Hubbard: Essentials of Economics 3rd Edition

The number-one question students of economics ask themselves is, "Why am I here, and will I ever use this?" Hubbard/O'Brien answers this question by demonstrating that real businesses use economics to make real decisions everyday. This is something all students can connect to, whether they're business majors or not, because students encounter businesses in their daily lives. And regardless of their future career path—opening an art studio, doing social work, trading on Wall Street, working for the government, or bartending at the local pub—students will benefit from understanding the economic forces behind their work.

Key Features

• Solved Problems throughout the text provide models of how to solve an economic problem by breaking it down step-by-step.
• MyEconLab integrated throughout brings the text to life for students just when they need it.
• Real-world business chapter opening cases set a real context for learning, spark students' interest, and provide a unifying theme for the chapter by showing how the economic concepts about to be learned impact a real business.
• Chapter Examples and Figures consistently revisit the business discussed in the opener and use that business (or industry) to motivate the economic principles.
• An Inside Look ends each chapter with a newspaper article illustrating how a key principle in the chapter was used by the chapter-opening case company to make a real business decision.

New to this edition

• The new chapter on The Economics of Health Care covers: Health care around the world; Information problems and externalities in the market for health care; The Patient Protection and Affordable Care Act in the United States.
• There is new coverage of the slow recovery from the recession and financial crisis of 2007–2009.
• There is new coverage of initiatives by the Federal Reserve, including quantitative easing and Operation Twist.
• There is new coverage of fiscal policy, including analysis of the debate over fiscal stimulus and the magnitude of multipliers for government spending and taxes.
• All companies in the chapter-openers have been replaced with new companies or updated with current information.
• All chapters include new An Inside Look newspaper articles and analyses to help students apply economic thinking to current events and policy debates.
• There are new Making the Connectionfeatures to help students tie economic concepts to current events and policy issues.
• Figures and tables have been updated, using the latest data available.
• Many of the end-of-chapter problems have been either replaced or updated.

Contents

PART 1: INTRODUCTION

• Chapter 1: Economics: Foundations and Models
• Chapter 2: Trade-offs, Comparative Advantage, and the Market System
• Chapter 3: Where Prices Come From: The Interaction of Demand and Supply

PART 2: MARKETS IN ACTION: POLICY AND APPLICATIONS

• Chapter 4: Market Efficiency and Market Failure
• Chapter 5: The Economics of Healthcare

PART 3: MICROECONOMIC FOUNDATIONS: CONSUMERS AND FIRMS

• Chapter 6: Firms, the Stock Market, and Corporate Governance
• Chapter 7: Consumer Choice and Elasticity
• Chapter 8: Technology, Production, and Costs

PART 4: MARKET STRUCTURE AND FIRM STRATEGY

• Chapter 9: Firms in Perfectly Competitive Markets
• Chapter 10: Monopoly and Antitrust
• Chapter 11: Monopolistic Competition and Oligopoly

PART 5: MACROECONOMIC FOUNDATIONS

• Chapter 12: GDP: Measuring Total Production and Income
• Chapter 13: Unemployment and Inflation

PART 6: LONG-RUN AND SHORT-RUN FLUCTUATIONS

• Chapter 14: Economic Growth, the Financial System and Business Cycles
• Chapter 15: Aggregate Demand and Aggregate Supply Analysis
• Appendix: Schools of Macro Thought

PART 7: MONETARY AND FISCAL POLICY

• Chapter 16: Money, Banks, and the Federal Reserve System
• Chapter 17: Monetary Policy
• Chapter 18: Fiscal Policy
• Chapter 19: Comparative Advantage, International Trade, and Exchange Rates

Book Details

• Paperback: 744 pages
• Publisher: Prentice Hall; 3 edition (2014)
• Language: English
• ISBN-10: 0132826933
• ISBN-13: 978-0132826938
• Product Dimensions: 1 x 8.7 x 11 inches
• List price: $214.20

Tags: Economics