Microeconomics in Context
Designed for one-semester use, this innovative, principles-level text takes a broad 'contextual' approach to economics - including serious consideration of ecological, feminist, and social concerns - while still including coverage of the standard microeconomic concepts and models. Unlike most microeconomics textbooks, which focus exclusively on markets and efficiency, this book starts with the question of human well-being and then examines how economic activities can contribute to, or detract from, well-being. It addresses such critical concerns as ecological sustainability, distributional equality, the quality of employment, and the adequacy of living standards.Like its companion volume, "Macroeconomics in Context," this text includes discussions of historical, institutional, political, and social factors that encourage students to engage with the subject matter. An Instructor's Resource Manual, Test Bank, and Student Study Guide are available on the authors' website for instructors who adopt the text.
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actors assets assumptions behavior benefits buyers Chapter companies consumer consumer surplus consumption context core sphere corporations cost curve countries deadweight loss decision demand curve Discussion Questions distribution economic activity economic profits economists efficiency employees equilibrium example exchange Figure financial capital firm firm’s global goals graph groups hair dryers households human capital important income increase individual industry inputs institutions investment labor market manufactured capital marginal cost marginal thinking market power monopolist monopolistic competition monopoly motivations natural capital neoclassical non-profit oligopoly opportunity cost output ownership paid Pareto efficiency perfectly competitive policies price elasticity production possibilities frontier public purpose sphere quantity demanded real world regulation resource maintenance revenue rise sell sellers social capital society supply curve Table tend theory tion total cost trade traditional model transfer United utility wages well-being workers