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The hallmark of this introduction to economics is its knack for making the material relevant to everyday life, presenting the economic way of thinking for those new to the subject. Highlights include an expanded emphasis on economic theory -- a new chapter on marginal reasoning and profit maximization is the unifying theme of the microeconomics chapters. The macro chapters are built around the framework of the aggregate demand-aggregate supply model. The new edition also features: additional discussion of game theory, new coverage of economies and diseconomies of scale, revised coverage of fiscal policy, and in-depth coverage of international trade and finance. Together, all these features offer a strong foundation for understanding economics today.
Table of Contents
PART ONE Introduction: Scarcity and the Economic System
The Study of Economics
PART TWO Microeconomics: Markets, Prices, and the Role of Competition
Demand and Supply: Price Determination in Competitive Markets
The Elasticity of Demand and Supply
Marginal Reasoning and Profit Maximization
Price Taking: The Purely Competitive Firm
Price Searching: The Firm with Market Power
Industry Structure and Public Policy
PART THREE Macroeconomics: The Economy as a Whole
Measuring Aggregate Performance
Aggregate Demand and Supply: The Model of the Self-Correcting Economy
Money, Banking, and Monetary Policy
The Activist---Nonactivist Debate
Economic Growth: The Importance of the Long Run
PART FOUR International Economics: Trade, Exchange Rates, and the Balance of Payments