Microeconomics,, 16th Canadian Edition

Part 1: What Is Economics? In Chapter 1 , we have added accelerating technological change and rising protectionism to the initia ...

Part 2: An Introduction to Demand and Supply In Chapter 3 , we have rewritten the discussion of some of the shifters of demand c ...

Part 3: Consumers and Producers In Chapter 6 , we have added a new box on rationality, nudges, and behavioural economics, follow ...

Part 4: Market Structure and Efficiency In our examination of entry barriers in Chapter 10 , we have added a discussion of netwo ...

Part 5: Factor Markets In our discussion of labour markets in Chapter 14 , we have clarified the explanation of how a monopsony ...

Part 6: Government in the Market Economy In Chapter 16 , we have changed the way we explain and illustrate externalities. Rather ...

Part 12: Canada in the Global Economy We address the gains from international trade in Chapter 32. We have clarified the discuss ...

To the Student Welcome to what is most likely your first book about economics! You are about to encounter what is for most peopl ...

argument unfolds rather than by relying on the finished diagram as it appears in the book. The end-of-chapter Study Exercises re ...

Over the years, the book has benefited greatly from comments and suggestions we have received from students. Please feel free to ...

Acknowledgements It would be impossible to acknowledge here by name all the teachers, colleagues, and students who contributed t ...

Suzanna Fromm, BCIT Cheryl Roberts, Vancouver School of Economics and Vantage College Sinisa Vujovic, Kwantlen Polytechnic Unive ...

book than just the writing. Without the efforts of all of these dedicated professionals, this textbook simply would not exist. O ...

About the Author Chris Ragan received his B.A. in economics from the University of Victoria, his M.A. from Queen’s University, a ...

Professor Ragan’s research focuses mainly on the design and implementation of macroeconomic policy in Canada. He has been privil ...

1 Economic Issues and Concepts ...

Chapter Outline 1.1 What is Economics? 1.2 The Complexity of Modern Economies 1.3 Is There an Alternative to the Market Economy? ...

Many of the challenges we face in Canada and around the world are primarily economic. Others that appear to be mainly environmen ...

any, might reverse this trend. If your living standards are to improve over your lifetime as much as your grandparents’ did over ...

temperature. The rise in temperature is leading to the melting of polar ice caps, a slow increase in sea level, a creeping expan ...