Economics

This product is an alternate version of:
Hubbard & O'Brien,  Economics, 3/E
Hubbard & O'Brien,  Economics and MyEconLab and EBook 2-Sem Student Access Package, 2/E
Hubbard & O'Brien,  Economics Updated Edition & MYEconlab Access Card &MEL Package, 2/E
Hubbard & O'Brien,  Economics, Updated Edition, 2/E

This product accompanies:
Hubbard & O'Brien,  Economics, 3/E
Hubbard & O'Brien,  Economics and MyEconLab and EBook 2-Sem Student Access Package, 2/E
Hubbard & O'Brien,  Economics Updated Edition & MYEconlab Access Card &MEL Package, 2/E
Hubbard & O'Brien,  Economics, Updated Edition, 2/E

Hubbard & O'Brien is the only book that motivates students to learn economics through real business examples.   

The #1 question students of economics ask themselves is: "Why am I here, and will I ever use this"?  Hubbard & O'Brien answer this question by demonstrating that real businesses use economics to make real decisions daily.  This is motivating to all students, whether they are business majors or not.  All students can relate to businesses they encounter in their everyday lives.   Whether they open an art studio, do social work, trade on Wall Street, work for the government, or bartend at the local pub, students will benefit from understanding the economic forces behind their work.

"Do your students ask themselves: "Why am I here?  When will I use this information?"  How do you motivate them to see that economics is a dynamic, relevant discipline?"

• Chapter-Opening Cases about how the economics about to be learned impact a real business (a) set a real context for learning (b) spark students' interest (c) provide a unifying theme for the chapter.  For example, Chapter 3 - "Where Prices Come From: The Interaction of Demand and Supply", opens with a discussion Apple Computers and the Demand for iPods. 

• “Economics in Your Life” feature was added to each chapter opener to create a personal dimension to the material for students.  This feature poses questions to students that they can think about, and the end of the chapter the authors answer the questions posed.

• Chapter Examples and Figures consistently revisit the business discussed in the opener and use that business (or industry) to motivate the economic principles.  For example, in Chapter 3, supply and demand is discussed using price per printer, and quantity of mp3 players demanded.
  
  
• An Inside Look concludes chapters with a newspaper article illustrating how a key principle taught in the chapter was used by the chapter-opening case company to make a real business decision.  The authors provide an analysis of the article, corresponding graph(s), and Thinking Critically exercises.  For example, the Inside Look of Chapter 3 shows how Apple Computers, utilizing knowledge of supply and demand laws came to produce the iPhone.  Students (a) see how businesses use economics (b) gain a better understanding of the business climate (c) learn to critically read and analyze newspaper articles.

OTHER POINTS OF DISTINCTION 

"How are your students' basic problem solving skills?  Are they comfortable with "word problems"?  Do they know where to begin solving an applied economics problem?  Do you find that many of the questions you get are less related to real economics, and more related to a lack of problem-solving skills?" 

• Solved Problems provide models of how to solve an economic problem by breaking it down step-by-step.  Each Solved Problem includes a problem statement, delineated steps to solve the problem, a graph, and a "Your Turn" feature directing students to a related end-of-chapter problem(s) for immediate practice. This keeps students focused on the main ideas of each chapter, and prevents them from getting bogged down due to a lack of basic math or "word problem" skills.  

• Additional Solved Problems are provided throughout the materials that support the textbook.  Students can access additional, interactive versions at the MyEconLab site and in the print study guide.  Instructors can walk students through solved problems using provided interactive PowerPoint solutions, and/or by utilizing the additional solved problems provided in the Instructors Manual (and tied to the relevant chapters).

"Are you dissatisfied with the AD-AS model as it's currently covered in your course?  Do you feel as though it's not really presenting an accurate, realistic picture of inflation?"  Are you interested in extending the model to account for more real world macroeconomic scenarios?"

• A NEW AD-AS Model, now offering optional coverage, extends the traditional AD-AS model.  The AD-AS is a static model that attempts to account for dynamic changes in real GDP and the price level.  This problem is most evident when using the model to explain a recession caused by a decline in AD.  The static AD-AS model indicates that the price level falls in this situation, which has not happened in the post-World War II era.  The authors carefully develop the AD-AS model and then make it dynamic by emphasizing two points: (1) changes in the position of the short-run curve may depend on the state of expectations of the inflation rate (2) the existence of growth in the economy means that the long-run AS curve shifts to the right every year.  The dynamic AD-AS model makes it possible to explain real-world macroeconomic scenarios, something both the professor and the student will appreciate.

 "Would you like to add a further business emphasis to your course?"

• Optional Additional Business Emphasis: cover a core of macroeconomics topics, then lend an additional business emphasis to your course by covering a very unique chapter - Ch. 6: Business Firms, Corporate Governance, and the Stock Market. 

"Would you like to enliven your course by putting an early spotlight on a hot topic: international trade?"

• Coverage of Comparative Advantage begins in Ch. 2 with a brief introduction, and is continued early in the book with a dedicated Ch. 8: Comparative Advantage and the Gains from International Trade.

Do your students “connect” with the material you present in class or they read in the book?  How do you facilitate that connection?

The Brand New “Economics in Your Life” feature was added to each chapter opener to create a personal dimension to the material for students.  This feature poses questions to students that they can think about, and the end of the chapter the authors answer the questions posed.  In Chapter 3 it is titled: What factors affect which digital music player you buy?

• Suppose you are about to buy a new digital music player and that you are choosing between Apple’s iPod and Microsoft’s Zune.  As the industry leader, the iPod has many advantages over a new entrant like Zune.  One strategy Microsoft can use to overcome those advantages is to compete based on price.  Would you choose a Zune if it had a lower price than a comparable iPod?   Would you choose a Zune if the songs sold on Zune Marketplace were cheaper than the songs sold on iTunes?  As you read the chapter, see if can answer these questions.  You can check your answers against the ones we will provide at the end of the chapter on page xxx

Comments about this feature from reviewers:

I think it would be especially useful for students who are not inherently interested in business and do not see the impact that business can have on their lives. This is a nice way to relate the beginning of the chapter examples to the students' lives.

I do think the feature would appeal to students since it involves situations that relate to them.  I would use this type of example in class.  Students always need to be reminded that what they're studying in economics really does matter in making their own choices in life.  The placement of the feature (half at the beginning and half at the end) is good, although students who don't read a chapter in a single sitting might forget the two questions by the time they reach the end. 

Is it important for you to have the material in chapter 3 (Demand and Supply) easily understood and covered since it is the basis of much of what students learn as they move forward in the course?

Chapter 3 has been streamlined slightly by the removal of two graphs that were in the 1^st edition.  Most reviewers found this to be no loss of continuity and easier for students to follow. 

The authors’ goal is to streamline the demand and supply discussion and make it more accessible to students encountering demand and supply curves for the first time.  

Do you get into Healthcare issues in your economics course?

More Coverage of Healthcare:To address user and reviewer requests for more healthcare coverage, the authors have added the following:

• Chapter 5, New MTC:  Should the Government Run the Health Care System?
• Chapter 13, New Inside Look:  Target Says it Will match Wal-Mart’s $4 Generic Drug Price. Julie Appley, USA Today, September 23, 2006
• Chapter 16, New MTC:  Does Adverse Selection Explain Why Some People Do Not Have Health Insurance?

Do you wish you could assign end-of-chapter material as it relates to the chapters’ objectives?

Major Re-Organization of End-of-Chapter Material.  All eoc material – summary, review questions, problems -- is grouped by learning objective. The goal of this organization is to make it easier for professors to assign problems based on learning objective, both in the book and in MyEconLab.  Also, the students will have the summary material and questions and problems grouped together.

Comments about this feature from reviewers:

I like the organization of the problems and the summaries based on learning objectives.  Organizing the problems definitely makes it easier to assign problems on the topics I'd want (and also would make it obvious if I'm putting more emphasis--intentionally or unintentionally--on some objectives than others).  I also think the organization of the summaries by learning objective will be very helpful to students in seeing how each topic fits with the vocabulary and graphs for each objective. 

I like the new version and would recommend that you switch.  The switch should make the book accessible to more students.

I really LIKE the new organization.  Well done!  I very much like the format and think it will be helpful to students.

Is it important to you that your text is as current as possible?

DYNAMIC AD/AS Presentation

The 2e tells the whole story of macroeconomics using basic AD-AS, while retaining most of the dynamic AD-AS from the 1e for those professors who like that approach and coverage.  Benefit: An instructor who otherwise likes the macro but thinks dynamic AD-AS is too hard for his or her students can now simply:

1.       Skip in Chapter 24  the H1 section 24.4, “Dynamic AD-AS.”

2.       Skip in Chapter 26 the H2 section, “The Effects of Monetary Policy on Real GDP and the Price Level:  A More Complete Story,” which discusses dynamic AD-AS and monetary policy.

3.       Skip in Chapter 27  the H2 section, Using Fiscal Policy to Influence Aggregate Demand: A More Complete Story,” which discusses dynamic AD-AS and fiscal policy.

4.       Assign the Phillips curve material in Chapter 28 because it now uses only the basic AD-AS model.

NEW Public Choice Section included in Chapter 18:  The authors added a section on public choice to give students some understanding of the economic analysis of collective decision making.  Public Choice topics add to the strength of this text because students can easily see the applications.  The new section leads naturally into the current discussion of the tax system.

ALL New/Updated “Inside Look” feature: This newspaper feature ties the chapter concepts together by linking back to the real-world company discussed in the chapter opener and referenced throughout the chapter.  The feature includes a newspaper article, analysis of the article, figure and discussion of the figure, and “Thinking Critically” questions.  Several of the Inside Looks deal with a policy issue.   Here are just some examples of the new Inside Looks:

Chapter 3:  “Apple Coup: How Steve Jobs Played Hardball in iPhone Birth,” Wall Street Journal, Feb. 17, 2007

Chapter 6:  “Borders Slashes Buyer Rewards, Cuts Discounts,” Wall Street Journals, March 28, 2007

Chapter 11:  Wal-Mart’s Organic Offensive,  Pallavi Gogoi, Business Week, March 29, 2006

Chapter 13:  Target Says it Will match Wal-Mart’s $4 Generic Drug Price. Julie Appley, USA Today, September 23, 2006

Part 1:  Introduction 

Chapter 1: Economics:  Foundations and Models

Appendix:  Using Graphs and Formulas

Chapter 2: Tradeoffs, Comparative Advantage, and the Market System

Chapter 3: Where Prices Come From: The Interaction of Demand & Supply

Chapter 4: Economic Efficiency, Government Price Setting, and Taxes

Appendix:  Calculating Consumer Surplus and Producer Surplus

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 & International Economies

Chapter 7: Firms, the Stock Market, and Corporate Governance

Appendix:  Tools to Analyze Firms' Financial Information

Chapter 8: Comparative Advantage and the Gains from International Trade

Appendix:  Multinational Firms

Part 4:  Microeconomic Foundations: Consumers and Firms

Chapter 9: Consumer Choice & Behavioral Economics

Appendix:  Indifference Curves

Chapter 10: Production, Technology, and Costs

Appendix:  Isoquants and Isocosts

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

Part 8:  Macroeconomic Foundations and Long-Run Growth

Chapter 19: GDP: Measuring Total Production and Income

Chapter 20: Unemployment & Inflation

Chapter 21: Business Cycles, the Financial System, and Economic Growth

Chapter 22: Long-Run Growth: Sources & Policies

Part 9:  Short-Run Fluctuations

Chapter 23: Output & Expenditure in the Short Run

Appendix:  The Algebra of Macroeconomic Equilibrium 

Chapter 24: AD/AS Analysis

Appendix:  Schools of Macro Thought

Part 10:  Monetary and Fiscal Policy

Chapter 25: Money, Banks, and the Federal Reserve System

Chapter 26: Monetary Policy

Chapter 27: Fiscal Policy

Chapter 28: Inflation, Unemployment, & Federal Reserve Policy

Part 11:  The International Economy

Chapter 29: Macroeconomics in an Open Economy

Chapter 30: The International Financial System

• 
  Economics, 3/E
  Hubbard & O'Brien
  ©2010 | Prentice Hall | Cloth; 1176 pp | Instock
  ISBN-10: 013602176X | ISBN-13: 9780136021766
  Suggested retail price: $194.00  Buy from myPearsonStoreNet price: $145.50  (What's this?)Brief Description

  

  For the two-semester Principles of Economics courses at 4-year & 2-year colleges and universities.

   

  Still Keeping it Real and More Accessible Than Ever!

  Hubbard & O'Brien keeps it real in the third edition with updated examples, data, and end-of-chapter problems, providing the most up-to-date discussion on the recession/financial crisis and the monetary and fiscal policy response.

   

  Hubbard & O'Brien is the only book that motivates students to learn economics through real business examples.

  The #1 question students of economics ask themselves is:  "Why am I here, and will I ever use this?"  Hubbard/O'Brien answer this question by demonstrating that real businesses use economics to make real decisions daily.  This is motivating to all students, whether they are business majors or not.  All students can relate to businesses they encounter in their everyday lives.  Whether they open an art studio, do social work, trade on Wall Street, work for the government, or bartend at the local pub, students will benefit from understanding the economic forces behind their work.

• 
  Economics, Updated Edition, 2/E
  Hubbard & O'Brien
  ©2009 | Prentice Hall | Cloth; 1168 pp | Instock
  ISBN-10: 0136092055 | ISBN-13: 9780136092056
  Suggested retail price: $194.00  Buy from myPearsonStoreNet price: $145.50  (What's this?)Brief Description

  

  For the two-semester Principles of Economics courses at 4-year & 2-year colleges and universities.
  
  

  Hubbard & O'Brien is the only book that motivates students to learn economics through real business examples.   

   

  The updated edition offers insights into the exciting economic topics that are in the news and affecting all of us today—like the election, the housing market, the impact of the current oil situation, current challenges to airlines, debates over trade policy, and consequences of the “amazing shrinking dollar.”
  

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.

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