Includes index.

Contents: 1. Introduction to economics: The scope and method of economics -- The economics problems; scarcity and choice -- Demand, supply, and market equilibrium -- Demand and supply applications and elasticity -- 2. Foundations for microeconomics; consumers and firms: Household behavior and consumer choice -- The production process; the behavior of profit maximizing firms -- Short-run costs and output decisions -- Long-run costs and output decisions -- Input demand; the labor and land market -- Input demand; capital market and the investment decision -- General equilibrium and the efficiency of perfect competition -- 3. Market imperfections and the role of Government: Monopoly and the antitrust policy -- Monopolistic competition and oligopoly -- Externalities, public goods, imperfect information, and social choice -- Income distribution and poverty -- Public finance; the economics of taxation -- 4. Concepts and problems in macroeconomics: Introduction to macroeconomics -- Measuring national output and national income -- Long-run and short-run concerns; Growth, productivity, unemployment and inflation -- 5. The goods and money markets: Aggregate expenditure and equilibrium output -- The Government and fiscal policy -- The money supply and the federal reserve systems -- Money demand, the equilibrium interest rate, and monetary policy -- 6. Macroeconomics analysis: Money, the interest rate, and output; analysis and policy -- Aggregate demand, Aggregate supply, and inflation -- The labor market, unemployment, and inflation -- Macroeconomic issues and policy -- The stock market and the economy -- Household and firm behavior in the macroeconomy; A further look -- Long-run growth -- Debate in macroeconomics; monetarism, new classical theory, and supply-side economics -- 7. The world economy: International trade, comparative advantage, and protectionism -- Open-economy macroeconomics; the balance of payment and exchange rates -- Globalization -- Economic growth in developing and transitional economies.