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Principles of Microeconomics The Way We Live

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Pub. Date:
Worth Publishers
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Feigenbaum and Hafer’s innovative text is based on the idea that economics is an integral part of students’ lives. The text provides an economic framework for exploring the wide array of choices that span a person’s life cycle. The authors’ goal in Principles of Microeconomics: The Way We Live is to help students cultivate an appreciation for and an ability to use their economic “instincts.” Their approach uses common experiences to demonstrate to students that they already engage in economic reasoning. The authors build from the individual to the household to the firm and then to the economy at large.

Author Biography

Susan Feigenbaum is Professor and former Chair of the Department of Economics at the University of Missouri at St. Louis. She has received several National Science Foundation research and curriculum innovation grants, as well as state and campus teaching awards.
R.W. Hafer is Professor and Chair of the Department of Economics and Finance at Southern Illinois University at Edwardsville. He served as Research Officer with the Federal Reserve Bank of St. Louis for ten years. He has published widely on monetary policy and financial markets in academic and non-academic publications, including The Wall Street Journal.


Table of Contents

Part 1: Economic Costs and the Choices People Make

Chapter 1 Economics as a Framework for Making Life’s Decisions
Chapter 2 Making Choices in the Face of Scarcity: Harnessing Life’s Possibilities
Chapter 3 The Nature of Economic Costs 
Chapter 4 Property Rights: The Foundation of Economic Costs and Benefits
Chapter 5 Externalities: The Social Benefits and Costs of Our Choices

Part 2: From Individual Choices to Market Outcomes

Chapter 6 Willingness to Pay and the Demand for Goods and Services
Chapter 7 Translating Demand into Reality: The Supply of Goods and Services
Chapter 8 The Makings of a Trade
Chapter 9 Price Elasticity: Measuring the Sensitivity of Buyers and Sellers to Changes in Price

Part 3: Comparative Advantage, Specialization, and Trade

Chapter 10 Gains From Trade in the Household and in the Market
Chapter 11 Expenditure Decisions and the Income Elasticity of Demand
Chapter 12 Purchasing Household Outputs: The Impact of Subsidies and Taxes
Chapter 13 Investing for the Future: Accumulating Human and Other Types of Capital
Chapter 14 Human Capital in the Workplace

Part 4: The Strategic Behavior of Firms: Surviving in the Marketplace

Chapter 15 Minimizing the Costs of Production
Chapter 16 How a Firm Chooses the Right Level of Production
Chapter 17 From Price Takers to Price Makers: Monopolies and Monopsonies
Chapter 18 Oligopolies: The Strategic Behavior of Rivals

Part 5: Winners and Losers in a Competitive World:Are Free Markets Unfair ?

Chapter 19 The Personal Cost of Maximizing the Economic Pie


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