Economics: Principles, Applications, and Tools, Global Edition

Series
Pearson
Author
Arthur O'Sullivan / Steven Sheffrin / Stephen Perez  
Publisher
Pearson
Cover
Softcover
Edition
9
Language
English
Total pages
768
Pub.-date
July 2017
ISBN13
9781292165592
ISBN
1292165596
Related Titles


Product detail

Product Price CHF Available  
9781292165592
Economics: Principles, Applications, and Tools, Global Edition
74.20 approx. 7-9 days

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Description

For courses in the Principles of Economics

 

Introduces Students to the Basic Concepts of Economics with Timely, Engaging Stories and Applications

Students enter their first economics course hoping to gain a better understanding of the world around them, but often leave with their questions unanswered. Economics: Principles, Applications, and Tools is built upon the author’s philosophy of using basic concepts of economics to explain a wide variety of timely, engaging, real-world economic applications.

 

The Ninth Edition incorporates updated figures and data, while also emphasizing current topics of interest—including the severe economic downturn of recent years and the latest developments in economic thinking. It also includes newly refined Learning Objectives that introduce the concepts explored in each chapter, along with new applications and chapter-opening stories related to the most up-to-date developments in both macroeconomics and microeconomics.

 

MyEconLab® not included. Students, if MyEconLab is a recommended/mandatory component of the course, please ask your instructor for the correct ISBN and course ID. MyEconLab should only be purchased when required by an instructor. Instructors, contact your Pearson representative for more information.


MyEconLab is an online homework, tutorial, and assessment program designed to work with this text to engage students and improve results. Within its structured environment, students practice what they learn, test their understanding, and pursue a personalized study plan that helps them better absorb course material and understand difficult concepts.

Features

This title is a Pearson Global Edition. The Editorial team at Pearson has worked closely with educators around the world to include content which is especially relevant to students outside the United States.

 

About the Book

Expanded Coverage to Reflect Economic Changes and Developments

  • UPDATED! Incorporates and reflects the sweeping changes that global economies have experienced following a severe economic downturn.
  • UPDATED! Reflects the latest exciting developments in economic thinking, making these developments accessible to new students of economics.
  • NEW! Chapter 6 discusses whether the recent major recession permanently affected labor force participation.
  • NEW! Chapter 8 discusses the position of pessimists who think that technological progress has slowed down, as well as influential controlled experiments in economic policy.
  • NEW! Chapter 13 discusses the rationale and application of  “stress tests” as a new tool for financial regulation.
  • NEW! Chapter 14 introduces Janet Yellen, the new Chair of the Federal Reserve, including a discussion of her prior experience before assuming her current role.
  • UPDATED! Revised and expanded discussion of the euro in Chapter 19 reflects the serious challenges now facing the European Monetary Union, particularly in the case of Greece.
  • NEW! Several new applications and chapter-opening stories emphasize the widespread relevance of economic analysis, including discussion of:
    • Housing prices in Cuba (Chapter 1)
    • Property rights in urban slums (Chapter 3)
    • The effects of winds from the Sahara Desert on the price of chocolate (Chapter 4)
    • Links between unemployment and unemployment insurance (Chapter 6)
    • How the government promotes high levels of savings in Singapore (Chapter 7)
    • How Greek citizens hoarded euros as the talk of crisis grew (Chapter 13)
    • New research on “underwater” homeowners (Chapter 12)
    • The debate on secular stagnation (Chapter 15)
    • How accounting for “missing” international financial flows changes our thinking of global investment patterns (Chapter 19)
    • The market effects of a luxury tax (Chapter 21)
    • The neuroscience of the “cola wars” between Coke and Pepsi (Chapter 22)
    • The time path of blueberry prices triggered by publicity about the health benefits of eating blueberries (Chapter 24)
    • The new advertising program for dairy products, “Milk Life” (Chapter 27)
    • Genetic discrimination in insurance (Chapter 29)
    • Clearing space debris (Chapter 30)
    • Responding to climate change by washing carbon out of the air (Chapter 31)
    • Proposals to expand the earned income tax credit (Chapter 32)

Draw Students into the Material

  • NEW! Carefully refined Learning Objectives at the beginning of each chapter match the contents of the chapter closely, providing students with a preview of what they will learn in each section of the chapter.
  • Chapter-opening questions spark students’ interest on important economic concepts. After drawing students into the material, these opening questions are paired with in-chapter applications that bring the economic concept to life. Exercises that test student understanding of the questions, concepts, and applications appear in the end-of chapter materials.
  • A streamlined design captures students’ interest and ensures no boxed features draw their attention away from core concepts. An “application” flows in the body of the chapter material so it will not distract students and so they will not skip the material.
  • Economic experiments actively involve the student in role-playing as consumers, producers, and policy makers. These experiments stimulate student interest and are easy for professors to use and implement in a classroom of any size.

Designed and Organized To Let instructors Choose An Appropriate Order for Consideration of Topics

  • Chapter 1 uses three current policy issues—traffic congestion, poverty in Africa, and Japan’s prolonged recession—to explain the economic way of thinking.
  • Chapter 2 introduces the five principles we return to throughout the book.
  • Chapter 3 is devoted entirely to exchange and trade; students must have a solid understanding of demand and supply to be successful in the course.
  • Innovative organization of Chapter 5 addresses the difficulty of understanding movement along a curve versus shifts of a curve. The law of demand and changes in quantity demanded is discussed first, then the law of supply and changes in quantity supplied, and then the notion of market equilibrium. After students have a firm grasp of equilibrium concepts, the text explores the effects of changes in demand and supply on equilibrium prices and quantities.
  • Instructors can present either macroeconomics or microeconomics chapters first, depending on individual preference.
  • Macroeconomics chapters may be ordered in different ways at the instructor’s discretion, allowing instructors to decide how much time to devote to long-run topics, such as growth and production, versus short-run topics, such as economic fluctuations and business cycles.
  • Long-run topics consider the robust performance of the U.S. economy in the 1990s and how this led to economists’ increasing interest in trying to understand the processes of economic growth. Discussion of economic growth in Chapter 8, “Why Do Economies Grow?” addresses the fundamental question of how long-term living standards are determined, as well as why some countries prosper while others do not.
  • Short-run topics consider how the great economic expansion of the 1990s came to an end in 2001 and the recession began in 2007, considering how difficult economic times remind us that macroeconomics is also concerned with understanding the causes and consequences of economic fluctuations. The text considers why economies experience recessions and depressions, and what steps policymakers can take to stabilize the economy and ease the devastation people suffer from these fluctuations.
  • A policy-oriented approach to macroeconomics means the text treats economic policy in virtually every chapter, discussing both important historical and more recent macroeconomic events in conjunction with the theory. Chapter 17 considers three important policy topics that recur frequently in macroeconomic debates: the role of government deficits, whether the Federal Reserve should target inflation or other objectives, and whether income or consumption should be taxed.

Demystify the Tools of Economics

  • 5 key principles of economics show students the logic of economic reasoning and demystify the tools of economics. The 5 principles are first presented in Chapter 2, and the authors return to these 5 principles throughout the text to remind students of the underlying logic behind newly presented concepts:
  1. The Principle of Opportunity Cost
  2. The Marginal Principle (comparing marginal benefits and marginal costs)
  3. The Principle of Diminishing Returns
  4. The Principle of Voluntary Exchange
  5. The Real-Nominal Principle (distinguishing real from nominal magnitudes)
  • End-of-chapter material is organized around the major sections of the chapter and its "applications" so that students can better organize their study plans.

Apply the Concepts

  • 120 Real-World Applications help students develop and master essential economic concepts.
  • 3 to 5 thought-provoking Applying the Concept questions start each chapter and convey important economic concepts. Once the economic logic behind a concept is presented, its use is illustrated with a real-world application and exercises are provided that test students’ understanding of the concepts.
  • An Economic Experiment section in some chapters give students the opportunity to do their own economic analysis.

MyEconLab® not included. Students, if MyEconLab is a recommended/mandatory component of the course, please ask your instructor for the correct ISBN and course ID. MyEconLab should only be purchased when required by an instructor. Instructors, contact your Pearson representative for more information.

 

MyEconLab is an online homework, tutorial, and assessment program designed to work with this text to engage students and improve results. Within its structured environment, students practice what they learn, test their understanding, and pursue a personalized study plan that helps them better absorb course material and understand difficult concepts.

  • Digital Interactives in Pearson’s MyEconLab are poised to change how students learn core economic concepts. Organized in progressive levels, each focusing on a core learning outcome, Digital Interactives immerse students in a fundamental economic principle, helping them to learn actively. Used as a lecture tool or assigned with assessment questions for grading, Digital Interactives are designed for use in traditional, online, and hybrid courses, and many incorporate real-time data, as well as data display and analysis tools. 
  • Question Help. MyEconLab's homework and practice questions are correlated to the textbook, they generate algorithmically to give students unlimited opportunity for practice and mastery, and they offer helpful feedback when students enter incorrect answers. Questions include guided solutions and other multimedia assets for extra help at point-of-use.
  • Current News Exercises. Every week, current Microeconomic and Macroeconomic news stories, with accompanying exercises, are posted to MyEconLab. Assignable and auto-graded, these multi-part exercises ask students to recognize and apply economic concepts to real-world events.
  • Experiments in MyEconLab are a fun and engaging way to promote active learning and mastery of important economic concepts. Pearson’s Experiments program is flexible and easy for instructors and students to use. Single-player experiments allow your students to play against virtual players from anywhere at any time so long as they have an Internet connection. Multiplayer experiments allow you to assign and manage a real-time experiment with your class. Pre- and post-questions for each experiment are available for assignment in MyEconLab. For a complete list of available experiments, visit www.myeconlab.com.
  • Real-time Data Analysis Exercises. Easy to assign and automatically graded, Real-Time Data Analysis exercises use up-to-the-minute, real-time Macroeconomic data. These exercises communicate directly with the Federal Reserve Bank of St. Louis’s FRED site, so every time FRED posts new data, students see new data. As a result, Real-Time Data Analysis exercises offer a no-fuss solution for instructors who want to make the most recent data a central part of their macro course.
  • Adaptive Learning. Not every student learns the same way and at the same rate. And now, thanks to advances in adaptive learning technology, you no longer have to teach as if they do. MyEconLab assesses student performance and activity in real time and, using data and analytics, personalizes content to reinforce concepts that target each student’s strengths and weaknesses. 
    • Dynamic Study Modules help students study effectively on their own by continuously assessing their activity and performance in real time. Here's how it works: students complete a set of questions with a unique answer format that also asks them to indicate their confidence level. Questions repeat until the student can answer them all correctly and confidently. Once completed, DSMs explain the concept using materials from the text. These are available as graded assignments prior to class, and accessible on smartphones, tablets, and computers.
  • Reporting Dashboard. View, analyze, and report learning outcomes clearly and easily, and get the information you need to keep your students on track throughout the course, with the new Reporting Dashboard. Available via the Gradebook and fully mobile-ready, the Reporting Dashboard presents student performance data at the class, section, and program levels in an accessible, visual manner.
  • UPDATED! HTML5 Player Enhancements. In addition to matching the Flash player’s support of Accessibility requirements, the HTML5 player has a new “Show Work” feature to allow students to enter text either from a keyboard or stylus and to draw freehand on different backgrounds, such as a coordinate graph, with multiple fonts and colors. Students can also continue to upload images such as phone-photos of handwritten work. Printing enhancements include:
    • a more pen-and-paper-friendly layout of exercises
    • the ability for instructors to choose whether to print the header; to include an honor statement; and to print with answers inline, after each question, or on a separate sheet
  • NEW! Math Review Exercises in MyEconLab. MyEconLab now offers a rich array of assignable and auto-graded exercises covering fundamental math concepts geared specifically to principles and intermediate economics students. Aimed at increasing student confidence and success, our new math skills review Chapter R is accessible from the assignment manager and contains over 150 graphing, algebra, and calculus exercises for homework, quiz, and test use. Offering economics students warm-up math assignments, math remediation, or math exercises as part of any content assignment has never been easier!

New to this Edition

About the Book

Expanded Coverage to Reflect Economic Changes and Developments

  • UPDATED! Incorporates and reflects the sweeping changes that global economies have experienced following a severe economic downturn.
  • UPDATED! Reflects the latest exciting developments in economic thinking, making these developments accessible to new students of economics.
  • Chapter 6 discusses whether the recent major recession permanently affected labor force participation.
  • Chapter 8 discusses the position of pessimists who think that technological progress has slowed down, as well as influential controlled experiments in economic policy.
  • Chapter 13 discusses the rationale and application of “stress tests” as a new tool for financial regulation.
  • Chapter 14 introduces Janet Yellen, the new Chair of the Federal Reserve, including a discussion of her prior experience before assuming her current role.
  • UPDATED! Revised and expanded discussion of the euro in Chapter 19 reflects the serious challenges now facing the European Monetary Union, particularly in the case of Greece.
  • Several new applications and chapter-opening stories emphasize the widespread relevance of economic analysis, including discussion of:
    • Housing prices in Cuba (Chapter 1)
    • Property rights in urban slums (Chapter 3)
    • The effects of winds from the Sahara Desert on the price of chocolate (Chapter 4)
    • Links between unemployment and unemployment insurance (Chapter 6)
    • How the government promotes high levels of savings in Singapore (Chapter 7)
    • How Greek citizens hoarded euros as the talk of crisis grew (Chapter 13)
    • New research on “underwater” homeowners (Chapter 12)
    • The debate on secular stagnation (Chapter 15)
    • How accounting for “missing” international financial flows changes our thinking of global investment patterns (Chapter 19)
    • The market effects of a luxury tax (Chapter 21)
    • The neuroscience of the “cola wars” between Coke and Pepsi (Chapter 22)
    • The time path of blueberry prices triggered by publicity about the health benefits of eating blueberries (Chapter 24)
    • The new advertising program for dairy products, “Milk Life” (Chapter 27)
    • Genetic discrimination in insurance (Chapter 29)
    • Clearing space debris (Chapter 30)
    • Responding to climate change by washing carbon out of the air (Chapter 31)
    • Proposals to expand the earned income tax credit (Chapter 32)

Draw Students into the Material

  • Carefully refined Learning Objectives at the beginning of each chapter match the contents of the chapter closely, providing students with a preview of what they will learn in each section of the chapter.

MyEconLab® not included. Students, if MyEconLab is a recommended/mandatory component of the course, please ask your instructor for the correct ISBN and course ID. MyEconLab should only be purchased when required by an instructor. Instructors, contact your Pearson representative for more information.

 

MyEconLab is an online homework, tutorial, and assessment program designed to work with this text to engage students and improve results. Within its structured environment, students practice what they learn, test their understanding, and pursue a personalized study plan that helps them better absorb course material and understand difficult concepts.

 

  • UPDATED! HTML5 Player Enhancements. In addition to matching the Flash player’s support of Accessibility requirements, the HTML5 player has a new “Show Work” feature to allow students to enter text either from a keyboard or stylus and to draw freehand on different backgrounds, such as a coordinate graph, with multiple fonts and colors. Students can also continue to upload images such as phone-photos of handwritten work. Printing enhancements include:
    • a more pen-and-paper-friendly layout of exercises
    • the ability for instructors to choose whether to print the header; to include an honor statement; and to print with answers inline, after each question, or on a separate sheet
  • Math Review Exercises in MyEconLab. MyEconLab now offers a rich array of assignable and auto-graded exercises covering fundamental math concepts geared specifically to principles and intermediate economics students. Aimed at increasing student confidence and success, our new math skills review Chapter R is accessible from the assignment manager and contains over 150 graphing, algebra, and calculus exercises for homework, quiz, and test use. Offering economics students warm-up math assignments, math remediation, or math exercises as part of any content assignment has never been easier!

Table of Contents

I. Introduction and Key Principles

1. Introduction: What Is Economics?

2. The Key Principles of Economics

3. Exchange and Markets

4. Demand, Supply, and Market Equilibrium

II. The Basic Concepts in Macroeconomics

5. Measuring a Nation’s Production and Income

6. Unemployment and Inflation

III. The Economy in the Long Run

7. The Economy at Full Employment

8. Why Do Economies Grow?

IV. Economic Fluctuations and Fiscal Policy

9. Aggregate Demand and Aggregate Supply

10. Fiscal Policy

11. The Income-­Expenditure Model

12. Investment and Financial Markets

V. Money, Banking, and Monetary Policy

13. Money and the Banking System

14. The Federal Reserve and Monetary Policy

VI. Inflation, Unemployment, and Economic Policy

15. Modern Macroeconomics: From the Short Run to the Long Run

16. The Dynamics of Inflation and Unemployment

17. Macroeconomic Policy Debates

VII. The International Economy

18. International Trade and Public Policy

19. The World of International Finance

VIII. A Closer Look at Demand and Supply

20. Elasticity: A Measure of Responsiveness

21. Market Efficiency and Government Intervention

22. Consumer Choice: Utility Theory and Insights from Neuroscience

IX. Market Structures and Pricing

23. Production Technology and Cost

24. Perfect Competition

25. Monopoly and Price Discrimination

26. Market Entry and Monopolistic Competition

27. Oligopoly and Strategic Behavior

28. Controlling Market Power: Antitrust and Regulation

X. Externalities and Information

29. Imperfect Information: Adverse Selection and Moral Hazard

30. Public Goods and Public Choice

31. External Costs and Environmental Policy

XI. The Labor Market and Income Distribution

32. The Labor Market and the Distribution of Income