KEY MESSAGE: Economicsprovides a serious, analytical approach to the discipline by introducing the main ideas and then developing those ideas with the latest research, policy, and data. The result is that readers learn to apply economics the way real economists do, by evaluating the decisions in their personal and professional lives. Introduction:What Is Economics?; The Economic Problem.How Markets Work:Demand and Supply; Elasticity; Efficiency and Equity; Markets in Action.Households'Choices:Utility and Demand; Possibilities, Preferences, and Choices.Firms and Markets:Organizing Production; Output and Costs;Perfect Competition; Monopoly; Monopolistic Competition and Oligopoly.Market Failure and Government:Regulation and Antitrust Law; Externalities; Public Goods and Common Resources.Factor Markets, Inequality, and Uncertainty:Demand and Supply in Factor Markets; Economic Inequality; Uncertainty and Information.Macroeconomic Overview:A First Look at Macroeconomics; Measuring GDP and Economic Growth; Monitoring Jobs and the Price Level.The Economy in the Long Run:At Full Employment: The Classical Model; Economic Growth; Money, the Price Level, and Inflation; The Exchange Rate and the Balance of Payments.The Economy in the Short Run:Aggregate Supply and Aggregate Demand; Expenditure Multipliers: The Keynesian Model; U.S. Inflation, Unemployment, and Business Cycle.Macroeconomic Policy:Fiscal Policy; Monetary Policy.The Global Economy:Trading with the World. For all readers interested in economics.