Contents

Part 1 Introduction
1. Thinking Like an Economist
2. Comparative Advantage: The Basis for Exchange
3. Supply and Demand: An Introduction

Part 2 Competition and the Invisible Hand
4. Elasticity
5. Demand: The Benefit Side of the Market
6. Perfectly Competitive Supply: The Cost Side of the Market
7. Efficiency and Exchange
8. The Quest for Profit and the Invisible Hand

Part 3 Market Imperfections
9. Monopoly and Other Forms of Imperfect Competition
10. Thinking Strategically
11. Externalities and Property Rights
12. The Economics of Information

Part 4 Economics of Public Policy
13. Labor Markets, Poverty, and Income Distribution
14. The Environment, Health, and Safety
15. Public Goods and Tax Policy

Part 5 International Trade
16. International Trade and Trade Policy

Part 6 Macroeconomics: Issues and Data
17. Macroeconomics: The Bird's-Eye View of the Economy
18. Measuring Economic Activity: GDP and Unemployment
19. Measuring the Price Level and Inflation

Part 7 The Long Run
20. Economic Growth, Productivity, and Living Standards
21. Workers, Wages, and Unemployment in the Modern Economy
22. Saving and Capital Formation
23. Money, Prices, and the Federal Reserve
24. Financial Markets and International Capital Flows

Part 8 The Short Run
25. Short-term Economic Fluctuations: An Introduction
26. Aggregate Demand and Output in the Short Run
27. Stabilizing Aggregate Demand: The Role of the Fed
28. Inflation and Aggregate Supply

Part 9 The International Economy
29. Exchange Rates and the Open Economy