Microeconomics Principles, Applications, and Policy Implications introduces students to foundational principles of modern economics with real-world applications. The text draws connections between key concepts and sports, music, entertainment, the housing market, the bond market, the stock market, the loanable funds market, and other related financial markets.The opening chapter addresses the scarcity of economic resources and the rationale for studying economics in order to maximize the economic and social impact of limited resources. Later chapters introduce supply and demand models and criteria for determining market efficiency. Students learn about the economics of the stock market, bond market, and loanable fund market, as well as theories of price elasticity, behavioral economics, and consumer choice. Additional chapters introduce the market structure of firms and industries, monopolies, monopolistic competition, and oligopoly. Students study the role of government in welfare programs, labor market behavior, and issues related to income distribution, income inequality, and poverty in the U.S. economy.Microeconomics Principles, Applications, and Policy Implications is an ideal resource for foundational courses in economics.
