Economics, Global Edition (8th Ed.)

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Language: English

88.36 €

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1152 p. · 21.5x27.6 cm · Paperback

For two-semester courses covering the principles of economics for students in business and economics.

The relevance of economics shown through real-world business examples
One of the challenges of teaching principles of economics is fostering interest in concepts, including opportunity cost, trade-offs, scarcity, and demand and supply that may not seem applicable to students? lives. Economicsmakes these concepts relevant by demonstrating how real businesses apply them to make decisions every day. With ever-changing US and world economies, the 8th Edition has been updated with the latest developments using new real-world business and policy examples. Regardless of their future career path ? opening an art studio, trading on Wall Street, or bartending at the local pub, students will benefit from understanding the economic forces behind their work.

Also available with MyLab Economics
By combining trusted author content with digital tools and a flexible platform, MyLabTM personalizes the learning experience and improves results for each student.

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
  • 4. Economic Efficiency, Government Price Setting, and Taxes
  • Appendix: Quantitative Demand and Supply Analysis

PART 2: MARKETS IN ACTION: POLICY AND APPLICATIONS

  • 5. Externalities, Environmental Policy, and Public Goods
  • 6. Elasticity: The Responsiveness of Demand and Supply
  • 7. The Economics of Health Care

PART 3: FIRMS IN THE DOMESTIC AND INTERNATIONAL ECONOMIES

  • 8. Firms, the Stock Market, and Corporate Governance
  • Appendix: Present Value
  • Online Appendix: Tools to Analyze Firms' Financial Information
  • Comparative Advantage and the Gains from International Trade

PART 4: MICROECONOMIC FOUNDATIONS: CONSUMERS AND FIRMS

  • 10. Consumer Choice and Behavioral Economics
  • Appendix: Using Indifference Curves and Budget Lines to Understand Consumer Behavior
  • 11. Technology, Production, and Costs
  • Online Appendix: Using Isoquants and Isocost Lines to Understand Production and Cost

PART 5: MARKET STRUCTURE AND FIRM STRATEGY

  • 12. Firms in Perfectly Competitive Markets
  • 13. Monopolistic Competition: The Competitive Model in a More Realistic Setting
  • 14. Oligopoly: Firms in Less Competitive Markets
  • 15. Monopoly and Antitrust Policy

PART 6: LABOR MARKETS, PUBLIC CHOICE, AND THE DISTRIBUTION OF INCOME

  • 16. The Markets for Labor and Other Factors of Production
  • 17. Public Choice, Taxes, and the Distribution of Income

PART 7: MACROECONOMIC FOUNDATIONS AND LONG-RUN GROWTH

  • 18. GDP: Measuring Total Production and Income
  • 19. Unemployment and Inflation
  • 20. Economic Growth, the Financial System, and Business Cycles
  • 21. Long-Run Economic Growth: Sources and Policies

PART 8: SHORT-RUN FLUCTUATIONS

  • 22. Aggregate Expenditure and Output in the Short Run
  • Appendix: The Algebra of Macroeconomic Equilibrium
  • 23. Aggregate Demand and Aggregate Supply Analysis
  • Appendix: Macroeconomic Schools of Thought

PART 9: MONETARY AND FISCAL POLICY

  • 24. Money, Banks, and the Federal Reserve System
  • 25. Monetary Policy
  • 26. Fiscal Policy
  • Appendix: A Closer Look at the Multiplier
  • 27. Inflation, Unemployment, and Federal Reserve Policy

PART 10: THE INTERNATIONAL ECONOMY

  • 28. Macroeconomics in an Open Economy
  • Online Appendix: The Gold Standard and the Bretton Woods System

Glenn Hubbard, policymaker, professor, and researcher. Hubbard is Dean emeritus 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 Fixed-Income Funds, and MetLife. He received a PhD in economics from Harvard University in 1983. From 2001 to 2003, he served as chair of the White House Council of Economic Advisers and chair of the OECD Economic 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 nonpartisan Committee on Capital Markets Regulation. Hubbard’s fields of specialization are public economics, financial markets and institutions, corporate finance, macroeconomics, industrial organization, and public policy. He is the author of more than 100 articles in leading journals, including American Economic Review; Brookings Papers on Economic Activity; Journal of Finance; Journal of Financial Economics; Journal of Money, Credit, and Banking; Journal of Political Economy; Journal of Public Economics; Quarterly Journal of Economics; RAND Journal of Economics; and Review of Economics and Statistics. His research has been supported by grants from the National Science Foundation, the National Bureau of Economic Research, and numerous private foundations.

Tony O’Brien, award-winning professor and researcher. O’Brien is Professor of Economics at Lehigh University. He received a PhD from the University of California, Berkeley, in 1987. He has taught principles of economics for more than 20 years, in both large sections and small honors classes. He received the Lehigh University Award for Distinguished Teaching. He was formerly the director of the Diamond Center for Economic Educa

Complete economics coverage shows students how economics is relevant to their lives

  • NEW and UPDATED - Examples and policy discussions detail developments in US and world economies, including the longest economic expansion in the history of the US economy, the first significant international trade war since the 1930s, and record peacetime federal budget deficits — helping students become educated consumers, voters, and citizens.
  • NEW and UPDATED - Chapter-opening Cases illustrate how the economic concepts presented in the text impact real-life businesses, including Nike, Apple, Lyft, and Whirlpool — providing a unifying theme for the chapter and sparking students’ interest. Students can also visit MyLab™ Economics to watch a brief video by author Glenn Hubbard that summarizes the key points of each chapter opener.
  • Chapter-opening Economics in Your Life & Career boxes ask students to consider questions related to their lives and careers — adding a personal dimension to the material. 
  • NEW and UPDATED - End-of-chapter Questions, Problems, and Critical Thinking Exercises help students build skills to analyze and interpret information and apply reasoning and logic to new or unfamiliar ideas and situations.

Student-focused features enhance understanding of key economic topics

  • NEW - An Inside Look boxes in chapters 1 - 4 use news articles to teach students how to apply economic thinking to current events and policy debates. An excerpt of the article, step-by-step analysis, corresponding graph or table, and Thinking Critically exercise are provided. Additional articles are routinely posted to MyLab Economics. 
  • NEW and UPDATED - Apply the Concepts features reinforce key concepts and help stude