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This learning resource is built upon the online textbook, Principles of Microeconomics, available free of charge from OpenStax University. The textbook material, itself, is provided in the PDF format. This means you should have a PDF reader, such as Acrobat Reader. It is available here for downloading, free of charge--tap the Acrobat Reader image to begin the installation process.

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Table of Contents

Chapter 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

Chapter 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

Chapter 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

Chapter 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

Chapter 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

Chapter 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

Chapter 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

Chapter 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

Chapter 9: Monopoly

9.1 How Monopolies Form: Barriers to Entry

9.2 How a Profit-Maximizing Monopoly Chooses Output and Price

Chapter 10: Monopolistic Competition and Oligopoly

10.1 Monopolistic Competition

10.2 Oligopoly

Chapter 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

Chapter 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

Chapter 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

Chapter 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

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

15.1 Unions

15.2 Employment Discrimination

15.3 Immigration

Chapter 16: Information, Risk, and Insurance

16.1 The Problem of Imperfect Information and Asymmetric Information

16.2 Insurance and Imperfect Information

Chapter 17: Financial Markets

17.1 How Businesses Raise Financial Capital

17.2 How Households Supply Financial Capital

17.3 How to Accumulate Personal Wealth

Chapter 18: Public Economy

18.1 Voter Participation and Costs of Elections

18.2 Special Interest Politics

18.3 Flaws in the Democratic System of Government

Chapter 19: International Trade

19.1 Absolute and Comparative Advantage

19.2 What Happens When a Country Has an Absolute Advantage in All Goods

19.3 Intra-industry Trade between Similar Economies

19.4 The Benefits of Reducing Barriers to International Trade

Chapter 20: Globalization and Protectionism

20.1 Protectionism: An Indirect Subsidy from Consumers to Producers

20.2 International Trade and Its Effects on Jobs, Wages, and Working Conditions

20.3 Arguments in Support of Restricting Imports

20.4 How Trade Policy Is Enacted: Globally, Regionally, and Nationally

20.5 The Tradeoffs of Trade Policy

Appendix A: The Use of Mathematics in Principles of Economics

Appendix B: Indifference Curves

Appendix C: Present Discounted Value

David L. Heiserman, Editor

Copyright   SweetHaven Publishing Services
All Rights Reserved

Revised: June 06, 2015