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Principles of Microeconomics
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Bring the study of economics to life with PRINCIPLES OF MICROECONOMICS, 7TH EDITION. Award-winning educator and author Fred Gottheil speaks directly to student experience through a conversational writing style and narrative that uses stories, familiar examples, engaging scenarios, and relevant examples from literature emphasizing that economic principles can be found in all aspects of modern life. The text focuses on the key questions and presents the basic concepts-developing economic analysis step-by-step. The result is a more interactive and enjoyable learning experience when compared to the pedantic approaches often found in texts. Each chapter in the seventh edition has been thoroughly revised to reflect the most relevant data and critical issues, such as how the rash of foreclosures that continues to plague our economy today is related to the repeal of the 1933 Glass-Steagall Act in 1999, as well as emerging issues such as the current research on the Economics of Happiness and its integration into utility analysis. The Keynesian concept of the liquidity trap is new to the text and is added to help explain the factors that undermine the effectiveness of current monetary policy. We invite you to see for yourself how Fred Gottheil's approach will help to shorten the distance between students and the exciting study of economics.
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Table of Contents

PART I. THE BASICS OF ECONOMIC ANALYSIS. 1. Introduction. 2. Production Possibilities and Opportunity Costs. 3. Demand and Supply. PART II. INTRODUCTION TO MICROECONOMICS. 4. Elasticity. 5. Happiness, Utility, and Consumer Choice. 6. Price Ceilings and Price Floors. 7. Entrepreneurship and Business Ownership PART III. THE MICROECONOMICS OF PRODUCT MARKETS. 8. Costs of Production. 9. Maximizing Profit. 10. Identifying Markets and Market Structures. 11. Price and Output in Monopoly, Monopolistic Competition, and Perfect Competition. 12. Price and Output Determination Under Oligopoly. 13. Antitrust and Regulation. 14. Externalities, Market Failure, and Public Choice. PART IV. THE MICROECONOMICS OF FACTOR MARKETS. 15. Wage Rates in Competitive Labor Markets. 16. Wages and Employment: Monopsony and Labor Unions. 17. Interest, Rent, and Profit. 18. Income Distribution and Poverty. PART V. THE WORLD ECONOMY. 19. International Trade. 20. Exchange Rates, Balance of Payments, and International Debt. 21. Economic Problems of Less-Developed Economies.

About the Author

Fred M. Gottheil is a professor of economics at the University of Illinois in Urbana-Champaign. He came to Illinois in 1960, planning to spend one year before returning to his native Canada. But he fell in love with the campus, the community, and the Midwest, and has been at Illinois ever since. He earned his undergraduate degree at McGill University in Montreal, Canada and his Ph.D. at Duke University. His primary teaching is the principles of economics, and on occasion, he has taught the history of economic thought, Marxian economics, and the economics of the Middle East. He is the author of "Marx's Economic Predictions" and numerous articles that have appeared in scholarly journals, among them the "American Economic Review", the "Canadian Journal of Economics", the "Journal of Post-Keynesian Economics" and the "Middle East Reviews." Although he enjoys research, his labor of love is teaching the principles course. His classes have been as large as 1,800 students. He has won a plethora of teaching from the university, the college, and department of economics. Aside from his research and publications as a professor of economics, Professor Gottheil is also on the university's medical faculty, co-teaching the College of Medicine's course on medicine and society. As well, he is director of the University of Illinois's Center of Economic Education. In this capacity, he organizes and team-teaches minicourses and workshops on the principles of economics. He was a White House consultant on the Middle East during the Carter Administration and offered expert testimony to several congressional committees. Professor Gottheil was a visiting professor at Northwestern University and at Hebrew University in Jerusalem, Israel. He has lectured at many universities in the United States, Canada, and abroad, including universities in Syria, Egypt, Israel, and Jordan.

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PART I. THE BASICS OF ECONOMIC ANALYSIS. 1. Introduction. 2. Production Possibilities and Opportunity Costs. 3. Demand and Supply. PART II. INTRODUCTION TO MICROECONOMICS. 4. Elasticity. 5. Happiness, Utility, and Consumer Choice. 6. Price Ceilings and Price Floors. 7. Entrepreneurship and Business Ownership PART III. THE MICROECONOMICS OF PRODUCT MARKETS. 8. Costs of Production. 9. Maximizing Profit. 10. Identifying Markets and Market Structures. 11. Price and Output in Monopoly, Monopolistic Competition, and Perfect Competition. 12. Price and Output Determination Under Oligopoly. 13. Antitrust and Regulation. 14. Externalities, Market Failure, and Public Choice. PART IV. THE MICROECONOMICS OF FACTOR MARKETS. 15. Wage Rates in Competitive Labor Markets. 16. Wages and Employment: Monopsony and Labor Unions. 17. Interest, Rent, and Profit. 18. Income Distribution and Poverty. PART V. THE WORLD ECONOMY. 19. International Trade. 20. Exchange Rates, Balance of Payments, and International Debt. 21. Economic Problems of Less-Developed Economies.

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