Includes index

Contents: Part One: Introduction to economics and the economy: Limits, alternatives and choices -- The market system and the circular flow -- Part Two: Price, quantity and efficiency: Demand, supply, and market equilibrium -- Elasticity -- Market failures: public goods and externalities -- Part Three: International economics: International trade -- The balance of payments, exchange rates and trade deficits -- The economics of developing countries -- Part Four: GDP, growth, and instability: An introduction to macroeconomics -- Measuring domestic output and national income -- Economic growth -- Business cycles, unemployment and inflation -- Part Five: Macroeconomic models and fiscal policy: Basic macroeconomics relationships -- The aggregate expenditures model -- Aggregate demand and aggregate supply -- Fiscal policy, deficits, and debts -- Part Six: Money, banking, and monetary policy: Money, banking, and financial institutions -- Money creation -- Interest rates and monetary policy -- Financial economics -- Part Seven: Extensions and issues: Extending the analysis of aggregate supply -- Current issues in macro theory and policy.