Description
Book SynopsisLearn to apply microeconomic concepts to the world around you as MICROECONOMICS: PRIVATE AND PUBLIC CHOICE, 17E highlights current economic conditions. Reader-friendly coverage analyzes and explains the latest consumer and firm behavior. You see how theories apply to issues in health care, earnings differences between genders, labor unions, environment and resource exhaustion and even the economic shutdown from the 2020 COVID-19 pandemic. This edition dispels common economic myths with microeconomic insights that clarify current issues. You see how topics apply to common issues, such as student grants and loans. This edition also offers a unique public choice perspective on the political process and delves into why government actions sometimes fail to deliver desired outcomes. You learn the importance of entrepreneurial discovery and dynamic competition on economic growth. In addition, you study international trade as a source of economic growth and higher living standards. Most import
Table of ContentsPart I: THE ECONOMIC WAY OF THINKING 1. The Economic Approach 2. Some Tools of the Economist Part II: MARKETS AND GOVERNMENT 3. Demand, Supply, and the Market Process 4. Supply and Demand: Applications and Extensions 5. Difficult Cases for the Market, and the Role of Government 6. The Economics of Political Action Part III: CORE MICROECONOMICS 7. Consumer Choice and Elasticity 8. Costs and the Supply of Goods 9. Price Takers and the Competitive Process 10. Price-Searcher Markets with Low Entry Barriers 11. Price-Searcher Markets with High Entry Barriers 12. The Supply of and Demand for Productive Resources 13. Earnings, Productivity, and the Job Market 14. Investment, the Capital Market, and the Wealth of Nations 15. Income Inequality and Poverty Part IV: INTERNATIONAL ECONOMICS 16. Gaining from International Trade Part VI: APPLYING THE BASICS: SPECIAL TOPICS IN ECONOMICS Special Topic 1. Government Spending and Taxation Special Topic 2. The Economics of Social Security Special Topic 3. The Stock Market: Its Function, Performance, and Potential as an Investment Opportunity Special Topic 4. Keynes and Hayek: Contrasting Views on Sound Economics and the Role of Government Special Topic 5. The 2020 COVID-19 Recession: Cause, Response, and Implications for the Future Special Topic 6. The Great Recession of 2008-2009: Causes and Response Special Topic 7. Lessons from the Great Depression Special Topic 8. The Economics of Health Care Special Topic 9. Earnings Differences Between Men and Women Special Topic 10. Do Labor Unions Increase the Wages of Workers? Special Topic 11. The Question of Resource Exhaustion Special Topic 12. Difficult Environmental Cases and the Role of Government Appendix A. General Business and Economics Indicators for the United States Appendix B. Answers to Selected Critical Analysis Questions
