Adapted by Kathryn Graddy, Essentials of Economics brings the captivating storytelling approach, real-world applications, and innovative features of Paul Krugman and Robin Wells’ Economics to the one-term economics course. It is the ideal text for teaching basic economic principles in a single term, distilling the increasingly popular Krugman/Wells text down to what is truly essential. The new edition is the most accessible yet—thoroughly updated with current topics and examples, and with new cases that are especially appealing to business students.

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Part 1. What is Economics?
1. First Principles
2. Economic Models: Trade-offs and Trade
Appendix: Graphs in Economics

Part 2. Supply and Demand
3. Supply and Demand
4. Price Controls and Quotas: Meddling with Markets
5. Elasticity and Taxation

Part 3. The Production Decision
6. Behind the Supply Curve: Inputs and Costs
7. Perfect Competition and the Supply Curve

Part 4. Beyond Perfect Competition
8. Monopoly, Oligopoly, and Monopolistic Competition
9. Externalities and Public Goods

Part 5. Introduction to Macroeconomics
10. Macroeconomics: The Big Picture
11. GP and the CPI: Tracking the Macroeconomy
12. Unemployment and Inflation

Part 6. Economic Growth and Fluctuations
13. Long-Run Economic Growth
14. Aggregate Demand and Aggregate Supply

Part 7. Stabilization Policy
15. Fiscal Policy
16. Money, Banking, and the Federal Reserve System
17. Monetary Policy
18. Crises and Consequences
 
Part 8. The International Economy
19. International Trade, Capital Flows, and Exchange Rates