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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.
Table of Contents
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