An Applied Approach to Microeconomics
Edition: 7
Copyright: 2021
Edition: 7
Copyright: 2021
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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 does not mean that the book fails to point out the shortcomings and costs of free markets. Far from it. You will find ample material that examines the risks associated with economic liberty.
Virtually every chapter includes one or more topics devoted to current events like the post-Recession economic sluggishness, immigration issues, global warming, the controversial health care legislation, the 2016 election, oil prices and more.
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 Health Care Economics
CHAPTER TEN The Price Elasticity of Demand and Supply
CHAPTER ELEVEN Productivity and Cost Analysis
CHAPTER TWELVE Labor Economics
CHAPTER THIRTEEN A Biological Approach to the Theory of the Firm
CHAPTER FOURTEEN Pure Competition
CHAPTER FIFTEEN Monopoly
CHAPTER SIXTEEN Oligopoly and Monopolistic Competition
The United States Constitution
Index
Jack A. Chambless is a professor of economics and professional speaker. He has received numerous teaching awards from Valencia College, The University of Texas, and North Carolina State University. In addition to teaching Principles of Microeconomics and Macroeconomics, he has also taught honors courses in economics, two online courses, and special topics courses entitled “Applied Microeconomics” and “Oil, Economics and Terrorism.” He has also worked as a professional sports agent and as an energy economist for the Sarkeys Energy Center at The University of Oklahoma and the Research Triangle Institute in Raleigh, North Carolina.
A graduate of The University of Oklahoma and North Carolina State University, his fields of specialization include the political economy, labor economics, energy economics, and industrial organization.
He has a monthly column in The Orlando Sentinel and has had his work published in The Wall Street Journal, The University of Miami Law Review, The Public Utilities Fortnightly, The Dallas Morning News, The Chicago Tribune, The Boston Herald, and many other domestic publications. His work has been cited in The Wall Street Journal, USA Today, 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 frequently around the United States on the Economics of Liberty. He has lectured at the Foundation for Economic Education in New York, Florida and South Carolina, The Young America’s Foundation Freedom Fest in Las Vegas, The Florida Libertarian Convention, Penn State University, Rollins College, Georgia State University, and many home-schooled conventions. 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 for the James Madison Institute in Tallahassee, Florida. Professor Chambless enjoys hiking and canoeing in the Northwestern United States, Minnesota, and Canada, photography, and coaching high school baseball in Central Florida.
“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
“Professor Chambless takes a subject that is typically viewed as trite and transforms it into a captivating read. This book not only gives real world examples but also breaks down difficult material into a level that can be understood by someone without an economics background. He takes a free market perspective and gives real insight to current economic situations.”
Madison Rodriguez Student, Florida State University
“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
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 does not mean that the book fails to point out the shortcomings and costs of free markets. Far from it. You will find ample material that examines the risks associated with economic liberty.
Virtually every chapter includes one or more topics devoted to current events like the post-Recession economic sluggishness, immigration issues, global warming, the controversial health care legislation, the 2016 election, oil prices and more.
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 Health Care Economics
CHAPTER TEN The Price Elasticity of Demand and Supply
CHAPTER ELEVEN Productivity and Cost Analysis
CHAPTER TWELVE Labor Economics
CHAPTER THIRTEEN A Biological Approach to the Theory of the Firm
CHAPTER FOURTEEN Pure Competition
CHAPTER FIFTEEN Monopoly
CHAPTER SIXTEEN Oligopoly and Monopolistic Competition
The United States Constitution
Index
Jack A. Chambless is a professor of economics and professional speaker. He has received numerous teaching awards from Valencia College, The University of Texas, and North Carolina State University. In addition to teaching Principles of Microeconomics and Macroeconomics, he has also taught honors courses in economics, two online courses, and special topics courses entitled “Applied Microeconomics” and “Oil, Economics and Terrorism.” He has also worked as a professional sports agent and as an energy economist for the Sarkeys Energy Center at The University of Oklahoma and the Research Triangle Institute in Raleigh, North Carolina.
A graduate of The University of Oklahoma and North Carolina State University, his fields of specialization include the political economy, labor economics, energy economics, and industrial organization.
He has a monthly column in The Orlando Sentinel and has had his work published in The Wall Street Journal, The University of Miami Law Review, The Public Utilities Fortnightly, The Dallas Morning News, The Chicago Tribune, The Boston Herald, and many other domestic publications. His work has been cited in The Wall Street Journal, USA Today, 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 frequently around the United States on the Economics of Liberty. He has lectured at the Foundation for Economic Education in New York, Florida and South Carolina, The Young America’s Foundation Freedom Fest in Las Vegas, The Florida Libertarian Convention, Penn State University, Rollins College, Georgia State University, and many home-schooled conventions. 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 for the James Madison Institute in Tallahassee, Florida. Professor Chambless enjoys hiking and canoeing in the Northwestern United States, Minnesota, and Canada, photography, and coaching high school baseball in Central Florida.
“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
“Professor Chambless takes a subject that is typically viewed as trite and transforms it into a captivating read. This book not only gives real world examples but also breaks down difficult material into a level that can be understood by someone without an economics background. He takes a free market perspective and gives real insight to current economic situations.”
Madison Rodriguez Student, Florida State University
“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