Microeconomics,
14th Edition

I. Getting Acquainted with Economics
1. WHAT IS ECONOMICS?
2. THE ECONOMY: MYTH AND REALITY
3. THE FUNDAMENTAL ECONOMIC PROBLEM: SCARCITY AND CHOICE
4. SUPPLY AND DEMAND: AN INITIAL LOOK
II. The Building Blocks of Demand and Supply
5. CONSUMER CHOICE: INDIVIDUAL AND MARKET DEMAND
6. DEMAND AND ELASTICITY
7. PRODUCTION, INPUTS, AND COST: BUILDING BLOCKS FOR SUPPLY ANALYSIS
8. OUTPUT, PRICE, AND PROFIT: THE IMPORTANCE OF MARGINAL ANALYSIS
9. THE FINANCIAL MARKETS AND THE ECONOMY: THE TAIL THAT WAGS THE DOG?
III. The Virtues of Free Markets
10. THE FIRM AND THE INDUSTRY UNDER PERFECT COMPETITION
11. THE CASE FOR FREE MARKETS: THE PRICE SYSTEM
IV. The Limitations of Free Markets
12. MONOPOLY
13. BETWEEN COMPETITION AND MONOPOLY
14. LIMITING MARKET POWER: ANTITRUST AND REGULATION
15. THE SHORTCOMINGS OF FREE MARKETS
16. EXTERNALITIES, EXTERNALITEIS, THE ENVIRONMENT, AND NATURAL RESOURCES
17. TAXATION AND RESOURCE ALLOCATION
V. The Distribution of Income
18. PRICING THE FACTORS OF PRODUCTION
19. LABOR AND ENTREPRENEURSHIP: THE HUMAN INPUTS
20. POVERTY, INEQUALITY, AND DISCRIMINATION
VI. The United States in the World Economy
21. INTERNATIONAL TRADE AND COMPARATIVE ADVANTAGE
VII. The Economy Today
22. CONTEMPORARY ISSUES IN THE U.S. ECONOMY

• William J. Baumol

  William J. Baumol received his B.S.S. at the College of the City of New York and his Ph.D. at the University of London. He was professor of economics at New York University and senior research economist and professor emeritus at Princeton University. He was a frequent management consultant to major firms in a wide variety of industries in the United States and other countries as well as to a number of governmental agencies. He was former president of the American Economic Association and three other professional societies. Dr. Baumol served as an elected member of the National Academy of Sciences, created by the U.S. Congress, as well as a member of the American Philosophical Society, founded by Benjamin Franklin. Dr. Baumol authored more than 35 books as well as hundreds of journal and newspaper articles that have been translated into more than a dozen languages.

• Alan S. Blinder

  Alan S. Blinder earned his B.A. at Princeton University, his M.A. at the London School of Economics and his Ph.D. at MIT. He teaches at Princeton University and most recently authored ADVICE AND DISSENT (Basic Books, 2018), which is about the very different worldviews of economists and politicians—and the consequences of that clash. Dr. Blinder served on President Clinton's first Council of Economic Advisers and then as vice chairman of the Federal Reserve Board, thereby playing a role in formulating both the fiscal and monetary policies of the 1990s. Dr. Blinder, now a regular columnist for The Wall Street Journal, has written newspaper and magazine columns on economic policy for more than thirty years. He is a past vice president and a Distinguished Fellow of the American Economic Association.

• John L. Solow

  John L. Solow received his B.A. from Yale University and his M.A. and Ph.D. from Stanford University. He is Professor of Economics at the University of Iowa. Dr. Solow has published articles in the areas of industrial organization, sports economics and energy economics, and his research interests include antitrust law and economics sports economics and public policy. He has worked at the Federal Energy Administration and the Electric Power Research Institute. In addition, he has served as a consultant to the U.S. Departments of Energy and Justice, Mid-American Energy, Qwest Telecommunications and numerous law firms. Dr. Solow has also been a visiting scholar at Stanford University, the University of Auckland in New Zealand and Monash University in Australia.

• NEW MINDTAP OFFERS STUDENTS A UNIQUE ONLINE LEARNING PATH. Relevant readings, videos, animations, activities and assignments help students advance from basic microeconomic knowledge and comprehension to application, analysis and critical thinking. MindTap enables students to focus on the material that matters most while staying organized and efficient. You can easily customize what students see and when they see it. Simply match content to your syllabus by replacing, rearranging or adding you own material.

• POWERFUL NEW CHAPTER DISCUSSES SOME OF THE MOST IMPORTANT ISSUES FACING THE U.S. ECONOMY TODAY. A new chapter in this edition emphasizes the relevance and impact of the principles students are studying. The chapter carefully examines today's most recent economic developments and microeconomic issues within the United States.

• EXTENSIVE UPDATES AND FEATURE BOXES REFLECT TODAY'S MOST RECENT EVENTS AND POLICY DEBATES. New “Issue” and “Policy Debate” boxes draw special attention to and discuss the December 2017 tax reform act and President Trump’s international trade policies.

• INFORMATION AS RECENT AS 2018 MAKES THIS NEW EDITION ONE OF TODAY'S MOST CURRENT PRINCIPLES OF MICROECONOMICS BOOKS. Be sure that your students are learning from the most current information available as this edition integrates the latest economic statistics, issue and information. Data as recent as 2018 was woven throughout the chapters as this book went to press.

• UP-TO-DATE, TIMELY REVISIONS HIGHLIGHT TODAY'S FEDERAL BUDGET DEFICIT AND THE CONTROVERSY SURROUNDING IT. Updates throughout this new edition emphasize the latest information on the federal budget deficit and the political battles related to it, including the recent fight over the national debt ceiling.

• THE LATEST INFORMATION ON THE U.S. DOLLAR KEEPS STUDENTS IN TOUCH WITH CURRENT DEVELOPMENTS. New material and revisions in this edition emphasize the recent behavior of today's U.S. dollar and how this behavior relates to microeconomic principles and impacts economics today.

• MindTap SIGNIFICANTLY IMPROVES OUTCOMES BY INCREASING STUDENT EFFORT AND ENGAGEMENT. This best-selling online course solution uses assignments to connect microeconomic concepts to the real world. Students take an active role in the learning process − helping them improve their economic understanding and the relevance of the concepts they're learning. Homework is automatically graded and recorded. MindTap's end-of-chapter feature is now optimized for mobile devices and offers improved graphing, tutorials and a new interactive eReader.

• "BEYOND THE FINAL EXAM" FEATURE REINFORCES KEY MICROECONOMIC CONCEPTS FOR STUDENTS. This popular "Beyond the Final Exam" feature is introduced in Chapter 1 and is integrated throughout this edition to reinforce important concepts and help students prepare for exams. Engaging ideas capture students' attention and keep their interest as they review and study.

• CHAPTER-OPENING REAL-LIFE ECONOMIC PUZZLES OR ISSUES PROMPT INTEREST IN EACH CHAPTER'S CONTENT. Engaging Chapter Openers bring microeconomics into students' everyday lives or reference current events they've read about in today's media. The chapter-opening microeconomic problem is revisited within the body of the chapter, clearly illustrating how the professionals can address the challenge using the chapter's theoretical tools and concepts.

• UPDATED, CURRENT "POLICY DEBATE" BOXES ENLIVEN CHAPTERS. This edition provides timely, intriguing "Policy Debate" boxes that bring chapter topics to life while opening the way for dynamic classroom discussion.

• SUMMARIES, REVIEW QUESTIONS AND KEY TERMS GUIDE STUDENT LEARNING. Each chapter ends with a clear summary and provides key concepts and terms as well as questions and problems for review to help students complete homework and prepare for exams.

Cengage provides a range of supplements that are updated in coordination with the main title selection. For more information about these supplements, contact your Learning Consultant.

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Cengage eBook: Microeconomics 12 Months
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