Microeconomics In Context

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This text updates the introductory undergraduate students on critical concerns of the 21st century including distributional equity and ecological sustainability; includes discussions of historical, institutional, political and social factors to encourage students get engaged with the subject matter. It offers clear and insightful coverage of standard 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 our well-being. Microeconomics in Context also includes new developments in the roles of households, non-profit organizations, market institutions and governments. Table of Contents Preface Acknowledgments Sample Course Outlines Part One: The Context for Economic Analysis Chapter 1: Economic Activity in Context Chapter 2: Economic Actors and Organizations Part Two: Supply and Demand Chapter 3: Market Institutions Chapter 4: Supply and Demand Chapter 5: Working with Supply and Demand Part Three: Resource Maintenance, Production, Distribution, and Consumption Chapter 6: Capital Stocks and Resource Maintenance Chapter 7: Production Costs Chapter 8: Production Decisions Chapter 9: Distribution: Exchange and Transfer Chapter 10: Consumption and the Consumer Society Part Four: A Closer Look at Markets Chapter 11: Markets Without Market Power Chapter 12: Markets with Market Power Chapter 13: Markets for Labor Chapter 14: Markets for Other Resources Part Five: A Closer Look at Economic Organizations Chapter 15: The Core Sphere: Households and Communities Chapter 16: The Business Sphere: For-Profit Firms Chapter 17: The Public Purpose Sphere: Governments and Nonprofits Part Six: Economic Outcomes and Economic Ideology Chapter 18: The Variety of Economic Systems Chapter 19: Market Systems and Normative Claims Glossary Index