Still Keeping it Real and More Accessible Than Ever! Hubbard & OBrien keeps it real in the third edition with updated examples, data, and end-of-chapter problems, providing the most up-to-date discussion on the recession/financial crisis and the monetary and fiscal policy response. Hubbard & OBrien is the only book that motivates students to learn economics through real business examples. The #1 question students of economics ask themselves is: "Why am I here, and will I ever use this?" Hubbard/OBrien answer this question by demonstrating that real businesses use economics to make real decisions daily. This is motivating to all students, whether they are business majors or not. All students can relate to businesses they encounter in their everyday lives. Whether they open an art studio, do social work, trade on Wall Street, work for the government, or bartend at the local pub, students will benefit from understanding the economic forces behind their work. The book motivates users by demonstrating how real businesses use economics to make real decisions on a daily basis.
It covers the different Market Structures in an intuitive fashion so that readers of all backgrounds and fields can grasp the importance and flow of these concepts. Chapter opening cases, examples and figures motivate the economic principles covered, while Solved Problems provide models of how to solve an econommic problem - keeping readers focused on the main ideas of each chapter, and preventing them from getting bogged down due to a lack of basic math or "word problem" skills.
Part 1. Introduction Chapter 1. Economics: Foundations and Models Chapter 2. Tradeoffs, Comparative Advantage, and the Market System Chapter 3. Where Prices Come From: The Interaction of Demand and Supply Chapter 4. Economic Efficiency, Government Price Setting, and Taxes Part 2. Markets in Action Chapter 5. Externalities, Environmental Policy, and Public Goods Chapter 6. Elasticity: The Responsiveness of Demand and Supply Part 3. Firms in the Domestic and International Economies Chapter 7. Firms, the Stock Market, and Corporate Governance Chapter 8. Comparative Advantage and the Gains from International Trade Part 4. Microeconomic Foundations: Consumers and Firms Chapter 9. Consumer Choice and Behavioral Economics Chapter 10. Production, Technology, and Costs Part 5. Market Structure and Firm Strategy Chapter 11. Firms in Perfectly Competitive Markets Chapter 12. Monopolistic Competition: The Competitive Model in a More Realistic Setting Chapter 13. Oligopoly: Firms in Less Competitive Markets Chapter 14. Monopoly and Antitrust Policy Chapter 15. Pricing Strategy Part 6. Markets for Factors of Production Chapter 16. The Markets for Labor and Other Factors of Production Part 7. Information, Taxes, and the Distribution of Income Chapter 17. The Economics of Information Chapter 18. Public Choice, Taxes, and the Distribution of Income Part 8. Macroeconomic Foundations and Long-Run Growth Chapter 19. GDP: Measuring Total Production and Income Chapter 20. Unemployment and Inflation Chapter 21. Economic Growth, the Financial System, and Business Cycles Chapter 22. Long-Run Growth: Sources and Policies Part 9. Short-Run Fluctuations Chapter 23. Aggregate Expenditure and Output in the Short Run Chapter 24. Aggregate Demand and Aggregate Supply Analysis Part 10. Monetary and Fiscal Policy Chapter 25. Money, Banks, and the Federal Reserve System Chapter 26. Monetary Policy Chapter 27. Fiscal Policy Chapter 28. Inflation, Unemployment, and Federal Reserve Policy Part 11. The International Economy Chapter 29. Macroeconomics in an Open Economy Chapter 30. The International Financial System