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This text is well known for using the Keynesian model in the teaching of economics; yet in the 2007 Update edition, the authors have expanded coverage of the growth model considerably to achieve more balanced coverage making the content more accessible for the students. The text uses the aggregate supply/ aggregate demand model as a fundamental tool for learning macroeconomics. It achieves the right level of rigor and detail, presenting complicated concepts in a relatively straightforward manner and using timely economic data. Using puzzles, issues, and well-developed examples, the authors provide a good balance of theory to application allowing students to relate the materials to their every day lives.
PART I: GETTING ACQUAINTED WITH ECONOMICS. 1. What Is Economics? 2. The Economy: Myth and Reality. 3. The Fundamental Economic Problem: Scarcity and Choice. 4. Supply and Demand: An Initial Look. PART II: THE BUILDING BLOCKS OF DEMAND AND SUPPLY. 5. Consumer Choice: Individual and Market Demand. 6. Demand and Elasticity. 7. Production, Inputs, and Cost: Building Blocks for Supply Analysis. 8. Output, Price, and Profit: The Importance of Marginal Analysis. 9. The Economics of the Stock Market. Part III: Markets and the Price System. 10. The Firm and the Industry under Perfect Competition. 11. Monopoly. 12. Between Competition and Monopoly. 13. Limiting Market Power: Regulation and Antitrust. Part IV: The Virtues and Limitations of Markets. 14. The Price System and the Case for Free Markets. 15. The Market Mechanism: Shortcomings and Remedies. 16. Innovation and Growth: The Free Market's Greatest Triumph. 17. Externalities, the Environment and Natural Resources. 18. Taxation and Resource Allocation. Part V: The Distribution of Income. 19. Pricing the Factors of Production. 20. Labor: The Human Input. 21. Poverty, Inequality, and Discrimination. 22. International Trade and Comparative Advantage.