Principles of Microeconomics book A Free, Comprehensive Resource for Students
Authors: Timothy Taylor, Steven A. Greenlaw, Eric Dodge
Publisher: OpenStax | Year: 2014
ISBN: 9781938168246
License: Creative Commons Attribution (CC BY)
OpenStax’s Principles of Microeconomics is a widely respected, openly licensed textbook designed for introductory courses in microeconomics. Authored by respected educators and economists, this book is a shining example of how high-quality, accessible educational resources can benefit students and educators worldwide.
✅ Key Strengths
1. Comprehensive Coverage:
The textbook covers all fundamental areas of microeconomic theory, from basic supply and demand to more nuanced topics like game theory, market failures, and public policy.
2. Real-World Applications:
Chapters are filled with real-life examples that help students connect economic theory with everyday experiences, making learning both practical and engaging.
3. Accessible Format:
Available in PDF, online, and hardcopy formats, the book ensures flexibility for different learners and teaching settings. The inclusion of glossaries and hyperlinked indices enhances usability.
4. Academic Acceptance:
With reviews from over a dozen professors across the U.S., the textbook is highly regarded in both community colleges and universities. Most reviewers highlight its suitability for introductory courses and praise its readability and structure.
https://www.youtube.com/watch?v=3ez10ADR_gM
📚 Table of Contents Highlights
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Chapters 1–5: Foundations of microeconomics – scarcity, choice, demand & supply, labor markets, and elasticity.
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Chapters 6–11: The core of microeconomic theory – consumer behavior, cost structures, and different market types (perfect competition, monopoly, oligopoly).
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Chapters 12–15: Market failures and social issues – externalities, public goods, poverty, inequality, labor market dynamics.
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Chapters 16–20: Advanced and policy-oriented topics – information asymmetry, financial markets, public economy, trade, and globalization.
⭐ Notable Reviews
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“Extremely comprehensive with impressive real-world relevance.” – Jean-Baptiste Tondji, UT Rio Grande Valley
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“Excellent for any principles-level course. I plan to use it in the future.” – Lori Lavigne, Framingham State University
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“A great index and glossary rival the best paid textbooks.” – Joseph Schoen, Anoka-Ramsey Community College
🎯 Final Thoughts
Principles of Microeconomics by OpenStax proves that open educational resources can match — and often exceed — the quality of traditional textbooks. Its balanced approach to theory, policy, and application makes it ideal for introductory courses and for self-learners seeking to understand the building blocks of economics.
Whether you’re a student exploring economics for the first time or an educator seeking a reliable, flexible teaching tool, this textbook is a strong choice that combines academic rigor with accessibility.