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Principles of Microeconomics

By N. Gregory Mankiw

11th Edition © 2027
Discipline:Economics
Course:Principles of Microeconomics
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Introduce microeconomics using the inviting, reader-friendly approach in "Principles of Microeconomics," 11th Edition. by acclaimed author and economist Gregory Mankiw. Widely-used in economics classrooms worldwide, this edition is designed to guide all types of learners to a strong foundation in microeconomics with the latest updates, interactive practice and current examples. Carefully crafted content focuses on the most important microeconomic principles to avoid overwhelming students with excessive detail. The author presents the background students need at key moments in your course. This edition works seamlessly with the latest MindTap digital course solutions and student-focused resources. A leading support package by award-winning teaching economists with Aplia homework solutions and author videos provides additional relevance and interactive learning opportunities.

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About this product

Introduce microeconomics using the inviting, reader-friendly approach in "Principles of Microeconomics," 11th Edition. by acclaimed author and economist Gregory Mankiw. Widely-used in economics classrooms worldwide, this edition is designed to guide all types of learners to a strong foundation in microeconomics with the latest updates, interactive practice and current examples. Carefully crafted content focuses on the most important microeconomic principles to avoid overwhelming students with excessive detail. The author presents the background students need at key moments in your course. This edition works seamlessly with the latest MindTap digital course solutions and student-focused resources. A leading support package by award-winning teaching economists with Aplia homework solutions and author videos provides additional relevance and interactive learning opportunities.

UPDATED ASK THE EXPERTS BOXES HIGHLIGHT THE LATEST INSIGHTS FROM LEADING ECONOMISTS. This current feature focuses on the IGM Economics Experts Panel, a longitudinal survey of several dozens of the world’s most prominent economists. Every few weeks these experts review a proposition and explain whether they agree with it, disagree with it or are uncertain. These diverse opinions clearly demonstrate how economists are often united, divided or simply don’t know what to think.

THE UPDATED MINDTAP LEARNING PLATFORM OFFERS TODAY'S MOST ADVANCED DIGITAL COURSE SOLUTION IN EDUCATION. Powerful student-focused content responds to the individualized needs of each introductory microeconomics student with a prescribed learning path, graph building tools, engaging multimedia resources and test preparation tools. As instructor, you have the flexibility to customize your course with publisher-provided content, your own material or third-party resources.

NEW: Timely topics have been added to every chapter -- covering issues like antitrust cases, trade policies, consumer behavior, CPI data and monetary policy -- along with fresh discussions on artificial intelligence, sound institutions for prosperity and irrelevance of bilateral trade deficits.

MindTap engages students with hallmark activities, including Video Applications to introduce important themes from Gregory Mankiw, step-by-step Video Problem Walk-Throughs for tackling tough questions and dynamic Concept Clips that make key economic terms easy to understand.

Table of contents

Chapters

Cover Page
Title Page
Copyright Page
Dedication
About the Authors
Acknowledgments
Preface: To the Student
Part I. Introduction
Part II. How Markets Work
Part III. Markets and Welfare
Part IV. The Economics of the Public Sector
Part V. Firm Behavior and the Organization of Industry
Part VI. The Economics of Labor Markets
Part VII. Topics for Further Study
Show more

Part I. Introduction

Chapter 1. Ten Principles of Economics
Preview this section ↗
1-1. How People Make Decisions ↗
1-1a. Principle 1: People Face Trade-offs ↗
1-1b. Principle 2: The Cost of Something Is What You Give Up to Get It ↗
1-1c. Principle 3: Rational People Think at the Margin ↗
1-1d. Principle 4: People Respond to Incentives ↗
1-2. How People Interact ↗
1-2a. Principle 5: Trade Can Make Everyone Better Off ↗
1-2b. Principle 6: Markets Are Usually a Good Way to Organize Economic Activity ↗
1-2c. Principle 7: Governments Can Sometimes Improve Market Outcomes ↗
1-3. How the Economy as a Whole Works ↗
1-3a. Principle 8: A Country’s Standard of Living Depends on Its Ability to Produce Goods and Services ↗
1-3b. Principle 9: Prices Rise When the Government Prints Too Much Money ↗
1-3c. Principle 10: Society Faces a Short-Run Trade-Off between Inflation and Unemployment ↗
1-4. Conclusion ↗
Chapter in a Nutshell ↗
Key Concepts ↗
Questions for Review ↗
Problems and Applications ↗
Chapter 2. Thinking Like an Economist
2-1. The Economist as Scientist
2-1a. The Scientific Method: Observation, Theory, and More Observation
2-1b. The Role of Assumptions
2-1c. Economic Models
2-1d. Our First Model: The Circular-Flow Diagram
2-1e. Our Second Model: The Production Possibilities Frontier
2-1f. Microeconomics and Macroeconomics
2-2. The Economist as Policy Adviser
2-2a. Positive versus Normative Analysis
2-2b. Economists in Washington
2-2c. Why Economists’ Advice Is Often Not Followed
2-3. Why Economists Disagree
2-3a. Differences in Scientific Judgments
2-3b. Differences in Values
2-3c. Perception versus Reality
2-4. Let’s Get Going
Chapter in a Nutshell
Key Concepts
Questions for Review
Problems and Applications
Appendix. Graphing: A Brief Review
Chapter 3. Interdependence and the Gains from Trade
3-1. A Parable for the Modern Economy
3-1a. Production Possibilities
3-1b. Specialization and Trade
3-2. Comparative Advantage: The Driving Force of Specialization
3-2a. Absolute Advantage
3-2b. Opportunity Cost and Comparative Advantage
3-2c. Comparative Advantage and Trade
3-2d. The Price of the Trade
3-3. Applications of Comparative Advantage
3-3a. Should Coco Gauff Mow Her Own Lawn?
3-3b. Should the United States Trade with Other Countries?
3-4. Conclusion
Chapter in a Nutshell
Key Concepts
Questions for Review
Problems and Applications

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