Microeconomics

Contents Note: Each chapter begins with a Preview and includes a Summary, Key Terms, Exercises, and Internet Exercises/Resources. I. Introduction to the Price System 1. Economics: The World Around You The Definition of Economics The Economic Approach Economic Insight: "Free" Air? Economically Speaking: "Pumped Up Over Cheap Gas?" Appendix to Chapter 1: Working with Graphs Reading Graphs Constructing a Graph Slopes 2. Choice, Opportunity Costs, and Specialization Opportunity Costs Specialization and Trade Economically Speaking: "The Car Sector Braces for Stiffer Competition" 3. Markets, Demand and Supply, and the Price System Markets Demand Supply Equilibrium: Putting Demand and Supply Together Economic Insight: "The Foreign Exchange Market" Economically Speaking: "A Sleuth for Landlords with Eviction in Mind" 4. The Market System and the Private Sector The Market System Households Business Firms The International Sector Linking the Sectors Economic Insight: "Adam Smith" Economic Insight: "The Successful Entrepreneur (Sometimes It''s Better to Be Lucky Than Good)" Economically Speaking: "Zooming in on Wills" 5. The Public Sector The Circular Flow The Role of Government in the Market System Overview of the United States Government Government in Other Economies Economic Insight: "Government Creates a Market for Fishing Rights" Economically Speaking: "A Big ''Nein'' to Deutsche Telekom; Telecommunications: Germany Still Doesn''t Have a Completely Open Market" II. Product Market Basics 6. Elasticity: Demand and Supply The Price of Elasticity of Demand The Use of Price Elasticity of Demand Determinants of the Price Elasticity of Demand Other Demand Elasticities Supply Elasticities Economic Insight: "Price, Revenue, and Profit" Economically Speaking: "Equal Pricing Bill Passed" 7. Consumer Choice Decisions Utility and Choice The Demand Curve Again Economic Insight: "Does Money Buy Happiness?" Economically Speaking: "Sudden Wealth Syndrome" Appendix to Chapter 7: Indifference Analysis Indifference Curves Budget Constraint Consumer Equilibrium 8. Supply: The Costs of Doing Business Firms and Production From Production to Costs Cost Schedules and Cost Curves The Long Run Economic Insight: "Overhead" Economically Speaking: "Monopoly: Old Concept in a New Era" III. Product Markets 9. Profit Maximization Profit Maximization Marginal Revenue and Marginal Cost Selling Environments or Market Structure Economically Speaking: "Cutting Edge: Focus on New Technology" 10. Perfect Competition The Perfectly Competitive Firm in the Short Run The Long Run Economically Speaking: "Food Marketers Show a Taste for Video Growth" 11. Monopoly The Market Structure of Monopoly The Demand Curve Facing a Monopoly Firm Profit Maximization Price Discrimination Comparison of Perfect Competition and Monopoly Economically Speaking: "Conflict Diamonds; Americans Can Stop the Damage They Do" 12. Monopolistic Competition and Oligopoly Monopolistic Competition Oligopoly and Interdependence Summary of Market Structures and the Information Assumption Economic Insight: "The Prisoner''s Dilemma" Economically Speaking: "Poker Player''s Game Theory Scoops Pounds 22bn for Treasury" 13. The New Economy A New Economics? Networks Epidemics and Market Tipping Economic Insight: "Winner-Takes-All and Market Inefficiency" Economically Speaking: "JLM Industries: Embracing the New Economy" 14. Government Policy Toward Business Antitrust Policy Regulation Government and Business Economically Speaking: "SO2 Emission Allowance Asset Report: Title IV of the 1900 Clean Air Act Amendments (CAAA)" IV. Resource Markets 15. Resource Markets Buyers and Sellers of Resources The Market Demand for and Supply of Resources How Firms Decide What Resources to Buy Economic Insight: "The Company Town" Economically Speaking: "State Economy Will Feel Asia''s Money Pains" 16. The Labor Market The Supply of Labor Wage Differentials Discrimination Wage Differentials and Government Policies Economic Insight: "The Overworked American?" Economically Speaking: "Higher Apathy" 17. The Capital Market Capital Financial Capital Economically Speaking: "A Real Nail-Biter" 18. The Land Market: Natural Resources and Environmental Policy Natural Resources Environmental Problems Public Policies Economic Insight: "The Problems of Common Ownership" Economically Speaking: "Boulder Targets Traffic Congestion" V. Current Issues Involving the Public Sector and the Market Economy 19. Aging, Social Security, and Health Care Aging and Social Security Health Economics Economic Insight: "The World Is Aging" Economic Insight: "Myths About Social Security" Economically Speaking: "Many Travel a Painful Circuit for Their Managed Health Care" 20. Income Distribution, Poverty and Government Policy Income Distribution and Poverty The Poor Government Antipoverty Policies Economic Insight: "Economic Development and Happiness" Economically Speaking: "America''s Income Inequality Is Not Inequity" VI. Issues in International Trade and Finance 21. World Trade Equilibrium An Overview of World Trade An Example of International Trade Equilibrium Sources of Comparative Advantage Economic Insight: "The Dutch Disease" Economically Speaking: "China Trade Will Come Back to Haunt Us" 22. International Trade Restrictions Arguments for Protection Tools of Policy Preferential Trade Agreements Economic Insight: "Smoot-Hawley Tariff" Economically Speaking: "Imports and Competition in Domestic Markets" 23. Exchange-Rate Systems and Practices Past and Current Exchange-Rate Arrangements Fixed or Floating Exchange Rates The Choice of an Exchange-Rate System Economic Insight: "The IMF and the World Bank" Economically Speaking: "E.U. Extends Invitations to 6 Countries: Turkey on Hold"Boyes, William J. is the author of 'Microeconomics' with ISBN 9780618127955 and ISBN 061812795X.