Books by William A. McEachern (Author of ECON Micro [with CourseMate Access Code])
Fiscal & Monetary Policy - Macro Topic 5.1
Macroeconomics: A Contemporary Introduction, 8th Edition
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One goal of microeconomics is to analyze the market mechanisms that establish relative prices among goods and services and allocate limited resources among alternative uses. Microeconomics shows conditions under which free markets lead to desirable allocations. It also analyzes market failure , where markets fail to produce efficient results. Microeconomics stands in contrast to macroeconomics , which involves "the sum total of economic activity, dealing with the issues of growth , inflation , and unemployment and with national policies relating to these issues". Microeconomic theory typically begins with the study of a single rational and utility maximizing individual. To economists, rationality means an individual possesses stable preferences that are both complete and transitive.