<< Chapter < Page Chapter >> Page >
Principles of Microeconomics is designed for a one-semester microeconomics introductory course. It is traditional in coverage, including introductory economics content, microeconomics, and international economics. At the same time, the book includes a number of innovative and interactive features designed to enhance student learning. Instructors can also customize the book, adapting it to the approach that works best in their classroom.

Welcome to Principles of Microeconomics , an OpenStax resource. This textbook has been created with several goals in mind: accessibility, customization, and student engagement—all while encouraging students toward high levels of academic scholarship. Instructors and students alike will find that this textbook offers a strong foundation in microeconomics in an accessible format.

About openstax

OpenStax is a non-profit organization committed to improving student access to quality learning materials. Our free textbooks go through a rigorous editorial publishing process. Our texts are developed and peer-reviewed by educators to ensure they are readable, accurate, and meet the scope and sequence requirements of today’s college courses. Unlike traditional textbooks, OpenStax resources live online and are owned by the community of educators using them. Through our partnerships with companies and foundations committed to reducing costs for students, OpenStax is working to improve access to higher education for all. OpenStax is an initiative of Rice University and is made possible through the generous support of several philanthropic foundations.

About openstax’s resources

OpenStax resources provide quality academic instruction. Three key features set our materials apart from others: they can be customized by instructors for each class, they are a "living" resource that grows online through contributions from science educators, and they are available free or for minimal cost.


OpenStax learning resources are designed to be customized for each course. Our textbooks provide a solid foundation on which instructors can build, and our resources are conceived and written with flexibility in mind. Instructors can select the sections most relevant to their curricula and create a textbook that speaks directly to the needs of their classes and student body. Teachers are encouraged to expand on existing examples by adding unique context via geographically localized applications and topical connections.

Principles of Microeconomics can be easily customized using our online platform (http://cnx.org/content/col11627/). Simply select the content most relevant to your current semester and create a textbook that speaks directly to the needs of your class. Principles of Microeconomics is organized as a collection of sections that can be rearranged, modified, and enhanced through localized examples or to incorporate a specific theme of your course. This customization feature will ensure that your textbook truly reflects the goals of your course.

Questions & Answers

The convenient notion of utility
Sana Reply
the convenient concept of utility?
Could you help me with 10 questions
Definition of accounting
Buhari Reply
the convenient concept of utility?
What's the difference between normative and positive statements?
Utility is the power/ability of commodity/article to satisfy a need/want.
when there is a surplus of a product in an unregulated market there is a tendency for proce to rise or price to fall or quantity demand to increase or quantity supplied to increase
Karen Reply
what is oligopoly?
Nurina Reply
oligopoly is a small industry were there are few firms(not more than ten firms) each firms are likely to be aware of the action of the other firms
what is difference macro economy and microeconomic
Chhaya Reply
macro means large and micro means small in macro economics we study about whole economy and in micro economics we study about individuals like individual consumer
thank you
Please explain me the concept of elasticity.
what is Is corve
In simple terms, elasticity is defined as the responsiveness of one variable to another. That is, how a change in one variable affects other variables. With that in mind, price elasticity of demand measures how a change in the price of a given product affects its demand
elasticity shows how much one variable change due to change in another variable
acha what is valuable demand
where from u wani ruhee
what is the difference between disequilibrium in balance of payment and balance of trade?please.
what is Is curve
what is utility
Waseem wani from ANANTNAG district
utility means want satisfying power of a good
what is different economic growth and development
Chhaya Reply
It's simple growth is an quantitative concept and development is an quantitative concept. Example: Economic growth of particular country (GDP, Percapita Income) Development of that country( Literacy level, Human development and all).
In other words, you age is growth, it can be measure. How much skills and knowledge that your having this is Development, It cannot be measure.
In that first reply it's just typing mistake I am sorry, Development is an qualitative concept.
your welcome.!
right PM
Hearty thank you sir.,
Hi, Economist., Greetings of the day., This is Paramasivam P., PhD Research Scholar of Economics from India
Paramasivam Reply
Yah thanks to everyone., Greetings of the day.!
hi sir..
Your contents are very helpful
explain economic growth
STK Reply
what causes demand pull inflation
what causes demand pull inflation?
It starts with an increase in consumer demand
economic growth is the stability of money - when there is stability people will help the economy grow
What is scarcity
frank Reply
What cause demand pull inflation
Randy Reply
what is meaning of scarcity in urdu
Aarif Reply
scarcity means that there is limited resources but unlimited wants.
What is sunks cost
cost that have already incurred by a firm and cannot be recovered in a future.
cost taht cannor be avoided bcz they have already incurred
is this in urdu books on mbl of am economice
Arham Reply
it is the total quantity of goods a consumer is willing and able to buy at a particular time. with respect to price
Jeremiah Reply
what is demand
Mohammed Reply
demand is  willingness to pay a price for a specific good or service.
difference between change in demand and quantity demanded
Respicious Reply
Change in demand is as a result of increase In price or decrease in price of commodities at a particular time. Quantity demanded is defined as total quantity of goods a consumer is willing and able buy at a given price and at a particular time.

Get the best Microeconomics course in your pocket!

Source:  OpenStax, Microeconomics. OpenStax CNX. Aug 03, 2014 Download for free at http://legacy.cnx.org/content/col11627/1.10
Google Play and the Google Play logo are trademarks of Google Inc.

Notification Switch

Would you like to follow the 'Microeconomics' conversation and receive update notifications?