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Microeconomics - 7th edition

ISBN13: 978-0324236705

Cover of Microeconomics 7TH 05 (ISBN 978-0324236705)
ISBN13: 978-0324236705
ISBN10: 0324236700
Cover type:
Edition/Copyright: 7TH 05
Publisher: South-Western Publishing Co.
Published: 2005
International: No

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Microeconomics - 7TH 05 edition

ISBN13: 978-0324236705

Roger A. Arnold

ISBN13: 978-0324236705
ISBN10: 0324236700
Cover type:
Edition/Copyright: 7TH 05
Publisher: South-Western Publishing Co.

Published: 2005
International: No

Offering a unique blend of solid theoretical content and student accessibility, this text: 1) covers all the basics of microeconomics, 2) gives students a clear idea of how economists think about the world, 3) stresses the key concepts in economics, and 4) is extremely rich in intriguing applications that convey the prevalence of economics in everyday life. Many principles instructors are constantly challenged with the goal of getting students excited about realization that economics is everywhere! Arnold has taken this to another level. He is so passionate about touching his students that he felt the need to write a Microeconomics text that is dedicated to opening the science of economics through the pictures and applications of our lives. Arnold is considered the most innovative author in this market to meet the fast pace interests of both instructors and students. His five themes of Theory and Model building, Key Concepts, Primary and Secondary Consequences, Real-World Applications, and the idea that Economics is about gifts, exchanges, and transfers, set the tone for a teaching text that is extremely approachable by instructors and students.


  • NEW! Homework Express!: This product is a text-specific homework management system that alleviates the instructor's administrative burden of assigning and grading homework, making it simple to give frequent assignments and track results in an online gradebook.
  • "Thinking Like an Economist" Features: Most books purport to addresses the common goal of teaching students to think like an economist, but only Arnold incorporates these features that directly show students how economists actually look at the world and conceptually think about the technical material being presented.
  • Self-Assessment Features: "Self-Check" questions throughout each chapter provide an opportunity to stop and check comprehension of material just read. Answers are included at the end of the text.
  • Active Learning Format: A unique active learning format integrates questions that students would likely ask if they had the opportunity. The questions add the personal quality and benefits of classroom interaction, provide a more active reading experience, and clarify potential problem areas before going further into the discussion.
  • New Pedagogical Features: New student learning features in this edition include "Chapter Road Maps", which introduce the chapter material in a few words and one picture to give the student a visual exhibit to show where specific chapter topics fit into "the big picture", and "A Reader Asks", which answer the kinds of practical questions real students often ask - for example "How does economics help me if I'm a history (or biology, etc.) major?", "Are Americas overtaxed?" or "What does knowing about supply and demand help us do?"
  • Promoting the Economics Major: Recognizing that a key challenge for many economics departments is attracting more majors, a new appendix to Chapter 1 offers students many insights into why they might seriously want to consider the economics major as a course of study in their college careers.
  • Updated Boxed Features: Many of the boxed application features (Economics & Everyday Life, Economics & Popular Culture, Economics Around the World, Technology & Economics) have been replaced or updated to be as contemporary and appealing as possible and to show more illustrations of economics in everyday life and popular culture. These features show students that almost anything can be analyzed from an economic perspective by looking at a variety of thought-provoking, contemporary topics that illustrate economic principles and concepts.
  • NEW! MarketSim: This online product, made up of two simulations, is designed to help students better understand how markets work by taking on the roles of consumers and producers in a simulated economy. Available as a bundle option.
  • NEW! New Micro Topics: New topics added in microeconomics include material on insider trading (chapter 19), churches and competition (chapter 21), comparing market structures (chapter 23), and coverage of patents and the market for cheap drugs (chapter 24).
  • NEW! Economics in Perspective: This feature is found at the end of Parts 1, 2, 5, and 7, and helps students to see the "big picture" by tying together the real-world applications and examples with the economic theory presented in the preceding chapters. Putting together the chapters' theories and concepts with the student-relevant applications, Economics in Perspective helps to tell the "story" of economics, and thus further enhance the readers' understanding and appreciation of the "economic way of thinking."
  • NEW! Analyzing the Scene: This feature appears throughout the chapters, picking up on the questions posed at the end of "Setting the Scene" to demonstrate how economics can answer (or at least help us to analyze) these questions. Analyzing the Scene helps the reader to frame the chapter opening, real-world scenario within the context of the chapter, and the economics concepts presented.
  • NEW! Setting the Scene: This new feature replaces the Chapter Road Maps of the 6th edition to open each chapter. Setting the Scene places the reader in a new situation for each chapter--a day in the life of a typical college student, conversations between friends, a day at the Fed. Each new Setting the Scene does just that--motivating the content of each chapter by illustrating real-life situations in which economics, and economic analysis, are at work. Setting the Scene ends with several questions for the reader to consider in continuing through the chapter, based on the opening scenario.
  • NEW! New Pedagogical Features: New student learning features in this edition include "Setting the Scene," which motivates the chapter material in a relatable real-world example, and "Analyzing the Scene," which helps students to further understand the questions and economic implications of the opening scenario. Economics in Perspective helps tie together material from several chapters into the economics "story." "A Reader Asks", has been retained from the Sixth Edition, and answers the kinds of practical questions real students often ask - for example "How does economics help me if I'm a history (or biology, etc.) major?", or "Are Americas overtaxed?".
  • NEW! Visually Striking: Beautiful color graphs, photos, and illustrations distinguish Arnold as one of the most visually striking principles texts. Exhibits and graphs strategically use color and cause/effect diagrams for maximum student accessibility and understanding. "A Closer Look" explanatory flow charts summarize and explain complex material in a highly visual, easy-to-follow format. This edition features more and better defined graphs and tables throughout.
  • More Supply/Demand Applications: Chapter 4, which is devoted to a variety of applications of supply and demand to give students interesting examples early in the text to illustrate how this most basic economic tool can be used, contains a variety of additional, brand-new applications for this edition.

Table of Contents



1. What Economics is About.

Appendix A: Working with Diagrams.
Appendix B: Should You Major in Economics?

2. Economic Activities: Producing and Trading.
3. Supply and Demand: Theory.
4. Supply and Demand: Practice.

Economics in Perspective: Musical Notes, Economic Notes.



5. Elasticity.
6. Consumer Choice: Maximizing Utility and Behavioral Economics.

Appendix C: Budget Constraint and Indifference Curve Analysis.

7. The Firm.
8. Production and Costs.


9. Perfect Competition.
10. Monopoly.
11. Monopolistic Competition, Oligopoly, and Game Theory.
12. Government and Product Markets: Antitrust and Regulation.

Economics in Perspective: Intuition and Counterintuition.


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.


17. Market Failure: Externalities, Public Goods, and Asymmetric Information.
18. Public Choice: Economic Theory Applied to Politics.

Appendix D: The Economics of Transfers.



19. International Trade.
20. International Finance.

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