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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
Chapter: 1. Thinking Like an Economist
Chapter: 2. Comparative Advantage
Chapter: 3. Supply and Demand
Part 2 Competition and the Invisible Hand
Chapter: 4. Elasticity
Chapter: 5. Demand
Chapter: 6. Perfectly Competitive Supply
Chapter: 7. Efficiency, Exchange, and the Invisible Hand in Action
Part 3 Market Imperfections
Chapter: 8. Monopoly, Oligopoly, and MonopolisticCompetition
Chapter: 9. Games and Strategic Behavior
Chapter: 10. Externalities and Property Rights
Chapter: 11. The Economics of Information
Part 4 Economics of Public Policy
Chapter: 12. Labor Markets, Poverty, and Income Distribution
Chapter: 13. The Environment, Health, and Safety
Chapter: 14. Public Goods and Tax Policy