Exploring Microeconomics

Eighth Edition

Robert L. Sexton - Pepperdine University, USA

Additional resources:

Courses:
Principles of Macroeconomics | Principles of Management | Principles of Microeconomics

January 2019 | 616 pages | SAGE Publications, Inc

The excitement of learning economics for the first time.
The experience of a lifetime of teaching it.

The Eighth Edition of Exploring Microeconomics captures the excitement of learning microeconomics for the first time through a lively and encouraging narrative that connects microeconomics to the world in a way that is familiar to students. Author Robert L. Sexton draws on over 25 years of teaching experience to capture students’ attention, focusing on core concepts and expertly weaving in examples from current events and popular culture to make even classic economic principles modern and relatable. The text sticks to the basics and applies a thoughtful learning design, segmenting its presentation into brief, visually appealing, self-contained sections that are easier for students to digest and retain compared to sprawling text.

Thoughtfully placed section quizzes, interactive summaries, and problem sets help students check their comprehension at regular intervals and develop the critical thinking skills that will allow them to “think like economists.” Combined with a complete teaching and learning package including online homework and flexible teaching options, Exploring Microeconomics is sure to help you ignite your students’ passion for the field and reveal its practical application in the world around them.

A Complete Teaching & Learning Package

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Part I: Introduction

Chapter 1: The Role and Method of Economics

1.1 Economics: A Brief Introduction

1.2 Economic Behavior

1.3 Economic Theory and Models

1.4 Pitfalls to Avoid in Scientific Thinking

1.5 Positive Statements and Normative Statements

Chapter 2: Economics: Eight Powerful Ideas

2.1 Idea 1: People Face Scarcity and Costly Trade-Offs

2.2 Idea 2: People Engage in Rational Decision Making and Marginal Thinking

2.3 Idea 3: People Respond Predictably to Changes in Incentives

2.4 Idea 4: Specialization and Trade Can Make People Better Off

2.5 Idea 5: Markets Can Improve Economic Efficiency

2.6 Idea 6: Appropriate Government Policies Can Improve Market Outcomes

2.7 Idea 7: Government Policies May Help Stabilize the Economy

2.8 Idea 8: Increasing Productivity Leads to Economic Growth

Chapter 3: Scarcity, Trade-Offs, and Production Possibilities

3.1 The Three Economic Questions Every Society Faces

3.2 The Circular Flow Model

3.3 The Production Possibilities Curve

3.4 Economic Growth and the Production Possibilities Curve

Part II: Supply and Demand

Chapter 4: Demand, Supply, and Market Equilibrium

4.1 Markets

4.2 Demand

4.3 Shifts in the Demand Curve

4.4 Supply

4.5 Shifts in the Supply Curve

4.6 Market Equilibrium Price and Quantity

Chapter 5: Markets in Motion and Price Controls

5.1 Changes in Market Equilibrium

5.2 Price Controls

Chapter 6: Elasticities

6.1 Price Elasticity of Demand

6.2 Total Revenue and the Price Elasticity of Demand

6.3 Other Types of Demand Elasticities

6.4 Price Elasticity of Supply

Part III: Market Efficiency, Market Failure, and the Public System

Chapter 7: Market Efficiency and Welfare

7.1 Consumer Surplus and Producer Surplus

7.2 The Welfare Effects of Taxes, Subsidies, and Price Controls

Chapter 8: Market Failure

8.1 Externalities

8.2 Public Policy and the Environment

8.3 Property Rights and the Environment

8.4 Public Goods

8.5 Asymmetric Information

Chapter 9: Public Finance and Public Choice

9.1 Public Finance: Government Spending and Taxation

9.2 Public Choice

Part IV: Households and Market Structure

Chapter 10: Consumer Choice Theory

10.1 Consumer Behavior

10.2 The Consumer's Choice

10.3 Behavioral Economics

Chapter 11: The Firm: Production and Costs

11.1 Firms and Profts: Total Revenues Minus Total Costs

11.2 Production in the Short Run

11.3 Costs in the Short Run

11.4 The Shape of the Short-Run Cost Curves

11.5 Cost-Curves: Short Run versus Lung Run

Chapter 12: Firms in Perfectly Competitive Markets

12.1 A Perfectly Competitive Market

12.2 An Individual Price Taker's Demand Curve

12.3 Profit Maximization

12.4 Short-Run Profits and Losses

12.5 Long-Run Equilibrium

12.6 Long-Run Supply

Chapter 13: Monopoly and Antitrust

13.1 Monopoly: The Price Maker

13.2 Demand and Marginal Revenue in Monopoly

13.3 The Monopolist's Equilibrium

13.4 Monopoly and Welfare Loss

13.5 Monopoly Policy

13.6 Price Discrimination and Peak Load Pricing

Chapter 14: Monopolistic Competition and Product Differentiation

14.1 Monopolistic Competition

14.2 Price and Output Determination in Monopolistic Competition

14.3 Monopolistic Competition versus Perfect Competition

14.4 Advertising

Chapter 15: Oligopoly and Strategic Behavior

15.1 Oligopoly

15.2 Collusion and Cartels

15.3 Other Oligopoly Models

15.4 Game Theory and Strategic Behavior

Part V: Input Markets and Microeconomic Policy Issues

Chapter 16: The Markets for Labor, Capital, and Land

16.1 Input Markets

16.2 Supply and Demand in the Labor Market

16.3 Labor Market Equilibrium

16.4 Labor Unions

16.5 The Markets for Land and Capital

Chapter 17: Income, Poverty, and Health Care

17.1 Income Distribution

17.2 Income Redistribution

17.3 The Economics of Discrimination

17.4 Poverty

17.5 Health Care

Part VI: The Global Economy

Chapter 18: International Trade

18.1 The Growth in World Trade

18.2 Comparative Advantage and Gains from Trade

18.3 Supply and Demand in International Trade

18.4 Tariffs, Import Quotas, and Subsidies

Chapter 19: International Finance

19.1 The Balance of Payments

19.2 Exchange Rates

19.3 Equilibrium Changes in the Foreign Exchange Market

19.4 Flexible Exchange Rates

Supplements

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over 100 Figure it Out narrative video graphs, created and explained by the author, provide additional review for complex graphing topics;
eFlashcards and eQuizzes;
chapter summaries with learning objectives;
chapter-specific study questions;
exercises and meaningful Web links that facilitate student use of Internet resources, further exploration of topics, and responses to critical thinking questions.

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lecture notes that summarize key concepts on a chapter-by-chapter basis; and
all tables and figures from the textbook.

Key features

NEW TO THIS EDITION:

SAGE amp, a dynamic courseware solution that integrates SAGE textbook content with auto-graded algorithmic assignments, exclusive video content, and other learning tools and resources is available as a stand-alone eAccess version of this text or as a bundle.
Economic Content Standards (ECS) from the National Council of Economic Education are provided in the margin where particular pieces of content are introduced, establishing clear learning objectives and connecting the text to these objectives.
Over 100 Figure it Out narrative video graphs, created and narrated by the author, provide additional review for complex graphing topics; videos are available on the free SAGE edge Student Study Site.
New animated Concepts Clips, available with SAGE amp, present important economic concepts and reinforce key ideas in a unique, engaging way.
New Business Watch applications are strategically scattered throughout the text to demonstrate how the economic way of thinking can be applied to a wide range of issues.
New Policy Watch features focus on news stories that involve government policy decisions based on economic concepts, inviting students to see the relevance of economics in action.
SAGE coursepacks allows you to import the text’s quality content into your learning management system (LMS) with no access codes. Learn more.
SAGE edge companion site for students provides includes helpful tools, including eFlashcards, practice quizzes, a customizable action plan, and more.

KEY FEATURES:

The content is built on well-known principles of learning and memory segmenting each chapter into four to seven self-contained sections of three to six pages, making it easier for students to read, comprehend, and retain the material.
The author’s dynamic writing style brings economic principles to life through the text's concise, easy-to-read sections, frequent use of real-life and pop culture examples, and interactive summaries.
A highly visual and modern design encourages student engagement as supportive graphs, tables, photos, and charts illustrate, clarify, and reinforce key economic principles.
Every chapter highlights the important connection between economics and modern, everyday issues by examining intriguing topics such as such as teen smoking, crime, gift-giving, and more.
Each chapter offers hands-on practice with assignable graphing and plotting questions, helping students learn the vital skill of appropriately reading and interpreting graphs.
In the News synopses present relevant and thought-provoking news stories and are placed strategically throughout the text to solidify specific concept discussed in the chapter.
Global Watch sections help students understand the magnitude, character, and implications of current economic changes occurring around the world.
Using What You've Learned exercises check students’ comprehension of important or difficult concepts, challenging them to apply key concepts from the text to real-world situations.
Section Quizzes encourage students to self-manage their retention of the material, providing confidence in proceeding to the next topic.

Sample Materials & Chapters

Chapter 2: Economics: Eight Powerful Ideas

Chapter 4: Demand, Supply, and Market Equilibrium

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