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The Seventh Edition of Microeconomics maintains the hallmarks of the Boyes/Melvin series--accessible writing, strong pedagogy, and integration of global economic issues--with the revision focused on faithfully representing the latest thinking of economists on important microeconomic and macroeconomic phenomena. The authors have improved the integration of their popular pedagogy, technology, and supplements for a complete program that clearly illustrates the connection between the study of economics and the world of business. The text has been thoroughly updated to include the economic effects of the war in Iraq, the devastation of New Orleans by the Gulf Coast Hurricanes, and China's emergence as an economic power.Microeconomics, 7/e, also provides in-depth coverage of one of today's most significant issues--globalization--and how it affects economic growth and poverty. The authors examine standards of living around the world, comparing the poverty of Sub-Saharan Africa to the wealth of industrial nations. Global Business Insight boxes illustrate economic concepts with examples from around the world; corresponding thumbnail maps provide a sense of economic geography and orient students visually. In addition, all available data up to 2005, and in many cases 2006, has been included.
Table of Contents
Economics: The World Around You
Choice, Opportunity Costs, and Specialization
Markets, Demand and Supply, and the Price System
The Market System and the Private Sector
The Public Sector
Elasticity: Demand and Supply
Supply: The Costs of Doing Business
Monopolistic Competition and Oligopoly
Antitrust and Regulation
Government and Market Failure
The Labor Market
The Land Market and Natural Resources
Aging, Social Security, and Health Care
Income Distribution, Poverty, and Government Policy
World Trade Equilibrium
International Trade Restrictions
Exchange Rates and Financial Links Between Countries
Table of Contents provided by Publisher. All Rights Reserved.