Principles of microeconomics for ap® courses

OpenStax

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0.1 About openstax

0.2 About openstax’s resources

0.3 Customization

0.6 About Principles of Microeconomics for AP ® Courses

0.7 Coverage and scope

0.8 Pedagogical foundation

0.9 Questions for each level of learning

0.10 Updated art

0.11 About our team

0.12 Senior contributing author

0.13 Senior content expert

0.14 Senior contributors

0.16 Ancillaries

1 The use of mathematics in principles of economics

2 Indifference curves

3 Present discounted value

Welcome to economics!

1 What is economics, and why is it important?

2 Microeconomics and macroeconomics

3 How economists use theories and models to understand economic issues

4 How economies can be organized: an overview of economic systems

Choice in a world of scarcity

Introduction to choice in a world of scarcity

1 How individuals make choices based on their budget constraint

2 The production possibilities frontier and social choices

3 Confronting objections to the economic approach

Demand and supply

Introduction to demand and supply

1 Demand, supply, and equilibrium in markets for goods and services

2 Shifts in demand and supply for goods and services

3 Changes in equilibrium price and quantity: the four-step process

4 Price ceilings and price floors

5 Demand, supply and efficiency

Labor and financial markets

Introduction to labor and financial markets

1 Demand and supply at work in labor markets

2 Demand and supply in financial markets

3 The market system as an efficient mechanism for information

Introduction to elasticity

1 Price elasticity of demand and price elasticity of supply

2 Polar cases of elasticity and constant elasticity

3 Elasticity and pricing

4 Elasticity in areas other than price

Consumer choices

Introduction to consumer choices

1 Consumption choices

2 How changes in income and prices affect consumption choices

3 Labor-leisure choices

4 Intertemporal choices in financial capital markets

Cost and industry structure

Introduction to cost and industry structure

1 Explicit and implicit costs, and accounting and economic profit

2 The structure of costs in the short run

3 The structure of costs in the long run

Perfect competition

Introduction to perfect competition

1 Perfect competition and why it matters

2 How perfectly competitive firms make output decisions

3 Entry and exit decisions in the long run

4 Efficiency in perfectly competitive markets

Introduction to a monopoly

1 How monopolies form: barriers to entry

2 How a profit-maximizing monopoly chooses output and price

Monopolistic competition and oligopoly

Introduction to monopolistic competition and oligopoly

1 Monopolistic competition

Monopoly and antitrust policy

Introduction to monopoly and antitrust policy

1 Corporate mergers

2 Regulating anticompetitive behavior

3 Regulating natural monopolies

4 The great deregulation experiment

Environmental protection and negative externalities

Introduction to environmental protection and negative externalities

1 The economics of pollution

2 Command-and-control regulation

3 Market-oriented environmental tools

4 The benefits and costs of u.s. environmental laws

5 International environmental issues

6 The tradeoff between economic output and environmental protection

6.1 Key concepts and summary

Positive externalitites and public goods

Introduction to positive externalities and public goods

1 Why the private sector under invests in innovation

1.1 The positive externalities of new technology

1.2 Why invest in human capital?

1.3 Other examples of positive externalities

1.4 Key concepts and summary

2 How governments can encourage innovation

3.1 The definition of a public good

3.2 The free rider problem of public goods

3.3 The role of government in paying for public goods

3.4 Common resources and the “tragedy of the commons”

3.5 Positive externalities in public health programs

3.6 Key concepts and summary

Poverty and economic inequality

Introduction to poverty and economic inequality

1 Drawing the poverty line

2 The poverty trap

3 The safety net

4 Income inequality: measurement and causes

5 Government policies to reduce income inequality

Issues in labor markets: unions, discrimination, immigration

Introduction to issues in labor markets: unions, discrimination,

2 Employment discrimination

Information, risk, and insurance

Introduction to information, risk, and insurance

1 The problem of imperfect information and asymmetric information

2 Insurance and imperfect information

Financial markets

Introduction to financial markets

1 How businesses raise financial capital

2 How households supply financial capital

3 How to accumulate personal wealth

Introduction to public economy

1 Voter participation and costs of elections

2 Special interest politics

3 Flaws in the democratic system of government

3.1 Where is government’s self-correcting mechanism?

3.2 A balanced view of markets and government

3.3 Key concepts and summary

International trade

Introduction to international trade

1 Absolute and comparative advantage

2 What happens when a country has an absolute advantage in all goods

3 Intra-industry trade between similar economies

4 The benefits of reducing barriers to international trade

Globalization and protectionism

Introduction to globalization and protectionism

1 Protectionism: an indirect subsidy from consumers to producers

2 International trade and its effects on jobs, wages, and working conditions

3 Arguments in support of restricting imports

4 How trade policy is enacted: globally, regionally, and nationally

5 The tradeoffs of trade policy

Source: OpenStax, Principles of microeconomics for ap® courses. OpenStax CNX. Aug 24, 2015 Download for free at http://legacy.cnx.org/content/col11858/1.4

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