Principles of economics fourth edition frank

All credits appearing on page or at the end of the book are considered to be an extension of the copyright page. The Internet addresses listed in the text were accurate at the time of publication. The inclusion of a website does not indicate an endorsement by the authors or McGraw-Hill Education, and McGraw-Hill Education does not guarantee the accuracy of the information presented at these sites. Prior to joining Indiana University, he taught graduate and undergraduate courses at Cornell University.

Jeff has won top teaching honors as a faculty member at both Indiana University and Cornell, and as a graduate student at Northwestern.

He has a broad research agenda within applied economics, having written and published on topics that include demand in technology and telecommunications markets, Internet diffu- sion, regulation in health care, risk aversion in insurance markets, and quality competition among airlines. He is one of a small number of economists to have published in both the top journal in economics American Economic Review and the top journal in management Academy of Management Journal.

Professor Prince currently is a co-editor at the Journal of Economics and Management Strategy, and serves on the editorial board for Information Economics and Policy. In his free time, Jeff enjoys activities ranging from poker and bridge to running and racquetball. This book is meant to teach students how data analysis can inform strategy, within a framework centered on logical reasoning and practical communication.

The inspiration for this project comes from having taught for more than 20 years at the college level to a wide range of students in mathematics and economics departments, and in business schools , covering a wide range of quantitative topics. During that time, it has become clear to me that the average business stu- dent recognizes, in principle, that quantitative skills are valuable.

However, in practice s he often finds those skills intimidating and esoteric, wondering how exactly they will be useful in the workforce. However, these books are generally geared toward the specialist, who needs to know the full methodological details.

Hence, they are not especially approachable or appealing to the business student looking for a conceptual, broad-based understanding of the mate- rial. As I see it, the problem with regard to data analysis is as fol- lows: There is a large group of future businesspeople, both future analysts and managers, who recognize data analysis can be valu- able.

In contrast, the future analysts may enjoy the material and often emerge understanding the methods and statistics, but lacking key skills to communicate and explain to managers what their results mean. This book is designed to address the problem of the dual audi- ence, by focusing on the role of data analysis in forming business strategy via predictive analytics.

I chose this focus since all busi- nesses, and virtually all management-level employees, must be mindful of the strategies they are following. Assessing the relative merit among a set of potential strategic moves generally requires one to forecast their future implications, often using data.

Further, this component of predictive analytics contributes toward develop- ment of critical thinking about analytical findings. A deep understanding of how data can inform strategy through predictive analytics will allow students to critically assess such statements. Given its purpose, I believe this book can be the foundation of a course that will benefit both future analysts and managers.

Introduction to Macroeconomic Policy around the World. Introduction to International Trade. Introduction to Globalization and Protectionism.

Appendix B: Indifference Curves. Appendix C: Present Discounted Value. Principles of Economics covers scope and sequence requirements for a two-semester introductory economics course. Under this license, any user of this textbook or the textbook contents herein must provide proper attribution as follows:.

For questions regarding this license, please contact partners openstaxcollege. Share on Twitter. Read Book. Chapter Book Description Principles of Economics covers scope and sequence requirements for a two-semester introductory economics course. Author OpenStax. Subject Economics. Click for more information.

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Check with your instructor to see if Connect is used in your course. Program Details. Thinking Like an Economist 2. Demand and Elasticity 4. Perfectly Competitive Supply 5.

Monopoly, Oligopoly, and Monopolistic Competition 7. Games and Strategic Behavior 8. An Introduction to Behavioral Economics 9. Economic Growth, Productivity, and Living Standards Saving and Capital Formation Stabilizing the Economy: The Role of the Fed