Includes bibliographical references and index.

Contents: 1. Introduction to economics: Introducing the economic way of thinking -- Production possibilities, opportunity cost and economic growth -- 2. Microeconomic fundamentals: Market demand and supply -- Markets in action -- Price elasticity of demand and supply -- Consumer choice theory -- Production costs -- 3. Market structures: Perfect competition -- Monopoly -- Monopolistic competition and oligopoly -- Labor markets -- 4. Microeconomic policy issues: Income distribution, poverty and discrimination -- Antitrust and regulation -- Environmental economics -- 5. Macroeconomic fundamentals: Gross domestic product -- Business cycles and unemployment -- Inflation -- 6. Macroeconomic theory and policy: The Keynesian model -- The Keynesian model in action -- Aggregate demand and supply -- Fiscal policy -- The Public sector -- Federal deficits, surpluses and the national debt -- 7. Money, banking and monetary policy: Money and the federal reserve system -- Money creation -- Monetary policy -- The Philips curve and expectations theory -- 8. The International economy: International trade and finance -- Economies in transition -- Growth and the less-developed countries --