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Principles of Microeconomics 3e

The economy moves fast. Our microeconomics course online keeps you moving faster, smarter, and way more confident.

(MICROECO.AS1) / ISBN : 978-1-64459-715-6
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About This Course

Enroll in our Principles of Microeconomics online course to master the fundamentals of how markets work, from supply and demand to competition and consumer choice.  

In this course, explore key concepts like elasticity, labor markets, monopolies, and international trade, all through interactive lessons. Learn how individuals and businesses make decisions under scarcity, analyze pricing strategies, and understand the role of government in the economy.  

Gain practical insights through self-checks, critical thinking exercises, and problem-solving scenarios.

Skills You’ll Get

  • Market Mechanics: Master the core principles of supply, demand, and equilibrium to predict price changes and market behavior.
  • Consumer & Business Decisions: Learn how individuals and firms make choices under scarcity, budget constraints, and competition.  
  • Market Structures: Compare perfect competition, monopolies, and oligopolies to understand pricing, efficiency, and regulation.  
  • Elasticity & Pricing Strategies: Discover how demand elasticity influences pricing, revenue, and business strategies.  
  • Government & Policy Impact: Examine taxes, subsidies, antitrust laws, and trade policies to see how they shape economic outcomes.  
  • Economic Models for Real-World Problems: Develop the ability to apply microeconomic theories to business, finance, and public policy challenges.
Download Course Outline

1

Preface

2

Welcome to Economics!

  • Introduction
  • What Is Economics, and Why Is It Important?
  • Microeconomics and Macroeconomics
  • How Economists Use Theories and Models to Understand Economic Issues
  • How To Organize Economies: An Overview of Economic Systems
  • Key Concepts and Summary
  • Self-Check Questions 
  • Review Questions
  • Critical Thinking Questions
3

Choice in a World of Scarcity

  • Introduction to Choice in a World of Scarcity
  • How Individuals Make Choices Based on Their Budget Constraint
  • The Production Possibilities Frontier and Social Choices
  • Confronting Objections to the Economic Approach
  • Key Concepts and Summary
  • Self-Check Questions 
  • Review
  • Critical Thinking Questions
  • Problems
4

Demand and Supply

  • Introduction to Demand and Supply
  • Demand, Supply, and Equilibrium in Markets for Goods and Services
  • Shifts in Demand and Supply for Goods and Services
  • Changes in Equilibrium Price and Quantity: The Four-Step Process
  • Price Ceilings and Price Floors
  • Demand, Supply, and Efficiency
  • Key Concepts and Summary
  • Self-Check Questions
  • Review Questions
  • Critical Thinking Questions
  • Problems
5

Labor and Financial Markets 

  • Introduction to Labor and Financial Markets
  • Demand and Supply at Work in Labor Markets
  • Demand and Supply in Financial Markets
  • The Market System as an Efficient Mechanism for Information
  • Key Concepts and Summary
  • Self-Check Questions
  • Review Questions
  • Critical Thinking Questions
  • Problems
6

Elasticity

  • Introduction to Elasticity
  • Price Elasticity of Demand and Price Elasticity of Supply
  • Polar Cases of Elasticity and Constant Elasticity
  • Elasticity and Pricing
  • Elasticity in Areas Other Than Price
  • Key Concepts and Summary
  • Self-Check Questions
  • Review Questions
  • Critical Thinking Questions
  • Problems
7

Consumer Choices

  • Introduction to Consumer Choices
  • Consumption Choices
  • How Changes in Income and Prices Affect Consumption Choices
  • Behavioral Economics: An Alternative Framework for Consumer Choice
  • Key Concepts and Summary
  • Self-Check Questions
  • Review Question
  • Critical Thinking Question
  • Problems
8

Production, Costs, and Industry Structure

  • Introduction to Production, Costs, and Industry Structure
  • Explicit and Implicit Costs, and Accounting and Economic Profit
  • Production in the Short Run
  • Costs in the Short Run
  • Production in the Long Run
  • Costs in the Long Run
  • Key Concepts and Summary
  • Self-Check Questions
  • Review Questions
  • Critical Thinking Questions
  • Problems
9

Perfect Competition

  • Introduction to Perfect Competition
  • Perfect Competition and Why It Matters
  • How Perfectly Competitive Firms Make Output Decisions
  • Entry and Exit Decisions in the Long Run
  • Efficiency in Perfectly Competitive Markets
  • Key Concepts and Summary
  • Self-Check Questions
  • Review Questions
  • Critical Thinking Questions
  • Problems
10

Monopoly

  • Introduction to a Monopoly
  • How Monopolies Form: Barriers to Entry
  • How a Profit-Maximizing Monopoly Chooses Output and Price
  • Key Concepts and Summary
  • Self-Check Questions
  • Review Questions
  • Critical Thinking Questions
  • Problems
11

Monopolistic Competition and Oligopoly

  • Introduction to Monopolistic Competition and Oligopoly
  • Monopolistic Competition
  • Oligopoly
  • Key Concepts and Summary
  • Self-Check Questions
  • Review Questions
  • Critical Thinking Questions
  • Problems
12

Monopoly and Antitrust Policy

  • Introduction to Monopoly and Antitrust Policy
  • Corporate Mergers
  • Regulating Anticompetitive Behavior
  • Regulating Natural Monopolies
  • The Great Deregulation Experiment
  • Key Concepts and Summary
  • Self-Check Questions
  • Review Questions
  • Critical Thinking Questions
  • Problems
13

Environmental Protection and Negative Externalities

  • Introduction to Environmental Protection and Negative Externalities
  • The Economics of Pollution
  • Command-and-Control Regulation
  • Market-Oriented Environmental Tools
  • The Benefits and Costs of U.S. Environmental Laws
  • International Environmental Issues
  • The Tradeoff between Economic Output and Environmental Protection
  • Key Concepts and Summary
  • Self-Check Questions
  • Review Questions
  • Critical Thinking Questions
  • Problems
14

Positive Externalities and Public Goods

  • Introduction to Positive Externalities and Public Goods
  • Investments in Innovation
  • How Governments Can Encourage Innovation
  • Public Goods
  • Key Concepts and Summary
  • Self-Check Questions
  • Review Questions
  • Critical Thinking Questions
  • Problems
15

Labor Markets and Income

  • Introduction to Labor Markets and Income
  • The Theory of Labor Markets
  • Wages and Employment in an Imperfectly Competitive Labor Market
  • Market Power on the Supply Side of Labor Markets: Unions
  • Bilateral Monopoly
  • Employment Discrimination
  • Immigration
  • Key Concepts and Summary
  • Self-Check Questions
  • Review Questions
  • Critical Thinking Questions
16

Poverty and Economic Inequality

  • Introduction to Poverty and Economic Inequality
  • Drawing the Poverty Line
  • The Poverty Trap
  • The Safety Net
  • Income Inequality: Measurement and Causes
  • Government Policies to Reduce Income Inequality
  • Key Concepts and Summary
  • Self-Check Question
  • Review Questions
  • Critical Thinking Questions
  • Problems
17

Information, Risk, and Insurance

  • Introduction to Information, Risk, and Insurance
  • The Problem of Imperfect Information and Asymmetric Information
  • Insurance and Imperfect Information
  • Key Concepts and Summary
  • Self-Check Questions
  • Review Questions
  • Critical Thinking Questions
  • Problems
18

Financial Markets

  • Introduction to Financial Markets
  • How Businesses Raise Financial Capital
  • How Households Supply Financial Capital
  • How to Accumulate Personal Wealth
  • Key Concepts and Summary
  • Self-Check Questions
  • Review Questions
  • Critical Thinking Questions
  • Problems
19

Public Economy

  • Introduction to Public Economy
  • Voter Participation and Costs of Elections
  • Special Interest Politics
  • Flaws in the Democratic System of Government
  • Key Concepts and Summary
  • Self-Check Questions
  • Review Questions
  • Critical Thinking Questions
  • Problems
20

International Trade

  • Introduction to International Trade
  • Absolute and Comparative Advantage
  • What Happens When a Country Has an Absolute Advantage in All Goods
  • Intra-industry Trade between Similar Economies
  • The Benefits of Reducing Barriers to International Trade
  • Key Concepts and Summary
  • Self-Check Questions
  • Review Questions
  • Critical Thinking Questions
  • Problems
21

Globalization and Protectionism

  • Introduction to Globalization and Protectionism
  • Protectionism: An Indirect Subsidy from Consumers to Producers
  • International Trade and Its Effects on Jobs, Wages, and Working Conditions
  • Arguments in Support of Restricting Imports
  • How Governments Enact Trade Policy: Globally, Regionally, and Nationally
  • The Tradeoffs of Trade Policy
  • Key Concepts and Summary
  • Self-Check Questions
  • Review Questions
  • Critical Thinking Questions
  • Problems
A

Appendix A: The Use of Mathematics in Principles of Economics

  • Algebraic Models
  • Growth Rates
  • Displaying Data Graphically and Interpreting the Graph
  • Key Concepts and Summary
  • Review Questions
B

Appendix B: Indifference Curves

  • What Is an Indifference Curve?
  • Utility-Maximizing with Indifference Curves
  • Changes in Income
  • Responses to Price Changes: Substitution and Income Effects
  • Indifference Curves with Labor-Leisure and Intertemporal Choices
  • Sketching Substitution and Income Effects
  • Key Concepts and Summary
  • Review Questions
C

Appendix C Present Discounted Value

  • Applying Present Discounted Value to a Stock
  • Applying Present Discounted Value to a Bond
  • Other Applications

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  • Microeconomics studies individual and business decisions, like supply, demand, pricing, and competition, within specific markets.
  • Macroeconomics looks at the economy as a whole, covering GDP, inflation, unemployment, and government policies.

The core principles include:

  • Scarcity – Limited resources force trade-offs.
  • Supply & Demand – Prices adjust based on market forces.
  • Costs & Benefits – Decisions weigh marginal gains vs. losses.
  • Incentives – People respond to rewards and penalties.
  • Trade & Comparative Advantage – Specialization boosts efficiency.
  • Market Structures – Competition vs. monopolies affect pricing.
  • Role of Government – Taxes, subsidies, and regulations influence markets.

  • Consumer Demand Theory – How buyers make choices based on utility and budget.
  • Production Theory – How firms maximize output while minimizing costs.
  • Market Structure Theory – How competition, monopolies, and oligopolies operate.
  • Game Theory – How strategic interactions affect decision-making in economics.

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