, 8th edition

Published by Pearson (April 3, 2024) © 2025

  • Glenn Hubbard Columbia University
  • Anthony Patrick O'Brien Lehigh University
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Essentials of Economics makes economic principles relevant by demonstrating how businesses, individuals and policymakers use them to make decisions every day.

The 8th Edition incorporates recent developments in US and world economies through new real-world business and policy examples. No matter your career path, whether you become an artist, banker, engineer or social worker, you’ll benefit from understanding and applying economic principles.

PART 1: INTRODUCTION

  1. Economics: Foundations and Models
    • Appendix: Using Graphs and Formulas
  2. Trade-offs, Comparative Advantage, and the Market System
  3. Where Prices Come From: The Interaction of Demand and Supply

PART 2: MARKETS IN ACTION: POLICY AND APPLICATIONS

  1. Market Efficiency and Market Failure
  2. The Economics of Health Care

PART 3: MICROECONOMIC FOUNDATIONS: CONSUMERS AND FIRMS

  1. Firms, the Stock Market, and Corporate Governance
  2. Consumer Choice and Elasticity
  3. Technology, Production, and Costs

PART 4: MARKET STRUCTURE AND FIRM STRATEGY

  1. Firms in Perfectly Competitive Markets
  2. Monopoly and Antitrust Policy
  3. Monopolistic Competition and Oligopoly

PART 5: MACROECONOMIC FOUNDATIONS

  1. GDP: Measuring Total Production and Income
  2. Unemployment and Inflation

PART 6: LONG-RUN ECONOMIC GROWTH AND SHORT-RUN ECONOMIC FLUCTUATIONS

  1. Economic Growth, the Financial System, and Business Cycles
  2. Aggregate Demand and Aggregate Supply Analysis
    • Appendix: Macroeconomic Schools of Thought

PART 7: MONETARY AND FISCAL POLICY

  1. Banks, Money, and the Federal Reserve System
  2. Monetary Policy
    • Online Appendix: The Money Market and the Fed
  3. Fiscal Policy
    • Online Appendix: A Closer Look at the Multiplier
  4. Comparative Advantage, International Trade, and Exchange Rates
 

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