9780130132994

For one-term Principles/Survey of Economics courses. Noted for its clear and informative style, this text provides an in-depth discussion of a limited, but crucial set of economic principles and concepts, then applies these tools of analysis to a wide variety of familiar situations. It presents conceptually demanding material in a lively, often witty fashion that is both accessible and pertinent for beginning students.

Preface

xi

The Economic Way of Thinking

1

(16)

Questions for Discussion

14

(3)

Substitutes Everywhere: The Concept of Demand

17

(28)

Questions for Discussion

37

(8)

Opportunity Cost and the Supply of Goods

45

(26)

Questions for Discussion

62

(9)

Supply and Demand: A Process of Cooperation

71

(28)

Questions for Discussion

92

(7)

Supply and Demand: Issues and Applications

99

(32)

Questions for Discussion

120

(11)

Efficiency, Exchange, and Comparative Advantage

131

(26)

Questions for Discussion

147

(10)

Information, Middlemen, and Speculators

157

(26)

Questions for Discussion

173

(10)

Price Setting and the Question of Monopoly

183

(16)

Questions for Discussion

191

(8)

Price Searching

199

(26)

Questions for Discussion

213

(12)

Competition and Government Policy

225

(27)

Questions for Discussion

240

(12)

Profit

252

(37)

Questions for Discussion

277

(12)

The Distribution of Income

289

(32)

Questions for Discussion

307

(14)

Externalities and Conflicting Rights

321

(28)

Questions for Discussion

337

(12)

Markets and Government

349

(34)

Questions for Discussion

369

(14)

The Overall Performance of Economic Systems

383

(20)

Questions for Discussion

399

(4)

The Supply of Money

403

(22)

Questions for Discussion

420

(5)

Monetary and Fiscal Policies

425

(24)

Questions for Discussion

443

(6)

National Policies and International Exchange

449

(26)

Questions for Discussion

468

(7)

Employment and Unemployment

475

(24)

Questions for Discussion

492

(7)

Promoting Economic Growth

499

(18)

Questions for Discussion

513

(4)

Economic Performance and Political Economy

517

(22)

Questions for Discussion

533

(6)

The Limitations of Economics

539

(2)

Glossary

541

(2)

Index

543

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The Economic Way of Thinking

The Economic Way of Thinking

0130132993

Summary

Table of Contents

Supplemental Materials