Essentials of Economics, 7th edition

Published by Pearson (September 29, 2020) © 2021

  • Glenn Hubbard Columbia University
  • Anthony Patrick O'Brien Lehigh University
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Economics can often be a challenging topic of study. Many of the principles and concepts you'll read about, including opportunity cost, trade-offs, scarcity, and demand and supply, may not seem applicable to your daily life. Essentials of Economics makes these concepts relevant and interesting by demonstrating how real businesses apply them to make decisions every day.

With ever-changing US and world economies, the digitally updated 7th Edition includes fully revised content, figures, examples and features. It incorporates the effects of the recent global pandemic on households, firms and economic policy. No matter your career path, whether it's opening an art studio, trading on Wall Street or bartending at the local pub, you'll benefit from grasping the economic forces behind your work.

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 5: MARKET STRUCTURE AND FIRM STRATEGY

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

PART 6: MACROECONOMIC FOUNDATIONS

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

PART 8: 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 9: MONETARY AND FISCAL POLICY

  1. Money, Banks, and the Federal Reserve System
  2. Monetary Policy
  3. Fiscal Policy
  4. Comparative Advantage, International Trade, and Exchange Rates

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