Includes Index.

Contents:Part one: Introduction: Ten principles of economics -- Thinking like an Economist -- Interdependence and the Gains from trade --Part two: Supply and demand1: How markets work: The market forces of supply and demand -- Elasticity and its Application -- Supply, demand and Government Policies -- Part three: Supply and demand 2: Markets and welfare: Consumers, producers, and Efficiency of Markets -- Applications: The cost of taxation -- Application: International trade -- Part four: The Economics of the Public Sector: Externalities -- Public goods and common resources -- The design of the Tax system -- Part five: Firm Behaviour and the organization of industry: The cost of production -- Firms in competitive market -- Monopoly -- Oligopoly -- Monopolistic Competition -- Part six: The economics of Labour Market: The markets for the factors of production -- Earnings and Discrimination income Inequality and Poverty -- Part Seven: Advanced Topic: The Theory of Consumer choice.