Description
Book SynopsisMaster the principles of economics, and gain an understanding of current economic situations with the solid introduction and policy-based examples and applications found in MICROECONOMICS: PRINCIPLES AND POLICY, 13E. Written by two of the most respected economists in the world, this edition provides significant updates that reflect the latest economic situations and timely economic data. The authors combine the right level of rigor and detail to clarify even the most complicated concepts. A new chapter highlights U.S. economic leadership and assesses prospects for future U.S. growth based on strengths and weaknesses in key areas, such as productivity, innovation, entrepreneurship, health care, education, inequality, trade, the budget deficit, and climate change. Well-developed examples, intriguing puzzles and meaningful economic issues provide a good balance of theory to application.
Table of ContentsPart I: GETTING ACQUAINTED WITH ECONOMICS. 1. What Is Economics? 2. The Economy: Myth and Reality. 3. The Fundamental Economic Problem: Scarcity and Choice. 4. Supply and Demand: An Initial Look. Part II: THE BUILDING BLOCKS OF DEMAND AND SUPPLY. 5. Consumer Choice: Individual and Market Demand. 6. Demand and Elasticity. 7. Production, Inputs, and Cost: Building Blocks for Supply Analysis. 8. Output, Price, and Profit: The Importance of Marginal Analysis. 9. Securities, Business Finance, and the Economy: The Tail that Wags the Dog? Part III: MARKETS AND THE PRICE SYSTEM. 10. The Firm and the Industry under Perfect Competition. 11. Monopoly. 12. Between Competition and Monopoly. 13. Limiting Market Power: Regulation and Antitrust. Part IV: THE VIRTUES AND LIMITATIONS OF MARKETS. 14. The Case for Free Markets: The Price System. 15. The Shortcomings of Free Markets. 16. Externalities, the Environment, and Natural Resources. 17. Taxation and Resource Allocation. Part V: THE DISTRIBUTION OF INCOME. 18. Pricing the Factors of Production. 19. Labor and Entrepreneurship: The Human Inputs. 20. Poverty, Inequality, and Discrimination. Part VI: THE UNITED STATES IN THE WORLD ECONOMY. 21. International Trade and Comparative Advantage. 22. Is U.S. Economic Leadership Threatened? Appendix: Answers to Odd-Numbered Test Yourself Questions. Glossary. Index.
