Economics 8th edition - Principles Applications and Tools
Authors: Arthur O'Sullivan, Steven Sheffrin, Stephen Perez
Publisher: Prentice Hall
Details of the book:
A book designed to suit the syllabus of a course on the principles of economics, this book is suitable for students from fields other than economics, chiefly those belonging to the different fields of finance. Each chapter of the book begins with a relevant and thought provoking question from the field of study, and continues throughout each chapter in a manner which helps student not only get the general outline of the matter and key concepts, but rather internalize each topic in depth, so that they can build on it on their own later. The book utilizes a three pronged approach to ensure that the students have truly imbibed the knowledge require, these are namely (a) questions concerning the most important issues from the field of economics and finance, which immediately piques the interest of the readers, (b) knowledge based applications which help illustrate the concepts being undertaken within each chapter, and (c) tools which help test out and solidify the knowledge acquired. This book is exactly what freshers of the subject require, something which not only provides the textual knowledge, but does so in a relevant manner and helps to internalize it. Thus, laying the lasting foundation of the concepts and issues discussed.
The book contains the following:
One of the strong suits of this book is the topic of demand and supply, the authors take special notice of these very important and related concepts. Among the various nuances of this particular subject covered here, the issue of change in demand and quantity demanded (which is often not clearly comprehended by students) is substantially explained, without complicating it. Among other issues, the five most important issues involved in the subject namely1) the issue of Opportunity Cost, 2) the comparison between Marginal benefits and costs i.e. the Marginal Principle in general, 3) concept of diminishing returns, 4) The relation between production consumption externalities leading to their Spillover Principle, and, 5) also the principle of reality which differentiates between the real and nominal magnitudes.