Microeconomics / by Roger A. Arnold

Includes glossary and index.

An introduction to economics. Economics: the science of scarcity. What economics is about -- Production possibilities frontier framework -- Supply and demand: theory -- Prices: free, controlled, and relative -- Supply, demand, and price: applications -- Microeconomics. Microeconomic fundamentals. Elasticity -- Consumer choice: maximizing utility and behavorial economics -- Production and costs -- Product markets and policies. Perfect competition -- Monopoly -- Monopolistic competition, oligopoly, and game theory -- Governement and product markets: antitrust and regulation -- Factor markets and related issues. Factor markets: with emphasis on the labor market -- Wages, unions, and labor -- The distribution of income and poverty -- Interest, rent, and profit -- Market failure, public choice, and special interest group politics. Market failure: externalities, public goods, and asymmetric information -- Economic theory-building and everyday life. Building theories to explain everyday life: from observations to questions to theories to predicitons -- The global economy. International politics and globalization. International trade -- International finance -- Web chapters. The economic case for and against governement: five topics considered -- Stocks, bonds, futures, and options