Full Description
Learn 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 importantly, you learn to recognize microeconomic principles at work in your life.
Contents
Part 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
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