Introductory Microeconomics
- 1st Edition - January 1, 1981
- Imprint: Academic Press
- Author: Michael Veseth
- Language: English
- Paperback ISBN:9 7 8 - 0 - 1 2 - 7 1 9 5 4 0 - 7
- eBook ISBN:9 7 8 - 1 - 4 8 3 2 - 5 8 3 4 - 8
Introductory Microeconomics explains the basic principles of microeconomics, producer and consumer choices, resource markets, and government policies. The book describes the… Read more
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Request a sales quoteIntroductory Microeconomics explains the basic principles of microeconomics, producer and consumer choices, resource markets, and government policies. The book describes the economics of exchange, such as the role of economic growth, factors that determine the amount and types of exchange, the supply and demand model of market operations, price setting, price changes, and the impact of one market on other markets. The text also explains market failures in terms of free market choice, externalities of failures, monopolies, as well as scarcity and choices leading to poverty. When economic policies are considered by the state, there are trade-offs that are necessary in the exchange. Before the government should make decisions, it always has to consider two opportunity costs, namely, 1) budget constraints, and 2) the opportunity cost of the funds spent in the private sector. For example (no. 1), if more money is spent on transfer payments, less will be left for education, national defense, infrastructure. Another example (no. 2) is when the government collects taxes, a direct loss in real income and utility among consumers will result. The book also presents real world economics in terms of the social security tax in the United States. The book can prove valuable for students of economics or business, sociologists, general readers interested in real-world economics, and policy makers involved in national economic development.
PrefaceIntroductionPart 1 The Economics of Exchange Chapter 1 Scarcity and Choice The Problem of Scarcity Changing Trade-Offs Scarcity and Choice for the Individual Scarcity and Choice for the Business Firm Scarcity and Choice for Society Economic Growth Real World Economics: Jim Daniels Has a Hangover? Summary Discussion Questions Test Yourself Chapter 2 Specialization and Exchange A Barter Economy The Theory of Comparative Advantage Mutually Advantageous Exchange The Gains from Trade Specialization in the Real World Comparative Advantage in the Real World The Role of Money Limits to Exchange Distribution of the Gain Other Reasons for Exchange Real World Economics: Bullish on Wall Street Summary Discussion Questions Test Yourself Chapter 3 Demand and Supply. The Micro Side The Role of the Market How the Market Works The Concept of Demand The Demand Curve The Concept of Supply The Supply Curve Changes in Supply The Market at Work Changing Markets Summary of Market Actions The Market's Verdict Real World Economics: Apartment House Rents Summary Discussion Questions Test Yourself Chapter 4 Markets at Work Real World Economics: Falling Calculator Prices Real World Economics: Coffee and Tea Real World Economics: Cut-Rate Air Fares Real World Economics: Cigarette Taxes Real World Economics: Rent Controls Real World Economics: Price Floors Appendix: More About Elasticity Summary Discussion Questions Test YourselfPart 2 Consumer and Producer Choice Chapter 5 Consumer Choice How Much To Buy? Consumer Benefits: Utility Maximizing Utility Opportunity Cost Consumer Equilibrium Changing Consumer Choice Changing Prices: Demand Curves Substitutes, Complements, and Income Effects Changing Preferences Real World Economics: Gas Lines Grow Longer in Nation's Capital Appendix: Indifference Curve Analysis Summary Discussion Questions Test Yourself Chapter 6 Production and Cost Who Are the Producers? Motives of the Firm Production and Costs Different Views of Production Costs Costs in the Long Run Real World Economics: Toys and Games Appendix: Production Theory Summary Discussion Questions Test Yourself Chapter 7 Producer Choice: Monopoly What Is a Monopoly? Monopoly Revenues The Monopoly Production Decision Monopoly Pricing Changing Costs Technological Advances Monopoly in the Real World Real World Economics: A Money-Losing Monopoly Summary Discussion Questions Test Yourself Chapter 8 Producers in competitive Markets Perfect Competition Price Takers Maximizing Profits Supply Curves Equilibrium for the Industry Changing Costs for the Firm Supply in the Long Run Real World Economics: A Monopoly Versus a Competitive Market Summary Discussion Questions Test Yourself Chapter 9 Imperfect Competition Product Differentiation Price Discrimination Benefits of Price Discrimination Cartels Oligopolies Government Regulation Real World Economics: Automotive Oligopoly Summary Discussion Questions Test YourselfPart 3 Resource Markets Chapter 10 Labor Markets The Supply of Labor The Demand for Labor Changes in Labor Demand The Labor Demand Curve Wage Rate Differentials Labor Unions Government Labor Policies Real World Economics: Cost-of-Living Clauses Summary Discussion Questions Test Yourself Chapter 11 Capital and Natural Resource Markets The Demand for Inputs Investment: The Demand for Capital Input Supplies: Natural Resources The Impact of Price Expectations The Problem of Property Rights Unstable Prices Real World Economics: Training and Education Programs Summary Discussion Questions Test Yourself Chapter 12 Energy Markets Energy and Economic Development Price, Quantity, and Substitution Effects Energy Supplies Energy Price Controls OPEC and the Supply of Oil Managing the Energy Problem The Paradox of Net Energy Energy and the Environment Real World Economics: The Price of Energy Summary Discussion Questions Test YourselfPart 4 Market Failures Chapter 13 Free Market Choice The Free Market Economy The Invisible Hand Bureaucratic Choice Self-Interest and the Invisible Hand The Economic Properties of Demand Total Benefits and Consumers' Surplus The Economic Properties of Supply Market Equilibrium: Net Benefits Taxes and Net Benefits Government Subsidies Democratic Choice Voting: What Does the Public Want? The Role of Government: Market Failures Real World Economics: Ticket Scalping Summary Discussion Questions Test Yourself Chapter 14 Market Failures: Externalities Private Versus Social Costs and Benefits External Benefits External Costs Optimal Pollution Externality Policy Options Limits to Government Actions Public Goods Real World Economics: Free Market or Democratic Choice Summary Discussion Questions Test Yourself Chapter 15 Market Failures: Monopolies Monopoly Problems Government Monopoly Policy Antitrust Regulation Trade-Off: Patent Monopolies Cost and Benefits of Monopoly Regulation Natural Monopolies Pricing of Natural Monopolies Real World Economics: U.S. Postal Service Summary Discussion Questions Test Yourself Chapter 16 Scarcity and Choice: The Poverty Problem Fighting Poverty: The Record Who Are the Poor? Causes of Poverty Transfer Payments What Kind of Transfers? Minimum Wages Job Training and Education Public Employment Programs Costs of Government Action Real World Economics: The Social Security Tax Summary Discussion Questions Test YourselfSuggestions for Further ReadingGlossaryAnswers to "Test Yourself"Index
- Edition: 1
- Published: January 1, 1981
- Imprint: Academic Press
- No. of pages: 376
- Language: English
- Paperback ISBN: 9780127195407
- eBook ISBN: 9781483258348
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