Correlations

Economics: Principles and Tools, 2nd Edition ©2001

Arthur O'Sullivan and Steven M. Sheffrin

Microeconomics

Correlated with AP* Microeconomics, May 2000

ST = Student textbook pages

1. Basic Economic Concepts
   1. Scarcity: the nature of economic systems
      ST: 2, 3–6
   2. Opportunity costs and production possibilities
      ST: : 3–6, 24–27, 164–165, 465, 554, 585, 662
   3. Specialization and comparative advantage
      ST: 45–46
   4. The functions of any economic system (what, how, and for whom to produce)
      ST: 2, 7–9, 9–10, 44–45, 47–49, 55
   
   
2. The nature and functions of product markets
   1. Supply and demand
      1. Price and quantity determination
         ST: 64–65, 67, 69–70, 71–74, 163–186
      2. Basic manipulation of supply and demand, including ceilings and floors
         ST: 63–96
   2. Models of consumer choice
      1. Consumer choice behind the demand curve
         ST: 64–67, 74, 90–91, 145–162
      2. Consumer surplus
         ST: 121–123, 132
      3. Elasticity
         ST: 97–118, 317
   3. Firm production, costs, revenues
      1. Marginal product and diminishing returns
         ST: 30–33, 166, 373–374, 454, 479, 492
      2. Average and marginal costs and revenues
         ST: 27, 148, 169–170, 190, 213–215, 217–218, 373, 390
      3. Long-run costs and economies of scale
         ST: 173–174, 177–182, 183
   4. Product pricing and outputs, both in the individual firm and in the market
      1. Perfect competition
         ST: 187–210
      2. Imperfect competition
         1. Monopoly
            ST: 211–232, 268, 485
         2. Oligopoly
            ST: 249–273
         3. Monopolistic competition
            ST: 233–248, 268
   5. Efficiency and government policy toward imperfect competition
      ST: 119–144, 293–306
   
   
3. Factor markets
   1. Derived factor demand
      ST: 47
   2. Determination of wages and other factor prices
      ST: 3–6, 419
   
   
4. Efficiency, equity, and the role of government
   1. Market failures
      1. Externalities
         ST: 33–35, 38, 133–137, 308–311, 332
      2. Public goods
         ST: 310–311
   2. Distribution of Income
      ST: 380–386, 427–428