Book Summary of Microeconomics: Theory and Applications
This text is well-known for using the Keynesian model in the teaching of economics. The text uses the aggregate supply/aggregate demand model as a fundamental tool for learning microeconomics. It achieves the right level of rigor and detail, presenting complicated concepts in a relatively straightforward manner and using timely economic data.

Key Feature
• A new analysis of human capital's impact on economic growth, including a discussion on minimum wage and household protection has been added for more up to date coverage of these prevalent topics
• A more developed discussion of consumer choice has been added, including expanded coverage on budget limitations and constraints when discussing consumer theory
• Each chapter ends with questions and problems for review to help students complete homework and prepare for exams

Table of Contents
Part I: Getting Acquainted with Economics
1. What Is Economics?
2. The Economy: Myth and Reality
3. The Fundamental Economic Problem: Scarcity and Choice
4. Supply and Demand: An Initial Look
Part II: The Building Blocks of Demand and Supply
5. Consumer Choice: Individual and Market Demand
6. Demand and Elasticity
7. Production, Inputs, and Cost: Building Blocks for Supply Analysis
8. Output, Price, and Profit: The Importance of Marginal Analysis
9. The Economics of the Stock Market
Part III: Markets and the Price System
10. The Firm and the Industry under Perfect Competition
11. Monopoly.
12. Between Competition and Monopoly
13. Limiting Market Power: Regulation and Antitrust
Part IV: The Virtues and Limitations of Markets
14. The Case for Free Markets I: The Price System
15. The Shortcomings of Free Markets
16. The Market's Prime Achievement: Innovation and Growth
17. Externalities, the Environment and Natural Resources
18. Taxation and Resource Allocation
Part V: The Distribution of Income
19. Pricing the Factors of Production
20. Labor and Entrepreneurship: The Human Inputs
21. Poverty, Inequality, and Discrimination
22. International Trade and Comparative Advantage