CONTENTS
PART 1 What Is Economics?
Intro The Ordinary Business of Life
1 First Principles
2 Economic Models: Trade-offs and Trade 25
Appendix Graphs in Economics
PART 2 Supply and Demand
3 Supply and Demand
4 Consumer and Producer Surplus
5 Price Controls and Quotas: Meddling with Markets
6 Elasticity
PART 3 Individuals & Markets
7 Taxes
8 International Trade
PART 4 Economics and Decision Making
9 Decision Making by Individuals & Firms
Appendix Toward a Fuller Understanding of Present Value
PART 5 The Consumer
10 The Rational Consumer
Appendix Consumer Preferences and Consumer Choice
PART 6 The Production Decision
11 Behind the Supply Curve: Inputs and Costs
12 Perfect Competition and the Supply Curve
PART 7 Market Structure: Beyond Perfect Competition
13 Monopoly
14 Oligopoly
15 Monopolistic Competition and Product Differentiation
PART 8 Microeconomics and Public Policy
16 Externalities
17 Public Goods & Common Resources
18 The Economics of the Welfare
PART 9 Factor Markets & Risk
19 Factor Markets and the Distribution of Income
Appendix Indifference Curve Analysis of Labor Supply
20 Uncertainty, Risk, and Private Information
PART 10 Introduction to Macroeconomics
21 Macroeconomics: The Big Picture
22 GDP and CPI: Tracking the Macroeconomy
23 Unemployment and Inflation
PART 11 Long-Run Economic Growth
24 Long-Run Economic Growth
25 Savings, Investment Spending, and the Financial System
PART 12 Short-Run Economic Fluctuations
26 Income and Expenditure
Appendix Deriving the Multiplier Algebraically
27 Aggregate Demand and Aggregate Supply
PART 13 Stabilization Policy
28 Fiscal Policy
Appendix Taxes and the Multiplier
29 Money, Banking, and the Federal Reserve System
30 Monetary Policy
Appendix Reconciling the Two Models of the Interest Rate
31 Inflation, Disinflation, and
Deflation
32 Crises and Consequences
PART 14 Events and Ideas
33 Events and Ideas
PART 15 The Open Economy
34 Open-Economy Macroeconomics
Macroeconomic Data Tables M-1
Solutions to “Check Your Understanding” Questions
Glossary
Index