Principles of Microeconomics

Principles of Microeconomics covers the scope and sequence of most introductory microeconomics courses.

The text includes many current examples, which are handled in a politically equitable way.

The outcome is a balanced approach to the theory and application of economics concepts.

* Complete Textbook by OpenStax

* Multiple Choices Questions (MCQ)

* Essay Questions Flash Cards

* Key-Terms Flash Cards

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1. Welcome to Economics!

1.1. What Economics Is and Why It's Important

1.2. Microeconomics and Macroeconomics

1.3. How Economists Use Theories and Models to Understand Economic Issues

1.4. How Economies Can Be Organized: An Overview of Economic Systems

2. Choice in a World of Scarcity

2.1. How Individuals Make Choices Based on Their Budget Constraint

2.2. The Production Possibilities Frontier and Social Choices

2.3. Confronting Objections to the Economic Approach

3. Demand and Supply

3.1. Demand, Supply, and Equilibrium in Markets for Goods and Services

3.2. Shifts in Demand and Supply for Goods and Services

3.3. Changes in Equilibrium Price and Quantity: The Four-Step Process

3.4. Price Ceilings and Price Floors

3.5. Demand, Supply, and Efficiency

4. Labor and Financial Markets

4.1. Demand and Supply at Work in Labor Markets

4.2. Demand and Supply in Financial Markets

4.3. The Market System as an Efficient Mechanism for Information

5. Elasticity

5.1. Price Elasticity of Demand and Price Elasticity of Supply

5.2. Polar Cases of Elasticity and Constant Elasticity

5.3. Elasticity and Pricing

5.4. Elasticity in Areas Other Than Price

6. Consumer Choices

6.1. Consumption Choices

6.2. How Changes in Income and Prices Affect Consumption Choices

6.3. Labor-Leisure Choices

6.4. Intertemporal Choices in Financial Capital Markets

7. Cost and Industry Structure

7.1. Explicit and Implicit Costs, and Accounting and Economic Profit

7.2. The Structure of Costs in the Short Run

7.3. The Structure of Costs in the Long Run

8. Perfect Competition

8.1. Perfect Competition and Why It Matters

8.2. How Perfectly Competitive Firms Make Output Decisions

8.3. Entry and Exit Decisions in the Long Run

8.4. Efficiency in Perfectly Competitive Markets

9. Monopoly

9.1. How Monopolies Form: Barriers to Entry

9.2. How a Profit-Maximizing Monopoly Chooses Output and Price

10. Monopolistic Competition and Oligopoly

10.1. Monopolistic Competition

10.2. Oligopoly

11. Monopoly and Antitrust Policy

11.1. Corporate Mergers

11.2. Regulating Anticompetitive Behavior

11.3. Regulating Natural Monopolies

11.4. The Great Deregulation Experiment

12. Environmental Protection and Negative Externalities

12.1. The Economics of Pollution

12.2. Command-and-Control Regulation

12.3. Market-Oriented Environmental Tools

12.4. The Benefits and Costs of U.S. Environmental Laws

12.5. International Environmental Issues

12.6. The Tradeoff between Economic Output and Environmental Protection

13. Positive Externalities and Public Goods

13.1. Why the Private Sector Under Invests in Innovation

13.2. How Governments Can Encourage Innovation

13.3. Public Goods

14. Poverty and Economic Inequality

14.1. Drawing the Poverty Line

14.2. The Poverty Trap

14.3. The Safety Net

14.4. Income Inequality: Measurement and Causes

14.5. Government Policies to Reduce Income Inequality

15. Issues in Labor Markets: Unions, Discrimination, Immigration

15.1. Unions

15.2. Employment Discrimination

15.3. Immigration

16. Information, Risk, and Insurance

16.1. The Problem of Imperfect Information and Asymmetric Information

16.2. Insurance and Imperfect Information

17. Financial Markets

17.1. How Businesses Raise Financial Capital

17.2. How Households Supply Financial Capital

17.3. How to Accumulate Personal Wealth

18. Public Economy

19. International Trade

20. Globalization and Protectionism