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This is a no-nonsense principles book that emphasizes economic theory and applications. The book is a study tool for students and the pedagogical approach and in-text features were chosen to reinforce that theme. It provides students with a picture of economics as a unified discipline, a set of interrelated tools and ideas that can be used to look at the world in a different way, and the less-is-more approach has been carefully crafted in both content and supporting pedagogy to keep students focused on learning and applying the central ideas used in economic analysis. It teaches students how to use analytical processes in developing their own economic analysis skills. Hall/Lieberman's careful focus on core theoretical ideas, as well as their systematic application of theoretical tools to timely real-world questions, conveys the message that economics is an integrated, powerful body of knowledge that can be used to address domestic and global issues.
PART I. PRELIMINARIES. 1. What Is Economics? 2. Scarcity, Choice, and Economic Systems. 3. Supply and Demand. 4. Working with Supply and Demand. PART II. MICROECONOMIC DECISION MAKERS. 5. Consumer Choice. 6. Production and Cost. 7. How Firms Make Decisions: Profit Maximization. PART III. PRODUCT MARKETS. 8. Perfect Competition. 9. Monopoly. 10. Monopolistic Competition and Oligopoly. PART IV. LABOR, CAPITAL, AND FINANCIAL MARKETS. 11. The Labor Market. 12. Economic Inequality. 13. Capital and Financial Markets. PART V. EFFICIENCY, GOVERNMENT, AND THE GLOBAL ECONOMY. 14. Economic Efficiency and the Role of Government. 15. Comparative Advantage and the Gains from International Trade. USING ALL THE THEORY: The Microeconomics of Domestic Security.