Correlations

Principles of Economics, 6th Edition ©2002

Karl E. Case and Ray C. Fair

Microeconomics

Correlated with AP* Microeconomics, May 2002, May 2003

ST = Student textbook pages

1. Basic Economic Concepts
   1. Scarcity: the nature of economic systems
      ST: 26–27, 28
   2. Opportunity costs and production possibilities
      ST: 133–139, 140–144
   3. Specialization and comparative advantage
      ST: 28–29, 669
   4. The functions of any economic system (what, how, and for whom to produce)
      ST: 4–5, 36–38
   
   
2. The nature and functions of product markets
   1. Supply and demand
      1. Price and quantity determination
         ST: 49–51, 57–59, 214, 268, 577–578
      2. Basic manipulation of supply and demand, including ceilings and floors
         ST: 554–556
      3. Elasticity
         ST: 94–95, 296–297
   2. Models of consumer choice
      1. Consumer choice behind the demand curve
         ST: 48–49, 248–250
      2. Consumer surplus
         ST: 116–118
   3. Firm production, costs, revenues
      1. Marginal product and diminishing returns
         ST: 141–142, 142–144, 205, 633–634
      2. Average and marginal costs and revenues
         ST: 160–162, 167–168, 210, 264–272
      3. Long-run costs and economies of scale
         ST: 137–139, 178–185, 190–193
   4. Product pricing and outputs, both in the individual firm and in the market
      1. Perfect competition
         ST: 105, 135–136, 252–255, 275–276
      2. Imperfect competition
         1. Monopoly
            ST: 263–289
         2. Oligopoly
            ST: 300–304
         3. Monopolistic competition
            ST: 291–300
   5. Efficiency and government policy toward imperfect competition
      ST: 278–279
   
   
3. Factor markets
   1. Derived factor demand
      ST: 204–205
   2. Determination of wages and other factor prices
      ST: 520, 608
   
   
4. Efficiency, equity, and the role of government
   1. Externalities
      ST: 258, 318–329
   2. Public goods
      ST: 324–329
   3. Distribution of Income
      ST: 353–355