Microeconomics provides a serious, analytical approach to the discipline by introducing the main ideas and then developing those ideas with the latest research, policy, and data. The result is that readers learn to apply economics the way real economists do, by evaluating the decisions in their personal and professional lives. Introduction: What Is Economics?; The Economic Problem. How Markets Work: Demand and Supply; Elasticity; Efficiency and Equity; Markets in Action. Households' Choices: Utility and Demand; Possibilities, Preferences, and Choices. Firms and Markets: Organizing Production; Output and Costs;Perfect Competition; Monopoly; Monopolistic Competition and Oligopoly. Market Failure and Government: Regulation and Antitrust Law; Externalities; Public Goods and Common Resources. Factor Markets, Inequality, and Uncertainty: Demand and Supply in Factor Markets; Economic Inequality; Uncertainty and Information.The Global Economy: Trading with the World.
