Principles of Microeconomics 8th Edition

Author: N. Gregory Mankiw · Publisher: Cengage Learning · Language: English
ISBN-10: 1305971493 · ISBN-13: 978-1305971493

Overview

Principles of Microeconomics, 8th Edition by N. Gregory Mankiw delivers a clear, engaging, and concise introduction to the fundamentals of microeconomics. Known for its accessible writing style and real-world applications, the book helps students understand how individuals, households, and firms make decisions and interact within various market systems. This edition maintains its focus on the ten principles of economics while incorporating updated examples, policies, and economic data to reflect today’s dynamic markets.

What You’ll Learn

1. The Principles of Microeconomic Thinking
Discover how people make decisions, how they interact in markets, and how governments can improve market outcomes.

2. Supply, Demand, and Market Equilibrium
Learn how prices coordinate economic activity, and explore how shifts in supply and demand affect market outcomes.

3. Elasticity and Consumer Behavior
Understand the responsiveness of consumers and producers to changes in prices and income, and how these factors influence revenue and welfare.

4. Production, Costs, and Firm Behavior
Examine how firms make production and cost decisions to maximize profits under different market structures.

5. Market Structures: Competition and Monopoly
Analyze the characteristics and outcomes of perfectly competitive markets, monopolies, oligopolies, and monopolistic competition.

6. Market Failures and Government Intervention
Study how externalities, public goods, and asymmetric information lead to market inefficiencies, and explore policy tools to address them.

7. Labor Markets and Income Distribution
Explore wage determination, labor productivity, and the factors contributing to income inequality and economic welfare.

8. International Trade and the Global Marketplace
Understand the benefits of trade, comparative advantage, and how policies like tariffs and quotas affect domestic and global markets.

Why This Book Matters

Principles of Microeconomics, 8th Edition provides the essential foundation for understanding how microeconomic forces shape the behavior of individuals, firms, and governments. By connecting theory with practical examples—from consumer choices to public policy—it equips readers with the analytical tools needed to make informed economic decisions in everyday life.

Who Should Read This Book

• Students studying economics, business, or social sciences

• Educators teaching introductory microeconomics courses

• Professionals seeking to understand market dynamics and consumer behavior

• Anyone interested in how prices, incentives, and policies affect decision-making

Key Topics Covered

• Principles of microeconomics and decision-making

• Market demand, supply, and elasticity

• Consumer theory and production costs

• Market competition and monopoly power

• Externalities and public goods

• Labor markets and income distribution

• Trade and comparative advantage

Conclusion

Principles of Microeconomics, 8th Edition offers a well-balanced blend of theory, real-world insight, and policy relevance. With Mankiw’s clear explanations and focus on intuitive understanding, the book remains an essential resource for students and readers aiming to grasp the workings of individual markets and the choices that shape economic outcomes.