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Economics 7th edition ( Principles, Applications and Tools )
Authors: Arthur O'Sullivan, Steven Sheffrin, Stephen Perez
Publisher: Prentice Hall
Details of the book:
For a new student of any discipline the initial phase of studying the subject is of utmost importance, as it is at this phase that she learns the basics of the field and builds a solid foundation on which she can form her career. Thus, the introductory books of any course should be such that they should spark and capture the interest of all students, 'Economics: Principles, Applications and Tools' does just that. It opens each chapter with a question which deals with a core economic issue or concept. Each concept, issue and/or principle is deal effectively throughout the book and they are all backed with information on how to apply those concepts. At the end of every chapter comes a summarizing learning tool which enables the students to assess how well they have understood each issue.
Each chapter of this book deals with a fundamental economic issue; it begins with the basics of the subject and moves on to the nittygritties. The themes covered here are:
- The basic principles of economics like market policies, exchange of goods, the relation between supply and demand along with market equilibrium.
- Fundamental issues of Macroeconomics like the annual production and income of a nation and its measurement. National problems affecting the economy of the country as a whole like inflation and unemployment.
- The future of economy and why it grows. How it will fare when under conditions of full employment etc.
- Fiscal policies and regulations along with specific focus on investment, aggregate demand and supply, mode; of income expenditure etc.
- Banking system, banking institutions and other issues related to banking and monetary policy making e.g. the Federal Reserve and the banking system as a whole.
- Major problems crippling the economy like inflation, unemployment their resulting consequences and issues.
- Various debates on Macroeconomic policies and its modern outlook.
- International economy and its effects, including trade, policy making as well as international financing and its effects.
- Demand and supply, one of the most important issues of the subject is given special attention and treated as a separate theme altogether. General topics like elasticity of the market, government's role and intervention in the arena of the market are covered along with new approaches to old ideas like, consumer choices studied in the light of neuroscience.
- Issues of market pricing and structures come next. Market entry, competition (perfect and monopolistic), discrimination in pricing, market based strategic behavior, oligopoly, monopoly, cost, technology etc. are covered
- Antitrust policy and regulation.
- Environment policy and effects, adverse effects of imperfect and wrong information
- Consumer goods and choices.
- Other topics included are the conditions and nature of labour market and distribution of income among the public.