This easy-to-read, macro-first principles text engages students with familiar real-world examples and applications that bring economics to life. The authors follow an Explore and Apply theme to show students how economics is a part of their everyday lives and how it can be a useful tool in making personal decisions and evaluating policy decisions.

For one-semester courses in Principles of Microeconomics. This easy to read, accessible text engages students with familiar real-world examples and applications that bring economics to life. The authors follow an Explore & Apply theme to show students how economics is a part of their everyday lives and how it can be a useful tool in making personal decisions and evaluating policy decisions.

(NOTE: Each chapter contains sections titled A look Ahead, Chapter Summary, Key Terms, Test Yourself, Questions and Problems, and Working with Graphs and Data.)
I. A JOURNEY THROUGH THE ECONOMY.
1. The Economic Perspective.
2. Production and Trade.
3. Demand and Supply.
4. The Power of Prices.
II. MICROECONOMIC FOUNDATIONS.
5. Elasticity: Measuring Responsiveness.
6. Consumer Behavior.
7. The Firm and Production.
8. Costs and Profit-Maximizing Output.
III. OUTPUT MARKETS.
9. Pure Competition.
10. Monopoly and Antitrust.
11. Oligopoly and Monopolistic Competition.
IV. INPUT MARKETS.
12. Markets for Labor and Other Inputs.
13. Earnings and Income Distribution.
V. MARKET FAILURE AND GOVERNMENT ACTION.
14. Public Goods, Information, and Regulation.
15. Externalities and Common Property Resources.
16. Public Choice.
VI. THE GLOBAL ECONOMY.
17. Into the International Marketplace.
18. Policy Toward Trade.