Includes bibliographical references and index.

pt. 1. Context for economic analysis: Economic activity in context; Economic actors and organizations -- pt. 2. Supply and demand: Market institutions; Supply and demand; Working with supply and demand -- pt. 3. Resource maintenance, production, distribution, and consumption: Capital stocks and resource maintenance; Production costs; Production decisions; Distribution, exchange and transfer; Consumption and the consumer society -- pt. 4. Closer look at markets: Markets without market power; Markets with market power; Markets for labor; Markets for other resources -- pt. 5. Closer look at economic organizations: Core sphere, households and communities; Business sphere, for-profit firms; Public purpose sphere, governments and nonprofits -- pt. 6. Economic outcomes and economic ideology: Variety of economic systems; Market systems and normative claims.

"[This book] provides a thorough introduction to the principles of microeconomics, ... offering a fresh portrait of the economic realities of the 21st century. [It] aims to help you gain a deeper understanding of economic analysis and contemporary controversies of interest and importance. It examines economic activity in its environmental and social contexts, drawing on both traditional economic principles and new research to give you greater insight into our economic world"-Back cover.