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To broaden access and encourage community curation, Principles of Microeconomics is “open source” licensed under a Creative Commons Attribution (CC-BY) license. The economics community is invited to submit examples, emerging research, and other feedback to enhance and strengthen the material and keep it current and relevant for today’s students. Submit your suggestions to info@openstaxcollege.org.

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About Principles of Microeconomics

Principles of Microeconomics has been developed to meet the scope and sequence of most introductory microeconomics courses. At the same time, the book includes a number of innovative features designed to enhance student learning. Instructors can also customize the book, adapting it to the approach that works best in their classroom.

Coverage and scope

To develop Principles of Microeconomics , we acquired the rights to Timothy Taylor’s second edition of Principles of Economics and solicited ideas from economics instructors at all levels of higher education, from community colleges to Ph.D.-granting universities. They told us about their courses, students, challenges, resources, and how a textbook can best meet the needs of both instructors and students.

The result is a book that covers the breadth of economics topics and also provides the necessary depth to ensure the course is manageable for instructors and students alike. And to make it more applied, we have incorporated many current topics. We hope students will be interested to know just how far-reaching the recent recession was (and still is), for example, and why there is so much controversy even among economists over the Affordable Care Act (Obamacare). The Keystone Pipeline, Occupy Wall Street, and minimum wage debates are just a few of the other important topics covered.

The pedagogical choices, chapter arrangements, and learning objective fulfillment were developed and vetted with feedback from educators dedicated to the project. They thoroughly read the material and offered critical and detailed commentary. The outcome is a balanced approach to microeconomics, particularly to the theory and application of economics concepts. New 2015 data are incorporated for topics that range from average U.S. household consumption in Chapter 2 to the total value of all home equity in Chapter 17. Current events are treated in a politically-balanced way as well.

The book is organized into five main parts:

  • What is Economics? The first two chapters introduce students to the study of economics with a focus on making choices in a world of scarce resources.
  • Supply and Demand , Chapters 3 and 4, introduces and explains the first analytical model in economics: supply, demand, and equilibrium, before showing applications in the markets for labor and finance.
  • The Fundamentals of Microeconomic Theory , Chapters 5 through 10, begins the microeconomics portion of the text, presenting the theories of consumer behavior, production and costs, and the different models of market structure, including some simple game theory.
  • Microeconomic Policy Issues , Chapters 11 through 18, covers the range of topics in applied micro, framed around the concepts of public goods and positive and negative externalities. Students explore competition and antitrust policies, environmental problems, poverty, income inequality, and other labor market issues. The text also covers information, risk and financial markets, as well as public economy.
  • International Economics , Chapters 19 and 20, the final part of the text, introduces the international dimensions of economics, including international trade and protectionism.

Questions & Answers

type of goods and services
Nesar Reply
There are two types of goods which are capital and consumer goods
Muafue
what is microeconomics
Mahmood
micro-economics is the study of how firms and households make decisions and how they interact
Saadaq
who gave the concept of perfect competition in economics?
Sandeep Reply
 Léon Walras gave the first definition of perfect competition   
ADITYA
no, it was me😂
Nancy
What is Indifference curve?
Ch
Perfect competition is an idealized market structure that achieves an efficient allocation of resources.
Daauud
what are the conditions for determining the nature of goods in partial differentiation
Unique
what is economics
Arman Reply
is a science which study human behaviour as relationship between ends and scarce means hav altenative uses
Herieth
what are the other factors of demand
Aysher Reply
what are other factors in demand
Aysher
What is price elasticity of demand
Ghulam Reply
ok
debashis
what makes a country to be operating within the PPC
The Reply
two different product that are being are being produced efficiently
Othusitse
what is quartile
sukhdeep Reply
quartile occurs as a numerical probabilistic aspect such as quartile 1,2 or 3.
Othusitse
what will happen ifvwe will increase the price
Harleen Reply
due to increase the price the demand redeuce to related product
abdullah
the higher the price leads to low quantity to be demanded
Herieth
what is demand change
George
When price of any commodity change than demand is automatically change. Prince and demand have direct relationship.
Ch
what is long run?
Cabdulahi Reply
what will be the price
Harleen Reply
how the price determined in oligopoly?
Sahil Reply
what are the main problems in the market!?
Baby Reply
Price effect is a combination of income and substitution effect discuss
saroj Reply
Randy how IC energetic is superior to utilise energetic
saroj
why economics is undependent subject?
Yohanissy Reply
Why?
Ch
What's the scope of Economic?
Ch
What's Economic scope?
Ch
what is c.s p.s and market efficency
Raghu
what is scope of economics
Herieth Reply
Scope of economic?
Ch
it consist of *subject matter of economics *normative and positive *economics problem solving * science and arts
Herieth
A few days ago i get admission in MS.C economic. How i grip it?
Ch
in which university you take admission?
Shoaiq
I get admission in a acadme.And that is relevate with Peshawar university.
Ch
Pertinent bro
Muafue
Did anybody have Macroeconomic nd Microeconomic's'notes?
Ch
how economics is a particular kind of economising!?
Baby
i hav notes of microeconomics
Herieth
human touch has entirely missing(means wat as criticsm of robbin definition
Herieth
what is demand?
Cabdulahi

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Source:  OpenStax, Microeconomics. OpenStax CNX. Aug 03, 2014 Download for free at http://legacy.cnx.org/content/col11627/1.10
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