Includes index.

Contents: 1. Introduction: Thinking like an a economist -- Market, specialization and economic efficiency -- Market, supply, demand and elasticity -- 2. Competition and 'invisible hand': Demand; the benefit side of the market -- Perfectly competitive supply; the cost of the market -- Efficiency and exchange -- Profits; entry and exit the basis for the 'invisible hand' -- 3. Market imperfections, market power: Imperfect competition and the consequences of the market power -- Thinking strategically; interdependence, decision making and the theory of games -- Thinking strategically; competition among the few -- 4. Market imperfections; externalities, information, distribution and the role of the government in a market economy: Externalities and property rights -- The economics of information -- Labour markets, income distribution, wealth and poverty -- Government in the market economy; public sector production and regulation -- The credit crunch and the great contraction; an application of some microeconomics to help explain a macroeconomic crises -- 5. Macroeconomics; issues and data: Macroeconomics; the bird's-eye view of the economy -- Measuring economic activity; gross domestic product -- Measuring the price level and inflation -- The labour market; wages and unemployment -- 6. The economy in the long run: Economic growth, productivity and living standards -- Capital markets; saving, investment and financial intermediaries -- 7. The economy in the short run: Short-term economic fluctuations -- Money and interest rates -- The IS-LM model -- Stabilising the economy ; the role of fiscal policy -Stabilising the economy ; the role of monetary policy -- Aggregate demand , aggregate supply and inflation -- The new Keynesian Phillips Curve; expectations and inflation policy --