Cover: Economic Principles, 1st Edition by Stephen Rubb; Scott Sumner

Economic Principles

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First  Edition©2019  Stephen Rubb; Scott Sumner

ISBN:9781319106812

ISBN:9781464187292

ISBN:9781464182495

About

Where economics gets down to business
Specifically for economics courses with a business emphasis, Economic Principles: A Business Perspective helps you connect the fundamentals of economics as understood today with the business principles encountered in other courses. It’s filled with global examples and case studies, as well as features that connect economics to business.

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Table of Contents

Part I An Introduction to Economics

Chapter 1 The Basics of Economics

1A Appendix: Using Graphs in Economics

Chapter 2 Why We Trade

Production, Trade, and the Global Economy

Part II Foundations of Markets

Chapter 3 Supply and Demand

Determining Prices in a Changing Business Environment

Chapter 4 Elasticity

A Measure of Responsiveness

Chapter 5 Consumer Choice

Decision Making For Consumers

Chapter 6 Economic Efficiency and the Power of Competitive Markets

How Price Controls and Taxes Result in Deadweight Loss

Part III Foundations of Government and Public Policy

Chapter 7 Taxes: An Economic Analysis

Funding Government Spending

Chapter 8 The Environment, Externalities, and Property Rights

Market Failure and the Case for Government

Part IV Foundations of Finance and Business

Chapter 9 Organizing a Business

Corporations and Other Legal Structures

Chapter 10 Stocks and Bonds

Financial Markets and Personal Finance

Chapter 10A Appendix: Present Value and the Time Value of Money

Part V Market Structures and Profit Maximization

Chapter 11 The Cost of Doing Business

Production and Economic Cost

Chapter 12 Perfect Competition

Rubb/Sumner, Economic Principles: A Business Perspective, 1e Table of Contents

Maximizing Profits in Highly Competitive Markets

Chapter 13 Monopoly and Antitrust Laws

Businesses with Market Power

Chapter 14 Monopolistic Competition and Price Discrimination

When Businesses Sell Differentiated Products

Chapter 15 Oligopoly

Strategic Decision Making and Game Theory

Part VI Special Topics in Microeconomics

Chapter 16 Behavioral Economics and Strategy

Implications for Pricing, Location, and Product Mix

Chapter 17 Labor and Other Resource Markets

Supply and Demand for Labor and Resources

Chapter 18 The Distribution of Income

Poverty and Income Inequality

Chapter 19 Information, Insurance, and Health Care

Markets with Adverse Selection and Asymmetric Information

Part VII Key Macroeconomic Data

Chapter 20 GDP and the Price Level

Measuring the Performance of the Overall Economy

Chapter 21 Unemployment and the Business Cycle

Measuring the Performance of the Labor Market

Part VIII Foundations of Macroeconomics in the Long Run

Chapter 22 Long Run Economic Growth

What Explains the Wealth and Poverty of Nations?

Chapter 23 Saving and Investment: A Macroeconomic Perspective

How Saving Contributes to Economic Growth

Part IX Money and the Monetary System

Chapter 24 The Monetary System

What is Money, and Where Does It Come From?

Rubb/Sumner, Economic Principles: A Business Perspective, 1e Table of Contents

Chapter 25 Money and the Price Level in the Long Run

The Quantity Theory and the Fisher Effect

Part X Foundations of Macroeconomics in the Short Run

Chapter 26 Aggregate Supply and Aggregate Demand

A Model of the Business Cycle

Chapter 27 Monetary Policy

How the Fed Tries to Stabilize the Economy

Chapter 28 Fiscal Policy

The Impact of Government Spending and Taxes on GDP

Part XI Special Topics in Macroeconomics

Chapter 29 The Aggregate Expenditure Model

A Fixed Price–Level Model of the Economy

Chapter 30 The Role of Expectations in Macroeconomics

Inflation, Unemployment, and Monetary Policy

Part XII Foundations of Global Trade

Chapter 31 International Trade

Doing Business across Borders

Chapter 32 Foreign Exchange Markets

Doing Business in Multiple Currencies

Chapter 33 International Finance

The Macroeconomics of Exchange Rates and the Balance of Payments

Stephen Rubb

Stephen Rubb is a passionate teacher. He began his teaching career in 1994 and is currently a Professor of Economics at Sacred Heart University. Prior to Sacred Heart, he taught economics, finance, and statistics at a variety of business schools including Bentley University, Stonehill College and Bryant University. He has graduate degrees in both business management (Rensselaer Polytechnic Institute, M.S.) and economics (Northeastern University, Ph.D.). Professor Rubbs research interests include migration, Social Security and retirement issues, and labor market - education issues; and has published in a variety of scholarly journals including His research has been published Demography, Applied Economics,the Economics of Education Review, Journal of Family and Economic Issues and Education Economics. Professor Rubb lives in Glastonbury, Connecticut with his wife Susan, two children Jason and Marissa, and their poodle-schnauzer mix Jasmine.

Scott Sumner

Scott Sumner is the Ralph G. Hawtrey Chair of Monetary Policy at the Mercatus Center at George Mason University, where he is the director of the Program on Monetary Policy. He is also Professor Emeritus at Bentley University. In his writing and research, Sumner specializes in monetary policy, the role of the international gold market in the Great Depression, and the history of macroeconomic thought. In 2015 he published "The Midas Paradox: Financial Markets, Government Policy Shocks, and the Great Depression." Named by Foreign Policy magazine in 2012 as one of the "top 100 global thinkers," Sumner has published papers in academic journals including the Journal of Political Economy, Economic Inquiry, and the Journal of Money, Credit and Banking. He is author of the economics blog The Money Illusion and a contributor to EconLog. Sumner received his PhD and MA in economics from the University of Chicago and his BA in economics from the University of Wisconsin.