Principles of Economics

Principles of Economics

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Description

Principles of Economics equips students with the analytical tools to interpret individual and firm behavior within competitive and imperfect markets. Beginning with foundational models of supply and demand, the book moves through consumer and producer theory, market structures (perfect competition, monopoly, oligopoly), factor markets, and welfare analysis, highlighting how economic agents respond to incentives and constraints. The text then takes student through broad-scale dynamics of macroeconomics, including national output, inflation, unemployment, and monetary and fiscal policy. By connecting theory to contemporary policy questions and real-world phenomena, the text supports students in developing critical thinking and decision-making skills applicable across business, public policy, and personal finance contexts.

Publication Date

2026

Peer Review Status

Peer-reviewed

Publisher

Loyola Marymount University

Funder

The contents of this book were developed under a grant from the Fund for the Improvement of Postsecondary Education, (FIPSE), U.S. Department of Education. However, those contents do not necessarily represent the policy of the Department of Education, and you should not assume endorsement by the Federal Government. For more information about OER for Social Justice, ⁠visit our project website.

Keywords

Principles of Economics, Macroeconomics, Microeconomics, Supply and Demand, Consumer Choice, Production Costs, Market Structures, Perfect Competition, Monopoly, Oligopoly, Factor Markets, Labor Economics, Market Failure, Government Policy, Economic Decision-Making, Incentives, Scarcity, Economic Analysis, Undergraduate Economics, Pressbooks, Open Textbook

Disciplines

Economics

Creative Commons License

Creative Commons Attribution 4.0 International License
This work is licensed under a Creative Commons Attribution 4.0 International License.

Principles of Economics

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