An Applied Approach to Microeconomics
Edition: 8
Copyright: 2024
Edition: 8
Copyright: 2024
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Some people would rather perform root canal surgery on a rabid wolverine than sit through a discussion of Federal Reserve policies.
Jack A. Chambless’ An Applied Approach to Microeconomics prepares readers to become economically literate human beings by presenting real world issues in a somewhat controversial and humorous manner. The book is organized with a story in mind. The story takes the reader from the basic foundation of economic-thought through the market process and into the forces that shape the economic conditions we face every day.
An Applied Approach to Microeconomics fills a niche in the economics textbook market by openly promoting the concept of free markets, economic liberty, and limited government. This comprehensive text takes the reader from the foundational principles of economics immediately into the economics of international trade, the history of capitalism and socialism and the basics of supply and demand analysis while incorporating real-world examples from the 2020 global pandemic, the trade policies of Presidents Trump and Biden and the lessons of Adam Smith, Karl Marx and others. The economics of climate change, marriage, income taxes and the welfare state are folded into the introductory chapters in a lively, controversial and eye-opening manner.
From there, the reader is exposed to elasticity of demand and supply, productivity and cost analysis, labor economics and a unique chapter on biological economics to go along with the standard market structures material. The book looks at historically avoided subjects like the war on drugs, male-female earnings differences, the integration of Major League Baseball, the end of the NCAA monopoly and much more.
Professors who want a balanced approach to economics will be pleased while those who tend towards more Classical perspectives will be thrilled.
An Applied Approach to Microeconomics includes the following features:
- Concept Checks – questions created to make the reader think critically about issues that are central to the study of economics.
- Classroom Debates – current event topics that can be added to classroom discussions to enhance the reader’s analytical tools.
- An Online Course Website with links to lectures, speeches, videos, audio essays, and more.
Preface
About the Author
Acknowledgments
Dedication
CHAPTER ONE Introduction to Economics
CHAPTER TWO The Economics of International Trade
CHAPTER THREE The Economics of Capitalism
CHAPTER FOUR The Economics of Socialism
CHAPTER FIVE Economics as a Science
CHAPTER SIX The Market Equilibrium Process
CHAPTER SEVEN Changes in Supply and Demand
CHAPTER EIGHT Government Interference in the Market
CHAPTER NINE The Price Elasticity of Demand and Supply
CHAPTER TEN Productivity and Cost Analysis
CHAPTER ELEVEN Labor Economics
CHAPTER TWELVE A Biological Approach to the Theory of the Firm
CHAPTER THIRTEEN Market Structures
The United States Constitution
Index
Jack A. Chambless is a professor of economics and professional speaker. He has taught since 1991 at Valencia College in Orlando, Florida where he served as the the Patricia Whalen Chair in Social Science in 1999 and 2004. In 1999 & 2015 he received the NISOD award for excellence in teaching. He has won Valencia's "Student Choice Award" for teaching excellence a record 7 times.
In addition to teaching Principles of Microeconomics and Macroeconomics he has also taught honors courses in economics, two online courses (since 1999) and special topics courses entitled "Biological Economics" and "Oil, Economics and Terrorism."
He has contributed more than 125 articles to the Op-Ed pages of The Orlando Sentinel and has had his work published in The Wall Street Journal, The Los Angeles Times, The University of Miami Law Review, The Dallas Morning News, The Chicago Tribune, The Public Utilities Fortnightly, USA Today and many other domestic publications. His work has been cited in The Wall Street Journal, USA Today, ESPN Magazine, U.S. News & World Report, Reason Magazine, The Foreign Press Review, The Atlanta Journal & Constitution, The Detroit News, The British Caledonian Press and many other foreign and domestic publications.
In addition to teaching, Professor Chambless speaks around the United States on the Economics of Liberty. He has lectured at The Foundation for Economic Education in New York, South Carolina and Florida; The Young America's Foundation Freedom Fest in Las Vegas; The Florida Libertarian Convention, The Florida Parent Educators Association convention and at Penn State University, Rollins College, Florida State University, UCF and Georgia State University. He has appeared on national television and radio broadcasts including CNBC's Inside Opinion, FoxNews Europe and Your World with Neal Cavuto (FoxNews), The Neal Boortz Show, the BBC, National Public Radio and The Jim Hightower Show. He is also currently serving as a policy advisor for The Heartland Institute - a think tank in Chicago, Illinois and is a Senior Fellow with the James Madison Institute in Tallahassee. He is also the recently retired head baseball coach at Legacy High School in Ocoee, Florida where he was named District 2A-11 Florida Coach of the Year in 2020.
He is the author of two economics textbooks - An Applied Approach to Microeconomics (7th ed) and An Applied Approach to Macroeconomics (7th ed), both published by Kendall Hunt.
Professor Chambless enjoys hiking, camping and canoeing in Colorado, the Northwestern United States, Minnesota, and Canada as well as photography and the production of custom-made hiking sticks in his spare time.
“A book that puts strong emphasis on real world applications of economic theory is a welcome addition. Professor Chambless’ common sense approach explains economics in a manner that relates to people with all levels of economics backgrounds.”
Dr. Paul White, Vice-President of Economic Research Services, Washington, D.C.
“Professor Jack Chambless’ microeconomics is a refreshing new approach. The first thing you notice about Professor Jack Chambless’ book is that it is different. How many economics textbooks include the U.S. Constitution and the Bill of Rights? Chambless includes all the standard chapters in microeconomics, such as supply and demand, elasticity, international trade, competition and monopoly, but then he adds many chapters not found elsewhere: the economics of liberty and security, crime and poverty, health care, and government interference in the market place. He helps the student confront the major issues of the day: Is capitalism fair? Should the government impose a living wage? Should drugs be legalized? I especially like his numerous applications to the “real world.” It makes for exciting reading, and explains why Professor Chambless is a popular teacher. Chambless doesn’t pull any punches. You know where he stands from page one. There’s no effort to cover up his biases, and that’s refreshing.”
Professor Mark Skousen, Grantham University
“The writing is always lively. The real-world examples are fun and are well integrated into the presentation of economic principles. Quite a few are very recent, which adds a sense of relevance and credibility to the subject matter.”
Dr. Stephen F. Margolis, Professor, North Carolina State University
“I, like countless other students, dreaded taking another mandatory class like Economics, but it turned out to be the best class I’ve ever had. Though typically a dull subject, Chambless’ transformed Economics into something interesting, applicable for everyday life, and relevant for everyone.”
Lizz Walsh, Student, University of Central Florida
“An exciting read.”
Dr. Walter E. Williams, Professor of Economics, George Mason University
“Professor Chambless has provided both his students and readers alike with an unparalleled opportunity to truly grasp foundational economic principles and develop the ability to apply these principles to the real world. Frederic Bastiat once said, “The great economist takes into account both the effect that can be seen and those effects that must be foreseen.” Professor Chambless has this foresight, and his economic prowess is represented by his writing with understandable ideas that are relevant and engaging. This book has influenced me to advocate personal responsibility, and it will continue to be a guideline throughout my educational career.”
Ryan Furey, Student, Harvard University
“Mr. Chambless has created an extraordinarily readable book. After reading from the Chambless text students come to class with opinions, and applications of economic principles from their own life, which makes class discussion both more fruitful and enjoyable. Mr. Chambless is a master at writing for young adults. He speaks at their level of interest and comprehension and uses examples that are intriguing and relevant to them. There is nothing dismal about the way Mr. Chambless presents economics.”
Joseph Brignone, Adjunct Professor of Economics, Brigham Young University
“Venturing far beyond standard textbook examples Professor Chambless’ text is laden with meticulous research and careful examination to provide students with one of the most intensive and comprehensive economics books available. The sound insight into the sphere of economic thought enriches the students ability to not only understand the material-at-hand but, most importantly, how to apply it to the world-at-large.”
Tara R. Garcia, Student, The University of South Florida
"I had the pleasure of studying under Professor Jack Chambless many years ago. His teaching style gripped me to better, and more fully, understand the inter-workings between how and why individuals, businesses and governments make decisions. I consider him one of the most inspirational and influential teachers I have ever had.
This book captures his teaching style in print format. So, whether you attend his classes or not, you’ll benefit from the way in which he tackles real world problems and solutions as well as the dynamics between the two. Far from being a dry, boring textbook, Jack brings to life the story of tradeoffs we all make on a day-to-day basis. The book is chock full of real-world examples interlaced with witty humor and intriguing insights. Cover-to-cover, you’ll have a hard time putting it down. As you read, be sure to pause on the Concept Checks and Classroom Debates, which will help deepen and galvanize your understanding.
Professor Jack Chambless helped change the course, trajectory and fulfillment of my career. He’s done the same for many others. When you read the book, I’m sure you’ll appreciate why."
John Allen, Chief Investment Officer, Aspiriant
“Professor Chambless has managed to relieve economics of its boring reputation and enhance the subject humorously with engaging arguments, and insightfully with relevant real-world applications. Whether a first time or experienced economics student, the author allows for all levels to utilize both the foundations of economic thought and basis of personal responsibility, to become a more economically literate human being. He has masterfully created an economics book that I, like many other students, enjoy reading cover to cover. This book has forwarded my professional and academic pursuits to advance concepts of economic liberty, free markets, and limited government.”
Holly Jean Soto Student, George Mason University Director and Editor of GMU Economics Society Blog
National Parks and Eminent Domain
Chapter 1 Scarcity and The Rule of Capture
Karl Marx and the 1980 USSR Hockey Team
Chapter 8 The Economics of Non-price rationing and auctions
Some people would rather perform root canal surgery on a rabid wolverine than sit through a discussion of Federal Reserve policies.
Jack A. Chambless’ An Applied Approach to Microeconomics prepares readers to become economically literate human beings by presenting real world issues in a somewhat controversial and humorous manner. The book is organized with a story in mind. The story takes the reader from the basic foundation of economic-thought through the market process and into the forces that shape the economic conditions we face every day.
An Applied Approach to Microeconomics fills a niche in the economics textbook market by openly promoting the concept of free markets, economic liberty, and limited government. This comprehensive text takes the reader from the foundational principles of economics immediately into the economics of international trade, the history of capitalism and socialism and the basics of supply and demand analysis while incorporating real-world examples from the 2020 global pandemic, the trade policies of Presidents Trump and Biden and the lessons of Adam Smith, Karl Marx and others. The economics of climate change, marriage, income taxes and the welfare state are folded into the introductory chapters in a lively, controversial and eye-opening manner.
From there, the reader is exposed to elasticity of demand and supply, productivity and cost analysis, labor economics and a unique chapter on biological economics to go along with the standard market structures material. The book looks at historically avoided subjects like the war on drugs, male-female earnings differences, the integration of Major League Baseball, the end of the NCAA monopoly and much more.
Professors who want a balanced approach to economics will be pleased while those who tend towards more Classical perspectives will be thrilled.
An Applied Approach to Microeconomics includes the following features:
- Concept Checks – questions created to make the reader think critically about issues that are central to the study of economics.
- Classroom Debates – current event topics that can be added to classroom discussions to enhance the reader’s analytical tools.
- An Online Course Website with links to lectures, speeches, videos, audio essays, and more.
Preface
About the Author
Acknowledgments
Dedication
CHAPTER ONE Introduction to Economics
CHAPTER TWO The Economics of International Trade
CHAPTER THREE The Economics of Capitalism
CHAPTER FOUR The Economics of Socialism
CHAPTER FIVE Economics as a Science
CHAPTER SIX The Market Equilibrium Process
CHAPTER SEVEN Changes in Supply and Demand
CHAPTER EIGHT Government Interference in the Market
CHAPTER NINE The Price Elasticity of Demand and Supply
CHAPTER TEN Productivity and Cost Analysis
CHAPTER ELEVEN Labor Economics
CHAPTER TWELVE A Biological Approach to the Theory of the Firm
CHAPTER THIRTEEN Market Structures
The United States Constitution
Index
Jack A. Chambless is a professor of economics and professional speaker. He has taught since 1991 at Valencia College in Orlando, Florida where he served as the the Patricia Whalen Chair in Social Science in 1999 and 2004. In 1999 & 2015 he received the NISOD award for excellence in teaching. He has won Valencia's "Student Choice Award" for teaching excellence a record 7 times.
In addition to teaching Principles of Microeconomics and Macroeconomics he has also taught honors courses in economics, two online courses (since 1999) and special topics courses entitled "Biological Economics" and "Oil, Economics and Terrorism."
He has contributed more than 125 articles to the Op-Ed pages of The Orlando Sentinel and has had his work published in The Wall Street Journal, The Los Angeles Times, The University of Miami Law Review, The Dallas Morning News, The Chicago Tribune, The Public Utilities Fortnightly, USA Today and many other domestic publications. His work has been cited in The Wall Street Journal, USA Today, ESPN Magazine, U.S. News & World Report, Reason Magazine, The Foreign Press Review, The Atlanta Journal & Constitution, The Detroit News, The British Caledonian Press and many other foreign and domestic publications.
In addition to teaching, Professor Chambless speaks around the United States on the Economics of Liberty. He has lectured at The Foundation for Economic Education in New York, South Carolina and Florida; The Young America's Foundation Freedom Fest in Las Vegas; The Florida Libertarian Convention, The Florida Parent Educators Association convention and at Penn State University, Rollins College, Florida State University, UCF and Georgia State University. He has appeared on national television and radio broadcasts including CNBC's Inside Opinion, FoxNews Europe and Your World with Neal Cavuto (FoxNews), The Neal Boortz Show, the BBC, National Public Radio and The Jim Hightower Show. He is also currently serving as a policy advisor for The Heartland Institute - a think tank in Chicago, Illinois and is a Senior Fellow with the James Madison Institute in Tallahassee. He is also the recently retired head baseball coach at Legacy High School in Ocoee, Florida where he was named District 2A-11 Florida Coach of the Year in 2020.
He is the author of two economics textbooks - An Applied Approach to Microeconomics (7th ed) and An Applied Approach to Macroeconomics (7th ed), both published by Kendall Hunt.
Professor Chambless enjoys hiking, camping and canoeing in Colorado, the Northwestern United States, Minnesota, and Canada as well as photography and the production of custom-made hiking sticks in his spare time.
“A book that puts strong emphasis on real world applications of economic theory is a welcome addition. Professor Chambless’ common sense approach explains economics in a manner that relates to people with all levels of economics backgrounds.”
Dr. Paul White, Vice-President of Economic Research Services, Washington, D.C.
“Professor Jack Chambless’ microeconomics is a refreshing new approach. The first thing you notice about Professor Jack Chambless’ book is that it is different. How many economics textbooks include the U.S. Constitution and the Bill of Rights? Chambless includes all the standard chapters in microeconomics, such as supply and demand, elasticity, international trade, competition and monopoly, but then he adds many chapters not found elsewhere: the economics of liberty and security, crime and poverty, health care, and government interference in the market place. He helps the student confront the major issues of the day: Is capitalism fair? Should the government impose a living wage? Should drugs be legalized? I especially like his numerous applications to the “real world.” It makes for exciting reading, and explains why Professor Chambless is a popular teacher. Chambless doesn’t pull any punches. You know where he stands from page one. There’s no effort to cover up his biases, and that’s refreshing.”
Professor Mark Skousen, Grantham University
“The writing is always lively. The real-world examples are fun and are well integrated into the presentation of economic principles. Quite a few are very recent, which adds a sense of relevance and credibility to the subject matter.”
Dr. Stephen F. Margolis, Professor, North Carolina State University
“I, like countless other students, dreaded taking another mandatory class like Economics, but it turned out to be the best class I’ve ever had. Though typically a dull subject, Chambless’ transformed Economics into something interesting, applicable for everyday life, and relevant for everyone.”
Lizz Walsh, Student, University of Central Florida
“An exciting read.”
Dr. Walter E. Williams, Professor of Economics, George Mason University
“Professor Chambless has provided both his students and readers alike with an unparalleled opportunity to truly grasp foundational economic principles and develop the ability to apply these principles to the real world. Frederic Bastiat once said, “The great economist takes into account both the effect that can be seen and those effects that must be foreseen.” Professor Chambless has this foresight, and his economic prowess is represented by his writing with understandable ideas that are relevant and engaging. This book has influenced me to advocate personal responsibility, and it will continue to be a guideline throughout my educational career.”
Ryan Furey, Student, Harvard University
“Mr. Chambless has created an extraordinarily readable book. After reading from the Chambless text students come to class with opinions, and applications of economic principles from their own life, which makes class discussion both more fruitful and enjoyable. Mr. Chambless is a master at writing for young adults. He speaks at their level of interest and comprehension and uses examples that are intriguing and relevant to them. There is nothing dismal about the way Mr. Chambless presents economics.”
Joseph Brignone, Adjunct Professor of Economics, Brigham Young University
“Venturing far beyond standard textbook examples Professor Chambless’ text is laden with meticulous research and careful examination to provide students with one of the most intensive and comprehensive economics books available. The sound insight into the sphere of economic thought enriches the students ability to not only understand the material-at-hand but, most importantly, how to apply it to the world-at-large.”
Tara R. Garcia, Student, The University of South Florida
"I had the pleasure of studying under Professor Jack Chambless many years ago. His teaching style gripped me to better, and more fully, understand the inter-workings between how and why individuals, businesses and governments make decisions. I consider him one of the most inspirational and influential teachers I have ever had.
This book captures his teaching style in print format. So, whether you attend his classes or not, you’ll benefit from the way in which he tackles real world problems and solutions as well as the dynamics between the two. Far from being a dry, boring textbook, Jack brings to life the story of tradeoffs we all make on a day-to-day basis. The book is chock full of real-world examples interlaced with witty humor and intriguing insights. Cover-to-cover, you’ll have a hard time putting it down. As you read, be sure to pause on the Concept Checks and Classroom Debates, which will help deepen and galvanize your understanding.
Professor Jack Chambless helped change the course, trajectory and fulfillment of my career. He’s done the same for many others. When you read the book, I’m sure you’ll appreciate why."
John Allen, Chief Investment Officer, Aspiriant
“Professor Chambless has managed to relieve economics of its boring reputation and enhance the subject humorously with engaging arguments, and insightfully with relevant real-world applications. Whether a first time or experienced economics student, the author allows for all levels to utilize both the foundations of economic thought and basis of personal responsibility, to become a more economically literate human being. He has masterfully created an economics book that I, like many other students, enjoy reading cover to cover. This book has forwarded my professional and academic pursuits to advance concepts of economic liberty, free markets, and limited government.”
Holly Jean Soto Student, George Mason University Director and Editor of GMU Economics Society Blog