By Karl E. Case
For the single semester rules of microeconomics course.Reviewers let us know that Case/Fair is likely one of the all-time bestselling POE texts simply because they belief it to be transparent, thorough and complete.
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Extra resources for Principles of Economics, 10th Edition (The Pearson Series in Economics)
The cleanup and rebuilding process took time to organize, and it eventually created a great deal of employment. The storm created a major disruption in world oil markets. Loss of refinery capacity sent gasoline prices up immediately, nearly 40 percent to over $4 per gallon in some locations. The price per gallon of crude oil rose to over $70 per barrel. Local governments found their tax bases destroyed, with no resources to pay teachers and local officials. Hundreds of hospitals were destroyed, and colleges and universities were forced to close their doors, causing tens of thousands of students to change their plans.
Marginalism The process of analyzing the additional or incremental costs or benefits arising from a choice or decision. sunk costs Costs that cannot be avoided because they have already been incurred. efficient market A market in which profit opportunities are eliminated almost instantaneously. 4 PART I Introduction to Economics To Understand Society Industrial Revolution The period in England during the late eighteenth and early nineteenth centuries in which new manufacturing technologies and improved transportation gave rise to the modern factory system and a massive movement of the population from the countryside to the cities.
Some economists specialize in developing new theories, whereas other economists spend their time testing the theories of others. Some economists hope to expand the frontiers of knowledge, whereas other economists are more interested in applying what is already known to the formulation of public policies. As you begin your study of economics, look through your school’s course catalog and talk to the faculty about their interests. You will discover that economics encompasses a broad range of inquiry and is linked to many other disciplines.