Principles of Microeconomics
Copyright Year: 2017
Last Update: 2020
Conditions of Use
The text comprehensively covers the standard material in a first course in microeconomics. In addition, Chapter 2 is an excellent addition to the standard textbook by introducing students to data, relationships between variables, and even... read more
The text comprehensively covers the standard material in a first course in microeconomics. In addition, Chapter 2 is an excellent addition to the standard textbook by introducing students to data, relationships between variables, and even econometrics! While there is no comprehensive index or glossary, at the end of each chapter the key terms are defined.
The microeconomic content is accurate and unbiased and I did not see any errors. I would have liked to see how externalities also create deadweight loss, including where it is seen in a graph.
Examples that are used to demonstrate concepts or explain microeconomic phenomena are quite relevant. There are also timely examples using the Great Recession and the coronavirus pandemic.
The writing is clear and very appropriate for the intended audience. The graphics are also quite easy to understand and visually demonstrate the concepts and greatly help students understand the material.
The text is consistent and the coverage of the material logically flows together.
I think that the text could be divided into smaller sections, or modules, but the microeconomic theory is usually taught as material that builds upon concepts already covered.
The material is logically and clearly presented.
The PDF version of the text had no problems for my browser.
I saw no grammatical errors.
The text is very inclusive and culturally appropriate.
While this text is written for a Canadian audience, I see it as easily adaptable and useful in the American marketplace.
The textbook covers all the topics of principles of micro across a wide berth of pedagogies read more
The textbook covers all the topics of principles of micro across a wide berth of pedagogies
Book is narrow enough in scope that some statements can be considered inaccurate, for instance on p.264, "A conjecture is a belief that one firm forms about the strategic reaction of another competing firm", Conjecture extends outside of game theory, and even if we limit our scope of inquiry to strategic interaction, nothing about conjecture limits itself to a firm.
Book is as relevant as standard texts in the field
Textbook can be a little dry at times, a little advanced (for an intro class) at times
Book is consistent both internally and with accepted jargon in economics
Some of the more advanced chapters tend to run on (Ch 8 and up) but not problematically so and the sub sectioning provides for ample stopping points
I might have organized the textbook differently, but as pointed out in the content section, principles courses can cover several different pedagogies and topics, so there's nothing inherently problematic with this organizational structure.
I personally used the .pdf copy which was straightforward to use and navigate.
I did not find any errors, but to be granted a 5 would require a more thorough copy editing than I can provide
I particularly appreciated how the book made sure to cover ethical concerns within an economic framework
After reading, I would recommend more as a supplement than as a main text
The text covers most of all areas and ideas of the subject appropriately and provide an effective index and/or glossary. It would be better if the authors can include some important Microeconomics concepts such as scarcity which will lead any... read more
The text covers most of all areas and ideas of the subject appropriately and provide an effective index and/or glossary. It would be better if the authors can include some important Microeconomics concepts such as scarcity which will lead any society to address the three fundamental economics questions what, how and for whom (can be included in the "Introduction to Economics"), oligopoly- this will help students distinguish between monopoly and oligopoly (can be included along with monopoly- ) and etc.
Content is accurate, error-free and unbiased.
Content is up-to-date, but not in a way that will quickly make the text obsolete within a short period of time. The text is written and/or arranged in such a way that necessary updates will be relatively easy and straightforward to implement. However, there are some parts related more to Macroeconomics than Microeconomics such as aggregate output, growth, business cycles and etc.(these should be in Macroeconomics course).
The text is written in lucid, assessible prose, and provides adequate context for any jargon/technical terminology used. However, it is written in a little higher level considering as Principle of Microeconomics. Students who are non-business major taking it as elective course might have problems with understanding it.
The text is internally consistent in terms of terminology and framework
The text is easily and readily divisible into smaller reading sections that can be assigned at different points within the course (i.e., enormous blocks of text without subheadings should be avoided). The text should not be overly self-referential, and should be easily reorganized and realigned with various subunits of a course without presenting much disruption to the reader.
The topics in the text are presented in a logical, clear fashion. However, I agree with the other reviewer that it is written and organized in an old-fashion way.
The text is free of significant interface issues, including navigation problems, distortion of images/charts, and any other display features that may distract or confuse the reader.
The text contains no grammatical errors
The text is not culturally insensitive or offensive in any way. It should make use of examples that are inclusive of a variety of races, ethnicities, and backgrounds.
Overall, this textbook is great, however, it could be better if it is written in a clearer and easier way so that any students (including the non-business major ones taking it as an elective course) can understand. Also some important Microeconomics concepts and models should be included to improve the content and prepare students in taking the next level of Microeconomics (such as immediate or advanced levels).
The stated purpose of this text is to cover materials in a first introductory economics course. The text covers the typical content areas for an introductory microeconomics course. However, it appears to be designed for economics majors and not... read more
The stated purpose of this text is to cover materials in a first introductory economics course. The text covers the typical content areas for an introductory microeconomics course. However, it appears to be designed for economics majors and not the standard student that I would find in my introductory course. It jumps right into the weeds of economic modeling in the first chapter and goes deeper into them in the second chapter. My students would be lost by this time and would likely not continue.
This text is accurate and error free but examples and data tables tend to center around the Canadian economy.
The content is current and the data is relevant though with a decidedly Canadian flavor. To keep it so, tables and charts would need to be updated periodically to match the changing economy.
The authors clearly know economics but telling it in a way that would be understood by a 1 semester-only economics student is a stretch.
The framework is consistent across all chapters.
The module groupings make sense and are typical of an economics text.
The book follows a logical structure and is organized appropriately.
Some graphs and figures have challenges (see chapters 1 - 3, for instance). The words are written over the top of the numbers making both hard to read.
No grammatical errors.
I don’t think significant thought has been given to the students in today’s universities. The content is excellent but it is written in an old-style state the facts, give an example and move on format. Perfect for imparting knowledge but not so great for holding interest of today’s student who is more familiar with story-based telling and integrative learning.
I think this text would be best suited for a course designed to teach economics majors the basics of economics. I’m just not sure that a student taking one economics course would find a reaction function useful in their everyday understanding of economics.
Table of Contents
Part One: The Building Blocks
- 1 Introduction to key ideas
- 2 Theories, data and beliefs
- 3 The classical marketplace - demand and supply
Part Two: Responsiveness and the Value of Markets
- 4 Measures of response: Elasticities
- 5 Welfare economics and externalities
Part Three: Decision Making by Consumer and Producers
- 6 Individual choice
- 7 Firms, investors and capital markets
- 8 Production and cost
Part Four: Market Structures
- 9 Perfect competition
- 10 Monopoly
- 11 Imperfect competition
Part Five: The Factors of Production
- 12 Labour and capital
- 13 Human capital and the income distribution
Part Six: Government and Trade
- 14 Government
- 15 International trade
About the Book
Principles of Microeconomics is an adaptation of the textbook, Microeconomics: Markets, Methods, and Models by D. Curtis and I. Irvine, which provides concise yet complete coverage of introductory microeconomic theory, application and policy in a Canadian and global environment.
This adaptation employs methods that use equations sparingly and do not utilize calculus. The key issues in most chapters are analyzed by introducing a numerical example or case study at the outset. Students are introduced immediately to the practice of taking a data set, examining it numerically, plotting it, and again analyzing the material in that form.
The end-of-chapter problems involve numerical and graphical analysis, and a small number of problems in each chapter involve solving simple linear equations (intersecting straight lines). However, a sufficient number of questions is provided for the student to test understanding of the material without working through that subset of questions.
This textbook is intended for a one-semester course, and can be used in a two-semester sequence with the companion textbook, Principles of Macroeconomics. The three introductory chapters are common to both textbooks.
About the Contributors
Doug Curtis is a specialist in macroeconomics. He is the author of numerous research papers on fiscal policy, monetary policy, and economic growth and structural change. He has also prepared research reports for Canadian industry and government agencies and authored numerous working papers. He completed his PhD at McGill University, and has held visiting appointments at the University of Cambridge and the University of York in the United Kingdom. His current research interests are monetary and fiscal policy rules, and the relationship between economic growth and structural change. He is Professor Emeritus of Economics at Trent University in Peterborough, Ontario, and also held an appointment as Sessional Adjunct Professor in the Department of Economics at Queen’s University in Kingston, Ontario from 2003 until 2013.
Ian Irvine is a specialist in microeconomics, public economics, economic inequality and health economics. He is the author of numerous research papers in these fields. He completed his PhD at the University of Western Ontario, has been a visitor at the London School of Economics, the University of Sydney, the University of Colorado, University College Dublin and the Economic and Social Research Institute. His current research interests are in tobacco use and taxation, and Canada’s Employment Insurance and Welfare systems. He has done numerous studies for the Government of Canada, and is currently a Professor of Economics at Concordia University in Montreal.