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"Microeconomics in Context lays out the principles of microeconomics in a manner that is thorough, up to date, and relevant to students. Like its counterpart, Macroeconomics in Context, the book is uniquely attuned to economic, social, and environmental realities. The "In Context" books offer engaging coverage of current research and policy issues from economic inequality and climate change, to taxes and globalization. Key features include: - Up-to-date discussions of the impacts of the COVID-19 pandemic on inequality, labor markets and beyond - Analysis of recent trade issues and the implications of Brexit - Presentation of policy issues in historical, environmental, institutional, social, political, and ethical contexts - an approach that fosters critical evaluation of the standard microeconomic models - Clear explanations of basic concepts and analytical tools, with advanced models presented in optional chapter appendices - A powerful graphical presentation of various measures of well-being in the United States and other countries, including income inequality, tax systems, educational attainment, and environmental quality - A focus on human well-being from a multi-dimensional perspective, including traditional economic metrics and factors such as health, equity, and political inclusion - A full complement of student and instructor support materials online. The book combines real-world relevance with a thorough grounding in multiple economic paradigms. It is the ideal textbook for modern introductory courses in microeconomics. The book's companion website is available at: www.bu.edu/eci/micro"--
Cover -- Half Title -- Title -- Copyright -- Contents -- List of Figures -- List of Tables -- Preface -- Acknowledgments -- Sample Course Outlines -- PART I: THE CONTEXT FOR ECONOMIC ANALYSIS -- 0 MICROECONOMICS AND WELL-BEING -- 1 ECONOMIC ACTIVITY IN CONTEXT -- 1. OUR STARTING POINT -- 2. THE GOALS OF AN ECONOMY -- 2.1 INTERMEDIATE AND FINAL GOALS -- 2.2 TRADITIONAL ECONOMIC GOALS -- 2.3 COMPONENTS OF WELL-BEING -- 2.4 ECONOMICS AND WELL-BEING -- 3. THE ISSUES THAT DEFINE ECONOMICS -- 3.1 THE FOUR ESSENTIAL ECONOMIC ACTIVITIES -- 3.2 THE THREE BASIC ECONOMIC QUESTIONS -- 4. ECONOMIC TRADEOFFS -- 4.1 SOCIETY'S PRODUCTION-POSSIBILITIES FRONTIER -- 4.2 TRADEOFFS OVERTIME -- 5. MICROECONOMICS IN CONTEXT -- 5.1 THE TRADITIONAL ECONOMIC MODEL -- 5.2 THE CONTEXTUAL APPROACH -- 2.MARKETS AND SOCIETY -- 1. THE THREE SPHERES OF ECONOMIC ACTIVITY -- 1.1 THE CORE SPHERE -- 1.2 THE PUBLIC PURPOSE SPHERE -- 1.3 THE BUSINESS SPHERE -- 1.4 THE SIZE OF THE THREE SPHERES -- 1.5 THE INFORMAL SPHERE AND LESS INDUSTRIALIZED COUNTRIES -- 2. THE ROLE OF MARKETS -- 2.1 THREE DEFINITIONS OF MARKETS -- 2.2 INSTITUTIONAL REQUIREMENTS OF MARKETS -- 3. TYPES OF MARKETS -- 3.1 MARKETS DEFINED BY WHAT IS SOLD -- 3.2 MARKETS DEFINED BY HOW PRICES ARE DETERMINED -- 4. ADVANTAGES AND LIMITATIONS OF MARKETS -- 4.1 OVERVIEW OF ADVANTAGES AND DISADVANTAGES OF MARKETS -- 4.2 ASSESSING MARKET OUTCOMES -- PART II: BASIC ECONOMIC ANALYSIS -- 3 SUPPLY AND DEMAND -- 1. INTRODUCTION TO THE MICROECONOMIC MARKET MODEL -- 2. THE THEORY OF SUPPLY -- 2.1 THE SUPPLY SCHEDULE AND SUPPLY CURVE -- 2.2 CHANGES IN SUPPLY -- 2.3 NONPRICE DETERMINANTS OF SUPPLY -- 3. THE THEORY OF DEMAND -- 3.1 THE DEMAND SCHEDULE AND DEMAND CURVE -- 3.2 CHANGES IN DEMAND -- 3.3 NONPRICE DETERMINANTS OF DEMAND -- 4. THE THEORY OF MARKET ADJUSTMENT -- 4.1 SURPLUS, SHORTAGE, AND EQUILIBRIUM
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