Loose Leaf for Principles of Microeconomics

by Kate Antonovics, Ben Bernanke, Ori Heffetz, Robert H. Frank

Overview

Principles of Microeconomics focuses on seven core principles to produce economic naturalists through active learning. By eliminating overwhelming detail and focusing on core principles, students from all backgrounds are able to gain a deeper understanding of economics. Focused on helping students become "economic naturalists," people who employ basic economic principles to understand and explain what they observe in the world around them. COVID-19 pandemic content, analysis, and examples further engage students.

With engaging questions, explanations, exercises and videos, the authors help students relate economic principles to a host of everyday experiences such as going to the ATM or purchasing airline tickets. Throughout this process, the authors encourage students to become "economic naturalists." Author developed Learning Glass concept overview videos and Worked Problem videos give students an overview of challenging and important concepts.

With new videos and engagement tools in Connect, like Application-Based Activities, alongside SmartBook's adaptive reading experience, the 8th edition enables instructors to spend class time engaging, facilitating, and answering questions instead of lecturing on the basics.

Product Details

ISBN-13:	9781264250424
Publisher:	McGraw Hill LLC
Publication date:	01/25/2021
Pages:	480
Product dimensions:	6.00(w) x 1.25(h) x 9.00(d)
Age Range:	18 Years

About the Author

Professor Antonovics received her B.A. from Brown University in 1993 and her Ph.D. in economics from the University of Wisconsin in 2000. Shortly thereafter, she joined the faculty in the Economics Department at the University of California, San Diego, where she has been ever since. Professor Antonovics is known for her superb teaching and her innovative use of technology in the classroom. Her highly popular introductory-level microeconomics course regularly enrolls over 450 students each fall. She also teaches labor economics at both the undergraduate and graduate level. In 2012, she received the UCSD Department of Economics award for best undergraduate teaching. Professor Antonovics’s research has focused on racial discrimination, gender discrimination, affirmative action, intergenerational income mobility, learning, and wage dynamics. Her papers have appeared in the American Economic Review, the Review of Economics and Statistics, the Journal of Labor Economics, and the Journal of Human Resources. She is a member of both the American Economic Association and the Society of Labor Economists.

2022 Nobel Prize winner, Professor Bernanke received his B.A. in economics from Harvard University in 1975 and his Ph.D. in economics from MIT in 1979. He taught at the Stanford Graduate School of Business from 1979 to 1985 and moved to Princeton University in 1985, where he was named the Howard Harrison and Gabrielle Snyder Beck Professor of Economics and Public Affairs where he served as chair of the Economics Department. Professor Bernanke is currently a Distinguished Fellow in Residence with the Economic Studies Program at the Brookings Institution.

Professor Bernanke was sworn in on February 1, 2006, as chair and a member of the Board of Governors of the Federal Reserve System; his second term expired January 31, 2014. Professor Bernanke also served as chair of the Federal Open Market Committee, the Fed’s principal monetary policymaking body. Professor Bernanke was also chair of the President’s Council of Economic Advisers from June 2005 to January 2006. Professor Bernanke’s intermediate textbook, with Andrew Abel and Dean Croushore, Macroeconomics, 9th Edition (Addison-Wesley, 2017), is a best-seller in its field. He has authored numerous scholarly publications in macroeconomics, macroeconomic history, and finance. He has done significant research on the causes of the Great Depression, the role of financial markets and institutions in the business cycle, and measurement of the effects of monetary policy on the economy.

Professor Bernanke has held a Guggenheim Fellowship and a Sloan Fellowship, and he is a Fellow of the Econometric Society and of the American Academy of Arts and Sciences. He served as the director of the Monetary Economics Program of the National Bureau of Economic Research (NBER) and as a member of the NBER’s Business Cycle Dating Committee. From 2001 to 2004 he served as editor of the American Economic Review, and as president of the American Economic Association in 2019. Professor Bernanke’s work with civic and professional groups includes having served two terms as a member of the Montgomery Township (New Jersey) Board of Education.

In 2022, Dr. Bernanke, was awarded the Nobel Prize in Economics in Stockholm, Sweden. He was awarded the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2022 for his work on bank runs and measures to prevent them. He changed our understanding of economic downturns. Dr. Bernanke’s research showed how bank runs and failed monetary policy prolonged the Great Depression (1929-1939). Bernanke’s work was invaluable during the 2008 global financial crisis when, as Fed Chair, he applied the lessons from the great depression and pioneered the emergency lending programs the central banks used to address the crisis.

Professor Heffetz received hisB.A. in physics and philosophy from Tel Aviv University in 1999 and his Ph.D.in economics from Princeton University in 2005. He is a Professor of Economicsat the Samuel Curtis Johnson Graduate School of Management at Cornell University, and at the Economics Department at the Hebrew University of Jerusalem. Bringing the real world into theclassroom, Professor Heffetz has created a unique macroeconomics course thatintroduces basic concepts and tools from economic theory and applies them tocurrent news and global events. His popular classes are taken by hundreds ofstudents every year on Cornell’s Ithaca and New York City campuses, inJerusalem, in Toronto, and via live videoconferencing in dozens of citiesacross the United States, Canada, and Latin America. Professor Heffetz’s researchstudies the social and cultural aspects of economic behavior, focusing on themechanisms that drive consumers’ choices and on the links between economicchoices, individual well-being, and policymaking. He has published scholarlywork on economic indicators, well-being measures, household consumption patterns, individual economic decision making, and survey methodology andmeasurement. He was a visiting scholar at the Bank of Israel (2011), UCBerkeley (2019), Harvard (2019), and Princeton (2022); is currently a ResearchAssociate at the National Bureau of Economic Research (NBER); and serves aschair of the Public Council of Statistics Israel and as editor of Social Choiceand Welfare.

Professor Heffetz received his B.A. in physics and philosophy from Tel Aviv University in 1999 and his Ph.D. in economics from Princeton University in 2005. He is an Associate Professor of Economics at the Samuel Curtis Johnson Graduate School of Management at Cornell University, where he has taught since 2005. Bringing the real world into the classroom, Professor Heffetz has created a unique macroeconomics course that introduces basic concepts and tools from economic theory and applies them to current news and global events. His popular classes are taken by hundreds of students every year, on the Cornell Ithaca campus and, via live videoconferencing, in dozens of cities across the U.S., Canada, and beyond. Professor Heffetz’s research studies the social and cultural aspects of economic behavior, focusing on the mechanisms that drive consumers’ choices and on the links between economic choices, individual well-being, and policymaking. He has published scholarly work on household consumption patterns, individual economic decision making, and survey methodology and measurement. He was a visiting researcher at the Bank of Israel during 2011, is currently a Faculty Research Fellow at the National Bureau of Economic Research (NBER), and serves on the editorial board of Social Choice and Welfare.

Table of Contents

PART 1: Introduction
1. Thinking Like an Economist
2. Comparative Advantage
3. Supply and Demand
PART 2: Competition and the Invisible Hand
4. Elasticity
5. Demand
6. Perfectly Competitive Supply
7. Efficiency, Exchange, and the Invisible Hand in Action
PART 3: Market Imperfections
8. Monopoly, Oligopoly, and Monopolistic Competition
9. Games and Strategic Behavior
10. An Introduction to Behavioral Economics
11. Externalities, Property Rights, and the Environment
PART 4: Economics of Public Policy
12. The Economics of Information
13. Labor Markets, Poverty, and Income Distribution
14. Public Goods and Tax Policy
PART 5: International Trade
15. International Trade and Trade Policy