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Addison-Wesley / Prentice Hall

Economics

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Economics: Principles, Applications, and Tools, 5/E
Arthur O'SullivanLewis and Clark College
Steven SheffrinUniversity of California, Davis
Steve PerezCalifornia State University, Sacramento

ISBN-10: 013223565X
ISBN-13:  9780132235655

Publisher:  Prentice Hall
Copyright:  2007
Format:  Paper; 768 pp
Published:  11/29/2006
Status: Instock



O’Sullivan/Sheffrin/Perez 5e uses questions to drive student interest, then applications to illustrate concepts, and then tools to practice economic concepts.

 

Students come into their first Economics course thinking they will better understand the economy around them; the choices our government, international governments, businesses, and individuals make.  Unfortunately, many don’t get answers to those questions when they complete the course.

 

O/S/P uses chapter opening questions, applications that explain and tie to those questions throughout the chapter, and chapter ending tools to help students actively internalize economics.



This product is an alternate version of:
O'Sullivan, Sheffrin & Perez,  Economics: Principles and Applications and Tools with MyEconLab and EBook 2-Sem Student Access Package, 5/E


This product accompanies:
O'Sullivan, Sheffrin & Perez,  Economics: Principles and Applications and Tools with MyEconLab and EBook 2-Sem Student Access Package, 5/E

O’Sullivan/Sheffrin/Perez 5e uses questions to drive student interest, then applications to illustrate concepts, and then tools to practice economic concepts.

 

Students come into their first Economics course thinking they will better understand the economy around them; the choices our government, international governments, businesses, and individuals make.  Unfortunately, many don’t get answers to those questions when they complete the course.

 

O/S/P uses chapter opening questions, applications that explain and tie to those questions throughout the chapter, and chapter ending tools to help students actively internalize economics.

 

 

How do you and how does your current text tie together the concepts in economics to the real world events to which they relate?

Questions that open every chapter have an associated “application” in the chapter as well as an associated end-of-chapter question.

Brand new Chapter Opening questions (p. 66) lead off every chapter and are paired with  in-chapter applications (p. 85-89) that answer those questions and bring the economic concepts to life for students. Exercises that test the student’s understanding of the question, concepts, and application appear in the end-of-chapter materials. p. 95

 

Does your current text correspond to the online homework system?

Every end-of-chapter question is replicated in MyEconLab.

All of the end-of-chapter text questions are replicated in MyEconLab with the same numbers to make creating homework easier for instructors, and remediation easier for students.

 

Other Points of distinction:

How do you string together the economic principles so they form a rationale of thought for your students?

  • A focus on the 5 key principles of economics shows students the logic of economic reasoning and demystifies the tools of economics. They are first presented in Chapter 2, and then the authors return to these 5 principles repeatedly throughout the text where appropriate to remind students of the underlying logic behind newly presented concepts.

1) The Principle of Opportunity Cost

2) The Marginal Principle (comparing marginal benefits and marginal costs)

3) The Principle of Diminishing Returns

4) The Principle of Voluntary Exchange

5) The Real-Nominal Principle (distinguishing real from nominal magnitudes).

 

 

Do you or would you like to incorporate economic experiments in your course? 

Economic experiments–actively involve the student in role-playing as consumers, producers, and policy makers.

  • Stimulates student interest and are easy for professors to use and implement in a classroom of any size. See Chapter 4, Supply, Demand and Market Equilibrium after the e-o-c material, p. 96

Do you think your current text is too cluttered with boxes and colors that take students’ focus off of the important material? 

Streamlined Design with no boxes—the new edition of O/S/P has no boxed features that draw students’ attention away from the core concepts.

All boxes have been changed and material has been moved to an “application” that flows in the body of the chapter material so it will not distract students and so they will not skip the material.

 

How do you use your text’s end-of-chapter material? 

End-Of-Chapter material has been expanded and reorganized

The end-of-chapter material in 5e has been expanded and reorganized around the major sections of the chapter and its applications so the students can better organize his/her study plan.

 

This text is available for personalization in the PHCBR custom database program.  Select only the chapters you require or supplement with recommended case studies all under one cover.  CLICK HERE to go directly to the PHCBR book-build site or visit our product page for additional information at pearsoncustom.com/business.

How do you and how does your current text tie together the concepts in economics to the real world events to which they relate?

Questions that open every chapter have an associated “application” in the chapter as well as an associated end-of-chapter question.

Brand new Chapter Opening questions (p. 66) lead off every chapter and are paired with  in-chapter applications (p. 85-89) that answer those questions and bring the economic concepts to life for students. Exercises that test the student’s understanding of the question, concepts, and application appear in the end-of-chapter materials. p. 95

 

Does your current text correspond to the online homework system?

Every end-of-chapter question is replicated in MyEconLab.

All of the end-of-chapter text questions are replicated in MyEconLab with the same numbers to make creating homework easier for instructors, and remediation easier for students.

 

Do you think your current text is too cluttered with boxes and colors that take students’ focus off of the important material? 

Streamlined Design with no boxes–the new edition of O/S/P has no boxed features that draw students’ attention away from the core concepts.

All boxes have been changed and material has been moved to an “application” that flows in the body of the chapter material so it will not distract students and so they will not skip the material.

 

How do you use your text’s end-of-chapter material? 

End-Of-Chapter material has been expanded and reorganized

The e-o-c material in 5e has been expanded and reorganized around the major sections of the chapter and its applications so the students can better organize his/her study plan.

 

 

Microeconomics Content Changes (please refer to the chapter-by-chapter changes tool on the doc.lib for very detailed info).

 

When do you prefer to cover Market Efficiency?

O/S/P 5e now covers Market efficiency before consumer choice as per reviewer requests.

This swapping of chapter order will help students better understand the Consumer Choice chapter since they will have covered Market Efficiency first.

 

Do you cover indifference curves?

The 5th edition moved its coverage of indifference curves to an appendix and uses utility to teach consumer choice in the body of the chapter.

This is the way it used to be covered in the 3rd ed of O’Sullivan/Sheffrin and customers requested this change.

 

 

Do you like to incorporate interesting applications that students can relate to?

There are tons of cool applications that students will dig into…

There are 26 new applications on topics such as outsourcing (Chapter 3, p. 50), the connection between catalytic converters and jewelry (Chapter 4, p. 90), why bumper crops are bad for farmers (Chapter 20, p. 431), the cost of import restrictions (Chapter 21, p. 462), the cost of producing the iPod (Chapter 23, p. 518), competition between national brands and store brands (Chapter 26. p. 579), genetic testing and insurance (Chapter 29, p. 649), the external benefits from LoJack (Chapter 30, p. 667), the external cost of young drivers (Chapter 31, p. 689), the tradeoffs from immigration (Chapter 32, p. 705), and the effect of competition on trucker wages (Chapter 33, p. 726).

 

 

Macroeconomics Content Changes--please refer to the chapter-by-chapter changes tool on the doc.lib for very detailed info.

 

The 5th edition has completely updated graphs and applications…

We have updated examples, graphs, and tables with the latest data available.  There are 20 new Applications, including how to use value added to measure the true size of Wal-Mart (Chapter 5, p. 110), young discouraged workers in Japan (Chapter 6, p. 119), how increases in growth rates affect child labor in developing countries (Chapter 8, p. 159), the implications of an aging populations forSocial Security, Medicare, and Medicaid (Chapter 10, p. 210), and inflation targeting (Chapter 17, p. 366).

 

 

Single Volume Edition Content Changes--please refer to the chapter-by-chapter changes for Microeconomics and Macroeconomic tools on the doc.lib for very detailed info.

The Macroeconomics Chapters in the Single Volume edition have been moved BEFORE the Microeconomics Chapters

This change better reflects the way the 2 semester sequence is often taught, and helps students get excited about economics earlier due to the high-relevancy of MACROECONOMIC material.

PART 1: Introduction and Key Principles

Ch 1: Introduction: What is Economics?

Appendix: Using Graphs & Percentages

Ch 2: Key Principles of Economics

Ch 3: Exchange and Markets

Ch 4: Demand, Supply, and Market Equilibrium

Part 2: The Basic Concepts in Macroeconomics

Ch 5: Measuring a Nation’s Production and Income

Ch 6: Unemployment and Inflation

Part 3: The Economy in the Long Run

Ch 7: The Economy at Full Employment

Ch 8: Why Do Economies Grow?

Appendix: A Model of Capital Deepening

Part 4: Economic Fluctuations and Fiscal Policy

Ch 9: AD/AS

Ch 10: Fiscal Policy

Ch 11: The Income Expenditure Model

Appendix: Formulas for Equilibrium Income & the Multiplier

Ch 12: Investment and Financial Markets

Part 5: Money, Banking, and Monetary Policy

Ch 13: Money and the Banking System

Appendix:  Formula for Deposit Creation

Ch 14: The Federal Reserve and Monetary Policy  

Part 6: Inflation, Unemployment, and Economic Policy

Ch 15: Modern Macroeconomics:  From the Short Run to the Long Run.

Ch 16: The Dynamics of Inflation and Unemployment

Ch 17:Macroeconomic Policy Debates

Part 7: The International Economy

Ch 18: International Trade and Public Policy

Ch 19: The World of International Finance

Part 8: A Closer Look at Demand and Supply

Ch 20: Elasticity: A Measure of Responsiveness

Ch 21: Market Efficiency and Government Intervention

Ch 22: Consumer Choice with Utility Theory

Appendix: Consumer Choice with Indifference Curves

Part 9: Market Structures and Pricing

Ch 23: Production Technology and Cost

Ch 24: Perfect Competition: Short Run and Long Run

Ch 25: Monopoly and Price Discrimination

Ch 26: Market Entry and Monopolistic Competition

Ch 27: Oligopoly and Strategic Behavior

Ch 28: Controlling Market Power: Antitrust and Regulation

Part 10: Externalities and Information

Ch 29: Imperfect Information and Disappearing Markets

Ch 30: Public Goods, Taxes, and Public Choice

Ch 31: External Costs and Environmental Policy

Part 11: The Labor Market and Income Distribution

Ch 32: The Labor Market, Income, and Poverty

Ch 33: Unions, Monopsony, and Imperfect Information

Arthur O'Sullivan is a professor of economics at Lewis and Clark College in Portland, Oregon. After receiving his B.S. in economics at the University of Oregon, he spent two years in the Peace Corps, working with city planners in the Philippines. He received his Ph.D. in economics from Princeton University in 1981 and has taught at the University of California, Davis, and Oregon State University, winning several teaching awards at both schools. He recently accepted an endowed professorship at Lewis and Clark College, where he teaches microeconomics and urban economics. He is the author of the best-selling textbook, Urban Economics, currently in its sixth edition.

Professor O'Sullivan's research explores economic issues concerning urban land use, environmental protection, and public policy. His articles have appeared in many economics journals, including the Journal of Urban Economics, Journal of Environmental Economics and Management, National Tax Journal, Journal of Public Economics, and Journal of Law and Economics.

Professor O'Sullivan lives with his family in Lake Oswego, Oregon. For recreation, he enjoys hiking, boogie-boarding, paragliding, and squash.

 

 

 

 

 

 

 

Steven M. Sheffrin is dean of the division of social sciences and professor of economics at the University of California, Davis. He has been a visiting professor at Princeton University, Oxford University, and the London School of Economics and has served as a financial economist with the Office of Tax Analysis of the United States Department of Treasury. He has been on the faculty of the University of California, Davis, since 1976 and has served as the chairman of the department of economics. He received his B.A. from Wesleyan University and his Ph.D. in economics from the Massachusetts Institute of Technology.

Professor Sheffrin is the author of 10 other books and monographs and over 100 articles in the fields of macroeconomics, public finance, and international economics. His most recent books include Rational Expectations (second edition) and Property Taxes and Tax Revolts: The Legacy of Proposition 13 (with Arthur O'Sullivan and Terri Sexton).

Professor Sheffrin has taught macroeconomics at all levels, from large introduction to principles classes (enrollments of 400) to graduate classes for doctoral students. He is the recipient of the Thomas Mayer Distinguished Teaching Award in economics.

He lives with his wife Anjali (also an economist) in Davis, California, and has two daughters who have studied economics. In addition to a passion for current affairs and travel, he plays a tough game of tennis.

 

 

 

Stephen Perez is chair of the economics department at California State University, Sacramento. After receiving his B.A. in economics at the University of California, San Diego, he received his Ph.D. in economics from the University of California, Davis, in 1994. He taught economics at Virginia Commonwealth University and Washington State University before coming to California State University, Sacramento, in 2001. He teaches macroeconomics at all levels as well as econometrics, sports economics, labor economics, and mathematics for economists.
            Professor Perez's research explores most macroeconomic topics. In particular, he is interested in evaluating the ability of econometric techniques to discover the truth, issues of causality in macroeconomics, and sports economics. His articles have appeared in many economics journals, including the Journal of Monetary Economics, Econometrics Journal, Economics Letters, Journal of Economic Methodology, Public Finance and Management, Journal of Economics and Business, Oxford Bulletin of Economics and Statistics, Journal of Money, Credit, and Banking, Applied Economics, and Journal of Macroeconomics.

Pearson Higher Education offers special pricing when you choose to package your text with other student resources. If you're interested in creating a cost-saving package for your students, browse our available packages below, or contact your Pearson Higher Education representative to create your own package.

Package ISBN-10: 0138003866 | ISBN-13: 9780138003869
©2009 | Instock
Suggested retail price: $266.00  Buy from myPearsonStore

This package contains:

O'Sullivan, Sheffrin & Perez | ©2007 | Prentice Hall | Paper; 768 pp
  • MyEconLab eCollege with E-Book 2-semester Student Access Code Card (for valuepacks)
Pearson | ©2009 | Prentice Hall | Access Code Card


Package ISBN-10: 0131596004 | ISBN-13: 9780131596009
©2007 | Instock
Suggested retail price: $207.33  Buy from myPearsonStore

This package contains:

O'Sullivan, Sheffrin & Perez | ©2007 | Prentice Hall | Paper; 768 pp
  • MyEconLab CourseCompass with E-Book Student Access Code Card (for valuepacks)
Pearson Prentice Hall | ©2006 | Prentice Hall | Access Code Card


Package ISBN-10: 0136078168 | ISBN-13: 9780136078166
©2007 | Not Yet Published
Suggested retail price: $194.93  

This package contains:

O'Sullivan, Sheffrin & Perez | ©2007 | Prentice Hall | Paper; 768 pp
Financial Times | ©2003 | Prentice Hall | Paper


Package ISBN-10: 0135070066 | ISBN-13: 9780135070062
©2007 | Not Yet Published
Suggested retail price: $193.33  

This package contains:

O'Sullivan, Sheffrin & Perez | ©2007 | Prentice Hall | Paper; 768 pp
Economist.com | ©2002 | Prentice Hall | Paper


Package ISBN-10: 0131596012 | ISBN-13: 9780131596016
©2007 | Instock (Additional assembly time required)
Suggested retail price: $207.33  Buy from myPearsonStore

This package contains:

O'Sullivan, Sheffrin & Perez | ©2007 | Prentice Hall | Paper; 768 pp
Martinez | ©2007 | Prentice Hall | Paper; 314 pp
Eaton | ©2007 | Prentice Hall | Paper; 312 pp


Package ISBN-10: 0137133766 | ISBN-13: 9780137133765
©2007 | Instock
Suggested retail price: $214.00  Buy from myPearsonStore

This package contains:

O'Sullivan, Sheffrin & Perez | ©2007 | Prentice Hall | Paper; 768 pp
Martinez | ©2007 | Prentice Hall | Paper; 314 pp
Eaton | ©2007 | Prentice Hall | Paper; 312 pp
  • MyEconLab with E-Book 2-semester Student Access Code Card (for valuepacks only)
Pearson | ©2006 | Prentice Hall | Access Code Card


Package ISBN-10: 0131596039 | ISBN-13: 9780131596030
©2007 | Instock (Additional assembly time required)
Suggested retail price: $207.33  Buy from myPearsonStore

This package contains:

O'Sullivan, Sheffrin & Perez | ©2007 | Prentice Hall | Paper; 768 pp
Martinez | ©2007 | Prentice Hall | Paper; 314 pp
Eaton | ©2007 | Prentice Hall | Paper; 312 pp
  • MyEconLab CourseCompass with E-Book Student Access Code Card (for valuepacks)
Pearson Prentice Hall | ©2006 | Prentice Hall | Access Code Card