Principles of Economics 10th, Student Value Edition

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Synopsis: : Principles of Economics 10th, Student Value Edition

For the 2-semester principles of Economics course.

Reviewers tell us that Case/Fair/Oster is one of the all-time bestselling POE Texts because they trust it to be clear, thorough and complete. Case/Fair/Oster readers also come away with a basic understanding of how market economies function, an appreciation for the things they do well, and a sense of things they do poorly. Readers begin to learn the Art and Science of economic thinking and begin to look at some policy and even personal decisions in a different way.

Table of Contents

PART I Introduction to Economics
1 The Scope and Method of Economics
2 The Economic Problem: Scarcity and Choice
3 Demand, Supply, and Market Equilibrium
4 Demand and Supply Applications
5 Elasticity

PART II The Market System: Choices Made by Households and Firms
6 Household Behavior and Consumer Choice
7 The Production Process: The Behavior of Profit-Maximizing Firms
8 Short-Run Costs and Output Decisions
9 Long-Run Costs and Output Decisions
10 Input Demand: The Labor and Land Markets
11 Input Demand: The Capital Market and the Investment Decision
12 General Equilibrium and the Efficiency of Perfect Competition

PART III Market Imperfections and the Role of Government
13 Monopoly and Antitrust Policy
14 Oligopoly
15 Monopolistic Competition
16 Externalities, Public Goods, and Social Choice
17 Uncertainty and Asymmetric Information
18 Income Distribution and Poverty
19 Public Finance: The Economics of Taxation

PART IV Concepts and Problems in Macroeconomics
20 Introduction to Macroeconomics
21 Measuring National Output and National Income
22 Unemployment, Inflation, and Long-Run Growth

PART V The Core of Macroeconomic Theory
23 Aggregate Expenditure and Equilibrium Output
24 The Government and Fiscal Policy
25 The Money Supply and the Federal Reserve System
26 Money Demand and the Equilibrium Interest Rate
27 Aggregate Demand in the Goods and Money Markets
28 Aggregate Supply and the Equilibrium Price Level
29 The Labor Market In the Macroeconomy

PART VI Further Macroeconomics Issues
30 Financial Crises, Stabilization, and Deficits
31 Household and Firm Behavior in the Macroeconomy: A Further Look
32 Long-Run Growth
33 Alternative Views in Macroeconomics

PART VII The World Economy
34 International Trade, Comparative Advantage, and Protectionism
35 Open-Economy Macroeconomics: The Balance of Payments and Exchange Rates
36 Economic Growth in Developing and Transitional Economies

Features

For the 2-semester principles of economics course.
Reviewers tell us that Case/Fair/Oster is one of the all-time bestselling POE texts because they trust it to be clear, thorough and complete. Case/Fair/Oster readers also come away with a basic understanding of how market economies function, an appreciation for the things they do well, and a sense of things they do poorly. Readers begin to learn the art and science of economic thinking and begin to look at some policy and even personal decisions in a different way.

“Are you tired of books that sacrifice clarity by introducing some of the complexities of economic theory too early?”
Case/Fair/Oster, believe that the best way to understand how market opportunities operate and the best way to understand basic economic theory is to work through the perfectly competitive model first, including discussions of output markets (Ch. 16, goods & services) and input markets (land, labor & capital), and the connections between them, before turning to noncompetitive market structures (Ch 13-15), such as monopoly and oligopoly (Ch 14 & 15). When students understand how a simple perfectly competitive system works (Ch 12), they can start thinking about how the pieces of the economy fit together. Learning perfect competition first enables students to see the power of the market system. It is impossible to discuss the efficiency of markets as well as the problems that arise from markets until students have seen how a simple, perfectly competitive market system produces goods and services (refer to Ch 6 & 11).

Macroeconomics organization
“Do you think the Keynesian Cross should be integrated more thoroughly into your principles text?” “Are you tired of books that relegate Keynesian Cross coverage to “optional” chapters?”

They Keynesian Cross is an integral part of this text. Case/Fair/Oster believe strongly, that a text should use the Keynesian Cross carefully and systematically, to build up to the AD/AS model. One of the great benefits of this approach is that students won’t mistakenly apply what they learned about simple demand and supply to aggregate demand & supply. (A detailed summary of this approach can be found in the preface).

“Do you find that International Coverage of Economic topics is increasingly important? Do you desire a text that incorporates the world economy into basic economic principles?”

There is an increasing economic interdependence among countries and their citizens. Case/Fair/Oster has integrated international examples and applications into a variety of chapters:
1. Chapter 1 – discusses the many countries that contribute to creating the iPod.
2. Chapter 7 – how UPS is using technology to speed worldwide delivery.
3. Chapter 10 – how high speed trains in Europe benefit travelers, the environment, and the economies of communities served.
4. Chapter 33 – world distribution of income and how technology affects distribution.
5. Chapter 35 & 36 – two full chapters on the world economy.
Other Points of Distinction

“Do you think that newspaper and magazine articles can be an effective tool for motivating the concepts taught in principles of economics? Is it ever challenging to find a recent article that ties into the week’s lecture?”

With Case/Fair/Oster, you and your students have three carefully integrated, and easy to use, sources for gathering and integrating the news into lecture of homework:

1. In Text News Analysis - The authors have taken real news articles from The Wall Street Journal, The New York Times, The Economist, and others, and have strategically integrated them into their text, in a feature called News Analysis. The authors have also added homework problems for News Analysis articles at the end of the chapter.
2. Online Weekly News Updates - In addition to the news articles in the text, the Case/Fair/Oster text also brings you two new articles each week, one for Microeconomics and one for Macroeconomics. Each update includes a direct link to the original web source, a summary, and a set of critical thinking questions that can be assigned or used to open classroom discussion (Articles are available via MyEconLab. com).
3. Online Chapter by Chapter News Archive — We know that the week’s news isn’t always relevant to the chapter you are on in class. That’s why we keep an extensive archive of all Weekly News Updates, and organize them by chapter. Before your lecture, simply check the chapter by chapter archive to see if there is something interesting to bring in class that is both timely and relevant to the concepts that are being covered (Articles are available via MyEconLab. com).
“I often hear that assessing students in this course is one of professors’ greatest challenges, would you agree?” “Professor, are any one of these: end-of-chapter questions, test bank materials, or on-line homework practice and assessment software important to you or your students?”

Names you trust in Economics, Case/Fair/Oster, continues its history of excellence in economic content and applications with a focus on assessment:

1. MyEconLab – this on-line, self-graded homework, tutorial, and assessment software will be available with Case/Fair/Oster 9e. Make your life easier by creating on-line homework for your students, as well as, save time with the guided solutions and eText offered in the tutorial and homework sections of the software. The software and text are fully integrated.
2. End-of-Chapter Material – the end of chapter material delivers the best questions for your students to learn the material in class. See the end of any chapter.
3. Case/Fair/Oster’s Two Year Test Bank – use Case/Fair/Oster’s Two Year Test Bank so you can make new quizzes and tests in year 1 and year 2 using the Case/Fair/Oster text. This strategy cuts down on shared tests between students. The test banks have been completely revised and updated with new questions. Test Bank 1 has all computer gradable questions for you to assign in year 1, Test Bank 2 has all computer gradable questions for you to assign in year 2, and Test Bank 3 has open ended, fill-in, and essay questions so you can use odd questions in year one and even questions in year 2.
“Professor, are you faced with a classroom of students with different abilities, backgrounds, and learning styles?”

Three-tiered explanations of key concepts (Stories-Graphs-Equations) - Case/Fair/Oster realizes the problem facing instructors is how to convey the core principles of the discipline to as many students as possible without selling the better students short.

Case/Fair/Oster’s approach to this challenge is the three tier approach — Stories-Graphs-Equations. Each concept is presented in the context of a simple intuitive story often followed by a table or graph. And, in many cases, an equation is then used to present the concept with a mathematical formula.

New to this Edition

Case, Fair, Oster's goal in this ground-breaking Millenium edition, as it was in the first edition, is to instill in students a fascination with both the functioning of the economy and the power and breadth of economics. The first line of every edition of their book has been “The study of economics should begin with a sense of wonder.” The authors hope that readers come away from this book with a basic understanding of how market economies function, an appreciation for the things they do well, and a sense of the things they do poorly. They also hope that readers begin to learn the art and science of economic thinking and begin to look at some policy and even personal decisions in a different way.

"Professor, don't you want your text and technology to be integrated as well as provide you with an easy way to assess your students knowledge and progress throughout the course?"

MyEconLab. The new standard in personalized online learning, is a key part of Case, Fair, and Oster's integrated learning package for the 10th edition. Both the text and supplement package provide ways for instructors and students to assess their knowledge and progress through the course.

Macro
The years 2008–2010 have been very challenging years in the macroeconomy for most of the world. In the United States the government has used policies never used before, and we have all—macroeconomists and policy makers alike—struggled to figure out what works and what does not. For someone studying macroeconomics, we are in the middle of an enormously exciting time.

"Professor, wouldn't you like your students to be able to discuss the most recent recession in the context of the overall history of the U.S. economy?"

NEW! Discussion of the most recent recession in the context of the overall history of the U.S. Economy: The years 2008—2009 became the fifth recession in the United States since 1970. One of the new features of this edition is a discussion of this recession in the context of the overall history of the U.S. economy. This most recent recession, however, required more than the usual revisions, both because of its severity and because of the unusual nature of both the events leading up to it and some of the remedies employed by the government to deal with it.

"With so many recent changes at the Fed, don't you want your Principles of Economics text to be substantially updated and relevant in light of these extrordinary actions!"

In June 2010, the balance sheet of the Federal Reserve had assets of $2.3 billion. Of these assets, half, or just over $1.1 billion, was held in the form of mortgage-backed securities. In 2007, the Fed held no mortgage-backed securities. In June 2010, commercial banks in the United States held more than $900 billion in excess reserves at the Fed. In the past, banks have held almost no excess reserves. These extraordinary changes at the Fed follow on the heels of interventions by the federal government in financial operations of numerous private banks like J.P. Morgan and Goldman Sachs, as well as in companies like AIG and General Motors. In Case,Fair,Oster's tenth edition:

1.These extraordinary actions required substantial changes throughout the macroeconomic chapters of this book.
2.New material describing these interventions appear in a number of chapters, both in the text itself and in the Economics in Practice boxes.
3.Revisions were also necessary in the background discussions of monetary policy, since the existence of excess reserves considerably complicates the usual workings of monetary policy.

“Professor, do your students become more engaged whenever you use topics they find interesting, especially when covering the Growth chapter?”



In Chapters 32 & 33, the authors highlighted interesting topics for students because the topic of Growth is a topic where the use of many real world examples can help students to understand how economics works in the world around them. It is also a more modern way to look at Macroeconomics.

Micro:
"In the microeconomics area, there has been a good deal of exciting new work in the areas of economic development, behavioral economics, and experimental economics."

In Case, Fair, and Oster - a particular highlight is Chapter 36, "Economic Growth in Developing and Transitional Economies," which carefully lays out the methodological approach used by researchers doing randomized experiments in the economic development area and describes some of the results of that work.

"Professor, would you like to inspire your new students to read recent research by young scholars in order to help them relate to the wide breadth and exciting research currently going on in economics today?"

Case/Fair/Oster added Economics in Practice boxes that we hope will demonstrate more clearly the ideas that lie at the heart of economic thinking by focusing on works from younger scholars, whenever possible, and on more recent research too. Hopefully, new students will be inspired by the wide breadth and exciting nature of the research currently going on in economics today. Historically, the boxes have focused principally on newspaper excerpts related to the subject of the chapter. Now, two-thirds of the boxes in the microeconomics and macroeconomics chapters relate an economic principle either to a personal observation (why does Denzel Washington get paid what he does?) or to a recent piece of economic research (new work by Emmanuel Saez on the fact that much of modern wealth comes from wages rather than interest).

“Professor, during today’s economic times, do you wish you had more coverage and more time to talk about Uncertainty with your students,?”

Chapter 17: “Uncertainty and Asymmetric Information” — explores how consumers and firms make decisions using incomplete information. The chapter covers attitudes towards risk, adverse selection, moral hazard, market signaling, expected value and expected utility, and incentives in the health care industry. Case/Fair/Oster uses familiar examples, such as how people evaluate different salary structures and the risk of bets.

“Professor, would you like for your students to be able to apply complex economic principles to explain observations or information they might hear in the news or read in a periodical?”

Economics in Practice: This feature consists of either a description of a personal observation and an analysis that shows students how to use economic concepts to explain that observation or a newspaper excerpt that relates to the concepts of the chapters. Now, two-thirds of the boxes in the microeconomics and macroeconomics chapters relate an economic principle either to a personal observation (why does Denzel Washington get paid what he does?) or to a recent piece of economic research (new work by Emmanuel Saez on the fact that much of modern wealth comes from wages rather than interest). Each feature includes an end-of-chapter problem and test-bank questions so that instructors can test students’ understanding of the concepts applied in the feature.

Book Information

The Title "Principles of Economics " is written by Karl E. Case, Ray C Fair, Sharon Oster. This book was published in the year 2011. The ISBN number 0132552981|9780132552981 is assigned to the Loose-leaf version of this title. The book displayed here is a 10th, Student Value Edition edition. This book has total of pp. 816 (Pages). The publisher of this title is Prentice-Hall. Principles of Economics is currently Available with us.