Microeconomics: Concepts and Application

Microeconomics: Concepts and Applications provides students with an approachable and concise introduction to the field, including real-world examples that highlight its importance and application in everyday decision-making. The textbook is organised into six distinct parts. Part I serves as an introduction to economics, highlighting the five key principles of the discipline, as well as key concepts such as the economy, markets, production, income, and exchange. In Part II, students read about demand, supply, and equilibrium, with chapters that address market failure, the causes of demand and supply and how it is measured, and market surpluses. Part III focuses on production costs and markets. Students learn about types of markets, including perfectly competitive markets, monopolies, oligopolies, and monopolistic competitive markets. In Parts IV and V, chapters examine business regulation, the societal cost of environmental pollution, and the role of financial markets in the economy. The final part explores labour and international trade. Developed to provide students with a solid introduction, Microeconomics is an ideal resource for courses and programs in the discipline.