Includes glossary and 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 -- Market failures: public goods and externalities -- Government's role and government failure -- Part three: Consumer behavior: Elasticity -- Utility maximization -- Behavioral economics -- Part four: Microeconomics of product markets: Businesses and the costs of production -- Pure competition in the short run -- Pure competition in the long run -- Pure monopoly --Monopolistic competition and oligopoly -- Technology, R&D, and efficiency -- Part five: Microeconomics of resource markets and government: The demand for resources -- Wage determination -- Rent, interest, and profit -- Natural resources and energy economics -- Public finance: expenditures and taxes -- Part six: Microeconomics issues and policies: Antitrust policy and regulation -- Agriculture: economics and policy-- Income inequality, poverty, and discrimination -- Health care -- Immigration -- Part seven: GDP, growth, and instability: An introduction to macroeconomics -- Measuring domestic output and national income -- Economic growth -- Business cycles, unemployment, and inflation -- Part eight: Macroeconomic models and fiscal policy: Basic macroeconomic relationships -- The aggregate expenditures model -- Aggregate demand and aggregate supply -- Fiscal policy, deficits, and debt -- Part nine: Money, banking, and monetary policy: Money, banking, and financial institutions -- Money creation -- Interest rates and monetary policy -- Financial economics -- Part ten: Extensions and issues: Extending the analysis of aggregate supply -- Current issues in macro theory and policy -- Part eleven: International economics: International trade -- The balance of payments, exchange rates, and trade -deficits.