For the two-semester principles of economics course.
An intuitive and grounded approach to economics
Get students to think like an Economist using the latest policy and data while incorporating global issues. Microeconomics, Twelfth Edition builds on the foundation of the previous edition and retains a thorough and careful presentation of the principles of economics. Microeconomics emphasizes real-world applications, the development of critical thinking skills, diagrams renowned for pedagogy and clarity, and path-breaking technology.
Each chapter opens with one of today's central issues and is then revisited in the chapter ending Economics in the News feature. This Parkin hallmark encourages student to think critically about a news article relating to the issue, demonstrating how thinking like an economist can bring a clearer perspective to and deeper understanding of today's events. Students will begin to think about issues the way real economists do and learn how to explore difficult policy problems to make more informed decisions in their own economic lives.
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I. Introduction 1. What is Economics? 2. The Economic Problem II. How Markets Work 3. Demand and Supply 4. Elasticity 5. Efficiency and Equity 6. Government Actions in Markets 7. Global Markets in Action III. Households' Choices 8. Utility and Demand 9. Possibilities, Preferences, and Choices IV. Firms and Markets 10. Organizing Production 11. Output and Costs 12. Perfect Competition 13. Monopoly 14. Monopolistic Competition 15. Oligopoly V. Market Failure and Government 16. Public Choices and Public Goods 17. Economics of the Environment VI. Factor Markets, Inequality, and Uncertainty 18. Markets for Factors of Production 19. Economic Inequality 20. Uncertainty and Information