|Number of Pages
For Principles of Microeconomics courses.
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.
Demystify the Tools of Economics with The 5 key principles of economics that show students the logic of economic reasoning and demystify the tools of economics. The 5 principles are first presented in Chapter 2, and then 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)
Economic experiments--actively involve the student in role-playing as consumers, producers, and policy makers.
Stimulates student interest and are easy for professors to use and implement in a classroom of any size. See Chapter 4, Supply, Demand and Market Equilibrium after the e-o-c material.
Streamlined Design with no boxes-the 6th edition of O/S/P has no boxed features that draw students' attention away from the 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.
Table of Contents
PART 1: Introduction and Key Principles
Ch 1: Introduction: What is Economics?
Appendix: Using Graphs & Percentages
Ch 2: Key Principles of Economics
Ch 3: Exchange and Markets
Ch 4: Demand, Supply, and Market Equilibrium
Part 2: A Closer Look at Demand and Supply
Ch 5: Elasticity: A Measure of Responsiveness
Ch 6: Market Efficiency and Government Intervention
Ch 7: Consumer Choice Using Utility Theory
Appendix: Consumer Choice with Indifference Curves
Part 3: Market Structures and Pricing
Ch 8: Production Technology and Cost
Ch 9: Perfect Competition: Short Run and Long Run
Ch 10: Monopoly and Price Discrimination
Ch 11: Market Entry and Monopolistic Competition
Ch 12: Oligopoly and Strategic Behavior
Ch 13: Controlling Market Power: Antitrust and Regulation
Part 4: Externalities and Information
Ch 14: Imperfect Information: Adverse Selection and Moral Hazard
Ch 15: Public Goods and Public Choice
Ch 16: External Costs and Environmental Policy
Part 5: The Labor Market and Income Distribution
Ch 17: The Labor Market, Income, and Poverty
Ch 18: Unions, Monopsony, and Imperfect Information
Part 6: The International Economy
Ch 19: International Trade and Public Policy