Microeconomics (the Basics)

Microeconomics: The Basics is an accessible introduction to the core topics in the field. Intended for those with little or no background in the subject, it provides the reader with a solid foundation of the basic principles of microeconomics and establishes a framework for further study.

Microeconomics: The Basics is an accessible introduction to the core topics in the field. Intended for those with little or no background in the subject, it provides the reader with a solid foundation of the basic principles of microeconomics and establishes a framework for further study.

Topics in the book cover the most important areas in microeconomics, including supply and demand, consumer choice, elasticity, market failure and the role of government, production and cost, perfect competition, monopoly, oligopoly, monopolistic competition, the labor market, and capital and financial markets. Applications that are relevant for contemporary study of the field are also included. Written in a highly engaging style, each chapter is accompanied by key terminology lists to emphasize important terms and concepts, as well as further reading suggestions which provide the opportunity for students to read more about specific topics, with a glossary provided at the end of the book.

Microeconomics: The Basics is essential reading for anyone who wishes to master the fundamental principles of microeconomics.

An overview of the book. 1. Introduction to Microeconomics Part I: Markets and Government 2. Supply and Demand 3. Economic Efficiency, Market Failure, and the Role of Government 4. Elasticity 5. Consumer Choice Part II: Theory of the Firm 6. Production, Cost, and Profit 7. Perfect Competition 8. Monopoly 9. Oligopoly 10. Monopolistic Competition Part III: Labor, Capital, and Financial Markets 11. Labor Market 12. Capital and Financial Markets

Thomas R. Sadler is Professor of Economics at Western Illinois University. He teaches courses on the Fundamentals of Economic Theory, Environmental Economics, Energy Economics, Labor Economics, and the Chicago Economy. His research focuses on environmental policy, energy economics, professional sports leagues, and high-performance organizations.