Principles of Microeconomics

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Principles of Microeconomics emphasizes the development of an economic way of thinking. The approach emphasizes the ability to think through applications of economic concepts and ideas and then to be able to explain how economic concepts work and to make recommendations as to a variety of personal, business, and public decisions. No new concept is introduced without the student being asked to use the concept or fully explain the reasoning behind the concept and then be provided feedback.

The approach continually asks students to explain why markets work or fail and not just that they do or not. The approach does not just ask students to draw graphs, but to use the reasoning behind the graphs to make decisions, explain events, and recommend policies. The ultimate goal of the material is the development of students who can speak and write in an articulate manner about a large range of economic problems and issues.

Student Cost $45

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Authoring Content

Stephen Buckles

Lead Author

Stephen Buckles

Stephen Buckles received his B.A. in economics from Grinnell College and his Ph.D. from Vanderbilt. He is currently teaching introductory micro- and macroeconomics at Vanderbilt. He has received Vanderbilt university-wide and College of Arts and Science teaching awards in addition to recognition from the Southern Economic Association. He was recognized by the University of Missouri and the MU College of Arts and Science for his teaching quality while there. Professor Buckles has also been President of the Council for Economic Education and currently serves as a Senior Advisor for Programs for the Council. He served on the College Board design committee for the creation of the Advanced Placement Economics exam and he chaired the committees writing and preparing the first two Economics Advanced Placement exams. He has been involved with the creation and writing of the National Standards in Economics for the Council of Economic Education and the economics standards for the National Council of Social Studies. He has served a term as President of the National Association of Economic Educators and as chair of the Individual Investors Advisory Committee of the New York Stock Exchange. His research has focused on evaluation and design of effective learning in economics.

Contributing Content

  • PJ Glandon, Assistant Editor
  • Cindy Benelli, Contributing Author
  • Dave Brown, Contributing Author
  • Susan Carter, Contributing Author
  • Christopher Cotter, Contributing Author
  • Li Feng, Contributing Author
  • Julie Heath, Contributing Author
  • Zara Liaqat, Contributing Author
  • Rita Madarassy, Contributing Author
  • Michael Mathes, Contributing Author
  • Ralph Sonenshine, Contributing Author
  • John Swinton, Contributing Author
  • Marianne Wanamaker, Contributing Author
  • Daniel Zuchegno, Contributing Author
  • Russ Steponic, Digital Content Contributor

Table Of Contents

  • Chapter 1: Introduction to Economics
  • Chapter 2: An Economic Model
  • Chapter 3: The US and World Economy
  • Chapter 4: Markets: Supply and Demand
  • Chapter 5: Using Supply and Demand
  • Chapter 6: Behind Demand
  • Chapter 7: Inputs, Production, and Costs (Behind Supply)
  • Chapter 8: Inputs, Products and Costs in the Long Run
  • Chapter 9: Competitive Markets
  • Chapter 10: Monopoly
  • Chapter 11: Between Competition and Monopoly
  • Chapter 12: Regulation of Firms with Market Power
  • Chapter 13: The Economic Role of Government
  • Chapter 14: Markets for Labour
  • Chapter 15: Taxes: Efficiency and Fairness
  • Chapter 16: Why International Trade
  • Chapter 17: Financial Markets
  • Chapter 18: Economics After Microeconomics

Features

Engaging Writing

The emphasis throughout the text is to be able to apply and use concepts learned, as opposed to an encyclopedic text focused on memorization.

Graphing Tool

Provides a way for students to see how certain economics factors affect concepts like supply and demand

Student Benefits

Students can now study, practice and review personal participation and performance data all in one place–from almost any device.


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