Macroeconomics: Principles, Applications, and Tools, 8/e
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. THE BASIC CONCEPTS IN MACROECONOMICS
5. Measuring a Nation's Production and Income
6. Unemployment and Inflation
III. THE ECONOMY IN THE LONG RUN
7. The Economy at Full Employment
8. Why Do Economies Grow?
IV. ECONOMIC FLUCTUATIONS AND FISCAL POLICY
9. Aggregate Demand and Aggregate Supply
10. Fiscal Policy
11. The Income Expenditure Model
12. Investment and Financial Markets
V. MONEY, BANKING, AND MONETARY POLICY
13. Money and the Banking System
14. The Federal Reserve and Monetary Policy
VI. INFLATION, UNEMPLOYMENT, AND ECONOMIC POLICY
15. Modern Macroeconomics: From the Short Run to the Long Run
16. The Dynamics of Inflation and Unemployment
17. Macroeconomic Policy Debates
VII. THE INTERNATIONAL ECONOMY
18. International Trade and Public Policy
19. The World of International Finance
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:
1.The Principle of Opportunity Cost
2.The Marginal Principle (comparing marginal benefits and marginal costs)
3.The Principle of Diminishing Returns
4.The Principle of Voluntary Exchange
5.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.