Correlations

Economics: Principles and Tools, 3rd Edition ©2003

Arthur O'Sullivan and Steven M. Sheffrin

Microeconomics

Correlated to AP* Microeconomics, Macroeconomics, May 2002, May 2003

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, 468, 593, 670–672
   3. Specialization and comparative advantage
      ST: 44, 672
   4. The functions of any economic system (what, how, and for whom to produce)
      ST: 2, 7–9, 9–10, 44–45, 47–49, 58
   
   
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, 163–182
      2. Basic manipulation of supply and demand, including ceilings and floors
         ST: 63–94
   2. Models of consumer choice
      1. Consumer choice behind the demand curve
         ST: 64–67, 74, 84–88, 145–161
      2. Consumer surplus
         ST: 121–123, 132
   3. Firm production, costs, revenues
      1. Marginal product and diminishing returns
         ST: 30–33, 166, 373–374, 456, 482, 496
      2. Average and marginal costs and revenues
         ST: 27, 149, 169–170, 193, 216–220, 226–228, 237–238, 372–375, 391–392
      3. Long-run costs and economies of scale
         ST: 173–174, 177–181, 214, 253
   4. Product pricing and outputs, and outputs within different market structures
      1. Perfect competition
         ST: 187–210
      2. Imperfect competition
         1. Monopoly
            ST: 213–231, 270, 271, 489–490
         2. Oligopoly
            ST: 251–271
         3. Monopolistic competition
            ST: 235–247, 270–271
   5. Efficiency and government policy toward imperfect competition
      ST: 119–139, 293–306
   
   
3. Factor markets
   1. Derived factor demand
      ST: 45
   2. Determination of wages and other factor prices
      ST: 3–6, 419
   
   
4. Efficiency, equity, and the role of government
   1. Externalities
      ST: 33–35, 133–137, 311–315, 331
   2. Public goods
      ST: 331–333
   3. Distribution of Income
      ST: 380–386, 427–428