Veseth Introductory Microeconomics

1. Auflage 2014
ISBN: 978-1-4832-5834-8
Verlag: Elsevier Science & Techn.
Format: PDF
Kopierschutz: 1 - PDF Watermark

E-Book, Englisch, 376 Seiten, Web PDF

Introductory Microeconomics explains the basic principles of microeconomics, producer and consumer choices, resource markets, and government policies. The book describes the economics of exchange, such as the role of economic growth, factors that determine the amount and types of exchange, the supply and demand model of market operations, price setting, price changes, and the impact of one market on other markets. The text also explains market failures in terms of free market choice, externalities of failures, monopolies, as well as scarcity and choices leading to poverty. When economic policies are considered by the state, there are trade-offs that are necessary in the exchange. Before the government should make decisions, it always has to consider two opportunity costs, namely, 1) budget constraints, and 2) the opportunity cost of the funds spent in the private sector. For example (no. 1), if more money is spent on transfer payments, less will be left for education, national defense, infrastructure. Another example (no. 2) is when the government collects taxes, a direct loss in real income and utility among consumers will result. The book also presents real world economics in terms of the social security tax in the United States. The book can prove valuable for students of economics or business, sociologists, general readers interested in real-world economics, and policy makers involved in national economic development.

Autoren/Hrsg.

Veseth, Michael

Inhaltsverzeichnis

1;Front Cover;1
2;Introductory Microeconomics;4
3;Copyright Page;5
4;Table of Contents;6
5;Preface;10
6;Introduction;14
7;PART 1: THE ECONOMICS OF EXCHANGE;18
7.1;Chapter 1. Scarcity and Choice;20
7.1.1;The Problem of Scarcity;21
7.1.2;Changing Trade-Offs;25
7.1.3;Scarcity and Choice for the Individual;26
7.1.4;Scarcity and Choice for the Business Firm;27
7.1.5;Scarcity and Choice for Society;27
7.1.6;Economic Growth;30
7.1.7;Real World Economics: Jim Daniels Has a Hangover?;31
7.1.8;Summary;32
7.1.9;Discussion Questions;33
7.1.10;Test Yourself;33
7.2;Chapter 2. Specialization and Exchange;36
7.2.1;A Barter Economy;37
7.2.2;The Theory of Comparative Advantage;38
7.2.3;Mutually Advantageous Exchange;39
7.2.4;The Gains from Trade;41
7.2.5;Specialization in the Real World;43
7.2.6;Comparative Advantage in the Real World;44
7.2.7;The Role of Money;45
7.2.8;Limits to Exchange;46
7.2.9;Distribution of the Gain;47
7.2.10;Other Reasons for Exchange;48
7.2.11;Real World Economics:Bullish on Wall Street;49
7.2.12;Summary;50
7.2.13;Discussion Questions;51
7.2.14;Test Yourself;52
7.3;Chapter 3. Demand and Supply. The Micro Side;54
7.3.1;The Role of the Market;55
7.3.2;How the Market Works;55
7.3.3;The Concept of Demand;56
7.3.4;The Demand Curve;59
7.3.5;The Concept of Supply;63
7.3.6;The Supply Curve;65
7.3.7;Changes in Supply;65
7.3.8;The Market at Work;68
7.3.9;Changing Markets;71
7.3.10;Summary of Market Actions;73
7.3.11;The Market's Verdict;74
7.3.12;Real World Economics: Apartment House Rents;75
7.3.13;Summary;77
7.3.14;Discussion Questions;78
7.3.15;Test Yourself;79
7.4;Chapter 4. Markets at work;80
7.4.1;Real World Economics: Falling Calculator Prices;81
7.4.2;Real World Economics: Coffee and Tea;83
7.4.3;Real World Economics: Cut-Rate Air Fares;86
7.4.4;Real World Economics: Cigarette Taxes;90
7.4.5;Real World Economics: Rent Controls;93
7.4.6;Real World Economics: Price Floors;95
7.4.7;Appendix: More about Elasticity;99
7.4.8;Summary;102
7.4.9;Discussion Questions;103
7.4.10;Test Yourself;103
8;PART 2: CONSUMER AND PRODUCER CHOICE;106
8.1;Chapter 5. Consumer Choice;108
8.1.1;How Much To Buy?;109
8.1.2;Consumer Benefits: Utility;109
8.1.3;Maximizing Utility;112
8.1.4;Opportunity Cost;113
8.1.5;Consumer Equilibrium;115
8.1.6;Changing Consumer Choice;117
8.1.7;Changing Prices: Demand Curves;118
8.1.8;Substitutes, Complements, and Income Effects;120
8.1.9;Changing Preferences;122
8.1.10;Real World Economics:Gas Lines Grow Longer in Nation's Capital;124
8.1.11;Appendix: Indifference Curve Analysis;125
8.1.12;Summary;136
8.1.13;Discussion Questions;137
8.1.14;Test Yourself;137
8.2;Chapter 6. Production and Cost;140
8.2.1;Who Are the Producers?;141
8.2.2;Motives of the Firm;142
8.2.3;Production and Costs;142
8.2.4;Different Views of Production Costs;145
8.2.5;Costs in the Long Run;149
8.2.6;Real World Economics:Toys and Games;150
8.2.7;Appendix: Production Theory;152
8.2.8;Summary;161
8.2.9;Discussion Questions;161
8.2.10;Test Yourself;162
8.3;Chapter 7. Producer Choice: Monopoly;164
8.3.1;What Is a Monopoly?;165
8.3.2;Monopoly Revenues;167
8.3.3;The Monopoly Production Decision;170
8.3.4;Monopoly Pricing;171
8.3.5;Changing Costs;173
8.3.6;Technological Advances;174
8.3.7;Monopoly in the Real World;176
8.3.8;Real World Economics:A Money-Losing Monopoly;176
8.3.9;Summary;178
8.3.10;Discussion Questions;179
8.3.11;Test Yourself;180
8.4;Chapter 8. Producers in competitive Markets;182
8.4.1;Perfect Competition;183
8.4.2;Price Takers;184
8.4.3;Maximizing Profits;186
8.4.4;Supply Curves;188
8.4.5;Equilibrium for the Industry;189
8.4.6;Changing Costs for the Firm;190
8.4.7;Supply in the Long Run;192
8.4.8;Real World Economics:A Monopoly versus a Competitive Market;194
8.4.9;Summary;196
8.4.10;Discussion Questions;196
8.4.11;Test Yourself;197
8.5;Chapter 9. Imperfect Competition;198
8.5.1;Product Differentiation;199
8.5.2;Price Discrimination;204
8.5.3;Benefits of Price Discrimination;207
8.5.4;Cartels;208
8.5.5;Oligopolies;211
8.5.6;Government Regulation;212
8.5.7;Real World Economics:Automotive Oligopoly;214
8.5.8;Summary;216
8.5.9;Discussion Questions;217
8.5.10;Test Yourself;217
9;PART 3: RESOURCE MARKETS;220
9.1;Chapter 10. Labor Markets;222
9.1.1;The Supply of Labor;223
9.1.2;The Demand for Labor;226
9.1.3;Changes in Labor Demand;228
9.1.4;The Labor Demand Curve;230
9.1.5;Wage Rate Differentials;231
9.1.6;Labor Unions;233
9.1.7;Government Labor Policies;234
9.1.8;Real World Economics: Cost-of-Living Clauses;237
9.1.9;Summary;239
9.1.10;Discussion Questions;240
9.1.11;Test Yourself;240
9.2;Chapter 11. Capital and Natural Resource Markets;242
9.2.1;The Demand for Inputs;243
9.2.2;Investment: The Demand for Capital;245
9.2.3;Input Supplies: Natural Resources;248
9.2.4;The Impact of Price Expectations;250
9.2.5;The Problem of Property Rights;251
9.2.6;Unstable Prices;253
9.2.7;Real World Economics:Training and Education Programs;257
9.2.8;Summary;259
9.2.9;Discussion Questions;259
9.2.10;Test Yourself;260
9.3;Chapter 12. Energy Markets;262
9.3.1;Energy and Economic Development;263
9.3.2;Price, Quantity, and Substitution Effects;264
9.3.3;Energy Supplies;265
9.3.4;Energy Price Controls;266
9.3.5;OPEC and the Supply of Oil;269
9.3.6;Managing the Energy Problem;269
9.3.7;The Paradox of Net Energy;271
9.3.8;Energy and the Environment;273
9.3.9;Real World Economics:The Price of Energy;274
9.3.10;Summary;275
9.3.11;Discussion Questions;276
9.3.12;Test Yourself;276
10;PART 4: MARKET FAILURES;278
10.1;Chapter 13. Free Market Choice;280
10.1.1;The Free Market Economy;281
10.1.2;The Invisible Hand;282
10.1.3;Bureaucratic Choice;283
10.1.4;Self-Interest and the Invisible Hand;284
10.1.5;The Economic Properties of Demand;284
10.1.6;Total Benefits and Consumers' Surplus;286
10.1.7;The Economic Properties of Supply;288
10.1.8;Market Equilibrium: Net Benefits;291
10.1.9;Taxes and Net Benefits;292
10.1.10;Government Subsidies;293
10.1.11;Democratic Choice;294
10.1.12;Voting: What Does the Public Want?;296
10.1.13;The Role of Government: Market Failures;297
10.1.14;Real World Economics:Ticket Scalping;298
10.1.15;Summary;300
10.1.16;Discussion Questions;300
10.1.17;Test Yourself;301
10.2;Chapter 14. Market Failures: Externalities;302
10.2.1;Private versus Social Costs and Benefits;304
10.2.2;External Benefits;305
10.2.3;External Costs;308
10.2.4;Optimal Pollution;311
10.2.5;Externality Policy Options;313
10.2.6;Limits to Government Actions;315
10.2.7;Public Goods;316
10.2.8;Real World Economics:Free Market or Democratic Choice;319
10.2.9;Summary;320
10.2.10;Discussion Questions;321
10.2.11;Test Yourself;321
10.3;Chapter 15. Market Failures: Monopolies;324
10.3.1;Monopoly Problems;325
10.3.2;Government Monopoly Policy;327
10.3.3;Antitrust Regulation;330
10.3.4;Trade-Off: Patent Monopolies;331
10.3.5;Cost and Benefits of Monopoly Regulation;331
10.3.6;Natural Monopolies;332
10.3.7;Pricing of Natural Monopolies;333
10.3.8;Real World Economics:U.S. Postal Service;336
10.3.9;Summary;338
10.3.10;Discussion Questions;339
10.3.11;Test Yourself;339
10.4;Chapter 16. Scarcity and Choice: The Poverty Problem;340
10.4.1;Fighting Poverty: The Record;341
10.4.2;Who Are the Poor?;343
10.4.3;Causes of Poverty;345
10.4.4;Transfer Payments;346
10.4.5;What Kind of Transfers?;347
10.4.6;Minimum Wages;348
10.4.7;Job Training and Education;349
10.4.8;Public Employment Programs;351
10.4.9;Costs of Government Action;352
10.4.10;Real World Economics:The Social Security Tax;353
10.4.11;Summary;354
10.4.12;Discussion Questions;355
10.4.13;Test Yourself;355
11;Suggestions for Further Reading;358
12;Glossary;362
13;Answers to "Test Yourself";368
14;Index;370