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Economics 18th edition
Authors: Sean Masaki Flynn, Campbell McConnell, Campbell R McConnell, Stanley L Brue, Sean Flynn
Details of the book:
Economics 18th edition is one of the definitive text books on the subject. It explains the fundamental principles, problems and policies in an unbiased, simple and comprehensive manner. The book is designed to help students understand all core concepts and principles in the field of economics and realize the workings behind economic decision makings. Once the students have properly comprehended the subject matter, the book helps them critically think about the issues and apply their knowledge in real life, thus this book helps in building lasting interest in the subject.
- Part 1 is a basic introduction to the subject as a whole with particular chapters on topics like demand & supply, market system & equilibrium, circular flow in the market, the economy of US as a part of the global market and as an individual national economic component with focus on public and private sectors.
- Part 2 throws light on the product and production markets of Microeconomics. Topics include monopoly, oligopoly, competition (pure and monopoly), surplus (consumer & producer) and production cost and issues. Among other important issues discussed are, research and development, technology as well as efficiency.
- Part 3 is also focused on Microeconomic, specifically the resource markets. Chapters include topics like profit and interest, resource demand, determination and decision making on wages and rent. Particular focus is given to the energy sector and natural resources.
- Part 4 focuses on the relation of the national government with Microeconomics, like the relation between governmental decision making and breakdown of the economic market. Other themes included are the theory of public choice and the economy of taxation.
- Part 5 topics are focused on Microeconomic policies and Issues like agricultural economy and policy making, income based discrimination and inequality. Policies and regulations on antitrust are also included in this section. Additional topics included are immigration and health care.
- Part 6: starts with an introduction to macroeconomical issues like GDP and Growth along with economic instability. It introduces the reader to fundamental topics like the measurement of national output and income, growth and other negative issues like inflation, unemployment etc.
- Part 7 through 10 covers all other important aspects of macroeconomic issues and models along with some additional factors. Namely themes which fall under these parts cover the fiscal policy of the nation like fiscal deficit, debts and policies. Issues of aggregate demand &supply and expenditures are also covered. Money making institutions, the creation of money, banks and monetary policies also fall under the purview of these sections. In short, the financial aspect of economics as a subject is covered extensively. Even international economics is comprehensively explained e.g. balance of payments, export and imports, trade between nations, foreign exchange rates as well as the changing economic scenario of the developing nations.