Textbook Recommendation Report 2/24

Macroeconomics Textbook Recommendation Report

By:Philip Mondi

Textbook Recommendation Report 2/24

Executive Summary
In this report two Macroeconomics textbooks are compared for the use of ECUs department of Business in aiding the decision of which book to adopt. The textbooks are Fundamentals of Economics and Brief Principles of Macroeconomics. The books are compared on 3 different criteria with students in mind. The criteria for analysis are Course information, graphs and data, and information layout. These criteria can be compared to distinguish which is the superior textbook. Fundamentals of Economics contains 15 chapters that individually span 2 to 3 pages in length. The chapters begin with an introduction that gives a background on the information about to be introduced. The chapter then shifts to key terms and their definitions that span from 2 to 3 sentences. The definitions are followed by examples for further explanation. The chapters conclude with an in chapter quiz for further analysis of the readers understanding. Principles of Economics contains 18 chapters that span anywhere from 15 to 25 pages in length. Each chapter begins with a full-page introduction and is split in to 5 sub sections. The first 3-sub sections contain chapter information including definitions, extended readings, graphs, and tables. The last 2 sections consist of a chapter conclusion, a key terms page and an end of chapter quiz. There is also a mini quiz at the bottom of every page that contains 1 question. In addition the graphs included in the textbook contain multiple captions that explain all parts of the figure which allows for a better overall understanding of the concepts presented. This paired with the in depth textual explanation makes hard concepts easier to grasp. I recommend that the ECU Department of Business choose Principles of Economics for their textbook selection because of its overall quality. This textbook contains more chapters with in depth information than its competitor. This book also contains superior graphs with captions for

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further explanation and tables that the opposing textbook lacks completely. Each chapter contains about 20 quiz questions for self assessment and includes a key terms page that contains key terms and definitions.
Table of Content

1 Introduction, Background on Macroeconomics textbook choice, options, technical background

2 Analysis criteria/Analysis

3 Course Information

4 Comparison, Graphs and Data, Figure 1.1

5 Figure 1.2, Graphs and Data Continued

6 Figure 1.3, Figure 1.4

7 Graphs and Data Comparison, Information Layout

8 Comparisons, Conclusions

9 Recommendations

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Introduction When choosing a textbook for macroeconomics it is important to keep in mind that this course has to do with the economy and will not only contain text information but formulas and graphs as well. Since this course covers a concept based on numbers, data, definitions, and theory it is essential to find a textbook that best incorporates these components in to the course and does so in a way that the reader can easily understand them. In other words the textbook should be student friendly because it is the students who will need to understand these concepts. This report will show which textbook is the right choice for the modern macroeconomics class and why. This report will be written and submitted to each macroeconomics professor at ECU so that they can pick the better of the two selections. It will contain an introduction, justification of evaluation criteria, separate overviews, step-by-step analysis, summary and recommendation. This should make the textbook selection process a lot simpler and at least provide another point of view for the professors. In conclusion this report will provide well-researched and extensive knowledge on the subject that will allow for confident decision-making.

Background on Macroeconomics textbook choice In the college of business students are introduced to new technology multiple times a year and as a result process information faster than then ever. This means that when deciding what textbook to choose there must be a fine balance between information and visual aids. The textual information is key, but visual aids can allow for faster mental processing. In this report both textbooks will be exposed and will allow for an in depth look at which is a superior teaching tool. Options

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The options under consideration for this report are two Macroeconomic E-books that can be accessed online. The first textbook is Fundamentals of Economics. The second textbook is, which is accessed through Aplia. Technical Background The textbooks up for comparison are both E-books that do not need to be downloaded for full access. The first of the two, Fundamentals of Economics, is accessed through a free website called Online Degree Discussion. The second, Brief Principles of Macroeconomics, is accessed through Aplia which is a homework website that includes the textbook free of charge. Analysis Criteria Within the recommendation report I evaluate two textbooks written for Macroeconomics. The textbooks are Fundamentals of economics by John Petroff and Brief Principles of Macroeconomics by Mankiw. The evaluation will be done using 3 major economic topics including Course information Graphs and Data Information layout

These 3 topics are broad enough that together they cover the whole course and can be compared easily between the texts.

Analysis Course information-The textbooks will be compared not only on what they have but also what they are lacking in information. This is the most important of the criteria because students will be tested on this content and if there is not adequate information then it may leave them with questions that go unanswered prior to taking the test. In addition the depth of information is also analyzed in comparison, which calls in to question how well details are elaborated. The textbooks will also be compared using specific topics to gauge which topics each book gives priority. Graphs and Data-The visual aids in this book consist of different graphs and tables that assist in processing the textual information. The graphs and data provided in the book are essential learning tools that show real world applications to definitions and economic principles. For example after learning the definition of a Production Possibilities Frontier (PPF) it is quite helpful to see what one looks like and how

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trade affects its outcome. This is because display items are often the quickest way to communicate large amounts of information. Many readers will just look at display items without reading the main text of the book. Attractive visuals will hold the interest of readers and coerce them to take time to better understand the figure. Information Layout -The placement of the visuals and textual information are also taken in to consideration because Students today are exposed to ever changing technology and as a result process information quicker than the previous generation. It is because of this that textual layout and the placing of visuals is a very important factor. If the layout is not conducive to the readers ability to quickly and effectively process data then it may not be the right choice. This is not the case for all chapters in the book because some principles require more explanation than others while some can be quickly understood with the use of visual aid. The layout out of the book is also very important because some concepts precede others in the course. It is important that the reader be well informed enough from the previous chapters before being introduced to a new concept.

Course information Fundamentals of Economics This book starts off each chapter with an introduction that summarizes what will be covered in the chapter. For the Chapter concerning supply and demand you will not find more than three sentences of explanation for each term such as law of demand, superior, and inferior goods etc. The book does a good job of explaining each concept for the short amount of explanation given. The information is very concise and the more difficult definitions are followed by examples. This textbook is good for a fast read because each chapter is about two and a half pages. This has its drawbacks because any student requiring further information will have to find another source. Each chapter ends with a review quiz so the student can test himself or herself on what they have just read. This is good for memory because it forces the student to recall what they have learned. Principles of Macroeconomics This book starts off each chapter with an easy example that incorporates the components of the lesson into an introduction. This gives the reader an idea of what the chapter is about before ever reading a definition. The chapter then puts definitions together in flowing paragraphs to expose the reader to more of the chapter before going in to detail. The chapter then introduces definitions one by one and gives up to three paragraphs of explanation including an example to clarify any misconceptions the reader may have. The chapter also asks questions like what is

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competition to get the reader thinking. The text introduces one concept such as supply and then elaborates from there exposing the reader to more components of supply including law of supply, and supply schedule. Each page of the chapter ends with a quick quiz that consists of one question about what the student has just read. The chapter concludes with a summary and key terms along with definitions so that the student can review what they have learned after finishing a chapter. The student also has the option to look at questions for review and at a page dedicated to Macro problems and applications using questions from the chapter. Comparison Fundamentals of Economics is an overall shorter book and allows for a quick read. Students will be quickly exposed to the material through definitions and examples. Principles of Macroeconomics is a longer version of this book with the same concepts but it goes much further in to detail. Each book concludes its chapters with a review quiz but Principles of Macroeconomics has a quiz question on every page and concludes its chapters with 2 pages of quiz questions and possible answers. Principles of Macroeconomics also contain a key terms page in each chapter that has every terms definition, which compares to a complete chapter in Fundamentals of economics. Graphs and Data Fundamentals of Economics-Macroeconomics This book contains 15 chapters yet only 8 of them contain graphs and none contain tables. The chapters that do include graphs include economic problem, Supply and demand, Keynesian controversy, employment theory, Money, unemployment and inflation. These chapters are difficult to understand without the use of these aids. I have provided a few examples of the graphs you will find in the book. Graph 1.1 comes from the chapter Supply and Demand and illustrates how price and demand decrease while quantity increases. This graph employs the use of color to attract the readers attention to what is being emphasized in the chapter. Graph 1.2 comes from the chapter unemployment vs. Inflation and illustrates the affects of inflation on unemployment. This graph uses 2 colors that stand out to differentiate the data presented so that the reader can quickly understand the complex information presented. Both graphs are not referenced in the text but are included after definitions and examples.

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Figure 1.1

Figure 1.2

Principles of Macroeconomics Every chapter in this book contains either a graph or table and in most cases both are present. The mix of the two gives the book variety and allows the reader to experience data in different ways. An example of a table provided in the book has been included in figure 1.3 and shows not only the components of GDP but also how they make up the percent of total GDP. This table is informative and offers information in a way that cannot be conveyed through text or graph. This is can be refreshing to readers because seeing different information in the same graphical format can be confusing. The book uses the graph of figure 1.4 to show the effects of heat on the demand of ice cream. The

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graph employs the use of numbered captions with arrows pointing to what part of the graph is being explained. This allows the reader to gain a better understanding of what is being shown and allows more information to be conveyed in the figure.

Gross domestic product, Y Consumption, C Investment, I Government purchases, G Net exports, NX

Figure 1.3

Total (in billions of dollars) $14,259 10,093 1,623 2,933 390

Per Person (in dollars) $46,372 32,823 5,278 9,540 1,269

Percent of Total 100% 71 11 21 3

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Figure 1.4

Comparison Fundamentals of Economics does not include any tables in its chapters unlike Principles of Macroeconomics, which includes multiple tables per chapter to explain concepts like Gross Domestic Product. Principles of Economics contains graphs in every chapter unlike Fundamentals of Economics, which only contains graphs in 8 of its 15 chapters. The graphs in Principles of economics are also more detailed and include numbered captions to convey what is most important about the graph. Both textbooks employ the use of different colors to emphasize important parts of the graph. Information Layout Fundamentals of Economics

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This textbook is split up in to 15 chapters covering everything from economic science and supply and demand to money and monetary policy. Each chapter has an identical format from start to finish minus graphs in certain chapters. Each topic starts out with an introduction that ranges from 2 to 3 sentences and gives a brief overview of the chapter. Then the key definitions are bolded and range in length from 1 to 2 sentences followed by an example. The example is shrouded in yellow There is no direct connection between the texts and the graphs because there are no figures or text captions that link them. The graph is placed after a definition and example to further illustrate the concept. Each chapter concludes with a review quiz and an assignment that covers the concepts in the text. This layout is conducive to quick reading and understanding without much extra in depth information. Principles of Macroeconomics This book is divided up among 18 chapters covering everything from economic principles and how the market works to the real economy in the long run. No chapter is alike but they all follow a similar format. Each chapter has an introduction and is followed by sub sections that include definitions and further explanations. Each definition has an attached hyperlink that when clicked gives another definition that is worded differently so that the reader has a better chance of understanding. The sub sections within the chapter contain graphs and tables that further explain the information being presented. The chapter is then concluded with a summary containing key terms, concepts and questions for review.

Comparison Fundamentals of Economics has shorter chapters that contain less content than Principles of Macroeconomics. Principles of Macroeconomics contains 18 chapters while Fundamentals of Economics contains only 15. With this information it is easy to see that Principles of Macroeconomics contains more information. Both books start each chapter with an introduction but only Principles of Macroeconomics goes in to deep detail concerning all of the key topics. Fundamentals of Economics does not use figure captions to label its graphs but rather places the figure after information leading to it. Principles of Macroeconomics uses picture captions to direct the readers attention to the graph at the right time and place. Principles of Macroeconomics also does a better job of text formatting because the definitions are bolded and colored blue so that the readers attention is attracted to it. In Fundamentals of Economics the definitions are in all caps to differentiate them from surrounding text. In addition Principles of Macroeconomics puts extra captions in graphs to point out key concepts being

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illustrated. Overall Principles of Macroeconomics has a better layout of information and uses superior formatting to emphasize specific points in the text. Conclusions Principles of Macroeconomics contains more chapters and more information per chapter and is the best choice for students needing extra explanation. Principles of Macroeconomics is the superior choice when it comes to in text quizzes because there is a quiz question on every page and a complete 10 question quiz at the end of the chapter. Principles of Economics is formatted in a way that is easy to understand and conveys key concepts in a way that catches the readers attention. Fundamentals of Economics is a free E-book available online and is the overall best choice when taking cost in to consideration. Fundamentals of Economics is a good choice for short and concise information because most of the textual information is nothing more than definitions and examples. Overall Principles of Economics is the better textbook of the two because it contains more information, has more visual aids, and is formatted in a way that is easy to follow and understand.

Recommendations I recommend that Principles of Economics be chosen for introductory students of Macroeconomics. This book contains more chapter and content than Fundamentals of Economics and offers multiple explanations for each concept. This book also contains more tables and graphs that aid in the understanding of the difficult monetary concepts. Principles of Macroeconomics also contains a quiz on every page and a full quiz at the end of the chapter. These variables add up to a more effective textbook full of detailed explanation.

Textbook Recommendation Report 2/24