This work emphasizes achieving a mastery of the basic principles of economics and developing problem solving tools that can be applied to many social, political, and business issues. This volume covers microeconomics.
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A distinguished professor of economics at Pepperdine University's Seaver College, Robert Sexton is a graduate of California Lutheran College and received his M.A. and Ph.D. degrees from the University of Colorado. Dr. Sexton writes frequently for economic and business journals and is the author of nine books on economics, including his newly released EXPLORING ECONOMICS and Survey of ECON published by South-Western/Cengage Learning. His research spans American economic history, economic policy analysis, statutes and enforcement costs, public choice, regional economics, migration, and economic education. Professor Sexton has been a visiting professor at UCLA and was Pepperdine's 1991 Professor of the Year. His professional achievements have been recognized with the Howard A. White Memorial Teaching Award, the Luckman Distinguished Teaching Fellowship, and multiple Merit Acceleration Awards for excellence in teaching and research.Review:
Part I: INTRODUCTION. 1. The Role and Method of Economics. 2. Economics: Eight Powerful Ideas. 3. Scarcity, Trade-Off, and Production Possibilities. Part II: SUPPLY AND DEMAND. 4. Demand, Supply and Market Equilibrium. 5. Markets in Motion and Price Controls. 6. Elasticity. Part III: MARKET EFFICIENCY, MARKET FAILURE, AND THE PUBLIC SYSTEM. 7. Market Efficiency and Welfare. 8. Market Failure. 9. Public Finance and Public Choice. Part IV: HOUSEHOLDS AND MARKET STRUCTURE. 10. Consumer Choice Theory. 11. The Firm: Production and Cost. 12. Firms in Perfectly Competitive Markets. 13. Monopoly and Antitrust. 14. Monopolistic Competition and Product Differentiation. 15. Oligopoly and Strategic Behavior. Part V: INPUT MARKETS AND MICROECONOMIC POLICY ISSUES. 16. The Markets for Labor, Capital, and Land. 17. Income, Poverty and Health Care. Part VI: THE GLOBAL ECONOMY. 18. International Trade. 19. International Finance.
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