With a goal of encouraging readers to become informed decision-makers,Introduction to Economic Reasoning, Seventh Edition,provides a non-technical, concise introduction to basic economic theories that is ideal for a short introduction to economics. Introduction: Scarcity and the Economic System:The Study of Economics; Economic Systems.Microeconomics: Markets, Prices, and the Role of Competition:Demand and Supply: Price Determination in Competitive Markets; Applications using Demand and Supply; Costs and Decision Making; Price Taking: The Purely Competitive Firm; Price Searching: The Firm with Market Power; Industry Structure and Public Policy; Market Failure.Macroeconomics: The Economy as a Whole:Measuring Aggregate Performance; Aggregate Demand and Supply: The Model of the Self-Correcting Economy; Fiscal Policy; Money, Banking, and Monetary Policy; The Activist-Nonactivist Debate; Economic Growth: The Importance of the Long Run.International Economics: Trade, Exchange Rates, and the Role of Trade Agreements:International Trade. For all readers interested in one-semester economics.