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    Principles of Economics - 3e

    (10 reviews)

    Steven A. Greenlaw, University of Mary Washington

    David A. Shapiro, Pennsylvania State University

    Daniel MacDonald, California State University, San Bernardino

    Copyright Year:

    Last Update: 2023

    ISBN 13: 9781938168239

    Publisher: OpenStax

    Language: English

    Formats Available

    Conditions of Use

    Attribution Attribution
    CC BY


    Learn more about reviews.

    Reviewed by Ryan Rudderham, Assistant Professor, DePauw University on 5/22/23

    This textbook contains all the relevant topics that I would include in a one-semester long Principles of Economics course. It could also be used in a two semester Principles of Micro, Principles of Macro sequence. Each topic is discussed and... read more

    Reviewed by Hannah Apps, Professor, Kalamazoo College on 5/9/23

    The text covers all the basics that are typically found in any principles of economics text plus some interesting final chapters on information, financial markets, and present value. read more

    Reviewed by Billy Lemus, Associate Professor, Lewis-Clark State College on 9/13/22

    This book covers all of the topics that are covered in a typical micro and macroeconomics course. The book also includes chapters that could easily be assigned to further explore the concepts presented. The glossary is effective but there are a... read more

    Reviewed by Ted Scheinman, Instructor in Economics, Mt. Hood Community College on 9/6/22

    This textbook includes the standard topics that are taught in a Principles of Economics Course; it even covers some of my pet topics! It is a complete textbook. read more

    Reviewed by Bekah Selby, Assistant Professor of Economics, Emporia State University on 11/5/21

    I would actually give this a 4.5. It is fairly comprehensive. It is becoming outdated - especially in concepts of how the Fed conducts monetary policy in the modern era. This would require a revision of the chapters covering these concepts. I... read more

    Reviewed by Chris Marmé, Professor, Augustana College on 7/16/19

    The text includes far more than what could be included in a two semester sequence of micro and macro. Chapters on international trade, environmental economics, poverty and inequality, and many others are included. read more

    Reviewed by David Strauss, Adjunct Lecturer/Dean of Students, Wayne State University on 11/11/18

    I use the Open Stax Principles of Economics 2E. It is fantastic! It is comprehensive, current, and has a great resources. It is far superior to any paid for textbook. read more

    Reviewed by Tristan Coughlin, Assistant Professor, Augustana College on 6/19/18

    This textbook is extremely comprehensive. All of the traditional micro and macro topics that would be covered in a principles course are covered extensively. There are also many additional chapters that can be used as complements to complement and... read more

    Reviewed by Bill Burrows, Economics Instructor, Lane Community College, Eugene,OR on 6/20/17

    This is a VERY comprehensive principles text. No Glossory :( but the eight-page-triple column index is very thorough and complete. read more

    Reviewed by Solina Lindahl, Lecturer, California Polytechnic State University on 7/15/14

    The book is very comprehensive, its inclusion of a richer discussion of international and policy issues is great. read more

    Table of Contents

    • Chapter 1: Welcome to Economics!
    • Chapter 2: Choice in a World of Scarcity
    • Chapter 3: Demand and Supply
    • Chapter 4: Labor and Financial Markets
    • Chapter 5: Elasticity
    • Chapter 6: Consumer Choices
    • Chapter 7: Cost and Industry Structure
    • Chapter 8: Perfect Competition
    • Chapter 9: Monopoly
    • Chapter 10: Monopolistic Competition and Oligopoly
    • Chapter 11: Monopoly and Antitrust Policy
    • Chapter 12: Environmental Protection and Negative Externalities
    • Chapter 13: Positive Externalities and Public Goods
    • Chapter 14: Poverty and Economic Inequality
    • Chapter 15: Issues in Labor Markets: Unions, Discrimination, Immigration
    • Chapter 16: Information, Risk, and Insurance
    • Chapter 17: Financial Markets
    • Chapter 18: Public Economy
    • Chapter 19: The Macroeconomic Perspective
    • Chapter 20: Economic Growth
    • Chapter 21: Unemployment
    • Chapter 22: Inflation
    • Chapter 23: The International Trade and Capital Flows
    • Chapter 24: The Aggregate Supply-Aggregate Demand Model
    • Chapter 25: The Keynesian Perspective
    • Chapter 26: The Neoclassical Perspective
    • Chapter 27: Money and Banking
    • Chapter 28: Monetary Policy and Bank Regulation
    • Chapter 29: Exchange Rates and International Capital Flows
    • Chapter 30: Government Budgets and Fiscal Policy
    • Chapter 31: The Macroeconomic Impacts of Government Borrowing
    • Chapter 32: Macroeconomic Policy Around the World
    • Chapter 33: International Trade
    • Chapter 34: Globalization and Protectionism

    Ancillary Material

    • OpenStax
    • OpenStax
    • OpenStax
    • OpenStax
    • About the Book

      Principles of Economics 3e covers the scope and sequence of most introductory economics courses. The third edition takes a balanced approach to the theory and application of economics concepts. The text uses conversational language and ample illustrations to explore economic theories, and provides a wide array of examples using both fictional and real-world scenarios. The third edition has been carefully and thoroughly updated to reflect current data and understanding, as well as to provide a deeper background in diverse contributors and their impacts on economic thought and analysis. For example, the third edition highlights the research and views of a broader group of economists. Brief references and deeply explored socio-political examples have been updated to showcase the critical – and sometimes unnoticed – ties between economic developments and topics relevant to students.

      A fuller list of changes made in Principles of Economics 3e are described in the preface and the transition guide to help instructors transition to the third edition.

      About the Contributors


      Steven A. Greenlaw, University of Mary Washington

      David A. Shapiro, Pennsylvania State University

      Daniel MacDonald, California State University, San Bernardino

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