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Many students of first year economics ask themselves "why am I here?" and "will I ever use this?". Essentials of Economics answers these questions by demonstrating that real businesses use economics to make real decisions every day.
The authors believe that students can learn to apply economics principles successfully if they learn them in a familiar context. By using a wealth of relevant global and local businesses examples and case studies, Essentials of Economics makes the subject relevant and meaningful.
Pearson recommends including MyEconLab with your textbook purchase. This effective online learning system helps educators to help students, both inside and outside the classroom, and has been redesigned for this edition. Videos, personalised practice quizzes, guided solutions, adaptive multimedia learning tools and homework can be integrated with an eText version of Essentials of Economics.
PART 1 INTRODUCTION
CHAPTER 1 Economics: foundations and models
CHAPTER 1 APPENDIX Using graphs and formulae
CHAPTER 2 Choices and trade-offs in the market
PART 2 HOW THE MARKET WORKS
CHAPTER 3 Where prices come from: the interaction of demand and supply
CHAPTER 4 Elasticity: the responsiveness of demand and supply
CHAPTER 5 Economic efficiency, government price setting and taxes
PART 3 FIRMS AND MARKET STRUCTURES
CHAPTER 6 Technology, production and costs
CHAPTER 7 Firms in perfectly competitive markets
CHAPTER 8 Monopoly markets
CHAPTER 8 APPENDIX Price discrimination
CHAPTER 9 Monopolistic competition and oligopoly
PART 4 MARKETS FOR FACTORS OF PRODUCTION
CHAPTER 10 The markets for labour and other factors of production
CHAPTER 10 APPENDIX Tools to analyse the decision to purchase capital
PART 5 THE ROLE OF GOVERNMENT
CHAPTER 11 Government intervention in the market
PART 6 MACROECONOMIC FOUNDATIONS
CHAPTER 12 GDP: measuring total production, income and economic growth
CHAPTER 13 Unemployment and inflation
CHAPTER 14 Aggregate demand and aggregate supply analysis
CHAPTER 14 APPENDIX The aggregate expenditure model
PART 7 MONETARY AND FISCAL POLICY
CHAPTER 15 Money, banks and the Reserve Bank of Australia
CHAPTER 16 Monetary policy
CHAPTER 17 Fiscal policy
CHAPTER 17 APPENDIX 1 Is there a short-run trade-off between unemployment and inflation?
CHAPTER 17 APPENDIX 2 A closer look at the multiplier
PART 8 THE INTERNATIONAL ECONOMY
CHAPTER 18 International trade
CHAPTER 19 Macroeconomics in an open economy
Click here to download the detailed contents list (693 Kb)
Glenn Hubbard is the Dean and Russell L. Carson Professor of Finance and Economics in the Graduate School of Business at Columbia University and Professor of Economics in Columbia’s Faculty of Arts and Sciences. He is also a research associate of the National Bureau of Economic Research and a director of Automatic Data Processing, Black Rock Closed-End Funds, KKR Financial Corporation and MetLife. From 2001 to 2003 he served as chairman of the White House Council of Economic Advisers and chairman of the OECD Economy Policy Committee, and from 1991 to 1993 he was deputy assistant secretary of the US Treasury Department. He currently serves as co-chair of the non-partisan Committee on Capital Markets Regulation. Glenn’s fields of specialisation are public economics, financial markets and institutions, corporate finance, macroeconomics, industrial organisation and public policy. He is the author of more than 100 articles in leading journals.
Anne Garnett is a Senior Lecturer in Economics at Murdoch University. She has extensive teaching experience at the undergraduate and postgraduate level, both in Australia and many parts of Southeast Asia. Her research areas include regional economics, labour economics, international trade and agricultural economics. Anne has been an adviser to the federal government on rural and regional economics. She has published numerous chapters in books and articles in international journals. She has taught in all areas of economics at all levels; however, over the past 15 years her primary teaching focus has been to teach first-year introductory economics. Anne is also co-author of the widely used Microeconomics and Macroeconomics undergraduate texts published by Pearson Australia.
Phil Lewis is the Foundation Professor of Economics and the Canberra Director of the Centre for Labour Market Research at the University of Canberra. He is among the best-known economists in the area of employment, education and training in Australia and Asia. He is the author of over 120 publications including journal articles, book chapters and books. He is the editor of The Australian Journal of Labour Economics. Phil has also worked extensively in government and has produced a number of major reports for the private and public sectors. He has served as the National President of the Economic Society of Australia. In 2008 Phil was presented with the Honorary Fellow Award by the Economic Society of Australia for exceptional service to the economics profession.
Anthony Patrick (Tony) O’Brien is a Professor of Economics at Lehigh University. He has taught principles of economics for more than 15 years. He received the Lehigh University Award for Distinguished Teaching. He was formerly the director of the Diamond Center for Economic Education and was named a Dana Foundation Faculty Fellow and Lehigh Class of 1961 Professor of Economics. He has been a visiting professor at the University of California, Santa Barbara, and the Graduate School of Industrial Administration at Carnegie Mellon University. Tony’s research has dealt with such issues as the evolution of the US car industry, sources of US economic competitiveness, the development of US trade policy, the causes of the Great Depression and the causes of black–white income differences. His research has been published in leading journals. Tony also serves on the editorial board of the Journal of Socio-Economics.
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