Includes bibliographical references and index.

pt. 1: Introduction. Getting started -- The U.S. And global economies -- The economic problem -- Demand and supply -- pt. 2: A closer look at markets. Elasticities of demand and supply -- Efficiency and fairness of markets -- pt. 3: How governments influence the economy. Government actions in markets -- Taxes -- Global markets in action -- Public goods and public choices -- Externalities and the environment -- pt. 4: A closer look at decision makers. Consumer choice and demand -- Production and cost -- pt. 5: Prices, profits, and industry performance. Perfect competition -- Monopoly -- Monopolistic competition -- Oligopoly -- pt. 6: Incomes and inequality. Markets for factors of production -- Inequality and poverty -- pt. 7: Monitoring the macroeconomy. GDP: a measure of total production and income -- Jobs and unemployment -- The CPI and the cost of living -- pt. 8: The real economy. Potential GDP and the natural unemployment rate -- Economic growth -- Finance, saving, and investment -- pt. 9: The money economy. The monetary system -- Money, interest, and inflation -- pt. 10: Economic fluctuations. Aggregate supply and aggregate demand -- Aggregate expenditure multiplier -- The short-run policy tradeoff -- pt. 11: Macroeconomic policy. Fiscal policy -- Monetary policy -- International finance.

This textbook provides an overview of microeconomic and macroeconomic theory. It presents a survey of the key lessons of economics -- demand, supply, pricing in markets, structure of markets, monetary policy, fiscal policy, international trade, and other key issues that arise in general discussion. It reviews the primary tools of economic thinking and covers the major themes that appear in the popular media.

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