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Principles of Microeconomics, 2nd Edition

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Principles of Microeconomics, 2nd Edition

Principles of Microeconomics, 2nd edition introduces students to fundamental economic concepts with a focus on current examples, real-world applications, and updated data. Through an active learning approach, students are challenged to think like economists with engaging exercises including Chapter Projects, Group Activities, Reflection Questions, and more.

This second edition features a new chapter on indifference curves and updated content on the impact of the COVID-19 pandemic on the economy. The appendix includes a mathematics review section to target skill gaps in topics such as graphing, equation solving, and area calculations.

Principles of Microeconomics is designed to provide students with a comprehensive understanding of core economic theories and principles, encouraging them to think critically and recognize the role that economics plays in their personal lives and in the world around them.

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Formats: Software, Textbook, eBook

Product ISBN
Software + eBook 978-1-64277-681-2
Software + eBook + Textbook 978-1-64277-680-5
Textbook 978-1-64277-678-2

Table of Contents

  1. Chapter 1: Welcome to Economics!
    1. 1.1 What Is Economics, and Why Is It Important?
    2. 1.2 Economic Theories, Models, and Systems
    3. Chapter 1 Review
  2. Chapter 2: Choice in a World of Scarcity
    1. 2.1 How Individuals Make Choices Based on Their Budget Constraint
    2. 2.2 The Production Possibilities Frontier and Social Choices
    3. 2.3 Confronting Objections to the Economic Approach
    4. Chapter 2 Review
  3. Chapter 3: Demand and Supply
    1. 3.1 Demand, Supply, and Equilibrium in Markets for Goods and Services
    2. 3.2 Shifts in Demand and Supply for Goods and Services
    3. 3.3 Changes in Equilibrium Price and Quantity: The Four-Step Process
    4. 3.4 Price Ceilings and Price Floors
    5. 3.5 Demand, Supply, and Efficiency
    6. Chapter 3 Review
  4. Chapter 4: Labor and Financial Markets
    1. 4.1 Demand and Supply at Work in Labor Markets
    2. 4.2 Demand and Supply in Financial Markets
    3. 4.3 The Market System as an Efficient Mechanism for Information
    4. Chapter 4 Review
  5. Chapter 5: Elasticity
    1. 5.1 Price Elasticity of Demand and Price Elasticity of Supply
    2. 5.2 Polar Cases of Elasticity and Constant Elasticity
    3. 5.3 Elasticity and Pricing
    4. 5.4 Elasticity in Areas Other Than Price
    5. Chapter 5 Review
  6. Chapter 6: Consumer Choices
    1. 6.1 Consumption Choices
    2. 6.2 How Changes in Income and Prices Affect Consumption Choices
    3. 6.3 Behavioral Economics: An Alternative Framework for Consumer Choice
    4. Chapter 6 Review
  7. Chapter 7: Indifference Curves
    1. 7.1 Utility-Maximizing with Indifference Curves
    2. 7.2 Responses to Changes in Income and Prices
    3. 7.3 Indifference Curves with Labor-Leisure and Intertemporal Choices
    4. Chapter 7 Review
  8. Chapter 8: Production, Costs, and Industry Structure
    1. 8.1 Explicit and Implicit Costs, and Accounting and Economic Profit
    2. 8.2 Production in the Short Run
    3. 8.3 Costs in the Short Run
    4. 8.4 Production in the Long Run
    5. 8.5 Costs in the Long Run
    6. Chapter 8 Review
  9. Chapter 9: Perfect Competition
    1. 9.1 Perfect Competition and Why It Matters
    2. 9.2 How Perfectly Competitive Firms Make Output Decisions
    3. 9.3 Entry and Exit Decisions in the Long Run
    4. 9.4 Efficiency in Perfectly Competitive Markets
    5. Chapter 9 Review
  10. Chapter 10: Monopoly
    1. 10.1 How Monopolies Form: Barriers to Entry
    2. 10.2 How a Profit-Maximizing Monopoly Chooses Output and Price
    3. Chapter 10 Review
  11. Chapter 11: Monopolistic Competition and Oligopoly
    1. 11.1 Monopolistic Competition
    2. 11.2 Oligopoly
    3. Chapter 11 Review
  12. Chapter 12: Monopoly and Antitrust Policy
    1. 12.1 Corporate Mergers
    2. 12.2 Regulating Anticompetitive Behavior
    3. 12.3 Regulating Natural Monopolies
    4. 12.4 The Great Deregulation Experiment
    5. Chapter 12 Review
  13. Chapter 13: Environmental Protection and Negative Externalities
    1. 13.1 The Economics of Pollution
    2. 13.2 Policies to Reduce Pollution
    3. 13.3 The Benefits and Costs of U.S. Environmental Laws
    4. 13.4 International Environmental Issues
    5. 13.5 The Tradeoff between Economic Output and Environmental Protection
    6. Chapter 13 Review
  14. Chapter 14: Positive Externalities and Public Goods
    1. 14.1 Why the Private Sector Underinvests In Innovation
    2. 14.2 How Governments Can Encourage Innovation
    3. 14.3 Public Goods
    4. Chapter 14 Review
  15. Chapter 15: Labor Markets and Income
    1. 15.1 The Theory of Labor Markets
    2. 15.2 Wages and Employment in an Imperfectly Competitive Labor Market
    3. 15.3 Market Power on the Supply Side of Labor Markets
    4. 15.4 Employment Discrimination
    5. 15.5 Immigration
    6. Chapter 15 Review
  16. Chapter 16: Poverty and Economic Inequality
    1. 16.1 Drawing the Poverty Line
    2. 16.2 The Poverty Trap
    3. 16.3 The Safety Net
    4. 16.4 Income Inequality: Measurement and Causes
    5. 16.5 Government Policies to Reduce Income Inequality
    6. Chapter 16 Review
  17. Chapter 17: Information, Risk, and Insurance
    1. 17.1 The Problem of Imperfect Information and Asymmetric Information
    2. 17.2 Insurance and Imperfect Information
    3. Chapter 17 Review
  18. Chapter 18: Financial Markets
    1. 18.1 How Businesses Raise Financial Capital
    2. 18.2 How Households Supply Financial Capital
    3. 18.3 How to Accumulate Personal Wealth
    4. Chapter 18 Review
  19. Chapter 19: Public Economy
    1. 19.1 Voter Participation and Costs of Elections
    2. 19.2 Special Interest Politics
    3. 19.3 Flaws in the Democratic System of Government
    4. Chapter 19 Review
  20. Chapter 20: International Trade
    1. 20.1 Absolute and Comparative Advantage
    2. 20.2 What Happens When a Country Has an Absolute Advantage in All Goods
    3. 20.3 Intra-industry Trade between Similar Economies
    4. 20.4 The Benefits of Reducing Barriers to International Trade
    5. Chapter 20 Review
  21. Chapter 21: Globalization and Protectionism
    1. 21.1 Protectionism: An Indirect Subsidy from Consumers to Producers
    2. 21.2 International Trade and Its Effects on Jobs, Wages, and Working Conditions
    3. 21.3 Arguments in Support of Restricting Imports
    4. 21.4 Trade Policy
    5. Chapter 21 Review
  22. Appendix: Math Review
    1. A.1 Addition and Subtraction
    2. A.2 Multiplication and Division
    3. A.3 Order of Operations
    4. A.4 Algebraic Expressions
    5. A.5 Basics of Percent
    6. A.6 Linear Equations
    7. A.7 Graphing
    8. A.8 Calculating Area
    9. Appendix Review