Principles of Microeconomics, 2nd Edition

1.1 What Is Economics, and Why Is It Important?

1.2 Economic Theories, Models, and Systems

2.1 How Individuals Make Choices Based on Their Budget Constraint

2.2 The Production Possibilities Frontier and Social Choices

2.3 Confronting Objections to the Economic Approach

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

3.2 Shifts in Demand and Supply for Goods and Services

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

3.4 Price Ceilings and Price Floors

3.5 Demand, Supply, and Efficiency

4.1 Demand and Supply at Work in Labor Markets

4.2 Demand and Supply in Financial Markets

4.3 The Market System as an Efficient Mechanism for Information

5.1 Price Elasticity of Demand and Price Elasticity of Supply

5.2 Polar Cases of Elasticity and Constant Elasticity

5.3 Elasticity and Pricing

5.4 Elasticity in Areas Other Than Price

6.1 Consumption Choices

6.2 How Changes in Income and Prices Affect Consumption Choices

6.3 Behavioral Economics: An Alternative Framework for Consumer Choice

7.1 Utility-Maximizing with Indifference Curves

7.2 Responses to Changes in Income and Prices

7.3 Indifference Curves with Labor-Leisure and Intertemporal Choices

8.1 Explicit and Implicit Costs, and Accounting and Economic Profit

8.2 Production in the Short Run

8.3 Costs in the Short Run

8.4 Production in the Long Run

8.5 Costs in the Long Run

9.1 Perfect Competition and Why It Matters

9.2 How Perfectly Competitive Firms Make Output Decisions

9.3 Entry and Exit Decisions in the Long Run

9.4 Efficiency in Perfectly Competitive Markets

10.1 How Monopolies Form: Barriers to Entry

10.2 How a Profit-Maximizing Monopoly Chooses Output and Price

11.1 Monopolistic Competition

11.2 Oligopoly

12.1 Corporate Mergers

12.2 Regulating Anticompetitive Behavior

12.3 Regulating Natural Monopolies

12.4 The Great Deregulation Experiment

13.1 The Economics of Pollution

13.2 Policies to Reduce Pollution

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

13.4 International Environmental Issues

13.5 The Tradeoff between Economic Output and Environmental Protection

14.1 Why the Private Sector Underinvests in Innovation

14.2 How Governments Can Encourage Innovation

14.3 Public Goods

15.1 The Theory of Labor Markets

15.2 Wages and Employment in an Imperfectly Competitive Labor Market

15.3 Market Power on the Supply Side of Labor Markets

15.4 Employment Discrimination

15.5 Immigration

16.1 Drawing the Poverty Line

16.2 The Poverty Trap

16.3 The Safety Net

16.4 Income Inequality: Measurement and Causes

16.5 Government Policies to Reduce Income Inequality

18.1 How Businesses Raise Financial Capital

18.2 How Households Supply Financial Capital

18.3 How to Accumulate Personal Wealth

19.1 Voter Participation and Costs of Elections

19.2 Special Interest Politics

19.3 Flaws in the Democratic System of Government

20.1 Absolute and Comparative Advantage

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

20.3 Intra-industry Trade between Similar Economies

20.4 The Benefits of Reducing Barriers to International Trade

21.1 Protectionism: An Indirect Subsidy from Consumers to Producers

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

21.3 Arguments in Support of Restricting Imports

21.4 Trade Policy

A.1 Addition and Subtraction

A.2 Multiplication and Division

A.3 Order of Operations

A.4 Algebraic Expressions

A.5 Basics of Percent

A.6 Linear Equations

A.7 Graphing

A.8 Calculating Area

Appendix Review