Correlations

Economics Today, 11th Edition ©2001

Roger LeRoy Miller

Microeconomics

Correlated with AP* Microeconomics, May 2000

ST = Student textbook pages

1. Basic Economic Concepts
   1. Scarcity: the nature of economic systems
      ST: 27–28, 39–40, 111–112
   2. Opportunity costs and production possibilities
      ST: 29–30, 31–33, 35–36, 44, 226, 227, 277, 533–534, 740
   3. Specialization and comparative advantage
      ST: 38–41, 550, 787, 788, 789
   4. The functions of any economic system (what, how, and for whom to produce)
      ST: 3–26
   
   
2. The nature and functions of product markets
   1. Supply and demand
      1. Price and quantity determination
         ST: 75–94
      2. Basic manipulation of supply and demand, including ceilings and floors
         ST: 48–74
   2. Models of consumer choice
      1. Consumer choice behind the demand curve
         ST: 52–54, 455–471, 472–481, 594–596, 616–617, 623, 626–629, 679–680
      2. Consumer surplus
         ST: 68–70
      3. Elasticity
         ST: 483–491
   3. Firm production, costs, revenues
      1. Marginal product and diminishing returns
         ST: 537–540, 546–548, 666–669
      2. Average and marginal costs and revenues
         ST: 543–546, 566, 594–596, 599–600
      3. Long-run costs and economies of scale
         ST: 548–552, 590–591
   4. Product pricing and outputs, both in the individual firm and in the market
      1. Perfect competition
         ST: 560–587, 618–619, 632–633
      2. Imperfect competition
         1. Monopoly
            ST: 588–611, 632–633, 678–681, 703
         2. Oligopoly
            ST: 619–622, 632–633
         3. Monopolistic competition
            ST: 613–616, 616–619, 632–633
   5. Efficiency and government policy toward imperfect competition
      ST: 34, 100, 622, 638–662
   
   
3. Factor markets
   1. Derived factor demand
      ST: 170–171
   2. Determination of wages and other factor prices
      ST: 27–28, 536, 673–676, 681–683
   
   
4. Efficiency, equity, and the role of government
   1. Market failures
      1. Externalities
         ST: 96–99, 204–205, 761–763
      2. Public goods
         ST: 101–102
   2. Distribution of Income
      ST: 732–734, 742–743