This volume begins with an essay by Steven R. Hoagland that offers a sweeping overview of the principles of microeconomics. Elements included in his analysis include microeconomics’ effect on labor markets, government regulations, and international trade as well as different tools for modeling adequate levels of supply to meet demand. With regard to supply and demand, microeconomic theorists rely heavily on the Law of Demand and the Law of Supply, both of which influence pricing and production. Further, the two, when taken together, help to shed light on the concepts and theory of equilibrium. Another component microeconomics must account for, as noted by Simone I. Flynn, is technical change. Technical change consists of both technical evolution and technical innovation. Flynn also highlights the primary individuals in promoting technical change before Hoagland provide additional information on the relationship between microeconomics and public policy. While microeconomic theory tends to promote free enterprise, many policy initiatives lean toward market regulation. However, while regulation can hamper economic development, it does help to reduce abuses to the consuming public from producers.