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Microeconomicsprovides a serious, analytical approach to the discipline by introducing the main ideas and then developing those ideas with the latest research, policy, and data. The result is that readers learn to apply economics the way real economists do, by evaluating the decisions in their personal and professional lives. Introduction:What Is Economics?; The Economic Problem.How Markets Work:Demand and Supply; Elasticity; Efficiency and Equity; Markets in Action.Households'Choices:Utility and Demand; Possibilities, Preferences, and Choices.Firms and Markets:Organizing Production; Output and Costs;Perfect Competition; Monopoly; Monopolistic Competition and Oligopoly.Market Failure and Government:Regulation and Antitrust Law; Externalities; Public Goods and Common Resources.Factor Markets, Inequality, and Uncertainty:Demand and Supply in Factor Markets; Economic Inequality; Uncertainty and Information.The Global Economy:Trading with the World. For all readers interested in microeconomics.
Table of Contents
What Is Economics?
The Economic Problem
How Markets Work
Demand and Supply
Efficiency and Equity
Markets in Action
Utility and Demand
Possibilities, Preferences, and Choices
Firms and Markets
Output and Costs
Monopolistic Competition and Oligopoly
Market Failure and Government
Regulation and Antitrust Law
Public Goods and Common Resources
Factor Markets, Inequality, and Uncertainty
Demand and Supply in Factor Markets
Uncertainty and Information
A First Look at Macroeconomics
Measuring GDP and Economic Growth
Monitoring Jobs and the Price Level
The Economy in the Long Run
At Full Employment: The Classical Model
Money, the Price Level, and Inflation
The Exchange Rate and the Balance of Payments
The Economy in the Short Run
Aggregate Supply and Aggregate Demand
Expenditure Multipliers: The Keynesian Model
U.S. Inflation, Unemployment, and Business Cycle
The Global Economy
Trading with the World
Table of Contents provided by Publisher. All Rights Reserved.