Microeconomics

"Parkin brings critical issues to the forefront. Each chapter begins with one of today's key issues, and additional issues appear throughout the chapter to show the real-world applications of the theory being discussed. When the chapter concludes, students "read between the lines" to think critically about a news article relating to the issue, demonstrating how thinking like an economist can bring a clearer perspective to and deeper understanding of today's events. Students will begin to think about issues the way real economists do and learn how to explore difficult policy problems and make more informed decisions in their own economic lives."--Publisher's description.

Previous edition: 2014.

This Global Edition has been edited to include enhancements making it more relevant to students outside the United States.

Includes index.

Part One. Introduction. 1. What is economics? -- 2. The economic problem -- Part Two. How markets work. 3. Demand and supply -- 4. Elasticity -- 5. Efficiency and equity -- 6. Government actions in markets -- 7. Global markets in action -- Part Three. Households' choices. 8. Utility and demand -- 9. Possibilities, preferences, and choices -- Part Four. Firms and markets. 10. Organizing production -- 11. Output and costs -- 12. Perfect competition -- 13. Monopoly -- 14. Monopolistic competition -- 15. Oligopoly -- Part Five. Market failure and government. 16. Public choices, public goods, and healthcare -- 17. Externalities -- Part Six. Factor markets, inequality, and uncertainty. 18. Markets for factors of production -- 19. Economic inequality -- 20. Uncertainty and information.