Overview
Main description
In recent years, innovative texts in mathematics, science, foreign languages, and other fields have achieved dramatic pedagogical gains by abandoning the traditional encyclopedic approach in favor of teaching a shorter list of core principles in depth. Two well-respected writers and researchers, Bob Frank and Ben Bernanke, have shown that the less-is-more approach affords similar gains in introductory economics. The authors introduce a coherent short list of core principles and reinforce them by illustrating and applying each in numerous contexts. With engaging questions, explanations and exercises, the authors help students relate economic principles to a host of everyday experiences such as going to the ATM or purchasing airline tickets. Throughout this process, the authors encourage students to become “economic naturalists:” people who employ basic economic principles to understand and explain what they observe in the world around them.
Principles of Microeconomics, fifth edition, is thoroughly updated with examples that connect to current events such as the financial crisis of 2008 and Great Recession of 2007-2009 as well as other topics commonly discussed in the media. In addition, the text is paired with McGraw-Hill’s market-leading online assignment and assessment solution Connect Economics, providing tools to enhance course management and student learning.
Table of contents
Part 1 Introduction 1. Thinking Like an Economist2. Comparative Advantage3. Supply and DemandPart 2 Competition and the Invisible Hand4. Elasticity5. Demand6. Perfectly Competitive Supply7. Efficiency, Exchange, and the Invisible Hand in ActionPart 3 Market Imperfections8. Monopoly, Oligopoly, and Monopolistic Competition9. Games and Strategic Behavior10. Externalities and Property Rights11. The Economics of InformationPart 4 Economics of Public Policy12. Labor Markets, Poverty, and Income Distribution13. The Environment, Health, and Safety14. Public Goods and Tax Policy
