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• Table of Contents

Table of Contents

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 Case for Free Markets I: The Price System.
15. The Shortcomings of Free Markets.
16. The Market's Prime Achievement: Innovation and Growth.
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 and Entrepreneurship: The Human Inputs.
21. Poverty, Inequality, and Discrimination.
22. International Trade and Comparative Advantage.