Economics: Principles, Applications, and Tools

by Arthur O'Sullivan, Steven M. Sheffrin, Steve Perez

This modern, Micro first book has a strong foundation in demand and supply. Its thoughtful coverage of change in demand vs. change in quantity demanded (also in supply coverage) enables readers to better visualize and truly understand the difference between these 2 fundamental concepts. Its hallmark feature includes a focus on the 5 Key Principles of 1) Opportunity Cost, 2) The Marginal Principle (comparing marginal benefits and marginal costs), 3) Diminishing Returns, 4) The Spillover Principle (for externalities in production and consumption), and, 5) The Reality Principle (distinguishing real from nominal magnitudes). For economists, financial analysts and other finance professionals.

Genres: Economics

Hardcover

First published January 1, 1997

About the author

Arthur O'Sullivan is an economist. Currently, he is a Professor of Economics at Lewis & Clark College. He has written several college textbooks on economics.