This text updates the introductory undergraduate students on critical concerns of the 21st century including distributional equity and ecological sustainability; includes discussions of historical, institutional, political and social factors to encourage students get engaged with the subject matter.

It offers clear and insightful coverage of standard concepts and models. Unlike most microeconomics textbooks which focus exclusively on markets and efficiency, this book starts with the question of human well-being and then examines how economic activities can contribute to or detract from our well-being.

Microeconomics in Context also includes new developments in the roles of households, non-profit organizations, market institutions and governments.

Contents
Preface
Acknowledgments
Sample Course Outlines

Part One: The Context for Economic Analysis
Chapter 1: Economic Activity in Context
Chapter 2: Economic Actors and Organizations

Part Two: Supply and Demand
Chapter 3: Market Institutions
Chapter 4: Supply and Demand
Chapter 5: Working with Supply and Demand

Part Three: Resource Maintenance, Production, Distribution, and Consumption
Chapter 6: Capital Stocks and Resource Maintenance
Chapter 7: Production Costs
Chapter 8: Production Decisions
Chapter 9: Distribution: Exchange and Transfer
Chapter 10: Consumption and the Consumer Society

Part Four: A Closer Look at Markets
Chapter 11: Markets Without Market Power
Chapter 12: Markets with Market Power
Chapter 13: Markets for Labor
Chapter 14: Markets for Other Resources

Part Five: A Closer Look at Economic Organizations
Chapter 15: The Core Sphere: Households and Communities
Chapter 16: The Business Sphere: For-Profit Firms
Chapter 17: The Public Purpose Sphere: Governments and Nonprofits

Part Six: Economic Outcomes and Economic Ideology
Chapter 18: The Variety of Economic Systems
Chapter 19: Market Systems and Normative Claims

Glossary
Index