Principles of Microeconomics

What Is Economics, and Why Is It Important? · Microeconomics and Macroeconomics · How Economists Use Theories and Models to Understand Economic Issues · How To Organize Economies: An Overview of Economic Systems

How Individuals Make Choices Based on Their Budget Constraint · The Production Possibilities Frontier and Social Choices · Confronting Objections to the Economic Approach

Demand, Supply, and Equilibrium in Markets for Goods and Services · Shifts in Demand and Supply for Goods and Services · Changes in Equilibrium Price and Quantity: The Four-Step Process · Price Ceilings and Price Floors

Demand and Supply at Work in Labor Markets · Demand and Supply in Financial Markets · The Market System as an Efficient Mechanism for Information

Price Elasticity of Demand and Price Elasticity of Supply · Polar Cases of Elasticity and Constant Elasticity · Elasticity and Pricing · Elasticity in Areas Other Than Price

Consumption Choices · How Changes in Income and Prices Affect Consumption Choices · Behavioral Economics: An Alternative Framework for Consumer Choice

Explicit and Implicit Costs, and Accounting and Economic Profit · Production in the Short Run · Costs in the Short Run · Production in the Long Run

Perfect Competition and Why It Matters · How Perfectly Competitive Firms Make Output Decisions · Entry and Exit Decisions in the Long Run · Efficiency in Perfectly Competitive Markets

How Monopolies Form: Barriers to Entry · How a Profit-Maximizing Monopoly Chooses Output and Price

Monopolistic Competition · Oligopoly

Corporate Mergers · Regulating Anticompetitive Behavior · Regulating Natural Monopolies · The Great Deregulation Experiment

The Economics of Pollution · Command-and-Control Regulation · Market-Oriented Environmental Tools · The Benefits and Costs of U.S. Environmental Laws

Investments in Innovation · How Governments Can Encourage Innovation · Public Goods

The Theory of Labor Markets · Wages and Employment in an Imperfectly Competitive Labor Market · Market Power on the Supply Side of Labor Markets: Unions · Bilateral Monopoly

Drawing the Poverty Line · The Poverty Trap · The Safety Net · Income Inequality: Measurement and Causes

The Problem of Imperfect Information and Asymmetric Information · Insurance and Imperfect Information

How Businesses Raise Financial Capital · How Households Supply Financial Capital · How to Accumulate Personal Wealth

Voter Participation and Costs of Elections · Special Interest Politics · Flaws in the Democratic System of Government

Absolute and Comparative Advantage · What Happens When a Country Has an Absolute Advantage in All Goods · Intra-Industry Trade between Similar Economies · The Benefits of Reducing Barriers to International Trade

Protectionism: An Indirect Subsidy from Consumers to Producers · International Trade and Its Effects on Jobs, Wages, and Working Conditions · Arguments in Support of Restricting Imports · How Governments Enact Trade Policy: Globally, Regionally, and Nationally