Microeconomics In Context

by Goodwin, Neva

• ISBN13: 9780618345991
• ISBN10: 061834599X
• Format: Paperback
• Copyright: 2004-07-26
• Publisher: Cengage Learning

Summary

Microeconomics in Contextprovides a thorough introduction to the principles of microeconomics, updated and broadened to reflect the economic realities of the 21st century. The text builds upon the strengths of standard, neoclassical economics, but takes into account environmental, institutional, political, psychological, ethical, and social issues that are neglected in other introductory Principles textbooks. The authors introduce students to the standard topics and tools taught in most introductory courses,andto a broader and richer set of topics and tools. The authors highlight how goals and values shape all aspects of people's lives, including on economic related issues. The discussion of physical and social/psychological contexts covers human motivation, ethics, culture, history and politics, built and natural environments, as well as institutions. The text focuses on three spheres of economic activity: thebusiness sphereinvolving commercial firms; thepublic purpose spherefocusing on government, non-profit, and non-governmental organizations (including international agencies); and thecore sphereof households and communities.

Table of Contents

The Context for Economic Analysis

Economic Activity in Context Your Starting Point

The Goals of Economic Activity

The Issues That Define Economics

Economic Tradeoffs

The Three Spheres of Economic Activity

Microeconomics in Context

Economic Actors and Organizations

Thinking About Economic Actors and Organizations

Motivation and Behavior

The Nature of Economic Organizations

Economics Actors in the Traditional Model

Supply and Demand

Market Institutions

The Meaning of Markets

The Development and Expansion of Markets

Institutional Requirements of Markets

Markets and Well-Being

Types of Markets

Supply and Demand Explaining Prices and Quantities

The Theory of Supply

The Theory of Demand

The Theory of Market Adjustment

Topics in Market Analysis

Explaining Real World

Prices and Quantities

Working with Supply and Demand

How Much Money Will Sales Bring In?

The Price Elasticity of Demand

The Price Elasticity of Supply Income, Price, and Buyer

Behavior Short-Run Versus Long-Run Elasticities

Resource Maintenance, Production, Distribution, and Consumption

Capital Stocks and Resource Maintenance

The Nature of Capital Stocks

The Evolution of Capital

Natural Capital

Manufactured Capital

Human Capital

Social Capital

Financial Capital

Sustaining Capital Stocks

Production Costs

The Production Process

Economic Costs

The Production Function

Appendix: A Formal Model of Producer Costs

Production Decisions Goals and Decision

Making Marginal Thinking

Discrete Decision Making

Financial Capital as an Input to Production

Appendix: A Formal Theory of Producer

Behavior with Convexity and Perfect Competition

Distribution: Exchange and Transfer Who Gets What, and How?

Principles of Exchange

Principles of Transfer

Distribution Outcomes in the United States

Appendix: A Formal Theory of Gains from Trade

Consumption and the Consumer Society

Consumption: Final Use

Consumer Behavior: The Marketing View

Consumer Behavior: The Utility Theory View

The Consumer Society Consumption and Well-Being

Appendix: A Formal Theory of Consumer Behavior

A Closer Look at Markets

Markets Without Market Power

Understanding Market Power and Competition Perfect

Competition Efficiency and Equity in the Case of Perfect Competition

A Final Note

Markets with Market Power

The Traditional Models

Pure Monopoly: One Seller Monopolistic Competition

Oligopoly Summary and a Final Note

Appendix: A Formal Analysis of Monopoly and Monopolistic Competition

Markets for Labor

Thinking About Markets for Labor

Individual Decisions and Paid Labor Supply

Supply and Demand at the Market Level

Explaining Variations in Wages

Labor in the Traditional Neoclassical Model

Appendix: A Formal Model of a Firm's

Hiring Decision in Perfect Competition

Markets for Other Resources

Valuing Capital Stocks

Markets for Manufactured, Natural, and Social Capital

Markets for Financial Capital

A Closer Look at Economic Organizations

The Core Sphere: Households and Communities

Households and Communities as Organizations

The Core Sphere in Historical Perspective

"Work/Family" Challenges

Theories of Household Behavior

The Business Sphere: For-Profit Firms

Businesses as Organizations

The Goals of Firms

The Evolution of Big Business

Is Bigger Always Better?

Globalization and the Information Revolution

The Public Purpose Sphere: Governments and Nonprofits

Public Purpose Organizations and Their Functions

Types of Public Purpose Organizations

The Public Purpose Sphere in Historical Perspective

Theories of Organizational Behavior

Economic Outcomes and Economic Ideology

The Variety of Economic Systems

Comparing Economic Systems

Varieties of Capitalism and Socialism

Comparative Systems in Historical Perspective

Comparing Economic Performance

Market Systems and Normative Claims

Why Discuss Normative Claims?

The Theory Behind the "Free Market" Argument

Contextual Economics: Into the Future Last Words

Glossary

Index

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