The economy is tough -- but understanding microeconomics doesn’t have to be. In fact, opening the world of economics can be exciting with Arnold's popular MICROECONOMICS, 14E. Economic tools, new thinking and theories show you how microeconomic forces impact daily events and form an important part of life 24/7. Current, everyday microeconomic examples and updated discussions and learning features illustrate many unexpected places economics can occur. You learn how supply and demand play out on a freeway, what a business cycle is, how a person pays for good weather and even why U-Haul rates are higher going from New York to Texas than from Texas to New York. Two new chapters examine health economics and economic research, including casual inference and machine learning. Digital video lectures and digital features guide you in understanding economic diagrams and building graphs, while online MindTap, Aplia and A+ Test Prep help you assess your understanding of microeconomics.
An Introduction to Economics.
Part I: ECONOMICS: THE SCIENCE OF SCARCITY.
1. What Economics Is About.
Appendix A: Working with Diagrams.
Appendix B: Should You Major in Economics?
2. Production Possibilities Frontier Framework.
3. Supply and Demand: Theory.
4. Prices: Free, Controlled, and Relative.
5. Supply, Demand, and Price: Applications.
Microeconomics.
Part II: MICROECONOMIC FUNDAMENTALS.
6. Elasticity.
7. Consumer Choice: Maximizing Utility and Behavioral Economics.
Appendix C: Budget Constraint and Indifference Curve Analysis.
8. Production and Costs.
Part III: PRODUCT MARKETS AND POLICIES.
9. Perfect Competition.
10. Monopoly.
11. Monopolistic Competition, Oligopoly, and Game Theory.
12. Government and Product Markets: Antitrust and Regulation.
Part IV: FACTOR MARKETS AND RELATED ISSUES.
13. Factor Markets: With Emphasis on the Labor Market.
14. Wages, Unions, and Labor.
15. The Distribution of Income and Poverty.
16. Interest, Rent, and Profit.
Part V: HEALTH ECONOMICS.
17. Health Economics: Experiments, Disparities, and Prices.
Part VI: MARKET FAILURE, PUBLIC CHOICE, AND SPECIAL-INTEREST-GROUP POLITICS.
18. Market Failure: Externalities, Public Goods, and Asymmetric Information.
19. Public Choice and Special-Interest-Group Politics.
20. Creative Destruction and Crony Capitalism: Two Forces on the Economic Landscape Today.
Part VII: ECONOMIC THEORIES AND RESEARCH.
21. New Frontiers in Economic Research: Causal Inference and Machine Learning.
Part VIII: INTERNATIONAL TRADE AND FINANCE.
22. International Trade.
23. International Finance.
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Roger A. Arnold
Dr. Roger Arnold is at California State University San Marcos, where his fields of specialization are general microeconomic theory and monetary theory. Dr. Arnold earned his B.S. in economics from the University of Birmingham in England. He received his Ph.D. in economics from Virginia Tech.
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Daniel R Arnold
Dr. Daniel Arnold is a research economist in the School of Public Health at University of California, Berkeley, where his field of specialization is health economics. He is also research director of the Nicholas C. Petris Center on Health Care Markets and Consumer Welfare. He received his B.A. in economics and mathematics from Cornell University. He received his Ph.D. in economics from University of California, Santa Barbara.
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David H Arnold
Dr. David Arnold is at University of California, San Diego, where his fields of specialization are labor economics, imperfect competition, and discrimination. He received his B.A. in economics from University of California, Berkeley. He received his Ph.D. in economics from Princeton University.
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THREE NEW CHAPTERS ADDRESS IMPORTANT, INFLUENTIAL TOPICS IN MICROECONOMICS TODAY. The author has created three new chapters in this edition to capture the latest content related to forces influencing microeconomics. While the topics are new to the microeconomics course, they are discussed in a way that students can easily understand. New Chapter 17 examines health economics, including experiments, disparities and prices related to health care. New Chapter 20 reviews creative destruction and crony capitalism. Lastly, new Chapter 21 explores the latest economic research, including causal inference and machine learning.
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NEW CHAPTER 17, "HEALTH ECONOMICS: EXPERIMENTS, DISPARITIES, AND PRICES" INTRODUCES NEW DEVELOPMENTS IN HEALTH CARE TODAY. New discussions review today's prominent health disparities and why they exist. The author also explores the results of the RAND Health Insurance Experiment. Students consider why the U.S. spends more than other countries on health care. This chapter also examines how randomized control trials are used in the study of health care.
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NEW CHAPTER 20 DETAILS CREATIVE DESTRUCTION AND CRONY CAPITALISM AND THEIR IMPACT ON MICROECONOMICS. Students examine what is happening in today's changing, and sometimes unsettled, economy. New material defines both creative destruction and crony capitalism using past and present examples. Students read about the roles of companies such as Amazon, Facebook and Google in the economy. New content also reviews the effects of creative destruction on capital-labor mix in the economy, how artificial intelligence (AI) affects employment and the role of rent-seeking in crony capitalism.
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NEW CHAPTER 21 ADDRESSES NEW FRONTIERS IN ECONOMIC RESEARCH: CAUSAL INFERENCE AND MACHINE LEARNING. The latest content introduces students to what is happening in microeconomic research today. Students learn the differences between a controlled and a natural experiment with examples of natural experiment research studies. Students also learn about machine learning and how it is used to make accurate predictions. Specific examples study situations such as how being drafted into the Vietnam War affected long-term earnings.
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THIS EDITION DEVOTES AN ENTIRE CHAPTER TO ECONOMIC RESEARCH. Chapter 21 explains how economists conduct research today with emphasis on randomized control trials, natural experiments, instrumental variables, cutoff rules, regression discontinuity, big data and machine learning. While the topics may be new to the microeconomics course, they are discussed in a way that students can easily understand.
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"QUESTIONS TO ANSWER BEFORE GOING TO CLASS" HELPS STUDENTS PREPARE FOR MEANINGFUL, INTERACTIVE CLASS DISCUSSIONS. This feature gives students an opportunity to answer 15-25 thought-provoking questions based on the chapter reading. Answering these questions gives students confidence in their preparation for upcoming class lectures.
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UPDATED "ECONOMICS 24/7" FEATURES DEMONSTRATE MICROECONOMICS AT WORK IN DAILY LIFE. These engaging and practical boxed features in every chapter highlight areas such as incentives and going to the movies, the economic effects of Covid-19, holding cash, Google as a nonexcludable public good, antitrust and Big Tech and Shake Shack. Other "Economics 24/7" in this edition present developments such as economic growth and medical innovations, mobile phone-based transfer services, Cloud services and data portability.
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"WHAT’S WRONG WITH THIS DIAGRAM?" AND RELATED FEATURES HELP STUDENTS MASTER DIAGRAMS FOR MICROECONOMICS. This feature works with proven "Working With Diagrams" and "Progression Graphs" learning aids to help students master both reading and understanding all of the critical diagrams found in today’s microeconomics course.
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"OFFICE HOURS" LEARNING FEATURE GIVES A BEHIND THE SCENES EXPLANATION OF CHAPTER TOPICS. This engaging feature lets students witness a back-and-forth dialogue between instructor and student on a topic highlighted within the chapter. These back-and-forth dialogues also help clarify or expand upon previously discussed topic.
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"FINDING ECONOMICS" BRIEF FEATURES LIFT EXAMPLES OF MICROECONOMICS IN STUDENTS' DAILY LIVES. Economics occurs everywhere around today's students -- as long as they know where to look. This short feature provides examples from the many thousands of places where microeconomics is at work in daily life.
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"THINKING LIKE AN ECONOMIST" FEATURES HIGHLIGHT HOW TODAY'S ECONOMISTS APPROACH TOPICS. This short yet insightful feature identifies key concepts and details the thinking behind trusted economist when they study these topics.
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VIRTUALLY ENDLESS CUSTOMIZATION CHOICES OFFER ULTIMATE TEACHING FLEXIBILITY. You can easily rearrange this edition's chapters to best suit your individualized course. You can also customize online chapters for print. In addition, you can add any topic, including your own research, notes or specialized content from the Cengage Economics Issues database.
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"THINKING LIKE AN ECONOMIST" FEATURES HIGHLIGHT HOW TODAY'S ECONOMISTS APPROACH TOPICS. This short yet insightful feature identifies key concepts and details the thinking behind trusted economist when they study these topics.
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LEADING APLIA DIGITAL MANAGEMENT SYSTEM ENCOURAGES INTERACTIVE LEARNING. Aplia online resources offer comprehensive, interactive economic problem sets, analyses, tutorials, experiments and critical-thinking exercises that require students to take an active role in the learning process. Based on discovery learning, the system helps students improve their microeconomic understanding without creating extra work for you, the instructor. The system automatically grades and records homework and works with any learning management system.
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VIRTUALLY ENDLESS CUSTOMIZATION CHOICES OFFER ULTIMATE TEACHING FLEXIBILITY. You can easily rearrange this edition's chapters to best suit your individualized course. You can also customize online chapters for print. In addition, you can add any topic, including your own research, notes or specialized content from the Cengage Economics Issues database.
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