CONTENTS
PART 1 INTRODUCTION TO ECONOMICS
1 The Art and Science of Economic Analysis = 1
2 Some Tools of Economic Analysis = 25
3 The Market System = 43
4 The Economic Actors : Households, Firms, Governments, and the Rest of the World = 67
PART 2 FUNDAMENTALS OF MACROECONOMICS
5 Introduction to Macroeconomics = 89
6 Productivity and Growth = 110
7 Unemployment and Inflation = 130
8 Measuring Economic Aggregates = 152
9 Consumption and Aggregate Expenditure = 177
10 Aggregate Expenditure and Demand-Side Equilibrium = 205
11 Aggregate Supply = 230
PART 3 FISCAL AND MONETARY POLICY
12 Fiscal Policy = 255
13 Money and the Financial System = 276
14 Banking and the Money Supply = 299
15 Monetary Theory and Policy = 320
16 The Policy Debate : Active or Passive? = 343
17 Budgets, Deficits, and Public Policy = 369
PART 4 INTRODUCTION TO THE MARKET SYSTEM
18 Elasticity of Demand and Supply = 393
19 Consumer Choice and Demand = 420
20 Production and Cost in the Firm = 447
PART 5 MARKET STRUCTURE AND PRICING
21 Perfect Competition = 474
22 Monopoly = 503
23 Monopolistic Competition and Oligopoly = 526
PART 6 RESOURCE MARKETS
24 Resource Markets = 550
25 Human Resources : Labor and Entrepreneurial Ability = 576
26 Unions and Collective Bargaining = 593
27 Capital, Interest, and Corporate Finance = 616
28 Imperfect Information, Transaction Costs, and Market Behavior = 637
PART 7 MARKET FAILURE AND PUBLIC POLICY
29 Economic Regulation and Antitrust Activity = 656
30 Public Choice = 678
31 Externalities and the Environment = 698
32 Income Distribution and Poverty = 721
PART 8 THE INTERNATIONAL SETTING
33 International Trade = 745
34 International Finance = 774
35 Developing and Transitional Economies = 798
