Description:

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.