Microeconomics

Product cover Image for Microeconomics

Microeconomics is a one-semester product that introduces students to the core concepts and tools that are standard in economics. We feature a panel of leading experts that explains economic principles in compelling ways and with meaningful, real-world examples. We reinforce concept explanations with rich, interactive media, and present a learning design model that promotes personal application and information mastery. As with our other media books, Microeconomics comes in pre-packaged versions that are optimized for traditional, hybrid, and online courses.

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Product Information

Our Authors

We create our product content using a Panel of Experts, with each lesson author focusing on his or her specific area of expertise. This translates to concept explanations and presentations that represent a broader set of experiences and perspectives than those found in traditional textbooks or courseware. Our Panel of experts for Microeconomics includes:

Peter Boettke, George Mason University
Per Bylund, Oklahoma State University
Art Carden, Samford University
William English, Georgetown University
Vance Fried, Oklahoma State University
Benjamin Powell, Texas Tech University
Peter Klein, Baylor University
Michael Munger, Duke University
James Otteson, Wake Forest University
Christine Ries, Georgia Institute of Technology
John Winters, Oklahoma State University

Instructor Supplements

At EdBooks, our commitment is to help faculty members create and deliver their ideal personal teaching solution, regardless of the learning context. This commitment includes learning design consultations, content recommendations and curation, and assistance with product customization. We also provide instructor-specific materials to support faculty in the preparation and delivery of their courses. These supplements include:

  • Sample syllabi for traditional, hybrid, and online courses
  • Instructor overview and suggestions for each lesson
  • Guide to supplemental resources for each lesson
  • Powerpoint presentation slides for each lesson
  • Alternate activities for each lesson,
Table of Contents

LESSON 1: Human Action: Scarcity, Cost, and Choice
Choice and scarcity of materials
-Scarcity of time
-Scarcity of cognition
Choice and opportunity cost
Value creation via wise choices

LESSON 2: Costs
Average and marginal costs
Fixed and variable costs
Economies of scale and experience effects
Sunk costs

LESSON 3: Comparative Advantage, Specialization, and Trade
Trade
The middleman advantage
Specialization

LESSON 4: Supply and Demand
The demand curve
Factors that change demand
The supply curve
Factors that change supply

LESSON 5: Changes in Supply and Demand
Substitutes
Changing expectations and preferences
Barriers to entry and exit
Production and supply

LESSON 6: Imperfect Markets
Barriers to entry
Market structures
Market power

LESSON 7: Property: Land, Labor, and Capital
Defining assets
Using assets to produce value
Asset valuation
Time preference

LESSON 8: Investing
What an investment represents
Simple net present value calculations
Stocks and bonds
Fluctuation of stock and bond prices
Real options

LESSON 9: Marginal Decision Making
Marginal or average?
Realistic or utopian?
Law of diminishing returns
Individual decision-making
Firm decision-making

LESSON 10: Production and the Firm
Boundaries of the firm
Transaction costs
The contracting solution
The organizational solution

CHAPTER 11: Organizations and Markets
Delegation and decentralization
Compensation and motivation
Cultural control
Evaluation

LESSON 12: Game Theory
Single-period games with simultaneous moves
Sequential and repeated games
Cooperative behavior

LESSON 13: Limits of Economic Thinking
Limited rationality
Measurement problems
Goals beyond utility maximization
Morality and utilitarianism

LESSON 14: The Market’s Invisible Hand: Exchange, Prices, and Profits
Price as signal and incentive
Profits as signal and incentive
Role of prices and profits in resource allocation
Role of prices and profits lead in value creation

LESSON 15: Selfishness, Self-interest, and Self-sacrifice
The Wealth of Nations and Theory of Moral Sentiments
Contrasting self-interest and selfishness
Mutually reinforcing nature of markets and morality
Voluntary cooperation and mutual respect
The limits of good intentions and generosity

LESSON 16: The Entrepreneur
The entrepreneur as bearer of uncertainty.
Entrepreneurial judgment and making educated guesses
The entrepreneur as driving force of the market
Creative destruction

LESSON 17: Market Place Ethics
Principal’s ethical constraints on Agent
Agent’s inalienable ethical responsibility
4 principles of marketplace ethics
-Refrain from using physical coercion and the threat of physical harm
-Refrain from fraud and improper deception
-Treat all parties with equal respect for their autonomy
-Honor your commitments

LESSON 18: Rules, Rhetoric, and Flourishing
What makes a country wealthy?
Formal institutions
Informal institutions

LESSON 19: Comparative Political Economy
Economics and politics
Socialism
Mixed economies
Free markets today
Freedom and prosperity

LESSON 20: THE MAN
Socialism: private property, prices, and profit and loss accounting
Socialism: the incentive problem
Socialism: the knowledge problem
Socialism: the moral problem
Socialism twin children: economic deprivation and political tyranny

LESSON 21: Political Entrepreneurship
Rent-seeking and robber barons
Limiting competition
Subsidies
Markets or politics
Government subsidized innovation

LESSON 22: Everyday Political Economy
The natural order to human affairs
The three-legged stool of political economy: public, private, and civic
How the public sector can help the private and civic sectors
How the public sector can hurt the private sectors
The problem of political corruption

LESSON 23: Economic Justice
Rawls or Nozick?
Poor equals or rich poor?
Economic justice in a classical liberal state.
Problems implementing aid
How much aid?

LESSON 23: The Social Entrepreneur
The social entrepreneur: a definition
Balancing financial and social mission
Analyzing a social venture idea
Non-profit status
-Financial implications
-Organizational implications

Price to Students

With EdBooks Economics, students pay one price and learn for life. A one-time fee of $75 for a standard mediabook grants students access to all their materials for the duration of a course, as well as ongoing access after they complete a course and leave the institution. Through the EdBooks Library, students will continue their lifelong learning journey with free access to their course content, as well as any updates we make to the curriculum. The EdBooks Library also supports community interaction and resource contributions by its members.

How to Adopt

Adopting an EdBooks product is easy. Simply contact us via e-mail at sales@edbooks.pub. We’ll follow-up immediately to help you get started.

Ways to Customize

We design each or our mediabooks, from the ground up, for customization. Our content is modular and can be reorganized or augmented easily. Here are some of the ways you can customize your content.

-You can resequence lessons in your media book, or swap out lessons with another mediabook from the EdBooks library
-You can modify lessons by adding your own content such as text, video, activities, quizzes, and discussions
-You can select from alternate assignments provided by our Content team

Product Demo

We’ve created a lesson demo to let you experience, firsthand, the advantages of our product’s content and learning design. Fill out this demo request for a guided overview from one of our staff.

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