Microeconomics

The Economic Perspective · Theories, Principles, and Models · Microeconomics and Macroeconomics · Individual’s Economizing Problem

Economic Systems · Characteristics of the Market System · Five Fundamental Questions · The “Invisible Hand”

Markets · Demand · Supply · Market Equilibrium

Efficiently Functioning Markets · Externalities and Efficiency Losses · Society’s Optimal Amount of Externality Reduction · Asymmetric Information

Public Goods · Public Choice Theory and Voting Paradoxes · Government Failure

Price Elasticity of Demand · The Total-Revenue Test · Determinants of Price Elasticity of Demand · Price Elasticity of Supply

Law of Diminishing Marginal Utility · Theory of Consumer Behavior · Utility Maximization and the Demand Curve · Income and Substitution Effects

Systematic Errors and the Origin of Behavioral Economics · Our Efficient, Error-Prone Brains · Prospect Theory · Myopia and Time Inconsistency

Economic Costs · Short-Run Production Relationships · Short-Run Production Costs · Long-Run Production Costs

Four Market Models · Pure Competition: Characteristics and Occurrence · Demand as Seen by a Purely Competitive Seller · Profit Maximization in the Short Run: Total-Revenue–Total-Cost Approach

An Introduction to Pure Monopoly · Barriers to Entry · Monopoly Demand · Output and Price Determination

Monopolistic Competition · Price and Output in Monopolistic Competition · Monopolistic Competition and Efficiency · Product Variety

Oligopoly · Oligopoly Behavior: A Game-Theory Overview · Three Oligopoly Models · Oligopoly and Advertising

Invention, Innovation, and Diffusion · Role of Entrepreneurs and Other Innovators · A Firm’s Optimal Amount of R&D · Increased Profit via Innovation

Significance of Resource Pricing · Marginal Productivity Theory of Resource Demand · Determinants of Resource Demand · Elasticity of Resource Demand

Labor, Wages, and Earnings · A Purely Competitive Labor Market · Monopsony Model · Three Union Models

Economic Rent · Interest · Loanable Funds Theory of Interest Rates · Time-Value of Money

Government and the Circular Flow · Government Finance · Federal Finance · State and Local Finance

The Antitrust Laws · Antitrust Policy: Issues and Impacts · Industrial Regulation · Social Regulation

Economics of Agriculture · The Long Run: A Declining Industry · Economics of Farm Policy · Criticisms and Politics

Facts about Income Inequality · Causes of Income Inequality · Income Inequality over Time · Equality versus Efficiency

The Health Care Industry · Economic Implications of Rising Costs · Limited Access · Why the Rapid Rise in Costs?

Number of Immigrants · The Decision to Migrate · Economic Effects of Immigration · The Illegal Immigration Debate

Some Key Trade Facts · The Economic Basis for Trade · Supply and Demand Analysis of Exports and Imports · Trade Barriers and Export Subsidies

International Financial Transactions · The Balance of Payments · Flexible Exchange Rates · Fixed Exchange Rates