Like so many experienced teachers, these authors believe students learn best if topics are introduced in the context of ideas and situations they can ... Show synopsis Like so many experienced teachers, these authors believe students learn best if topics are introduced in the context of ideas and situations they can relate to. This textbook mirrors what professors already do in the classroom: it frames each major concept in a student-oriented example that extends through the entire chapter. Introduction: Economics: The Science of Everyday Life; Efficiency and Allocation in the Global Economy; The American Economy in a Global Setting; Introduction to the Demand and Supply Framework; Elasticity; Market Efficiency and Government Intervention. The Role of Consumers and Firms: Consumer Behavior; Firm Production and Cost. Market Structure, Pricing, and Public Policy: Perfect Competition; Monopoly; Monopolistic Competition and Product Differentiation; Oligopoly; Antitrust, Regulation, and Deregulation. Resource Markets, Market Failure, and Public Goods: Firms and Financial Markets; Labor Markets; Poverty and the Distribution of Income; Market Failure: Public Goods and Externalities. International Trade and Finance: International Trade; International Finance. For all readers interested in microeconomics.