Table of Contents
Part I: IntroductionChapter 1: The Role and Method of Economics1.1 Economics: A Brief Introduction1.2 Economic Behavior1.3 Economic Theory and Models1.4 Pitfalls to Avoid in Scientific Thinking1.5 Positive Statements and Normative StatementsChapter 2: Economics: Eight Powerful Ideas2.1 Idea 1: People Face Scarcity and Costly Trade-Offs2.2 Idea 2: People Engage in Rational Decision Making and Marginal Thinking2.3 Idea 3: People Respond Predictably to Changes in Incentives2.4 Idea 4: Specialization and Trade Can Make People Better Off2.5 Idea 5: Markets Can Improve Economic Efficiency2.6 Idea 6: Appropriate Government Policies Can Improve Market Outcomes2.7 Idea 7: Government Policies May Help Stabilize the Economy2.8 Idea 8: Increasing Productivity Leads to Economic GrowthChapter 3: Scarcity, Trade-Offs, and Production Possibilities3.1 The Three Economic Questions Every Society Faces3.2 The Circular Flow Model3.3 The Production Possibilities Curve3.4 Economic Growth and the Production Possibilities CurvePart II: Supply and DemandChapter 4: Demand, Supply, and Market Equilibrium4.1 Markets4.2 Demand4.3 Shifts in the Demand Curve4.4 Supply4.5 Shifts in the Supply Curve4.6 Market Equilibrium Price and QuantityChapter 5: Markets in Motion and Price Controls5.1 Changes in Market Equilibrium5.2 Price ControlsChapter 6: Elasticities6.1 Price Elasticity of Demand6.2 Total Revenue and the Price Elasticity of Demand6.3 Other Types of Demand Elasticities6.4 Price Elasticity of SupplyPart III: Market Efficiency, Market Failure, and the Public SystemChapter 7: Market Efficiency and Welfare7.1 Consumer Surplus and Producer Surplus7.2 The Welfare Effects of Taxes, Subsidies, and Price ControlsChapter 8: Market Failure8.1 Externalities8.2 Public Policy and the Environment8.3 Property Rights and the Environment8.4 Public Goods8.5 Asymmetric InformationChapter 9: Public Finance and Public Choice9.1 Public Finance: Government Spending and Taxation9.2 Public ChoicePart IV: Households and Market StructureChapter 10: Consumer Choice Theory10.1 Consumer Behavior10.2 The Consumer's Choice10.3 Behavioral EconomicsChapter 11: The Firm: Production and Costs11.1 Firms and Profts: Total Revenues Minus Total Costs11.2 Production in the Short Run11.3 Costs in the Short Run11.4 The Shape of the Short-Run Cost Curves11.5 Cost-Curves: Short Run versus Lung RunChapter 12: Firms in Perfectly Competitive Markets12.1 A Perfectly Competitive Market12.2 An Individual Price Taker's Demand Curve12.3 Profit Maximization12.4 Short-Run Profits and Losses12.5 Long-Run Equilibrium12.6 Long-Run SupplyChapter 13: Monopoly and Antitrust13.1 Monopoly: The Price Maker13.2 Demand and Marginal Revenue in Monopoly13.3 The Monopolist's Equilibrium13.4 Monopoly and Welfare Loss13.5 Monopoly Policy13.6 Price Discrimination and Peak Load PricingChapter 14: Monopolistic Competition and Product Differentiation14.1 Monopolistic Competition14.2 Price and Output Determination in Monopolistic Competition14.3 Monopolistic Competition versus Perfect Competition14.4 AdvertisingChapter 15: Oligopoly and Strategic Behavior15.1 Oligopoly15.2 Collusion and Cartels15.3 Other Oligopoly Models15.4 Game Theory and Strategic BehaviorPart V: Input Markets and Microeconomic Policy IssuesChapter 16: The Markets for Labor, Capital, and Land16.1 Input Markets16.2 Supply and Demand in the Labor Market16.3 Labor Market Equilibrium16.4 Labor Unions16.5 The Markets for Land and CapitalChapter 17: Income, Poverty, and Health Care17.1 Income Distribution17.2 Income Redistribution17.3 The Economics of Discrimination17.4 Poverty17.5 Health CarePart VI: The Global EconomyChapter 18: International Trade18.1 The Growth in World Trade18.2 Comparative Advantage and Gains from Trade18.3 Supply and Demand in International Trade18.4 Tariffs, Import Quotas, and SubsidiesChapter 19: International Finance19.1 The Balance of Payments19.2 Exchange Rates19.3 Equilibrium Changes in the Foreign Exchange Market19.4 Flexible Exchange Rates