A market economy is dependent on
the price system to guide in decisions related to the
production, distribution, and consumption of goods and
services. Microeconomics is about describing the economic behavior
and decisions made by individual economic agents. These behaviors affect
relative prices that act as signals in a market economy to guide production and consumption
Frank, Robert H., Ben Bernanke Principles of Economics,3rd ed.,
Hubbard, Glenn., Anthony O'Brien Economics,2nd ed.,
2009, Pearson Education.
Mankiw, N. Gregory, Principles of Economics,
5th ed., 2009.
McConnell, Campbell R. and Stan Brue Economics,16th ed.,
Miller, Roger LeRoy Economics Today,14th ed.,
These worksheets are in .PDF format and require Adobe's Acrobat Reader.
Worksheet #1 -- Comparative Advantage
Worksheet #2 -- Production Possibilities
Worksheet #3 -- Equilibrium Analysis