Includes index.

Part 1. What is economics? -- First principles -- Economic models : trade-offs and trade -- Graphs in economics -- Part 2. Supply and demand -- Supply and demand -- The market strikes back -- Elasticity and taxation -- Part 3. The production decision -- Behind the supply curve : inputs and costs -- Perfect competition and the supply curve -- Part 4. Beyond perfect competition -- Monopoly, oligopoly, and monopolistic competition -- Externalities and public goods -- Part 5. Introduction to macroeconomics -- Macroeconomics : the big picture -- Tracking the macroeconomy -- Unemployment and inflation -- Part 6. Economic growth and fluctuations -- Long-run economic growth -- Aggregate demand and aggregate supply -- Part 7. Stabilization policy -- Fiscal policy -- Money, banking, and the Federal Reserve system -- Monetary policy -- Part 8. The international economy -- International trade, capital flows, and exchange rates -- Solutions to "check your understanding" questions -- Glossary.