Microeconomics: Principles, Applications, and Tools
For Principles of Microeconomics courses.
For a complete multimedia book tour of Economics: Principles, Applications, & Tools, 8e  Click Here.
For a look at the Supply & Demand Chapter of this title, Click Here.
Questions that drive interest, applications that illustrate concepts, and the tools to test and solidify comprehension.
Students come into their first Economics course thinking they will gain a better understanding of the economy around them. Unfortunately, they often leave with many unanswered questions. To ensure students actively internalize economics, O'Sullivan/Sheffrin/Perez use chapter-opening questions to spark interest on important economic concepts, applications that vividly illustrate those concepts, and chapter-ending tools that test and solidify understanding.
Table of Content
I. INTRODUCTION AND KEY PRINCIPLES
1. Introduction: What is Economics?
2. Key Principles of Economics
3. Exchange and Markets
4. Demand, Supply, and Market Equilibrium
II. A CLOSER LOOK AT DEMAND AND SUPPLY
5. Elasticity: A Measure of Responsiveness
6. Market Efficiency and Government Intervention
7.Consumer Choice: Utility Theory and Insights from Neuroscience
III. MARKET STRUCTURES AND PRICING
8. Production Technology and Cost
9. Perfect Competition
10. Monopoly and Price Discrimination
11. Market Entry and Monopolistic Competition
12. Oligopoly and Strategic Behavior
13. Controlling Market Power: Antitrust and Regulation
IV. EXTERNALITIES AND INFORMATION
14. Imperfect Information: Adverse Selection and Moral Hazard
15. Public Goods and Public Choice
16. External Costs and Environmental Policy
V. THE LABOR MARKET AND INCOME DISTRIBUTION
17. The Labor Market and the Distribution of Income
VI. THE INTERNATIONAL ECONOMY
18. International Trade and Public Policy
19. The World of International Finance
MyEconLab and the Text are in Synch
All of the end-of-chapter text questions are replicated in MyEconLab with the same numbers to make creating homework easier for instructors, and remediation easier for students.
MyEconLab New Design is Available for this Title!
One Place for All of Your Courses. Improved registration experience and a single point of access for instructors and students who are teaching and learning multiple MyLab/Mastering courses.
A Simplified User Interface. The new user interface offers quick and easy access to Assignments, Study Plan, eText & Results, as well as additional option for course customization.
New Communication Tools. The following new communication tools can be used to foster collaboration, class participation, and group work.
Email: Instructors can send emails to their entire class, to individual students or to instructors who has access to their course.
Discussion Board: The discussion board provides students with a space to respond and react to the discussions you create. These posts can also be separated out into specific topics where students can share their opinions/answers and respond to their fellow classmates' posts.
Chat/ ClassLive: ClassLive is an interactive chat tool that allows instructors and students to communicate in real time. ClassLive can be used with a group of students or one-on-one to share images or PowerPoint presentations, draw or write objects on a whiteboard, or send and received graphed or plotted equations. ClassLive also has additional classroom management tools, including polling and hand-raising.
Enhanced eText. Available within the online course materials and offline via an iPad app, the enhanced eText allows instructors and students to highlight, bookmark, take notes, and share with one another.
Visit http://www.myeconlab.com today for more information.
Draw Students Into the Material
Chapter-opening questions spark students' interest on important economic concepts. After drawing students into the material, these opening questions are paired with in-chapter applications that bring the economic concept to life. Exercises that test students' understanding of the questions, concepts and applications appear in the end-of chapter materials.
Demystify the Tools of Economics
The 5 key principles of economics show students the logic of economic reasoning and demystify the tools of economics. The 5 principles are first presented in Chapter 2, and then the authors return to these 5 principles throughout the text to remind students of the underlying logic behind newly presented concepts:
The Principle of Opportunity Cost
The Marginal Principle (comparing marginal benefits and marginal costs)
The Principle of Diminishing Returns
The Principle of Voluntary Exchange
The Real-Nominal Principle (distinguishing real from nominal magnitudes)
Apply the Concepts
This is an Applications-driven textbook. The authors carefully selected over 120 real-world Applications that help students develop and master essential economic concepts.
Each chapter starts with 3-5 thought provoking Applying the Concepts questions that convey important economic concepts.
Once we present the economic logic behind a concept, we illustrate its use with a real-world Application.
For each Application and Applying the Concept question, we provide exercises that test students' understanding of the concepts.
In addition, some chapters contain an Economic Experiment section that gives them the opportunity to do their own economic analysis.
Easily Incorporate Economic Experiments in your Course
Economic experiments in O'Sullivan/Sheffrin/Perez actively involve the student in role-playing as consumers, producers, and policy makers. These experiments stimulate student interest and are easy for professors to use and implement in a classroom of any size. See Chapter 4, Supply, Demand and Market Equilibrium after the end-of-chapter material.
Designed to Capture Students' Interest
Do you think your current text is too cluttered with boxes and colors that take students' focus off of the important material? This edition features a streamlined design with no boxed features that draw students' attention away from the core concepts. An "application" flows in the body of the chapter material so it will not distract students and so they will not skip the material.
Help your Students Study
How do you use your text's end-of-chapter material? The end-of-chapter material is organized around the major sections of the chapter and its "applications" so the student can better organize his/her study plan.