1. The Big Ideas in Economics
2. The Power of Trade and Comparative Advantage

Part 1: Supply and Demand
3. Supply and Demand
4. Equilibrium: How Supply and Demand Determine Prices
5. Elasticity and Its Applications
6. Taxes and Subsidies

Part 2: The Price System
7. The Price System: Signals, Speculation, and Prediction
8. Price Ceilings and Floors
9. International Trade
10. Externalities: When the Price Is Not Right

Part 3: Firms and Factor Markets
11. Costs and Profit Maximization under Competition
12. Competition and the Invisible Hand
13. Monopoly
14. Price Discrimination and Pricing Strategy
15. Oligopoly and Game Theory
16. Networks, Platforms, and the Economics of “Free Goods”
17. Monopolistic Competition and Advertising
18. Labor Markets

Part 4: Government
19. Public Goods and the Tragedy of the Commons
20. Political Economy and Public Choice
21. Economics, Ethics, and Public Policy

Part 5: Decision Making for Businesses, Investors, and Consumers
22. Managing Incentives
23. Stock Markets and Personal Finance
24. Asymmetric Information: Moral Hazard and Adverse Selection
25 Consumer Choice

Part 6: Economic Growth
26 GDP and the Measurement of Progress
27 The Wealth of Nations and Economic Growth
28 Growth, Capital Accumulation, and the Economics of Ideas: Catching Up vs. the Cutting Edge
29 Saving, Investment, and the Financial System

Part 7: Business Fluctuations
30 Unemployment and Labor Force Participation
31 Inflation and the Quantity Theory of Money
3. Business Fluctuations: Aggregate Demand and Supply
33. Transmission and Amplification Mechanisms

Part 8: Macroeconomic Policy and Institutions
34. The Federal Reserve System and Open Market Operations
35. Monetary Policy
36. The Federal Budget: Taxes and Spending
37. Fiscal Policy

Part 9: International Economics
38 International Finance

APPENDIX A Reading Graphs and Making Graphs
APPENDIX B Solutions to Check Yourself
Glossary G-1
References R-1
Index I-1