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Principles of Economics

3rd Edition
0077132734 · 9780077132736
With an accessible approach, the third European edition of Principles of Economics provides students with the tools to analyze current economic issues. The book is underpinned by a focus on seven Core Principles, which help students to make the link … Read More
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Part 1: Introduction

1. Thinking Like An Economist
2. Markets, Specialisation and Economic Efficiency
3. Markets, Supply, Demand and Elasticity

Part 2: Competition and the 'Invisible Hand'

4. Demand: The Benefit Side of the Market
5. Perfectly Competitive Supply: the Cost Side of the Market
6. Efficiency and Exchange
7. Profits, Entry and Exit: The Basis for the 'Invisible Hand'

Part 3: Market Imperfections 1: Market Power

8. Imperfect Competition and the Consequences of Market Power
9. Thinking Strategically 1: Interdependence, Decision Making and the Theory of Games
10. Thinking Strategically 2: Competition Among the Few

Part 4: Market Imperfections 2: Externalities, Information, Distribution and the Role of the Government in a Market Economy

11. Externalities and Property Rights
12. The Economics of Information
13. Labour Markets, Income Distribution, Wealth and Poverty
14. Government in the Market Economy: Public Sector Production and Regulation
15. The Credit Crunch and the Great Contraction: An Application of Some Micro-economics to Help Explain a Macro-economic Crisis

Part 5: Macroeconomics: Issues and Data

16. Macroeconomics: the Bird's Eye View of the Economy
17. Measuring Economic Activity: Gross Domestic Product
18. Measuring the Price Level and Inflation
19. The Labour Market: Wages and Unemployment

Part 6: The Economy in the Long Run

20. Economic Growth, Productivity and Living Standards
21. Capital Markets: Saving, Investment and Financial Intermediaries

Part 7: The Economy in the Short Run

22. Short-Term Economic Fluctuations
23. Money and Interest Rates
24. The IS-LM Model
25. Stabilising the Economy 1: the Role of Fiscal Policy
26. Stabilising the Economy 2: the Role of Monetary Policy
27. Aggregate Demand, Aggregate Supply and Inflation
28. The New Keynesian Phillips Curve: Expectations and Inflation Policy

Part 8: The International Economy

29. Exchange Rates, Capital Flows and the Balance of Payments

With an accessible approach, the third European edition of Principles of Economics provides students with the tools to analyze current economic issues. The book is underpinned by a focus on seven Core Principles, which help students to make the link between economic theory and practice. The 'economic naturalist' approach, supported by exercises, problems and examples, encourages students to employ economics principles to understand and explain the world around them.

Developed from the well-regarded US textbook by Frank and Bernanke, it presents an intuitive approach to economics and is suitable for all students taking a Principles of Economics course.

Larger, clearer figures complement a vibrant new text design
New chapter on the Credit Crunch, linking microeconomic principles to a macroeconomic crisis
Coverage of the New Keynesian Phillips Curve
Seven core principles are flagged throughout the book to indicate which principle applies to a given economic situation. These flags help students to consolidate their understanding of the fundamental ideas of scarcity, cost-benefit analysis, incentives matter, comparative advantage, increasing opportunity cost, equilibrium and efficiency.
Thoroughly revised Economic Naturalists encourage students to use economic principles to understand real-world occurrences, such as "Is there an economic justification for hosting major sporting events, such as the Olympic Games?"
Rigorous mathematical content is included in separate boxes so that it can be easily found by those who want the additional maths and skipped by those who do not.
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ISBN10: 0077132734 | ISBN13: 9780077132736

£64.99

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ISBN10: 007714127X | ISBN13: 9780077141271

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