Principles of economics

Robert H. FRANK, Ben S. BERNANKE, Hon-Kwong LUI

Research output: Scholarly Books | Reports | Literary WorksBook (Author)Researchpeer-review

Abstract

Principles of Economics Asian Global Edition provides students with a lens through which to view, understand, and analyze current economic scenarios by eliminating overwhelming detail. It makes extensive use of Asian and North American examples to explain the Seven Core Principles. Scarcity: Having more of one good thing usually means having less of another. Cost-Benefit Analysis: No action should be taken unless the marginal benefit is as great as the marginal cost. Incentives Matter: Comparing cost-benefit analyses enables us to predict actual decisions people make. Comparative Advantage: Everyone does best if they concentrate on their relatively most productive activity. Increasing Opportunity Cost: Resources with the lowest opportunity cost should be used before turning to those with higher opportunity costs. Equilibrium: A market in equilibrium leaves no unexploited opportunities for individuals but may not exploit all gains achievable through collective action. Efficiency: When the economic pie grows larger through efficiency, everyone can have a larger slice.
Original languageEnglish
Place of PublicationSingapore
PublisherMcGraw-Hill Asia
Number of pages842
EditionAsian global
ISBN (Print)9781259011849
Publication statusPublished - 2015

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Principles of economics
Opportunity cost
Asia
Economics
Resources
Scarcity
Marginal cost
Incentives
Cost-benefit
Comparative advantage
Scenarios
Collective action
Cost-benefit analysis

Cite this

FRANK, R. H., BERNANKE, B. S., & LUI, H-K. (2015). Principles of economics. (Asian global ed.) Singapore : McGraw-Hill Asia.
FRANK, Robert H. ; BERNANKE, Ben S. ; LUI, Hon-Kwong. / Principles of economics. Asian global ed. Singapore : McGraw-Hill Asia, 2015. 842 p.
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FRANK, RH, BERNANKE, BS & LUI, H-K 2015, Principles of economics. Asian global edn, McGraw-Hill Asia, Singapore .

Principles of economics. / FRANK, Robert H.; BERNANKE, Ben S.; LUI, Hon-Kwong.

Asian global ed. Singapore : McGraw-Hill Asia, 2015. 842 p.

Research output: Scholarly Books | Reports | Literary WorksBook (Author)Researchpeer-review

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FRANK RH, BERNANKE BS, LUI H-K. Principles of economics. Asian global ed. Singapore : McGraw-Hill Asia, 2015. 842 p.