Hubbard and O'Brien motivate the study of economics through real business examples. The book motivates users by demonstrating how real business uses economics to make real decisions on a daily basis. 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 economic 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.

Cover a core of microeconomics topics, then lend an additional business emphasis by covering one or more optional chapters: Business Firms, Corporate Governance, and the Stock Market; Monopolistic Competition: The Competitive Model in a More Realistic Setting; or Pricing Strategy.

MARKET: For anyone in business who wants to benefit from understanding the economic forces behind their work.

Glenn Hubbard policymaker, professor, and researcher.

R.Glenn Hubbard is the Dean and Russell L. Carson Professor of Finance and Economics in the Graduate School of Business at Columbia University and Professor of Economics in Columbia’s Faculty of Arts and Sciences. He is also a research associate of the National Bureau of Economic Research and a director of Automatic Data Processing, Black Rock Closed-End Funds, Dex Media, Duke Realty, KKR Financial Corporation, and Ripplewood Holdings. He received his Ph.D. in economics from Harvard University in 1983. From 2001–2003, he served as Chairman of the White House Council of Economic Advisers, and from 1991–1993, he was Deputy Assistant Secretary of the U.S. Treasury Department. Glenn Hubbard’s fields of specialization are public economics, financial markets and institutions, corporate finance, macroeconomics, industrial organization, and public policy. He is the author of more than 90 articles in leading journals, including the American Economic Review, Journal of Finance, Journal of Financial Economics, Journal of Political Economy, Journal of Public Economics, Quarterly Journal of Economics, RAND Journal of Economics, and Review of Economics and Statistics. His research has been supported by grants from the National Science Foundation, the National Bureau of Economic Research, and numerous private foundations.

Tony O’Brien award-winning professor and researcher.

Anthony Patrick O’Brien is a professor of economics at Lehigh University. He received his Ph.D. from the University of California, Berkeley, in 1987. He has taught principles of economics for more than 15 years, in both large sections and small honors classes. He received the Lehigh University Award for Distinguished Teaching. He was formerly the director of the Diamond Center for Economic Education and was named a Dana Foundation Faculty Fellow and Lehigh Class of 1961 Professor of Economics. He has been a visiting professor at the University of California, Santa Barbara, and the Graduate School of Industrial Administration at Carnegie Mellon University. Anthony O’Brien’s research has dealt with such issues as the evolution of the U.S. automobile industry, the sources of U.S. economic competitiveness, the development of U.S. trade policy, the causes of the Great Depression, and the causes of black–white income differences. His research has been published in leading journals, including the American Economic Review, the Quarterly Journal of Economics, the Journal of Money, Credit, and Banking, Industrial Relations, and the Journal of Economic History. His research has been supported by grants from government agencies and private foundations. In addition to teaching and writing, Anthony O’Brien also serves on the editorial board of the Journal of Socio-economics.'

Preface

Acknowledgments

Part 1: Introduction

CHAPTER 1: Economics: Foundations and Models

CHAPTER 1 APPENDIX: Using Graphs and Formulas

CHAPTER 2: Trade-offs, 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 7 APPENDIX: Tools to Analyze Firms’ Financial Information

CHAPTER 8: Comparative Advantage and the Gains from International Trade

CHAPTER 8 APPENDIX: Multinational Firms

Part 4: Microeconomic Foundations: Consumers and Firms

CHAPTER 9: Consumer Choice and Behavioral Economics

CHAPTER 9 APPENDIX: Using Indifference Curves and Budget Lines to Understand Consumer Behavior

CHAPTER 10: Technology, Production, and Costs

CHAPTER 10 APPENDIX: Using Isoquants and Isocosts to Understand Production and Cost

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 

Glossary

Company Index

Subject Index

Credits

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