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Full Description
For courses in Economics.
Foundations of Microeconomics , 8th Edition introduces students to the economic principles they can use to navigate the financial decisions of their futures. Each chapter concentrates on a manageable number of ideas, usually 3 to 4, with each reinforced several times throughout the text. This patient approach helps guide students through unfamiliar terrain and focus them on the most important concepts.
The text does four core things to help students grasp and apply economic principles: it motivates with compelling issues and questions, focuses on core ideas, offers concise points, and encourages learning with activities and practice questions. After completing this text, students will have the foundational knowledge of how the economy works and can apply it to their lives going forward.
Contents
PART 1: INTRODUCTION
1. Getting Started
2. The U.S. and Global Economies
3. The Economic Problem
4. Demand and Supply
PART 2: A CLOSER LOOK AT MARKETS
5. Elasticities of Demand and Supply
6. Efficiency of Fairness and Markets
PART 3: HOW GOVERNMENTS INFLUENCE THE ECONOMY
7. Government Actions in Markets
8. Taxes
9. Global Markets in Action
PART 4: MARKET FAILURES AND PUBLIC POLICY
10. Externalities
11. Public Goods and Common Resources
12. Private Information and Healthcare Markets
PART 5: A CLOSER LOOK AT DECISION MAKERS
13. Consumer Choice and Demand
14. Production and Cost
PART 6: PRICES, PROFITS, AND INDUSTRY PERFORMANCE
15. Perfect Competition
16. Monopoly
17. Monopolistic Competition
18. Oligopoly
PART 7: INCOMES AND INEQUALITY
19. Markets for Factors of Production
20. Economic Inequality
