Economics : principles and tools /
O'Sullivan, Arthur,author.
Sheffrin, Steven M.,author.
By emphasizing the five key principles, this book teaches readers how to think like economists by showing them how to use economic concepts in their everyday lives and careers. The authors make the material both accessible and motivating by using key concepts repeatedly, illustrating them with compelling real-world examples, and giving readers lots of practice at "Active Learning;" doing their own economic analysis. The focus on the five key principles of economics throughout the book includes: 1) Opportunity Cost, 2) The Marginal Principle (comparing marginal benefits and marginal costs), 3) The principle of voluntary exchange 4) The principle of diminishing returns and 5) The real-nominal principle. Returning to these principles repeatedly explains the logic of economic reasoning and demystifies the tools of economics.
Previous edition: 2003.
Includes bibliographical references and index.
By emphasizing the five key principles, this book teaches readers how to think like economists by showing them how to use economic concepts in their everyday lives and careers. The authors make the material both accessible and motivating by using key concepts repeatedly, illustrating them with compelling real-world examples, and giving readers lots of practice at "Active Learning;" doing their own economic analysis. The focus on the five key principles of economics throughout the book includes: 1) Opportunity Cost, 2) The Marginal Principle (comparing marginal benefits and marginal costs), 3) The principle of voluntary exchange 4) The principle of diminishing returns and 5) The real-nominal principle. Returning to these principles repeatedly explains the logic of economic reasoning and demystifies the tools of economics.
Economics.