Microeconomic Essentials

Microeconomic Essentials: Understanding Economics in the News is a textbook by Jay Prag, published by The MIT Press. The volume provides a concise, nontechnical introduction to microeconomic principles by prioritizing conceptual understanding over mathematics.

The text examines core microeconomic mechanisms, using the supply and demand model to explain market price movements. It explores consumer theory and utility maximization alongside government intervention and competitive structures, including monopolies and oligopolies.

Balancing formal economics with an approach to economics as a social process, the book connects theoretical principles to everyday life. Practical examples examine real-world matters such as fluctuating gasoline prices, wage increases, healthcare costs, and international trade.