Economic Principles

Economic Principles

First Edition  ©2019 Stephen Rubb; Scott Sumner Formats: Digital & Print


  • Photo of Betsey Stevenson

    Stephen Rubb

    Stephen Rubb is a passionate teacher. He began his teaching career in 1994 and is currently a Professor of Economics at Sacred Heart University. Prior to Sacred Heart, he taught economics, finance, and statistics at a variety of business schools including Bentley University, Stonehill College and Bryant University. He has graduate degrees in both business management (Rensselaer Polytechnic Institute, M.S.) and economics (Northeastern University, Ph.D.). Professor Rubbs research interests include migration, Social Security and retirement issues, and labor market - education issues; and has published in a variety of scholarly journals including His research has been published Demography, Applied Economics,the Economics of Education Review, Journal of Family and Economic Issues and Education Economics. Professor Rubb lives in Glastonbury, Connecticut with his wife Susan, two children Jason and Marissa, and their poodle-schnauzer mix Jasmine.

  • Photo of Betsey Stevenson

    Scott Sumner

    Scott Sumner is the Ralph G. Hawtrey Chair of Monetary Policy at the Mercatus Center at George Mason University, where he is the director of the Program on Monetary Policy. He is also Professor Emeritus at Bentley University. In his writing and research, Sumner specializes in monetary policy, the role of the international gold market in the Great Depression, and the history of macroeconomic thought. In 2015 he published "The Midas Paradox: Financial Markets, Government Policy Shocks, and the Great Depression." Named by Foreign Policy magazine in 2012 as one of the "top 100 global thinkers," Sumner has published papers in academic journals including the Journal of Political Economy, Economic Inquiry, and the Journal of Money, Credit and Banking. He is author of the economics blog The Money Illusion and a contributor to EconLog. Sumner received his PhD and MA in economics from the University of Chicago and his BA in economics from the University of Wisconsin.

Table of Contents

Part I An Introduction to Economics

Chapter 1 The Basics of Economics

1A Appendix: Using Graphs in Economics

Chapter 2 Why We Trade

Production, Trade, and the Global Economy

Part II Foundations of Markets

Chapter 3 Supply and Demand

Determining Prices in a Changing Business Environment

Chapter 4 Elasticity

A Measure of Responsiveness

Chapter 5 Consumer Choice

Decision Making For Consumers

Chapter 6 Economic Efficiency and the Power of Competitive Markets

How Price Controls and Taxes Result in Deadweight Loss

Part III Foundations of Government and Public Policy

Chapter 7 Taxes: An Economic Analysis

Funding Government Spending

Chapter 8 The Environment, Externalities, and Property Rights

Market Failure and the Case for Government

Part IV Foundations of Finance and Business

Chapter 9 Organizing a Business

Corporations and Other Legal Structures

Chapter 10 Stocks and Bonds

Financial Markets and Personal Finance

Chapter 10A Appendix: Present Value and the Time Value of Money

Part V Market Structures and Profit Maximization

Chapter 11 The Cost of Doing Business

Production and Economic Cost

Chapter 12 Perfect Competition

Rubb/Sumner, Economic Principles: A Business Perspective, 1e Table of Contents

Maximizing Profits in Highly Competitive Markets

Chapter 13 Monopoly and Antitrust Laws

Businesses with Market Power

Chapter 14 Monopolistic Competition and Price Discrimination

When Businesses Sell Differentiated Products

Chapter 15 Oligopoly

Strategic Decision Making and Game Theory

Part VI Special Topics in Microeconomics

Chapter 16 Behavioral Economics and Strategy

Implications for Pricing, Location, and Product Mix

Chapter 17 Labor and Other Resource Markets

Supply and Demand for Labor and Resources

Chapter 18 The Distribution of Income

Poverty and Income Inequality

Chapter 19 Information, Insurance, and Health Care

Markets with Adverse Selection and Asymmetric Information

Part VII Key Macroeconomic Data

Chapter 20 GDP and the Price Level

Measuring the Performance of the Overall Economy

Chapter 21 Unemployment and the Business Cycle

Measuring the Performance of the Labor Market

Part VIII Foundations of Macroeconomics in the Long Run

Chapter 22 Long Run Economic Growth

What Explains the Wealth and Poverty of Nations?

Chapter 23 Saving and Investment: A Macroeconomic Perspective

How Saving Contributes to Economic Growth

Part IX Money and the Monetary System

Chapter 24 The Monetary System

What is Money, and Where Does It Come From?

Rubb/Sumner, Economic Principles: A Business Perspective, 1e Table of Contents

Chapter 25 Money and the Price Level in the Long Run

The Quantity Theory and the Fisher Effect

Part X Foundations of Macroeconomics in the Short Run

Chapter 26 Aggregate Supply and Aggregate Demand

A Model of the Business Cycle

Chapter 27 Monetary Policy

How the Fed Tries to Stabilize the Economy

Chapter 28 Fiscal Policy

The Impact of Government Spending and Taxes on GDP

Part XI Special Topics in Macroeconomics

Chapter 29 The Aggregate Expenditure Model

A Fixed Price–Level Model of the Economy

Chapter 30 The Role of Expectations in Macroeconomics

Inflation, Unemployment, and Monetary Policy

Part XII Foundations of Global Trade

Chapter 31 International Trade

Doing Business across Borders

Chapter 32 Foreign Exchange Markets

Doing Business in Multiple Currencies

Chapter 33 International Finance

The Macroeconomics of Exchange Rates and the Balance of Payments

Product Updates

Relatable and current business examples ensure students learn traditional economic concepts.

Economic Principles: A Business Perspective covers the fundamentals of economics in the context of today’s globalized business world, with strong examples, integrated technology, and practical pedagogy. Integrated business and policy briefs, in-depth case studies, chapter-ending business applications, thoroughly explained graphs and a battery of simple but useful learning tools support the intersection of  theory and practice.

Throughout the running text and the features, Rubb & Sumner bring economic theory down to size with to examples that show how thinking like an economist is good for business.

  • Succinct, highlighted business and policy "briefs" seamlessly integrate real-world data and news stories within discussions of economic concepts. The helps students stay mindful of the global nature of economics and business without disrupting the flow of the text.
  • Business Takeaways provide solid applications and examples of the ways that managers and firms routinely put economic analysis to use, helping students to understand the impact of key economic indicators on the business environment.
  • Four full chapters devoted to trade and the global economy. With these chapters, along with the well-integrated examples from around the world, the authors make clear the importance of understanding the opportunities and challenges of the global economy.
  • Ready for a deeper dive? In select chapters, case studies offer more thorough and in-depth analysis and application of broader economic issues.
  • Periodic "Think and Speak Like an Economist" reminders help students integrate what they know with what they’re learning. They also help clarify the subtle differences between economic language and the terms you might hear in business class or in the media.
  • Chapter ending study guides combine useful chapter outline with an integrated summary, key terms, and a full set of problems.

Looking for instructor resources like Test Banks, Lecture Slides, and Clicker Questions? Request access to Achieve to explore the full suite of instructor resources.

Instructor Resources

Need instructor resources for your course?

Unlock Your Resources

Instructor Resources

Access Test Bank

You need to sign in as a verified instructor to access the Test Bank.

request locked icon

Test Bank for Economic Principles

Stephen Rubb; Scott Sumner | First Edition | ©2019 | ISBN:9781319233266

Download Resources

You need to sign in to unlock your resources.

request locked icon

Image Slides

request locked icon

Image Slides (Accessible)

request locked icon

Instructor's Resource Manual

request locked icon

Lecture Slides

request locked icon

Solutions Manual


    • Are you a campus bookstore looking for ordering information?

      MPS Order Search Tool (MOST) is a web-based purchase order tracking program that allows customers to view and track their purchases. No registration or special codes needed! Just enter your BILL-TO ACCT # and your ZIP CODE to track orders.


      Canadian Stores: Please use only the first five digits/letters in your zip code on MOST.

      Visit MOST, our online ordering system for booksellers:

      Learn more about our Bookstore programs here:

    • If you’re a verified instructor, you can request a free sample of our courseware, e-book, or print textbook to consider for use in your courses. Only registered and verified instructors can receive free print and digital samples, and they should not be sold to bookstores or book resellers. If you don't yet have an existing account with Macmillan Learning, it can take up to two business days to verify your status as an instructor. You can request a free sample from the right side of this product page by clicking on the "Request Instructor Sample" button or by contacting your rep. Learn more.

    • Sometimes also referred to as a spiral-bound or binder-ready textbook, loose-leaf textbooks are available to purchase. This three-hole punched, unbound version of the book costs less than a hardcover or paperback book.

    • Achieve (full course) includes our complete e-book, as well as online quizzing tools, multimedia assets, and iClicker active classroom manager.

      Achieve Read & Practice only includes our e-book and adaptive quizzing, and does not include instructor resources and assignable assessments. Read & Practice does integrate with LMS.

      Visit our comparison table for details:





If you can't find what you are looking for contact your sales rep