Foundations of Microeconomics, Global Edition

Robin Bade was an undergraduate at the University of Queensland, Australia, where she earned degrees in mathematics and economics. After a spell teaching high school math and physics, she enrolled in the Ph.D. program at the Australian National University, from which she graduated in 1970. She has held faculty appointments at the University of Edinburgh in Scotland, at Bond University in Australia, and at the Universities of Manitoba, Toronto, and Western Ontario in Canada. Her research on international capital flows appears in the International Economic Review and the Economic Record. Robin first taught the principles of economics course in 1970 and has taught it (alongside intermediate macroeconomics and international trade and finance) most years since then. Michael Parkin studied economics in England and began his university teaching career immediately after graduating with a B.A. from the University of Leicester. He learned the subject on the job at the University of Essex, England's most exciting new university of the 1960s, and at the age of 30 became one of the youngest full professors. He is a past president of the Canadian Economics Association and has served on the editorial boards of the American Economic Review and the Journal of Monetary Economics. His research on macroeconomics, monetary economics, and international economics has resulted in more than 160 publications in journals and edited volumes, including the American Economic Review, the Journal of Political Economy, the Review of Economic Studies, the Journal of Monetary Economics, and the Journal of Money, Credit, and Banking. He is author of the best-selling textbook, Economics (Pearson).

• PART 1: INTRODUCTION 1. Getting Started 2. The U.S. and Global Economies 3. The Economic Problem 4. Demand and Supply PART 2: A CLOSER LOOK AT MARKETS 5. Elasticities of Demand and Supply 6. Efficiency of Fairness and Markets PART 3: HOW GOVERNMENTS INFLUENCE THE ECONOMY 7. Government Actions in Markets 8. Taxes 9. Global Markets in Action PART 4: MARKET FAILURES AND PUBLIC POLICY 10. Externalities 11. Public Goods and Common Resources 12. Private Information and Healthcare Markets PART 5: A CLOSER LOOK AT DECISION MAKERS 13. Consumer Choice and Demand 14. Production and Cost PART 6: PRICES, PROFITS, AND INDUSTRY PERFORMANCE 15. Perfect Competition 16. Monopoly 17. Monopolistic Competition 18. Oligopoly PART 7: INCOMES AND INEQUALITY 19. Markets for Factors of Production 20. Economic Inequality