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Principles of Economics

(5 reviews)

Multiple Authors, OpenStax College

Pub Date: 2017

ISBN 13: 9781938168239

Publisher: OpenStax

Language: English

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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

Chapter 35: The Use of Mathematics in Principles of Economics

Chapter 36: Demand, Supply, and Efficiency

Chapter 37: Indifference Curves

Chapter 38: Present Discounted Value

Chapter 39: The Expenditure-Output Model

About the Book

Principles of Economics covers the scope and sequence for a two-semester principles of economics course. The text also includes many current examples, including; discussions on the great recession, the controversy among economists over the Affordable Care Act (Obamacare), the recent government shutdown, and the appointment of the United States' first female Federal Reserve chair, Janet Yellen.

The pedagogical choices, chapter arrangements, and learning objective fulfillment were developed and vetted with feedback from educators dedicated to the project. The outcome is a balanced approach to micro and macro economics, to both Keynesian and classical views, and to the theory and application of economics concepts. Current events are treated in a politically-balanced way, as well.

Note:Principles of Economics PDF and web view versions have been updated to include current FRED (Federal Reserve Economic) data.


OpenStax College has compiled many resources for faculty and students, from faculty-only content to interactive homework and study guides.

About the Contributors


Senior Contributing Author

Timothy Taylor, Macalester College

Senior Content Expert

Steven A. Greenlaw, University of Mary Washington

Senior Contributors

Eric Dodge, Hanover College

Cynthia Gamez, University of Texas at El Paso; El Paso Community College

Andres Jauregui, Columbus State University

Diane Keenan, Cerritos College

Dan MacDonald, California State University San Bernardino

Amyaz Moledina, The College of Wooster

Craig Richardson, Winston-Salem State University

David Shapiro, Pennsylvania State University

Ralph Sonenshine, American University