Foundations of Microeconomics

Economics is a subject youlearn by doing.Foundations of Microeconomicsbreaks the mold of a traditional text and becomes a practice-oriented learning system. Each chapter uses a Checklist to focus readers'attention on the most important key concepts. A discrete section introduces each of these core concepts and is immediately followed by a Checkpoint, a full page of practice that applies the concept. The result is a patient, confidence-building approach that prepares readers touseeconomics in their lives, regardless of what their future career will be. Introduction:Getting Started; The U.S. and Global Economies; The Economic Problem; Demand and Supply.A Closer Look at Markets:Elasticities of Demand and Supply; Efficiency and Fairness of Markets.How Governments Influence the Economy:Markets in Action; Taxes; Global Markets in Action; Externalities; Public Goods and Common Resources.A Closer Look at Decision Makers:Consumer Choice and Demand; Production and Cost.Prices, Profits, and Industry Performance:Perfect Competition; Monopoly; Monopolistic Competition; Oligopoly.Incomes, Uncertainty, and Inequality:Demand and Supply in Factor Markets; Uncertainty and Information; Inequality and Poverty. For all readers interested in microeconomics.