Includes glossary and index.

Contents : Part I : Introduction: Thinking like an economist -- Comparative advantage -- Supply and demand -- Part II : Competition and the invisible hand: Elasticity -- Demand -- Perfectly competitive supply -- Efficiency, exchange, and the invisible hand in action -- Market imperfections: Monopoly,Oligopoly, and monopolistic competition -- Games and strategic behavior -- Eternalities and property rights -- The economics of information -- Part IV: Economics of public policy: Labor markets, poverty , and income distribution -- The environment, health, and safety -- Public goods and tax policy -- Macroeconomics:data and issues: Spending, income, and GDP -- Inflation and the price level -- Wages and unemployment -- Part VI : The economy in the long run: Economic growth -- Saving, Capital formation, and financial markets -- Money, prices, and the financial system -- Part VII : The economy in the short run: Short-term economic fluctuations -- Spending, output, and fiscal policy -- Monetary policy and the federal reserve -- aggregate demand, aggregate supply, and business cycles -- Macroeconomic policy -- Part VIII: The international economy: Exchange rates, international trade, and capital flows