Table of Contents

1. Why Study Economics?

2. What Is an Economy, and How Do Economists Study It?

3. Why Do We Trade?

Appendix 3A: Graphs in Economics

4. The Market at Work: Supply and Demand

Appendix 4A: Changes in Both Demand and Supply

Appendix 4B: Elasticity

5. Market Efficiency

6. The Firm: Revenue, Cost, and Profit

7. Competitive Markets

8. Understanding Monopoly and Imperfect Markets

9. The Demand and Supply of Labor

Appendix 9A: Wage Discrimination, Income Inequality, and Poverty

10. Government in the Economy

11. Behavioral Economics and Strategic Behavior

12. Introduction to Macroeconomics and Gross Domestic Product

Appendix 12A: What Are Classical and Keynesian Economics?

13. Unemployment and Inflation

14. Economic Growth and the Wealth of Nations

15. Aggregate Demand and Aggregate Supply

16. Savings, Interest Rates, and the Market for Loanable Funds

17. Money and the Federal Reserve

18. Monetary Policy

19. Fiscal Policy and Budget Deficits

20. International Economics

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