An introduction to basic microeconomic principles, this text aims to keep students focused on learning and applying the central ideas used in economic analysis. It is intended to be used as a a study "tool" for students and a complement to, rather than a substitute for, the instructor.

An introduction to basic microeconomic principles, this text aims to keep students focused on learning and applying the central ideas used in economic analysis. It is intended to be used as a a study "tool" for students and a complement to, rather than a substitute for, the instructor. Pedagogy and applications are designed to maintain a focus on the fundamentals and allow flexibility for instructors to bring in additional material as they choose. In-text Internet links and a dedicated Web site provide opportunities and exercises for students to access and analyze additional real-world economic applications.

Part 1 Preliminaries: what is economics?
scarcity, choice, and economic systems
supply and demand. Part II Microeconomics - fundamental concepts: elasticity - concept and use
consumer choice
production and cost
how firms make decisions - profit maximization. Part III Product markets: pure competition
monopoly
monopolistic competition and oligopoly. Part IV Input markets: the labour market
labour earnings and income inequality
markets for capital and natural resources. Part V Efficiency and the role of government: economic efficiency and the competitive ideal
market failures. Part VI The international economy: comparative advantage and the gains from trade
exchange rates and the balance of trade.