Principles of Microeconomics Fifth Canadian Edition

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PRINCIPLES OF MICROECONOMICS:

A

G U I D E D

T O U R

PART ONE: INTRODUCTION Chapter 1 Chapter 2 Chapter 3
Ten Principles of Economics Thinking Like an Economist Interdependence and the Gains from Trade The study of economics is guided by a few big ideas. Economists view the world as both scientists and policymakers. The theory of comparative advantage explains how people benefit from economic interdependence.

PART TWO: SUPPLY AND DEMAND I: HOW MARKETS WORK Chapter 4
The Market Forces of Supply and Demand Elasticity and Its Application Supply, Demand, and Government Policies How does the economy coordinate interdependent economic actors? Through the market forces of supply and demand. The tools of supply and demand are put to work to examine the effects of various government policies.

Chapter 5 Chapter 6

PART THREE: SUPPLY AND DEMAND II: MARKETS AND WELFARE Chapter 7 Chapter 8 Chapter 9 Consumers, Producers, and the Efficiency of Markets Application: The Costs of Taxation Application: International Trade Why is the equilibrium of supply and demand desirable for society as a whole? The concepts of consumer and producer and surplus explain the efficiency of markets, the costs of taxation, and the benefits of international trade.

PART FOUR: THE ECONOMICS OF THE PUBLIC SECTOR Chapter 10 Chapter 11 Chapter 12 Externalities Public Goods and Common Resources The Design of the Tax System Market outcomes are not always efficient, and governments can sometimes remedy market failure. To fund programs, governments raise revenue through their tax systems, which are designed with an eye toward balancing efficiency and equity.

Copyright 2010 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.

PART FIVE: FIRM BEHAVIOUR AND THE ORGANIZATION OF INDUSTRY Chapter 13 Chapter 14 Chapter 15 Chapter 16 Chapter 17 The Costs of Production Firms in Competitive Markets Monopoly Monopolistic Competition Oligopoly The theory of the firm sheds light on the decisions that lie behind supply in competitive markets. Firms with market power can cause market outcomes to be inefficient.

PART SIX: THE ECONOMICS OF LABOUR MARKETS Chapter 18 Chapter 19 Chapter 20 The Markets for the Factors of Production Earnings and Discrimination Income Inequality and Poverty The special features of labour markets, in which most people earn most of their income.

PART SEVEN: TOPICS FOR FURTHER STUDY Chapter 21 Chapter 22
The Theory of Consumer Choice Frontiers of Microeconomics Additional topics in microeconomics include household decision making, asymmetric information, political economy, and behavioural economics.

Copyright 2010 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.

MICROECONOMICS
FIFTH CANADIAN EDITION

PRINCIPLES

OF

N . G R E G O RY M A N K I W
H A RVA R D U N I V E R S I T Y

RONALD D. KNEEBONE
U N I V E R S I T Y O F C A L G A RY

KENNETH J. McKENZIE
U N I V E R S I T Y O F C A L G A RY

Copyright 2010 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or...
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