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MIT OpenCourseWare Free Online Course Materials OpenStaxPrinciples of DDC —dc23 This text presents the analytical techniques of micro-economics and shows how to apply them to explain and predict real-world phenomena. Second, we use a graphin most cases to illustrate the story or Chapter Outline CHAPTERAn Introduction to Microeconomics The Scope of Microeconomic Theory The Nature and Role of Theory What Is a Good Theory? This chapter introduces microeconomic theory by first discussing its nature and the role of theory in general The text includes many current examples, which are First, we present each concept in the context of a simple intuitive storyor example in words often followed by a table. 5,  · Principles of Economics 2e covers the scope and sequence of most introductory economics courses.