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This easy to read, accessible, macro-first principles book engages readers with familiar real-world examples and applications that bring economics to life. Its 18 chapters focus on those topics that are at the heart of economics, making the volume concise, yet complete. The authors follow an Explore & Apply theme to demonstrate how economics are a part of everyday life and how it can be a useful tool in making personal decisions and evaluating policy decisions. Notable coverage includes consumer and producer surplus, utility and consumer decision, as well as government and market failure. For a working knowledge of microeconomics.
(NOTE: Each chapter contains sections titled A look Ahead, Chapter Summary, Key Terms, Test Yourself, Questions and Problems, and Working with Graphs and Data.)
I. A JOURNEY THROUGH THE ECONOMY.
1. The Economic Perspective.
2. Production and Trade.
3. Demand and Supply.
4. The Power of Prices.
II. MICROECONOMIC FOUNDATIONS.
5. Elasticity: Measuring Responsiveness.
6. Consumer Behavior.
7. The Firm and Production.
8. Costs and Profit-Maximizing Output.
III. OUTPUT MARKETS.
9. Pure Competition.
10. Monopoly and Antitrust.
11. Oligopoly and Monopolistic Competition.
IV. INPUT MARKETS.
12. Markets for Labor and Other Inputs.
13. Earnings and Income Distribution.
V. MARKET FAILURE AND GOVERNMENT ACTION.
14. Public Goods, Information, and Regulation.
15. Externalities and Common Property Resources.
16. Public Choice.
VI. THE GLOBAL ECONOMY.
17. Into the International Marketplace.
18. Policy Toward Trade.