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This textbook, Economics: Theory Through Applications, centers around student needs and expectations through two premises: … Students are motivated to study economics if they see that it relates to their own lives. … Students learn best from an inductive approach, in which they are first confronted with a problem, and then led through the process of solving that problem.
Many books claim to present economics in a way that is digestible for students; Russell and Andrew have truly created one from scratch. This textbook will assist you in increasing students’ economic literacy both by developing their aptitude for economic thinking and by presenting key insights about economics that every educated individual should know.
The Economics of Food and Agricultural Markets is written for applied intermediate microeconomics courses. The book showcases the power of economic principles to explain and predict issues and current events in the food, agricultural, agribusiness, international trade, and natural resource sectors. The field of agricultural economics is relevant, important and interesting. The study of market structures, also called industrial organization, provides powerful, timely, and useful tools for any individual or group making personal choices, business decisions, or public policies in food and agriculture industries.
International Economics: Theory and Policy is built on Steve Suranovic’s belief that students need to learn the theory and models to understand how economics works and how economists understand the world. And, that these ideas are accessible to most students if they are explained thoroughly.
So, if you are looking for an International Economics text that will prepare your PhD students while promoting serious comprehension for the non-economics major, Steve Suranovic’s International Economics: Theory and Policy is for you.
International Economics: Theory and Policy presents numerous models in some detail; not by employing advanced mathematics, but rather by walking students through a detailed description of how a model’s assumptions influence its conclusions. Then, students learn how the models connect with the real world.
Steve’s book covers positive economics to help answer the normative questions; for example, what should a country do about trade policy, or about exchange rate policy? The results from models give students insights that help us answer these questions. Thus, this text strives to explain why each model is interesting by connecting its results to some aspect of a current policy issue.
This text eliminates some needlessly difficult material while adding and elaborating on other principles. For example, the development of the relative supply/demand structure, or the presentation of offer curves, are omitted as to not go too deeply into topics that tend to confuse many students at this level.
Steve developed new approaches in this text including a simple way to present the Jones’ magnification effects, a systematic method to teach the theory of the second best, and a unique description of valid reasons to worry about trade deficits. These new approaches help students learn the concepts and models and derive conclusions from them.
If you like to take a comprehensive look at trade policies, be sure to check out the chapter on Trade Policy (7). It provides a comprehensive look at many more trade policies than are found in many of the printed textbooks on the market today.
International Economics: Theory and Policy by Steve Suranovic is intended for use in a full semester trade course, a full semester finance course, or a one semester trade/finance course.
Principles of Economics covers scope and sequence requirements for a two-semester introductory economics course. The authors take a balanced approach to micro- and macroeconomics, to both Keynesian and classical views, and to the theory and application of economics concepts. The text also includes many current examples, which are handled in a politically equitable way.
Flat World Knowledge is thrilled to publish a first edition re-launch of Tim Tregarthen’s acclaimed Principles of Economics book, and proud to bring Tim's remarkable talents as a teacher to future generations of students.In 1996, Tim published the first edition of his principles of economics textbook to great acclaim, and it became widely used in colleges around the country. That same year, MS made him wheelchair-bound. The disease forced his retirement from teaching at the University of Colorado at Colorado Springs in 1998. He lost the use of his arms in 2001 and has been quadriplegic ever since.Tim never let his disease get him down. In fact, he turned back to his love of writing and teaching for inspiration. He obtained a voice-activated computer, recruited a co-author, Libby Rittenberg of Colorado College, and turned his attention to revising his principles of economics book.Today we are excited to introduce Libby Rittenberg and Timothy Tregarthen’s Principles of Economics. The authors teach economics as the study of “choice “ by providing students with an accessible, straightforward overview of economics. This text combines the clarity and writing of Tregarthen's seminal periodical "The Margin" with great teaching insights.Rittenberg and Tregarthen help students to understand how real individuals actually work with economics. In this new book, the authors illustrate the practicality and relevance of economics with a variety of new illustrations and insights.The authors take a three-pronged approach to every concept: (1) the concept is covered with a “Heads Up” to ward off confusion, (2) a “You Try It” section makes sure students are staying on top of the concept and (3) a “Case and Point” section that uses a real-world application to harness the concept in reality. For one example of how this plays out in the text see "Chapter 3, Section 2 on Supply." hereThis book is intended for a two-semester course in economics taught out of the social sciences or business school.
Recognizing that a course in economics may seem daunting to some students, we have tried to make the writing clear and engaging. Clarity comes in part from the intuitive presentation style, but we have also integrated a number of pedagogical features that we believe make learning economic concepts and principles easier and more fun. These features are very student-focused. The chapters themselves are written using a “modular” format. In particular, chapters generally consist of three main content sections that break down a particular topic into manageable parts. Each content section contains not only an exposition of the material at hand but also learning objectives, summaries, examples, and problems. Each chapter is introduced with a story to motivate the material and each chapter ends with a wrap-up and additional problems. Our goal is to encourage active learning by including many examples and many problems of different types.
Principles of Macroeconomics covers the scope and sequence requirements of most introductory macroeconomics courses. The text also includes many current examples, which are handled in a politically equitable way. The outcome is a balanced approach to both Keynesian and classical views, and to the theory and application of economics concepts.
This is a Principles of Macroeconomics Course developed through the Ohio Department of Higher Education OER Innovation Grant. This work was completed and the course was posted in January 2019. The course is part of the Ohio Transfer Assurance Guides (TAGs) as OSS 005. For more information about credit transfer between Ohio colleges and universities, please visit: www.ohiohighered.org/transfer.Team LeadAmyaz Moledina College of WoosterContent ContributorsRosemarie Emanuele Ursuline CollegeKenneth Fah Ohio Dominican UniversityDarcy Hartman Ohio State University – NewarkLibrarianNathan Wolfe Kenyon CollegeReview TeamSeth Kim Central Ohio Technical CollegeJoe Nowakowski Muskingum University
The aggregate demand and supply model provides a comprehensive and intuitive explanation of changes in the price level, actual real GDP, and potential real GDP. Students will employ the AD-AS model to examine short-run cyclical changes in the economic and long-run changes in potential real GDP. The AD-AS graphs give the students an analytical tool by which to illustrate how changes in several economic variables and policy will impact important economic indicators and overall economic performance in the short run and long run.
This topic may be covered after reading The Aggregate Demand/Aggregate Supply Model (Chapter 11 in OpenStax) and The Keynesian Perspective (Chapter 12 in OpenStax). Preferably, Aggregate Expenditures should be taught as the theory of Aggregate Demand. In the latter case, sections of the Keynesian perspective should be coupled with this section on Aggregate Expenditure. Thereafter, students can study the Money Market and Monetary Policy. Finally, the instructer can put together all these frameworks to derive Aggregate Demand. The fundamental ideas of Keynesian economics were developed before the AD/AS model was popularized. From the 1930s until the 1970s, Keynesian economics was usually explained with a different model, known as the expenditure-output approach. This approach is strongly rooted in the fundamental assumptions of Keynesian economics: it focuses on the total amount of spending in the economy, with no explicit mention of aggregate supply.
It is typical to see economic activity pick-up around the holidays or harvests. For example, every year, the Chinese and some other East Asian cultures celebrate Spring Festival or what is known as “Chinese New Year”. People travel to their home village, buy gifts and celebrate with elaborate family meals. Consumption rises before and falls after the festivities are over. Economic fluctuations due to seasonal demand factors are one thing, but modern economies experience ups-and downs for a host of reasons including shocks such as droughts or economic crises. One of the main reasons for economic downturns is the breakdown in some aspect of the economic mechanism. In this section, students will be introduced to the basic definition of a business cycle, learn how to define the different phases of the cycle, and explain the different mechanisms that give rise to recessions.
This topic is not often covered explicitly in a principles of macroeconomics course. Nonetheless, the topic of economic systems might lead to coverage of efficiency and government intervention.
The learning objectives below refer to the typical goals one would have for an introduction to macroeconomics. Most economists consider the discipline as “a way of thinking”. The key question we answer is “how we make choices under scarcity”. However, we encourage you to consider other alternative ways to conceptualize and teach economics or even introduce pluralistic ideas into your course. For example, the CORE Economics project describes economics as, “The study of how people interact with each other and with their natural surroundings in providing their livelihoods, and how this changes over time.” The “economy is part of society, which in turn is part of the biosphere.” (Chapter 1.11). More importantly, many of the factors and commodities that give us economic growth are socially (re)produced and uncompensated. Consider alternative conceptualizations of the macroeconomy such as the one proposed in UNDP (2012): Gender and Economic Policy Management Intitiave, page 30 outlined in the figure above. The supplemental content is an excellent place to find videos to enliven your classes. Listed alternative resources can be used to familiarize yourself with material that goes beyond the standard treatment.
Looks at several different approaches to Economics and compares them in terms of important economic variables. While none of these philosophies are always correct, we will see that each has a role to play in explaining some aspect of economics for some time period.
Looks at fiscal policy as a means to address problems in the macroeconomy. Focuses on government spending as well as taxes and transfers in the Keynesian model, as well as determinants of the level of Aggregate Demand.
Looks at the flow of income in the economy and the calculation of GDP as well as other measures of national income. Discusses shortcomings of and improvements on the various measures.
This is very difficult set of topics to cover in one chapter. It is actually three topics! Instructors should choose one of these topics to cover and adjust the learning objectives accordingly. Inequality can be studied from the perspective of the US or between countries. The study of inequality would cover Learning objectives 1 and 3. Poverty is fundamentally about deprivation and should be understood as such. Deprivation can also intersect with inequality. Economic Development is a contested term and its definition depends on the period and region that is being studied. Poverty and Economic Development together cover learning objective 2, 4 and 5.
A study of inflation, its measures, and consequences. Students will understand how price information is collected and used to construct an index of the price level. It is important that households and economic agents have a good understanding of the impacts of general price level changes on various economic units. Policy makers use inflation information to understand the consequences of policy changes and as a guide to current and future policy.
Presents a theoretical and statistical explanation of the negative relationship between inflation and unemployment known as the “Phillips Curve.”
International trade is included in this course as an optional topic. While this might usually be covered in a principles of microeconomics course, it has been included here for review purposes, or in the event that students have not previously taken microeconomics. Please note that some of the learning objectives may overlap with the unit on Tradeoffs.
This lesson concerns how economic growth is measured and defined, the benefits of economic growth over time, and the determinants of a nation’s economic growth, including policy. Students will examine the importance of sustained economic growth over time. Students will understand the meaning and determinants of economic growth. Comparative information and data for different economies over time will be utilized to examine the importance of policy and several factors as economic growth drivers. Students will examine the aggregate production function as a tool to understand the relationship between inputs and aggregate output. The importance of technological progress will be emphasized.
This topic discusses the role of a central banks and monetary policy. Monetary policy is contextual and particular to the unique institutional features of the economy of interest. For example, Chinese Monetary policy would be very different from US Monetary Policy. In order to understand monetary policy contextually it helps to start with the historical evolution of the institution (learning objective 2). This is a good way for students to see the value of economic history as a subfield. Other important topics include an understanding of how a Central Bank conducts Monetary Policy and how this Monetary Policy affects Economic Outcomes. Also important are the pitfalls of Monetary Policy and case studies on various attempt at bank regulation which are getting more and more relevant.
This is an introduction to money and its functions. It explains the role of the central bank in money supply and the money creation process. Money demand and its determinants are essential to an understanding of equilibrium interest rates, when combined with a discussion of money supply. An alternative explanation of bond demand and equilibrium interest rates is introduced through a discussion of the bond market.