Table of Contents
Preface Part 1 Chapter 1 Appendix Chapter 2 Part 2 Chapter 3 Chapter 4 Chapter 5 Chapter 6 Chapter 7 Part 3 Chapter 8 Chapter 9 Part 4 Chapter 10 Chapter 11 Chapter 12 Chapter 13 Chapter 14 Chapter 15 Part 5 Chapter 16 Chapter 17 Part 6 Chapter 18 Chapter 19 Chapter 20 Part 7 Chapter 21 Chapter 22
v Introduction What is Economics? Graphs in Economics The Economic Problem
1 9 21
How Markets Work Demand and Supply Elasticity Efficiency and Equity Government Actions in Markets Global Markets in Action
39 53 65 79 93
Households’ Choices Utility and Demand Possibilities, Preferences, and Choices
107 121
Firms and Markets Organizing Production Output and Costs Perfect Competition Monopoly Monopolistic Competition Oligopoly
137 151 165 179 197 209
Market Failure and Government Public Choices, Public Goods, and Healthcare Externalities
223 235
Factor Markets, Inequality, and Uncertainty Markets for Factors of Production Economic Inequality Uncertainty and Information
247 261 275
Monitoring Macroeconomic Performance Measuring the Value of Production: GDP Monitoring Jobs and Inflation
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285 299