OverviewThis third edition of the highly successful and well-regarded Australian adaptation of Frank & Bernanke's Principles of Microeconomics by Sarah Jennings (University of Tasmania) takes a rigorous, theoretical treatment that is suitable for mid to high-level courses but is nonetheless easy-to-follow and logical. It is full of practical examples and in-chapter exercises that allow students to check their understanding of the important concepts as they work through the chapter. New to this edition: the chapters on competitive advantage and the open economy have been merged into a single chapter and the former chapter 1 has been moved online for a more streamlined text that covers all the important elements of introductory microeconomics. Indifference curve analysis has also been introduced for this edition.Background Briefing and Thinking as an Economist vignettes provide significant links between economic theory and the real world, and up-to-date data present students with a snapshot of the economy as it is right now. This text is for first-year students of economics or those taking it as a first subject in microeconomics. The authors take an active learning approach. They suggest that the only way to learn to hit an overhead smash in tennis or to speak a foreign language is through repeated practice. The same is true for learning economics. Throughout this book you will find new ideas introduced with simple examples, followed by applications showing how they work in familiar settings. The features within each chapter are designed to both test and reinforce the understanding of these ideas.