Microeconomics

Principles That Underlie Individual Choice: The Core of Economics · Interaction: How Economies Work · Economy-Wide Interactions

Models in Economics: Some Important Examples · Using Models

Supply and Demand: A Model of a Competitive Market · The Demand Curve · The Supply Curve · Supply, Demand, and Equilibrium

Consumer Surplus and the Demand Curve · Producer Surplus and the Supply Curve · Consumer Surplus, Producer Surplus, and the Gains from Trade · A Market Economy

Why Governments Control Prices · Price Ceilings · Price Floors · Controlling Quantities

Defining and Measuring Elasticity · Interpreting the Price Elasticity of Demand · Other Demand Elasticities · The Price Elasticity of Supply

The Economics of Taxes: A Preliminary View · The Benefits and Costs of Taxation · Tax Fairness and Tax Efficiency · Understanding the Tax System

Comparative Advantage and International Trade · Supply, Demand, and International Trade · The Effects of Trade Protection · The Political Economy of Trade Protection

Costs, Benefits, and Profits · Making “How Much” Decisions: The Role of Marginal Analysis · Sunk Costs · Behavioral Economics

Utility: Getting Satisfaction · Budgets and Optimal Consumption · Spending the Marginal Dollar · From Utility to the Demand Curve

The Production Function · Two Key Concepts: Marginal Cost and Average Cost · Short-Run versus Long-Run Costs

Perfect Competition · Production and Profits · The Industry Supply Curve

Types of Market Structure · The Meaning of Monopoly · How a Monopolist Maximizes Profit · Monopoly and Public Policy

The Prevalence of Oligopoly · Understanding Oligopoly · Games Oligopolists Play · Oligopoly in Practice

The Meaning of Monopolistic Competition · Product Differentiation · Understanding Monopolistic Competition · Monopolistic Competition versus Perfect Competition

External Costs and Benefits · Policies Toward Pollution · Positive Externalities · Network Externalities

Private Goods—and Others · Public Goods · Common Resources · Artificially Scarce Goods

Poverty, Inequality, and Public Policy · The U.S. Welfare State · The Economics of Health Care · The Debate over the Welfare State

The Economy’s Factors of Production · Marginal Productivity and Factor Demand · The Marginal Productivity Theory of Income Distribution · Is the Marginal Productivity Theory of Income Distribution Really True?

The Economics of Risk Aversion · Buying, Selling, and Reducing Risk · Private Information: What You Don’t Know Can Hurt You