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ECON 22003 Principles of Microeconomics

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ECON 22003 Principles of Microeconomics

Introductory text for college sophomore-level Principles of Microeconomics. Analysis of the decision making of individual units of economics: household, business firms, and the government. Topics include price determination, production, income distribution, market structures, and international economics.

Business
Author
Kayla Sapkota
Publisher
Arkansas State University-Beebe
Source
LibreTexts
Language
EN
Category
Economics
Read online Download PDF (open licence)
Contents· 131 sections
  1. 01: Welcome to Economics
  2. 1.01: Introduction
  3. 1.02: What Is Economics and Why Is It Important
  4. 1.03: Microeconomics and Macroeconomics
  5. 1.04: How Economists Use Theories and Models to Understand Economic Issues
  6. 1.05: How To Organize Economies- An Overview of Economic Systems
  7. 1.06: Key Terms
  8. 1.07: Key Concepts and Summary
  9. 02: Choice in a World of Scarcity
  10. 2.01: Introduction
  11. 2.02: How Individuals Make Choices Based on Their Budget Constraint
  12. 2.03: The Production Possibilities Frontier and Social Choices
  13. 2.04: Confronting Objections to the Economic Approach
  14. 2.05: Key Terms
  15. 2.06: Key Concepts and Summary
  16. 03: Demand and Supply
  17. 3.01: Introduction
  18. 3.02: Demand Supply and Equilibrium in Markets for Goods and Services
  19. 3.03: Shifts in Demand and Supply for Goods and Services
  20. 3.04: Changes in Equilibrium Price and Quantity- The Four-Step Process
  21. 3.05: Price Ceilings and Price Floors
  22. 3.06: Demand Supply and Efficiency
  23. 3.07: Key Terms
  24. 3.08: Key Concepts and Summary
  25. 04: Elasticity
  26. 4.01: Introduction
  27. 4.02: Price Elasticity of Demand and Price Elasticity of Supply
  28. 4.03: Polar Cases of Elasticity and Constant Elasticity
  29. 4.04: Elasticity and Pricing
  30. 4.05: Elasticity in Areas Other Than Price
  31. 4.06: Key Terms
  32. 4.07: Key Concepts and Summary
  33. 05: Consumer Choices
  34. 5.01: Introduction
  35. 5.02: Consumption Choices
  36. 5.03: How Changes in Income and Prices Affect Consumption Choices
  37. 5.04: Behavioral Economics- An Alternative Framework for Consumer Choice
  38. 5.05: Key Terms
  39. 5.06: Key Concepts and Summary
  40. 06: Environmental Protection and Negative Externalities
  41. 6.01: Introduction
  42. 6.02: The Economics of Pollution
  43. 6.03: Command-and-Control Regulation
  44. 6.04: Market-Oriented Environmental Tools
  45. 6.05: The Benefits and Costs of U.S. Environmental Laws
  46. 6.06: International Environmental Issues
  47. 6.07: The Tradeoff between Economic Output and Environmental Protection
  48. 6.08: Key Terms
  49. 6.09: Key Concepts and Summary
  50. 07: Positive Externalities and Public Goods
  51. 7.01: Introduction
  52. 7.02: Investments in Innovation
  53. 7.03: How Governments Can Encourage Innovation
  54. 7.04: Public Goods
  55. 7.05: Key Terms
  56. 7.06: Key Concepts and Summary
  57. 08: Production Costs and Industry Structure
  58. 8.01: Introduction
  59. 8.02: Explicit and Implicit Costs and Accounting and Economic Profit
  60. 8.03: Production in the Short Run
  61. 8.04: Costs in the Short Run
  62. 8.05: Production in the Long Run
  63. 8.06: Costs in the Long Run
  64. 8.07: Key Terms
  65. 8.08: Key Concepts and Summary
  66. 09: Perfect Competition
  67. 9.01: Introduction
  68. 9.02: Perfect Competition and Why It Matters
  69. 9.03: How Perfectly Competitive Firms Make Output Decisions
  70. 9.04: Entry and Exit Decisions in the Long Run
  71. 9.05: Efficiency in Perfectly Competitive Markets
  72. 9.06: Key Terms
  73. 9.07: Key Concepts and Summary
  74. 10: Monopoly
  75. 10.01: Introduction
  76. 10.02: How Monopolies Form- Barriers to Entry
  77. 10.03: How a Profit-Maximizing Monopoly Chooses Output and Price
  78. 10.04: Key Terms
  79. 10.05: Key Concepts and Summary
  80. 11: Monopolistic Competition and Oligopoly
  81. 11.01: Introduction
  82. 11.02: Monopolistic Competition
  83. 11.03: Oligopoly
  84. 11.04: Key Terms
  85. 11.05: Key Concepts and Summary
  86. 12: Monopoly and Antitrust Policy
  87. 12.01: Introduction
  88. 12.02: Corporate Mergers
  89. 12.03: Regulating Anticompetitive Behavior
  90. 12.04: Regulating Natural Monopolies
  91. 12.05: The Great Deregulation Experiment
  92. 12.06: Key Terms
  93. 12.07: Key Concepts and Summary
  94. 13: Labor Markets and Income
  95. 13.01: Introduction
  96. 13.02: The Theory of Labor Markets
  97. 13.03: Wages and Employment in an Imperfectly Competitive Labor Market
  98. 13.04: Market Power on the Supply Side of Labor Markets- Unions
  99. 13.05: Bilateral Monopoly
  100. 13.06: Employment Discrimination
  101. 13.07: Immigration
  102. 13.08: Key Terms
  103. 13.09: Key Concepts and Summary
  104. 14: Poverty and Economic Inequality
  105. 14.01: Introduction
  106. 14.02: Drawing the Poverty Line
  107. 14.03: The Poverty Trap
  108. 14.04: The Safety Net
  109. 14.05: Income Inequality- Measurement and Causes
  110. 14.06: Government Policies to Reduce Income Inequality
  111. 14.07: Key Terms
  112. 14.08: Key Concepts and Summary
  113. 15: Globalization and Protectionism
  114. 15.01: Introduction
  115. 15.02: Protectionism- An Indirect Subsidy from Consumers to Producers
  116. 15.03: International Trade and Its Effects on Jobs Wages and Working Conditions
  117. 15.04: Arguments in Support of Restricting Imports
  118. 15.05: How Governments Enact Trade Policy- Globally Regionally and Nationally
  119. 15.06: The Tradeoffs of Trade Policy
  120. 15.07: Key Terms
  121. 15.08: Key Concepts and Summary
  122. 16: Information Risk and Insurance
  123. 16.01: Introduction
  124. 16.02: The Problem of Imperfect Information and Asymmetric Information
  125. 16.03: Insurance and Imperfect Information
  126. 16.04: Key Terms
  127. 16.05: Key Concepts and Summary
  128. 17: Appendix
  129. 17.01: Appendix A- The Use of Mathematics in Principles of Economics
  130. 17.02: Appendix B- Indifference Curves
  131. 17.03: Appendix C- Present Discounted Value