This text seeks to teach introductory students the core economic concepts. The authors introduce a short list of core principles, reinforce them by illustrating and applying each principle in several contexts, and then ask students to work exercises to see what they have learned.
This text seeks to teach introductory students the core economic concepts: the essence of economics, without overwhelming them with details. "Principles of Microeconomics" presents the material in an intuitive way that avoids excessive maths. The authors introduce a short list of core principles, reinforce them by illustrating and applying each principle in several contexts, and then ask students to work exercises to see what they have learned. The text seeks to create "economic naturalists", that is, after reading the text, students will ask (and answer) questions about their economic environment. For example, students will see Braille dots on drive-up ATMs and ask why they are there. Peppered with such examples, Frank and Bernanke not only engage students, but teach them to see each feature of their economic landscape as the reflection of an implicit or explicit cost-benefit calculation.
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Part 1 Introduction: thinking like an economist; some common pitfalls for decision makers; comparative advantage - the basis for exchange; supply and demand - an introduction; microeconomics. Part 2 Competition and the invisible hand: demand - the benefit side of the market; perfectly competitive supply - the cost side of the market; efficiency and exchange; the quest for profit and the invisible hand. Part 3 Market imperfections: monopoly and other forms of imperfect competition; thinking strategically; externalities and property rights; the economics of information. Part 4 Labour markets and the public sector: labour markets; the economics of public policy; public goods and taxation; income redistribution; macroeconomics. Part 5 Introduction to macro and measuring the economy: macroeconomics - the birds-eye view of the economy; measuring economic activity - GDP and unemployment; measuring the price level and inflation. Part 6 The long run: economic growth, productivity and living standards; workers, wages and unemployment in the modern economy; saving and capital formation; money, financial markets and the federal reserve.. Part 7 The short run: short-term economic fluctuations - an introduction; aggregate demand and output in the short run; stabilizing aggregate demand - the role of the fed; inflation and aggregate supply. Part 8 The international economy: international trade and capital flows; exchange rates and the open economy.
Principles of Microeconomics by Bob Frank
Used - Good
McGraw-Hill Education - Europe
Book picture is for illustrative purposes only, actual binding, cover or edition may vary.
The book has been read but remains in clean condition. All pages are intact and the cover is intact. Some minor wear to the spine.