Economics: Principles and Tools, 4/E
ISBN-10: 0131479717
ISBN-13: 9780131479715
Publisher: Prentice Hall
Copyright: 2006
Format: Paper; 848 pp
Published: 12/23/2004
Description
For 2 semester courses covering Principles of Microeconomics or Macroeconomics.
An Active Approach to Modern Economics.
O'Sullivan/Sheffrin makes use of Active Learning Tools which get students involved in role-playing, help them apply concepts, and offer reinforcement of the material (tools include: Economic Experiments, Application Questions, and Test Your Understanding Questions).
The text provides a clear, concise, and accessible presentation of key points. Its hallmark feature includes a focus on the 5 Key Principles of Economics–1) Opportunity Cost, 2) The Marginal Principle (comparing marginal benefits and marginal costs), 3) Diminishing Returns, 4) The Principle of Voluntary Exchange, 5) The Real-Nominal Principle (distinguishing real from nominal magnitudes).
It is available in a hardbound, Economics text, as well as, Micro and Macro splits.
Features
This Principles of Economics text uses 5 key principles, and an Active Approach to teach Economics.
How do you string together the economic principles so they form a rationale of thought for your students?
A focus on the 5 key principles of economics—1) Opportunity Cost, 2) The Marginal Principle (comparing marginal benefits and marginal costs), 3) Diminishing Returns, 4) The Principle of Voluntary Exchange, 5) The Real-Nominal Principle (distinguishing real from nominal magnitudes).
Where and when do you like to cover global issues in economics?
Integration of global material–Introduces global concepts early in the text and interweaves them throughout.
How much time are you spending in your course on Supply and Demand? Are you happy with your current text’s treatment?
O'Sullivan/Sheffrin has 3-4 chapters on Demand and Supply (Chapters 4-7).
Active Learning Tools
How do you bring out Economic Applications? Do you wish you could keep students more involved with the material?
Using the Tools Sections at the end of each chapter. Complete answers appear at the end of each chapter as well.
Would you like to use or do you use paradoxical economic examples to illustrate economic concepts in class?
Economic Puzzle features pepper each chapter where appropriate. These interesting points are brought up to create discussion of paradoxical economic examples that, in reality, explain the concepts presented in the chapter.
Do you or would you like to incorporate economic experiments in your course?
Economic experiments–actively involve the student in role-playing as consumers, producers, and policy makers.
How do you remediate in your course?
Test Your Understanding questions and problems throughout each chapter.
New To This Edition
MICRO New Features
How do you capture your students’ attention right of off the bat in the course?
Chapter 1 uses three current policy issues (traffic congestion, widespread poverty in Africa, and Japan's recent macroeconomic troubles) to motivate the study of economics, includes more material on the "economic way of thinking," and discusses the origin of the label "the dismal science."
Where do you like to cover market failure?
Coverage of market failure (imperfect information, externalities, public goods) has been moved forward in the book, to follow the discussion of market efficiency.
An expanded discussion of the role of institutions (contracts, insurance, and patents) in facilitating exchange and markets has been included.
MACRO New Features
How do you present material on Says Law and the Keynesian Classical Debate?
In Chapter 29, “Says Law” and “Keynesian Classical Debate” has been moved to later in the book(to the Short to Long Run chapter).
Would you like the Aggregate Expenditures Model Chapter to be isolated for flexibility?
New fiscal policy chapter based solely on aggregate demand (Ch. 24), and Chapter 25 now fully covers the Keynesian Cross. No other chapters contain this topic.
How important is currency to you in this course? How do you incorporate current controversies and inssues?
New and recent examples including the controversy with Mankiw and outsourcing.
Table of Contents
PART 1. Introduction and Key Principles
1. Introduction: What is Economics?
2. Key Principles of Economics
3. Exchange and Markets
4. Supply, Demand, and Market Equilibrium
Part 2: A Closer Look at Supply and Demand
5. Elasticity: A Measure of Responsiveness
6. Consumer Choice
7. Market Efficiency and Government Intervention
Part 3. Information and Externalities
8. Imperfect Information: Adverse Selection and Moral Hazard
9. Environmental Policy
10. Public Goods and Public Choice
Part 4. Market Structures and Pricing
11. Production Technology and Cost
12. Perfect Competition
13. Monopoly and Price Discrimination
14. Market Entry and Monopolistic Competition
15. Oligopoly and Strategic Behavior
16. Market Structure and Public Policy
Part 5. The Labor Market and Income Distribution
17. The Labor Market and the Distribution of Income
18. Beyond Perfect Competition: Unions, Monopsony, and Imperfect Information
Part 6. The Basic Concepts in Macroeconomics
19. Measuring a Nation’s Production and Income
20. Unemployment and Inflation
Part 7. The Economy in the Long Run
21. The Economy at Full Employment
22. Why Do Economies Grow?
Part 8. Economic Fluctuations and Fiscal Policy
23. Aggregate Demand and Aggregate Supply
24. Fiscal Policy
25. The Income Expenditure Model
26. Investment and Financial Intermediation
Part 9. Money, Banking, and Monetary Policy
27. Money and the Banking System
28. The Federal Reserve and Monetary Policy
Part 10. Inflation, Unemployment, and Economic Policy
29. From the Short Run to the Long Run
30. The Dynamics of Inflation and Unemployment
31. Current Issues in Macroeconomic Policy
Part 11. The International Economy
32. International Trade and Public Policy
33. The World of International Finance
SUPPLEMENTS
IRC on CD-ROM
ABC/PH Video Library
PowerPoint (Web)
Grade Assist
Instructor's Manual (Macro)
Test Bank (Macro)
Study Guide (Macro)
TestGen
Test Item File #2 (Macro)
Transparencies
Instructor's Manual (Micro)
Test Bank (Micro)
Study Guide (Micro)
Test item File #2 (Micro)
OneKey for Blackboard, CourseCompass, and WebCT
Companion Website—www.prenhall.com/osullivan
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