A Business PerspectiveFirst Edition| ©2019 Stephen Rubb, Scott Sumner
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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. It’s accompanied by a robust media component, SaplingPlus, which combines Sapling’s acclaimed online homework with a complete e-book and all interactive features for the text.
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.
- SaplingPlus, Macmillan’s breakthrough online solution for economics, combines a complete e-book and all interactive media for the text with Sapling’s acclaimed online homework system and support.
New to This Edition
"The text delivers in spades on its goals. The business perspective is strong and wonderfully well executed, and the economic principles are supported time after time with tangible examples."
-Bob Gillette: University of Kentucky
"I have never encountered another principles text with so many compelling examples that will engage student interest while facilitating their comprehension of potentially difficult economic concepts. The business applications thoroughly complement the economic principles."
-David Harris, Benedictine College
"I think that the examples used are relevant and interesting. I would've learned a lot more if my professor used this book as opposed to Mankiw back when I was an undergraduate student taking the Micro Principles course."
-Kerry Tan, Loyola University, Maryland
"The economics students I typically encounter in my current institution are business-focused, and this textbook provides an effective alternative. In my estimation, students would be very engaged by the recent examples, relevant industries, and exciting insight into different industries. This may lead to career interests and pursuits which is always desirable."
-Tesa Leonce-Regalado: Columbus State University
"I teach large section of principles of economics to journalism majors. Even though this textbook is oriented toward business majors, my students as well as a broader audience would find it interesting and enticing."
-George Chikhladze: University of Missouri Columbia
First Edition| ©2019
Stephen Rubb, Scott Sumner
Read online (or offline) with all the highlighting and notetaking tools you need to be successful in this course.
First Edition| 2019
Stephen Rubb, Scott Sumner
Table of Contents
Part I An Introduction to Economics
Chapter 1 The Basics of Economics
Think and Speak Like an Economist
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 Case for Free 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, Public Goods, and Common Resources
Market Failure and the Case for Government
Part IV Foundations of Global Trade
Chapter 9 International Trade
Doing Business across Borders
Chapter 10 Foreign Exchange Markets
Doing Business in Multiple Currencies
Part V Foundations of Finance and Business
Chapter 11 Organizing a Business
Corporations and Other Legal Structures
Chapter 12 Stocks and Bonds
Financial Markets and Personal Finance
Chapter 12A Appendix: Present Value and the Time Value of Money
Part VI Market Structure
Chapter 13 The Cost of Doing Business
Production and Economic Cost
Chapter 14 Perfect Competition
Maximizing Profits in Highly Competitive Markets
Chapter 15 Monopoly and Antitrust Laws
Businesses with Market Power
Chapter 16 Monopolistic Competition and Price Discrimination
When Businesses Sell Differentiated Products
Chapter 17 Oligopoly
Strategic Decision Making and Game Theory
Part VII Special Topics in Microeconomics
Chapter 18 Behavioral Economics and Strategy
Implications for Pricing, Location, and Product Mix
Chapter 19 Labor and Other Resource Markets
A Supply and Demand for Labor and Resources
Chapter 20 The Distribution of Income
Poverty and Income Inequality
Chapter 21 Information, Insurance, and Health Care
Markets with Adverse Selection and Asymmetric Information
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 Rubb's 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.
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.
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First Edition| 2019
Stephen Rubb, Scott Sumner