Principles of Microeconomics 7th edition is among the series of books under the authorship of N. Gregory Mankiw. It is a worth reading book on microeconomics. Microeconomics is a major division of economics. In microeconomics, the economy of households, consumers & individual firms is studied.
Principles of Microeconomics 7th Edition.
Principles of Microeconomics has 22 chapters. Like, the other book, it also contains several parts. There are seven parts in total. First 3 parts of Microeconomics books are same as Macroeconomics. Both sister books have the common initial chapters. In these chapters, the reader gets an overview of what economics is? Moving forward there is a division in both the books.
Meanwhile, Fourth part deals with the public sector economy. It puts special emphasis on public goods. The tax system affecting the economic power of consumers is discussed in separate chapter. As, microeconomics studies economy at lower level, there are many chapters on firms. How the individual industry progresses? What are the factors affecting economy of firms? One can obtain the answer to these questions by reading this text. Competition between firms is getting fierce day by day. Therefore, Principles of Microeconomics discusses these issues. It also addresses the costs of production in a competitive market.
In addition to it, few other important topics presented in the book are labor markets and poverty. The cost of production in labor markets is a crucial factor for the survival of a larger population. The earnings of labors are dependent on the economy of these labor markets. There is a wide spread poverty and inequality in purchasing power of various classes. Principles of Microeconomics 7th Edition discusses these issues in detail.
Finally, the book contains future trends and prospects of microeconomics.
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