With an accessible approach, the third European edition of Principles of Economics provides students with the tools to analyze current economic issues. The book is underpinned by a focus on seven Core Principles, which help students to make the link between economic theory and practice. The 'economic naturalist' approach, supported by exercises, problems and examples, encourages students to employ economics principles to understand and explain the world around them.Developed from the well-regarded US textbook by Frank and Bernanke, it presents an intuitive approach to economics and is suitable for all students taking a Principles of Economics course.
Part 1: Introduction1. Thinking Like An Economist 2. Markets, Specialisation and Economic Efficiency 3. Markets, Supply, Demand and Elasticity Part 2: Competition and the 'Invisible Hand' 4. Demand: The Benefit Side of the Market 5. Perfectly Competitive Supply: the Cost Side of the Market 6. Efficiency and Exchange 7. Profits, Entry and Exit: The Basis for the 'Invisible Hand' Part 3: Market Imperfections 1: Market Power 8. Imperfect Competition and the Consequences of Market Power 9. Thinking Strategically 1: Interdependence, Decision Making and the Theory of Games 10. Thinking Strategically 2: Competition Among the Few Part 4: Market Imperfections 2: Externalities, Information, Distribution and the Role of the Government in a Market Economy 11. Externalities and Property Rights 12. The Economics of Information 13. Labour Markets, Income Distribution, Wealth and Poverty 14. Government in the Market Economy: Public Sector Production and Regulation 15. The Credit Crunch and the Great Contraction: An Application of Some Micro-economics to Help Explain a Macro-economic Crisis Part 5: Macroeconomics: Issues and Data 16. Macroeconomics: the Bird's Eye View of the Economy 17. Measuring Economic Activity: Gross Domestic Product 18. Measuring the Price Level and Inflation 19. The Labour Market: Wages and Unemployment Part 6: The Economy in the Long Run 20. Economic Growth, Productivity and Living Standards 21. Capital Markets: Saving, Investment and Financial Intermediaries Part 7: The Economy in the Short Run 22. Short-Term Economic Fluctuations 23. Money and Interest Rates 24. The IS-LM Model 25. Stabilising the Economy 1: the Role of Fiscal Policy 26. Stabilising the Economy 2: the Role of Monetary Policy 27. Aggregate Demand, Aggregate Supply and Inflation 28. The New Keynesian Phillips Curve: Expectations and Inflation Policy Part 8: The International Economy 29. Exchange Rates, Capital Flows and the Balance of Payments
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