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Microeconomics Principles And Tools
Microeconomics Principles And Tools emphasizes the key principles and ideas of economics. The text teaches the reader how to think like an economist, showing the applecations of economic concepts in the real world. By giving students many opportunities to perform their own economic analysis, the author make economics dynamic and exciting. Builds an intuitive understanding of economics by identifying repeatedly returning to the five key principles of economics: - The Principle of Opportunity Cost, The opportunity cost of something is what you sacrifice to get it. - The Marginal Principle, Pick the level of an activity at which the marginal benefit equals the marginal cost. - The Principle of Diminishing Returns, If we increase one input while holding the other inputs fixed, output will increase, but at a decreasing rate. - The Spillover Principle, In Some circumstances, decision markers do not bear all the costs or experience all the benefit from their decisions. - The Reality Principle, What matters to people is real value or purchasing power of mony or income, not its face value. Treats economics as an active discipline in which students move from reading to understanding. Includes a variety of active learning features to engage the reader.
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