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Principles of Economics Volume 1

This book is intended for the first semester of a two-semester course in Economics taught out of the social sciences or business school. Principles of Economics aims to teach considerable range and depth of Economic concepts through an approachable style and methodology. The authors take a three-pronged approach to every chapter: The concept is covered with a “Heads Up” to ward off confusion, a real-world application for that concept, and a “You Try It” section to make sure students are staying

Economics Social Sciences

Author: LibreTexts
Publisher: LibreTexts
Source: LibreTexts
Language: EN
Category: Economics

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Contents· 97 sections

01: Economics - The Study of Choice
1.1: Defining Economics
1.2: The Field of Economics
1.3: The Economists Tool Kit
1.4: Review and Practice
02: Choices in Production
2.1: Factors of Production
2.2: The Production Possibilities Curve
2.3: Applications of the Production Possibilities Model
2.4: Review and Practice
03: Demand and Supply
3.1: Demand
3.2: Supply
3.3: Demand Supply and Equilibrium
3.4: Review and Practice
04: Applications of Demand and Supply
4.1: Putting Demand and Supply to Work
4.2: Government Intervention in Market Prices - Price Floors and Price Ceilings
4.3: The Market for Health-Care Services
4.4: Review and Practice
05: A Measure of Response
5.1: The Price Elasticity of Demand
5.2: Responsiveness of Demand to Other Factors
5.3: Price Elasticity of Supply
5.4: Review and Practice
06: Markets Maximizers and Efficiency
6.1: The Logic of Maximizing Behavior
6.2: Maximizing in the Marketplace
6.3: Market Failure
6.4: Review And Practice
07: The Analysis of Consumer Choice
7.1: The Concept of Utility
7.2: Utility Maximization and Demand
7.3: An Alternative Approach to Understanding Consumer Choice
7.4: Review and Practice
08: Production and Cost
8.1: The Short Run
8.2: The Long Run
8.3: Review and Practice
09: Competitive Markets for Goods and Services
9.1: A Model
9.2: Output Determination in the Short Run
9.3: Perfect Competition in the Long Run
9.4: Review and Practice
10: Monopoly
10.1: The Nature of Monopoly
10.2: The Monopoly Model
10.3: Assessing Monopoly
10.4: Review and Practice
11: The World of Imperfect Competition
11.1: Competition Among Many
11.2: Competition Among the Few
11.3: Advertising and Price Discrimination
11.4: Review and Practice
12: Wages and Employment in Perfect Competition
12.1: The Demand for Labor
12.2: The Supply of Labor
12.3: Labor Markets at Work
12.4: Review and Practice
13: Interest Rates and the Markets for Capital and Natural Resources
13.1: Time and Interest Rates
13.2: Interest Rates and Capital
13.3: Natural Resources and Conservation
13.4: Review and Practice
14: Imperfectly Competitive Markets for Factors of Production
14.1: The Case of Monopsony
14.2: Monopsony and the Minimum Wage
14.3: Price Setters on the Supply Side
14.4: Review and Practice
15: Public Finance and Public Choice
15.1: The Role of Government in a Market Economy
15.2: Financing Government
15.3: Choices in the Public Sector
15.4: Review and Practice
16: Antitrust Policy and Business Regulation
16.1: Antitrust Laws and Their Interpretation
16.2: Antitrust and Competitiveness in a Global Economy
16.3: Protecting People from the Market
16.4: Review and Practice
17: International Table
17.1: The Gains from Trade
17.2: Two-Way Trade
17.3: Restrictions on International Trade
17.4: Review and Practice
18: The Economics of the Environment
18.1: Maximizing the Net Benefits of Pollution
18.2: Alternatives in Pollution Control
18.3: Review and Practice
19: Inequality Poverty and Discrimination
19.1: Income Inequality
19.2: The Economics of Poverty
19.3: The Economics of Discrimination
19.4: Review and Practice
Appendix A: Graphs in Economics
20.1: Nonlinear Relationships and Graphs without Numbers
20.2: Using Graphs and Charts to Show Values of Variables
20.3: How to Construct and Interpret Graphs