Principles of Microeconomics/Print version

= Preface =

= Welcome to Economics! =

= What Economics Is and Why It's Important =

= Microeconomics and Macroeconomics =

= How Economists Use Theories and Models to Understand Economic Issues =

= How Economies Can Be Organized: An Overview of Economic Systems =

= Choice in a World of Scarcity =

= How Individuals Make Choices Based on Their Budget Constraint =

= The Production Possibilities Frontier and Social Choices =

= Confronting Objections to the Economic Approach =

= Demand and Supply =

= Demand, Supply, and Equilibrium in Markets for Goods and Services =

= Shifts in Demand and Supply for Goods and Services =

= Changes in Equilibrium Price and Quantity: The Four-Step Process =

= Price Ceilings and Price Floors =

= Demand, Supply, and Efficiency =

= Labor and Financial Markets =

= Demand and Supply at Work in Labor Markets =

= Demand and Supply in Financial Markets =

= The Market System as an Efficient Mechanism for Information =

= Elasticity =

= Price Elasticity of Demand and Price Elasticity of Supply =

= Polar Cases of Elasticity and Constant Elasticity =

= Elasticity and Pricing =

= Elasticity in Areas Other Than Price =

= Consumer Choices =

= Consumption Choices =

= How Changes in Income and Prices Affect Consumption Choices =

= Labor-Leisure Choices =

= Intertemporal Choices in Financial Capital Markets =

= Cost and Industry Structure =

= Explicit and Implicit Costs, and Accounting and Economic Profit =

= The Structure of Costs in the Short Run =

= The Structure of Costs in the Long Run =

= Perfect Competition =

= Perfect Competition and Why It Matters =

= How Perfectly Competitive Firms Make Output Decisions =

= Entry and Exit Decisions in the Long Run =

= Efficiency in Perfectly Competitive Markets =

= Monopoly =

= How Monopolies Form: Barriers to Entry =

= How a Profit-Maximizing Monopoly Chooses Output and Price =

= Monopolistic Competition and Oligopoly =

= Monopolistic Competition =

= Oligopoly =

= Monopoly and Antitrust Policy =

= Corporate Mergers =

= Regulating Anticompetitive Behavior =

= Regulating Natural Monopolies =

= The Great Deregulation Experiment =

= Environmental Protection and Negative Externalities =

= The Economics of Pollution =

= Command-and-Control Regulation =

= Market-Oriented Environmental Tools =

= The Benefits and Costs of U.S Environmental Laws =

= International Environmental Issues =

= The Tradeoff between Economic Output and Environmental Protection =

= Positive Externalities and Public Goods =

= Why the Private Sector Under Invests in Innovation =

= How Governments Can Encourage Innovation =

= Public Goods =

= Poverty and Economic Inequality =

= Drawing the Poverty Line =

= The Poverty Trap =

= The Safety Net =

= Income Inequality: Measurement and Causes =

= Government Policies to Reduce Income Inequality =

= Issues in Labor Markets: Unions, Discrimination, Immigration =

= Unions =

= Employment Discrimination =

= Immigration =

= Information, Risk, and Insurance =

= The Problem of Imperfect Information and Asymmetric Information =

= Insurance and Imperfect Information =

= Financial Markets =

= How Businesses Raise Financial Capital =

= How Households Supply Financial Capital =

= How to Accumulate Personal Wealth =

= Public Economy =

= Voter Participation and Costs of Elections =

= Special Interest Politics =

= Flaws in the Democratic System of Government =

= International Trade =

= Absolute and Comparative Advantage =

= What Happens When a Country Has an Absolute Advantage in All Goods =

= Intra-industry Trade between Similar Economies =

= The Benefits of Reducing Barriers to International Trade =

= Globalization and Protectionism =

= Protectionism: An Indirect Subsidy from Consumers to Producers =

= International Trade and Its Effects on Jobs, Wages, and Working Conditions =

= Arguments in Support of Restricting Imports =

= How Trade Policy Is Enacted: Globally, Regionally, and Nationally =

= The Tradeoffs of Trade Policy =

= Appendices = = The Use of Mathematics in Principles of Economics =

= Indifference Curves =

= Present Discounted Value =