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Offering a unique blend of solid theoretical content and student accessibility, this text: 1) covers all the basics of microeconomics, 2) gives student a clear idea of how economists think about the world, 3) stresses the key concepts in economics, and 4) is extremely rich in intriguing applications that convey the prevalence of economics in everyday life. By applying economics to phenomenon that readers are familiar with and interested in, this book demonstrates like no other text how economic analysis can be applied to virtually anything of interest, thus helping students develop true economic intuition. Additional student-oriented features include a unique active-learning format, an emphasis on developing economic analysis skills, and an outstanding visual program for exhibits and graphs.
AN INTRODUCTION TO ECONOMICS PART 1. ECONOMICS: THE SCIENCE OF SCARCITY 1. What Economics is About Appendix A. Working with Diagrams Appendix B. Should You Major in Economics? 2. Economic Activities: Producing and Trading 3. Supply and Demand: Theory 4. Supply and Demand: Practice. MICROECONOMICS PART 2. MICROECONOMIC FUNDAMENTALS 5. Elasticity 6. Consumer Choice: Maximizing Utility and Behavioral Economics Appendix C. Budget Constraint and Indifference Curve Analysis 7. The Firm 8. Production and Costs PART 3. PRODUCT MARKETS AND POLICIES 9. Perfect Competition 10. Monopoly 11. Monopolistic Competition, Oligopoly, and Game Theory 12. Government and Product Markets: Antitrust and Regulation PART 4. FACTOR MARKETS AND RELATED ISSUES 13. Factor Markets: With Emphasis on the Labor Market 14. Wages, Unions, and Labor 15. The Distribution of Income and Poverty 16. Interest, Rent, and Profit PART 5. MARKET FAILURE AND PUBLIC CHOICE 17. Market Failure: Externalities, Public Goods, and Asymmetric Information 18. Public Choice: Economic Theory Applied to Politics. THE WORLD ECONOMY PART 6. INTERNATIONAL ECONOMICS: THEORY AND POLICY 19. International Trade 20. International Finance