Table of Contents
PART I. GETTING ACQUAINTED WITH ECONOMICS. 1. What Is Economics? 2. The Use and Misuse of Graphs. 3. The Economy: Myth and Reality. 4. Scarcity and Choice: The Economic Problem. 5. Supply and Demand: An Initial Look. PART II. THE BUILDING BLOCKS OF DEMAND AND SUPPLY. 6. Consumer choice: Individual and Market Demand.. 7. Demand and Elasticity. 8. Production, Inputs, and Cost: Building Blocks for Supply Analysis. 9. Output, Price, and Profit: The Importance of Marginal Analysis. PART III. MARKETS, FROM COMPETITION TO MONOPOLY: VIRTUES AND VICES. 10. The Firm and the Industry under Perfect Competition. 11. The Price System and the Case for Free Markets. 12. Monopoly. 13. Between Competition and Monopoly. 14. The Market Mechanism: Shortcomings and Remedies. 15. Microeconomics of Innovation: Prime Engine of Growth. 16. Real Firms and Their Financing: Stocks and Bonds. PART IV. THE DISTRIBUTION OF INCOME. 17. Pricing and the Factors of Production. 18. Labor: The Human Input. 19. Poverty, Inequality, and Discrimination. PART V. THE GOVERNMENT AND THE ECONOMY. 20. Limiting Market Power: Regulation and Antitrust. 21. Taxation and Resource Allocation. 22. Externalities, the Environment, and Natural Resources. 23. International Trade and Comparative Advantage.