Douglas Curtis,
Trent University Ian Irvine,
Concordia University David Begg,
University of London
ISBN: 997091723x Copyright year: 2007
Feature Summary
Microeconomics provides concise, yet complete coverage of microeconomic theory, application and policy in a Canadian and global environment. The standard tools of analysis in the discipline are explained and developed at the beginning.
Economic policy is about the well-being of the economy’s participants, and economic theory should inform economic policy. Consequently, the meaning of ‘well-being’, in the context of an efficient use of the economy’s resources, is investigated early in the text.
An understanding of individual optimizing behaviour is developed. This optimizing behaviour is then used to link household decisions on savings with firms’ decisions on production, expansion and investment. A natural progression is to explain production and cost structures.
From the individual level of household and firm decision making, the text then explores behaviour in a variety of different market structures.
Markets for the inputs in the productive process – capital and labour – are a natural component of firm level decisions. Education and human capital are concepts and concerns constantly encountered in the modern economy, and a complete chapter is devoted to them.
The book concludes by examining the role of a non-market player in the economy – the government, and then develops the key elements in the modern theory of international trade.
Opportunity cost, a global economy and behavioural responses to incentives are the dominant themes.
PEDAGOGICAL FEATURES
• Part Openers/Chapter Openers set the scene for the areas of study in the chapters that follow.
• Learning Outcomes identify the primary topics to be covered in the following pages, and highlight what should be understood when the chapter has been completed.
• Application Boxes contain current and practical examples to highlight the application of the concepts to economics in the real world. These boxes also provide further and more in-depth discussions of key models and theories to expand on the core concepts in the book.
• Figures and Tables are presented in a simple and clear design. The use of colour will help students to interpret and absorb key economic data and concepts. Captions explain what is being demonstrated.
• Key Terms appear inboldface within the text where the term first appears with the definition identified in the margin.
• “Next” Feature appears before the end-of-chapter summary and is a paragraph linking the chapter in which it appears with the material to come in the next chapter.
• End-of-chapter Summaries review and reinforce the main topics covered in each chapter.
• Key Equations and Relations are serially numbered. Linear equations are explicitly solved in the textual development.
• Review Questions located at the end of each chapterencourage students to review and apply the knowledge acquired from each chapter. Text material tied into the Review Questions is indicated by a question-mark and the respective question numbers in the margin of the text.
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2007 McGraw-Hill Higher Education