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The economy is tough -- but understanding microeconomics doesn't have to be. In fact, opening the world of economics can be exciting with Arnold's popular MICROECONOMICS, 14E. Economic tools, new thinking and theories show you how microeconomic forces impact daily events and form an important part of life 24/7. Current, everyday microeconomic examples and updated discussions and learning features illustrate many unexpected places economics can occur. You learn how supply and demand play out on a freeway, what a business cycle is, how a person pays for good weather and even why U-Haul rates are higher going from New York to Texas than from Texas to New York. Two new chapters examine health economics and economic research, including casual inference and machine learning. Digital video lectures and digital features guide you in understanding economic diagrams and building graphs, while online MindTap, Aplia and A+ Test Prep help you assess your understanding of microeconomics.

Microeconomics

An Introduction to Economics.Part I: ECONOMICS: THE SCIENCE OF SCARCITY.1. What Economics Is About.Appendix A: Working with Diagrams.Appendix B: Should You Major in Economics?2. Production Possibilities Frontier Framework.3. Supply and Demand: Theory.4. Prices: Free, Controlled, and Relative.5. Supply, Demand, and Price: Applications.Microeconomics.Part II: MICROECONOMIC FUNDAMENTALS.6. Elasticity.7. Consumer Choice: Maximizing Utility and Behavioral Economics.Appendix C: Budget Constraint and Indifference Curve Analysis.8. Production and Costs.Part III: PRODUCT MARKETS AND POLICIES.9. Perfect Competition.10. Monopoly.11. Monopolistic Competition, Oligopoly, and Game Theory.12. Government and Product Markets: Antitrust and Regulation.Part IV: FACTOR MARKETS AND RELATED ISSUES.13. Factor Markets: With Emphasis on the Labor Market.14. Wages, Unions, and Labor.15. The Distribution of Income and Poverty.16. Interest, Rent, and Profit.Part V: HEALTH ECONOMICS.17. Health Economics: Experiments, Disparities, and Prices.Part VI: MARKET FAILURE, PUBLIC CHOICE, AND SPECIAL-INTEREST-GROUP POLITICS.18. Market Failure: Externalities, Public Goods, and Asymmetric Information.19. Public Choice and Special-Interest-Group Politics.20. Creative Destruction and Crony Capitalism: Two Forces on the Economic Landscape Today.Part VII: ECONOMIC THEORIES AND RESEARCH.21. New Frontiers in Economic Research: Causal Inference and Machine Learning.Part VIII: INTERNATIONAL TRADE AND FINANCE.22. International Trade.23. International Finance.