Principles of Microeconomics

The purpose of this book is to provide instructors and students a concise text that covers the core principles of microeconomics that can be taught in a semester. This is done without sacrificing the content or the rigorous examination of microeconomic theory. It deliberately avoids overwhelming students with information overload. The book does not seek to make economics interesting, entertaining, or 'simple'. It simply encourages the mastery and application of the basic microeconomic principles, and the development of critical thinking. It emphasizes the mastery of the basic economic principles by repeating explanations and definitions of certain economic concepts like economic efficiency, a change in demand versus a change in quantity demanded and by placing an emphasis on problem solving. In some cases synonyms of certain words are provided. Do not, therefore, be surprised by the repetitive nature of the book because the motto is to 'leave no student behind'. The main distinguishing characteristic of this book is its structure. I have always subscribed to the philosophy of a certain great educator (I cannot remember his name) who said that 'you can teach anything to anybody as long as it is well structured'. This has been the guiding principle in my teaching and in writing this book. Homework problems are provided at the end of some chapters and again the idea is to encourage students to apply economic concepts, think critically, write about economic issues, and develop problem-solving skills. To that end, multiple-choice questions are avoided and there is no test-bank. It is left to the instructor to design tests that will give a proper feedback on the understanding and applicationof the course material covered.