Includes bibliographical references and index.

Contents: 1. Economics: the science of scarcity: What economics is about -- Economic activities: producing and trading -- Supply and demand: theory -- Supply and demand: practice -- Economics in perspective: musical notes, economic notes -- 2. Macroeconomic fundamentals: Macroeconomic measurements part I: prices and unemployment -- Macroeconomic measurements part II: GDP and real GDP -- Economics in perspective: the stories behind the numbers -- 3. Macroeconomic stability, instability and fiscal policy: Aggregate demand and aggregate supply -- The Self-regulating economy -- Economy instability: a critique of the self-regulating economy -- The Federal budget and fiscal policy -- 4. Money, the economy and monetary policy: Money and banking -- The Federal reserve system -- Money and the economy -- Monetary policy -- 5. Expectations theory and the economy -- Economic growth: resources. technology and ideas -- Economics in perspective: debates in macroeconomics -- 6. Microeconomic fundamentals: Elasticity -- Consumer choice: maximizing utility and behavioral economics -- The Firm -- Production and costs -- 7. Product markets and policies: Perfect competition -- Monopoly -- Monopolistic competition, oligopoly and game theory -- Government and product markets: antitrust and regulation -- Economics in perspective: Intuition and counterintuition -- 8. Factor markets and related issues: Factor markets: with emphasis on the labor market -- Wages, unions and labor -- The Distribution of income and poverty -- Interest, rent and profit -- 9. Market failure and public choice: Market failure: externalities, public goods and asymmetric information -- Public choice: economic theory applied to politics -- 10. International economics: theory and policy: International trade -- International finance --