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Economic Principles
First Edition©2019 Stephen Rubb, Scott Sumner
ISBN:9781319106812
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ISBN:9781464187292
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ISBN:9781464182495
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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, and can be accompanied by a helpful online study and review system, SaplingPlus.
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Learn MoreTable 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 Rubb's 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.
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