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Principles of Microeconomics

By N. Gregory Mankiw

8th Edition © 2018
Discipline:Economics
Course:Principles of Economics
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Provide an approachable, superbly written introduction to microeconomics that allows all types of students to quickly grasp microeconomic concepts and build a strong foundation with Mankiw’s popular PRINCIPLES OF MICROECONOMICS, 8E. The most widely-used text in economics classrooms worldwide, this book covers only the most important principles to avoid overwhelming students with excessive detail. Extensive updates feature relevant, meaningful examples. MindTap and Aplia digital course solutions are available to improve student engagement and retention with powerful student-focused resources. Within MindTap, students can use the highly acclaimed Graph Builder and Adaptive Test Prep features. All content has been carefully crafted around understanding student needs at key moments in your course. A team of award-winning teaching economists have added more relevance, engagement, and interactivity to teaching resources in this book’s ancillary package, already the most commanding in the industry.

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AboutTable of contentsResourcesPricing & formatsRelated products

About this product

Provide an approachable, superbly written introduction to microeconomics that allows all types of students to quickly grasp microeconomic concepts and build a strong foundation with Mankiw’s popular PRINCIPLES OF MICROECONOMICS, 8E. The most widely-used text in economics classrooms worldwide, this book covers only the most important principles to avoid overwhelming students with excessive detail. Extensive updates feature relevant, meaningful examples. MindTap and Aplia digital course solutions are available to improve student engagement and retention with powerful student-focused resources. Within MindTap, students can use the highly acclaimed Graph Builder and Adaptive Test Prep features. All content has been carefully crafted around understanding student needs at key moments in your course. A team of award-winning teaching economists have added more relevance, engagement, and interactivity to teaching resources in this book’s ancillary package, already the most commanding in the industry.

Aplia OFFERS THE MOST SUCCESSFUL AND WIDELY USED HOMEWORK SOLUTION IN THE ECONOMICS MARKET. With more than one billion answers entered, Aplia provides an unmatched homework resource for your students. Online interactive problem sets, analyses, tutorials, experiments, and critical-thinking exercises give students hands-on application without adding to your workload.

THIS EDITION’S ENHANCED INTERACTIVE BOOK STRENGTHENS THE LEARNING EXPERIENCE. The Interactive book does much more than move words from the printed book to a digital device. It enhances your students' learning experience by allowing them to search, highlight text, take notes and interact directly with complex figures. The interactive book also from supports media from both Cengage Learning, the book’s publisher, or third-party media providers, such as YouTube. Additionally, it is now more accessible to visually-impaired students with new alternative text that is added to all images and tables for every chapter.

CONCEPTCLIPS HELP STUDENTS MASTER MICROECONOMICS TERMS. These high energy videos, embedded throughout the interactive book, address the known student challenge of understanding economics terminology when initially introduced to the subject matter. Developed by Professor Mike Brandl of The Ohio State University, these concept based animations provide students with memorable context to the key terminology required for your introductory economics course.

PREMIUM POWERPOINT® PRESENTATIONS EASE YOUR COURSE PREPARATION WHILE INCREASING STUDENT INVOLVEMENT. Chapter-by-chapter slides organize lecture points into sections that students can easily digest. The PowerPoint slides animate graphs the way you might draw them and include Student Note Prompt handouts to facilitate effective note-taking without distracting students from active participation in class.

Table of contents

Chapters

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

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