Includes index.

Contents: Introduction: Getting started -- The U.S. and global economies -- The economic problem -- Demand and supply -- A closer look at markets: Elasticities of demand and supply -- Efficiency and fairness of markets -- How governments influence the economy: Government actions in markets -- Taxes -- Global markets in action -- Market failure and public policy: Externalities -- Public goods and common resources -- Markets with private information -- A closer look at decision makers: Consumer choice and demand -- Production and cost -- Prices, profits and industry performance: Perfect competition -- Monopoly -- Monopolistic competition -- Oligopoly -- Incomes and inequality: Markets for factors of production -- Economic inequality --