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Full Description
Principles of Microeconomics focuses on seven core principles to produce economic naturalists through active learning. By eliminating overwhelming detail and focusing on core principles, students from all backgrounds are able to gain a deeper understanding of economics. Focused on helping students become "economic naturalists," people who employ basic economic principles to understand and explain what they observe in the world around them. COVID-19 pandemic content, analysis, and examples further engage students.
With engaging questions, explanations, exercises and videos, the authors help students relate economic principles to a host of everyday experiences such as going to the ATM or purchasing airline tickets. Throughout this process, the authors encourage students to become "economic naturalists." Author developed Learning Glass concept overview videos and Worked Problem videos give students an overview of challenging and important concepts.
With new videos and engagement tools in Connect, like Application-Based Activities, alongside SmartBook's adaptive reading experience, the 8th edition enables instructors to spend class time engaging, facilitating, and answering questions instead of lecturing on the basics.
Contents
PART 1: Introduction
1. Thinking Like an Economist
2. Comparative Advantage
3. Supply and Demand
PART 2: Competition and the Invisible Hand
4. Elasticity
5. Demand
6. Perfectly Competitive Supply
7. Efficiency, Exchange, and the Invisible Hand in Action
PART 3: Market Imperfections
8. Monopoly, Oligopoly, and Monopolistic Competition
9. Games and Strategic Behavior
10. An Introduction to Behavioral Economics
11. Externalities, Property Rights, and the Environment
PART 4: Economics of Public Policy
12. The Economics of Information
13. Labor Markets, Poverty, and Income Distribution
14. Public Goods and Tax Policy
PART 5: International Trade
15. International Trade and Trade Policy
