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Primarily for a one-semester survey course in general economics. The Economic Way of Thinking develops the basic principles of micro- and macroeconomic analysis, and employs them as tools rather than ends unto themselves. This text introduces students to a method of reasoning; to think like an economist through example and application. It even teaches by showing students how not to think, by exposing them to the errors implicit in much popular reasoning about economic events.
Table of Contents
The Economic Way of Thinking
Efficiency, Exchange, and Comparative Advantage
Substitutes Everywhere: The Concept of Demand
Opportunity Cost and the Supply of Goods
Supply and Demand: A Process of Cooperation
Supply and Demand: Issues and Applications
Profit and Loss
Competition and Monopoly
Competition and Government Policy
The Distribution of Income
Externalities and Conflicting Rights
Markets and Government
The Overall Performance of Economic Systems
Employment and Unemployment
The Supply of Money
Monetary and Fiscal Policies
Economic Performance and Political Economy
National Policies and International Exchange
Promoting Economic Growth
The Limitations of Economics
Table of Contents provided by Publisher. All Rights Reserved.