Contents

1. Publisher Information

2. Chapter 1: Economics: The Study of Choice

   1. 1.1 Defining Economics

   2. 1.2 The Field of Economics

   3. 1.3 The Economists’ Tool Kit

   4. 1.4 Review and Practice

3. Chapter 2: Confronting Scarcity: Choices in Production

   1. 2.1 Factors of Production

   2. 2.2 The Production Possibilities Curve

   3. 2.3 Applications of the Production Possibilities Model

   4. 2.4 Review and Practice

4. Chapter 3: Demand and Supply

   1. 3.1 Demand

   2. 3.2 Supply

   3. 3.3 Demand, Supply, and Equilibrium

   4. 3.4 Review and Practice

5. Chapter 4: Applications of Demand and Supply

   1. 4.4 Review and Practice

   2. 4.1 Putting Demand and Supply to Work

   3. 4.2 Government Intervention in Market Prices: Price Floors and Price Ceilings

   4. 4.3 The Market for Health-Care Services

6. Chapter 5: Elasticity: A Measure of Response

   1. 5.1 The Price Elasticity of Demand

   2. 5.2 Responsiveness of Demand to Other Factors

   3. 5.3 Price Elasticity of Supply

   4. 5.4 Review and Practice

7. Chapter 6: Markets, Maximizers, and Efficiency

   1. 6.1 The Logic of Maximizing Behavior

   2. 6.2 Maximizing in the Marketplace

   3. 6.3 Market Failure

   4. 6.4 Review And Practice

8. Chapter 7: The Analysis of Consumer Choice

   1. 7.2 Utility Maximization and Demand

   2. 7.3 Indifference Curve Analysis: An Alternative Approach to Understanding Consumer Choice

   3. 7.4 Review and Practice

   4. 7.1 The Concept of Utility

9. Chapter 8: Production and Cost

   1. 8.1 Production Choices and Costs: The Short Run

   2. 8.2 Production Choices and Costs: The Long Run

   3. 8.3 Review and Practice

10. Chapter 9: Competitive Markets for Goods and Services

    1. 9.1 Perfect Competition: A Model

    2. 9.2 Output Determination in the Short Run

    3. 9.3 Perfect Competition in the Long Run

    4. 9.4 Review and Practice

11. Chapter 10: Monopoly

    1. 10.1 The Nature of Monopoly

    2. 10.2 The Monopoly Model

    3. 10.3 Assessing Monopoly

    4. 10.4 Review and Practice

12. Chapter 11: The World of Imperfect Competition

    1. 11.1 Monopolistic Competition: Competition Among Many

    2. 11.2 Oligopoly: Competition Among the Few

    3. 11.3 Extensions of Imperfect Competition: Advertising and Price Discrimination

    4. 11.4 Review and Practice

13. Chapter 12: Wages and Employment in Perfect Competition

    1. 12.1 The Demand for Labor

    2. 12.2 The Supply of Labor

    3. 12.3 Labor Markets at Work

    4. 12.4 Review and Practice

14. Chapter 13: Interest Rates and the Markets for Capital and Natural Resources

    1. 13.1 Time and Interest Rates

    2. 13.2 Interest Rates and Capital

    3. 13.3 Natural Resources and Conservation

    4. 13.4 Review and Practice

15. Chapter 14: Imperfectly Competitive Markets for Factors of Production

    1. 14.1 Price-Setting Buyers: The Case of Monopsony

    2. 14.2 Monopsony and the Minimum Wage

    3. 14.3 Price Setters on the Supply Side

    4. 14.4 Review and Practice

16. Chapter 15: Public Finance and Public Choice

    1. 15.1 The Role of Government in a Market Economy

    2. 15.2 Financing Government

    3. 15.3 Choices in the Public Sector

    4. 15.4 Review and Practice

17. Chapter 16: Antitrust Policy and Business Regulation

    1. 16.1 Antitrust Laws and Their Interpretation

    2. 16.2 Antitrust and Competitiveness in a Global Economy

    3. 16.3 Regulation: Protecting People from the Market

    4. 16.4 Review and Practice

18. Chapter 17: International Table

    1. 17.4 Review and Practice

    2. 17.1 The Gains from Trade

    3. 17.2 Two-Way Trade

    4. 17.3 Restrictions on International Trade

19. Chapter 18: The Economics of the Environment

    1. 18.2 Alternatives in Pollution Control

    2. 18.3 Review and Practice

    3. 18.1 Maximizing the Net Benefits of Pollution

20. Chapter 19: Inequality, Poverty, and Discrimination

    1. 19.1 Income Inequality

    2. 19.2 The Economics of Poverty

    3. 19.3 The Economics of Discrimination

    4. 19.4 Review and Practice

21. Chapter 20: Macroeconomics: The Big Picture

    1. 20.1 Growth of Real GDP and Business Cycles

    2. 20.2 Price-Level Changes

    3. 20.3 Unemployment

    4. 20.4 Review and Practice

22. Chapter 21: Measuring Total Output and Income

    1. 21.1 Measuring Total Output

    2. 21.2 Measuring Total Income

    3. 21.3 GDP and Economic Well-Being

    4. 21.4 Review and Practice

23. Chapter 22: Aggregate Demand and Aggregate Supply

    1. 22.4 Review and Practice

    2. 22.3 Recessionary and Inflationary Gaps and Long-Run Macroeconomic Equilibrium

    3. 22.2 Aggregate Demand and Aggregate Supply: The Long Run and the Short Run

    4. 22.1 Aggregate Demand

24. Chapter 23: Economic Growth

    1. 23.4 Review and Practice

    2. 23.1 The Significance of Economic Growth

    3. 23.3 Determinants of Economic Growth

    4. 23.2 Growth and the Long-Run Aggregate Supply Curve

25. Chapter 24: The Nature and Creation of Money

    1. 24.1 What Is Money?

    2. 24.2 The Banking System and Money Creation

    3. 24.3 The Federal Reserve System

    4. 24.4 Review and Practice

26. Chapter 25: Financial Markets and the Economy

    1. 25.2 Demand, Supply, and Equilibrium in the Money Market

    2. 25.1 The Bond and Foreign Exchange Markets

    3. 25.3 Review and Practice

27. Chapter 26: Monetary Policy and the Fed

    1. 26.1 Monetary Policy in the United States

    2. 26.2 Problems and Controversies of Monetary Policy

    3. 26.3 Monetary Policy and the Equation of Exchange

    4. 26.4 Review and Practice

28. Chapter 27: Government and Fiscal Policy

    1. 27.1 Government and the Economy

    2. 27.2 The Use of Fiscal Policy to Stabilize the Economy

    3. 27.3 Issues in Fiscal Policy

    4. 27.4 Review and Practice

29. Chapter 28: Consumption and the Aggregate Expenditures Model

    1. 28.4 Review and Practice

    2. 28.1 Determining the Level of Consumption

    3. 28.2 The Aggregate Expenditures Model

    4. 28.3 Aggregate Expenditures and Aggregate Demand

30. Chapter 29: Investment and Economic Activity

    1. 29.2 Determinants of Investment

    2. 29.3 Investment and the Economy

    3. 29.4 Review and Practice

    4. 29.1 The Role and Nature of Investment

31. Chapter 30: Net Exports and International Finance

    1. 30.1 The International Sector: An Introduction

    2. 30.2 International Finance

    3. 30.3 Exchange Rate Systems

    4. 30.4 Review and Practice

32. Chapter 31: Inflation and Unemployment

    1. 31.1 Relating Inflation and Unemployment

    2. 31.2 Explaining Inflation–Unemployment Relationships

    3. 31.3 Inflation and Unemployment in the Long Run

    4. 31.4 Review and Practice

33. Chapter 32: A Brief History of Macroeconomic Thought and Policy

    1. 32.3. An Emerging Consensus: Macroeconomics for the Twenty-First Century

    2. 32.4 Review and Practice

    3. 32.1 The Great Depression and Keynesian Economics

    4. 32.2 Keynesian Economics in the 1960s and 1970s

34. Chapter 33: Economic Development

    1. 33.1 The Nature and Challenge of Economic Development

    2. 33.2 Population Growth and Economic Development

    3. 33.3 Keys to Economic Development

    4. 33.4 Review and Practice

35. Chapter 34: Socialist Economies in Transition

    1. 34.4 Review and Practice

    2. 34.3 Economies in Transition: China and Russia

    3. 34.2 Socialist Systems in Action

    4. 34.1 The Theory and Practice of Socialism

36. Appendix A: Graphs in Economics

37. Appendix A.1: How to Construct and Interpret Graphs

38. Appendix A.2: Nonlinear Relationships and Graphs without Numbers

39. Appendix A.3: Using Graphs and Charts to Show Values of Variables

40. Appendix B: Extensions of the Aggregate Expenditures Model

41. Appendix B.1: The Algebra of Equilibrium

42. Appendix B.2: The Aggregate Expenditures Model and Fiscal Policy

43. Appendix B.3: Review and Practice