Principles of Microeconomics

Key Features

• Over 75 embedded links to streaming videos enrich hybrid and online courses. They capture students’ interest, counter the perception of economics as the “dismal science,” and reveal the deeper meanings of economic principles in memorable ways
• The integrating theme for this volume is the marginal decision rule, a simple approach to choices that optimize the value of some objective. Instead of a hodgepodge of rules for different market conditions, the authors provide a commonly accepted foundational rule that can be applied within any market setting
• The book’s data-driven approach isn’t limited to the ordinary (GDP, unemployment, inflation, etc.). It also illustrates the interesting and distinctive, such as the unusual efforts of 1700s English homebuilders to avoid the window tax (Section 4.4) or the optimal amount of exercise (Section 8.2)
• Every chapter begins with a brief Start Up scenario, a timely, real-world attention-getter that often puts students into a decision-making role. Examples include: is going to college a good investment? (Chapter 12) and why is it so hard to find an inexpensive pair of eyeglasses? (Chapter 11)
• Supportive learning features include:
  
  • Start Up features vividly demonstrate the link between theory and reality and are revisited throughout the chapter
  • Learning Objectives at the start of each main section preview the material to come and prepare students to learn
  • Heads Up! notes warn of common errors and explain how to avoid making them 
  • Key Takeaways at the end of each main section reflect the corresponding Learning Objectives and summarize key ideas in bullet-point fashion. Key Takeaways enable the learner to pause and consolidate the information just read into a "chunk." This process enables the reader to better understand and retain the section’s content and its key concepts
  • Key Terms and a marginal glossary help students understand and become comfortable with important vocabulary and phrases
  • Pop! Goes the Econ features provide links to contemporary examples that connect with students. Engaging examples include “Ron Swanson Weighs in on Specialization and Exchange” (Section 2.4) and “Market Failure in A Beautiful Mind” (Section 6.4). Each Pop! Goes the Econ video is linked to one or more end-of-chapter problems
  • Try It! problems are organized by main section. These problems encourage active learning and help students confirm they understand the material just covered. Each Try It! problem is linked to a similar end-of-chapter exercise
  • Case in Point scenarios are applications illustrating the influence of economic forces on real issues and real people such as “A Deadly Elasticity” (Section 5.3). Each Case in Point application is linked to an end-of-chapter problem
  • Summary pulls together the information presented in the chapter to enhance recall and facilitate test preparation 
  • End-of-Chapter Concept Problems and Numerical Problems help students check understanding, promote discussion, and prompt learners to analyze and think critically about material just presented
• Customizable