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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.
1. Introduction: What is Economics?
2. Key Principles of Economics
3. Demand, Supply, and Market Equilibrium
4. Elasticity: A Measure of Responsiveness
5. Production Technology and Cost
6. Perfect Competition
7. Monopoly and Price Discrimination
8. Market Entry, Monopolistic Competition, and Oligopoly
9. Market Failure: Imperfect Information, External Benefits, and External Costs
10. The Labor Market and the Distribution of Income
11. Measuring a Nation’s Production and Income
12. Unemployment and Inflation
13. Why Do Economies Grow?
14. Aggregate Demand and Aggregate Supply
15. Fiscal Policy
16. Money and the Banking System
17. Monetary Policy and Inflation
18. International Trade and Finance