Chapter 1  Welcome to Economics!
	Introduction
	1.1 What Is Economics, and Why Is It Important?
	1.2 Microeconomics and Macroeconomics
	1.3 How Economists Use Theories and Models to Understand Economic Issues
	1.4 How To Organize Economies: An Overview of Economic Systems
	Key Terms
	Key Concepts and Summary
	Self-Check Questions
	Review Questions
	Critical Thinking Questions
Chapter 2  Choice in a World of Scarcity
	Introduction to Choice in a World of Scarcity
	2.1 How Individuals Make Choices Based on Their Budget Constraint
	2.2 The Production Possibilities Frontier and Social Choices
	2.3 Confronting Objections to the Economic Approach
	Key Terms
	Key Concepts and Summary
	Self-Check Questions
	Review Questions
	Critical Thinking Questions
	Problems
Chapter 3  Demand and Supply
	Introduction to Demand and Supply
	3.1 Demand, Supply, and Equilibrium in Markets for Goods and Services
	3.2 Shifts in Demand and Supply for Goods and Services
	3.3 Changes in Equilibrium Price and Quantity: The Four-Step Process
	3.4 Price Ceilings and Price Floors
	3.5 Demand, Supply, and Efficiency
	Key Terms
	Key Concepts and Summary
	Self-Check Questions
	Review Questions
	Critical Thinking Questions
	Problems
Chapter 4  Labor and Financial Markets
	Introduction to Labor and Financial Markets
	4.1 Demand and Supply at Work in Labor Markets
	4.2 Demand and Supply in Financial Markets
	4.3 The Market System as an Efficient Mechanism for Information
	Key Terms
	Key Concepts and Summary
	Self-Check Questions
	Review Questions
	Critical Thinking Questions
	Problems
Chapter 5  Elasticity
	Introduction to Elasticity
	5.1 Price Elasticity of Demand and Price Elasticity of Supply
	5.2 Polar Cases of Elasticity and Constant Elasticity
	5.3 Elasticity and Pricing
	5.4 Elasticity in Areas Other Than Price
	Key Terms
	Key Concepts and Summary
	Self-Check Questions
	Review Questions
	Critical Thinking Questions
	Problems
Chapter 6  Consumer Choices
	Introduction to Consumer Choices
	6.1 Consumption Choices
	6.2 How Changes in Income and Prices Affect Consumption Choices
	6.3 Behavioral Economics: An Alternative Framework for Consumer Choice
	Key Terms
	Key Concepts and Summary
	Self-Check Questions
	Review Questions
	Critical Thinking Questions
	Problems
Chapter 7  Production, Costs, and Industry Structure
	Introduction to Production, Costs, and Industry Structure
	7.1 Explicit and Implicit Costs, and Accounting and Economic Profit
	7.2 Production in the Short Run
	7.3 Costs in the Short Run
	7.4 Production in the Long Run
	7.5 Costs in the Long Run
	Key Terms
	Key Concepts and Summary
	Self-Check Questions
	Review Questions
	Critical Thinking Questions
	Problems
Chapter 8  Perfect Competition
	Introduction to Perfect Competition
	8.1 Perfect Competition and Why It Matters
	8.2 How Perfectly Competitive Firms Make Output Decisions
	8.3 Entry and Exit Decisions in the Long Run
	8.4 Efficiency in Perfectly Competitive Markets
	Key Terms
	Key Concepts and Summary
	Self-Check Questions
	Review Questions
	Critical Thinking Questions
	Problems
Chapter 9  Monopoly
	Introduction to a Monopoly
	9.1 How Monopolies Form: Barriers to Entry
	9.2 How a Profit-Maximizing Monopoly Chooses Output and Price
	Key Terms
	Key Concepts and Summary
	Self-Check Questions
	Review Questions
	Critical Thinking Questions
	Problems
	Chapter 10  Monopolistic Competition and Oligopoly
	Introduction to Monopolistic Competition and Oligopoly
	10.1 Monopolistic Competition
	10.2 Oligopoly
	Key Terms
	Key Concepts and Summary
	Self-Check Questions
	Review Questions
	Critical Thinking Questions
	Problems
Chapter 11  Monopoly and Antitrust Policy
	Introduction to Monopoly and Antitrust Policy
	11.1 Corporate Mergers
	11.2 Regulating Anticompetitive Behavior
	11.3 Regulating Natural Monopolies
	11.4 The Great Deregulation Experiment
	Key Terms
	Key Concepts and Summary
	Self-Check Questions
	Review Questions
	Critical Thinking Questions
	Problems
Chapter 12  Environmental Protection and Negative Externalities
	Introduction to Environmental Protection and Negative Externalities
	12.1 The Economics of Pollution
	12.2 Command-and-Control Regulation
	12.3 Market-Oriented Environmental Tools
	12.4 The Benefits and Costs of U.S. Environmental Laws
	12.5 International Environmental Issues
	12.6 The Tradeoff between Economic Output and Environmental Protection
	Key Terms
	Key Concepts and Summary
	Self-Check Questions
	Review Questions
	Critical Thinking Questions
	Problems
Chapter 13  Positive Externalities and Public Goods
	Introduction to Positive Externalities and Public Goods
	13.1 Investments in Innovation
	13.2 How Governments Can Encourage Innovation
	13.3 Public Goods
	Key Terms
	Key Concepts and Summary
	Self-Check Questions
	Review Questions
	Critical Thinking Questions
	Problems
Chapter 14  Labor Markets and Income
	Introduction to Labor Markets and Income
	14.1 The Theory of Labor Markets
	14.2 Wages and Employment in an Imperfectly Competitive Labor Market
	14.3 Market Power on the Supply Side of Labor Markets: Unions
	14.4 Bilateral Monopoly
	14.5 Employment Discrimination
	14.6 Immigration
	Key Terms
	Key Concepts and Summary
	Self-Check Questions
	Review Questions
	Critical Thinking Questions
Chapter 15  Poverty and Economic Inequality
	Introduction to Poverty and Economic Inequality
	15.1 Drawing the Poverty Line
	15.2 The Poverty Trap
	15.3 The Safety Net
	15.4 Income Inequality: Measurement and Causes
	15.5 Government Policies to Reduce Income Inequality
	Key Terms
	Key Concepts and Summary
	Self-Check Questions
	Review Questions
	Critical Thinking Questions
	Problems
Chapter 16  Information, Risk, and Insurance
	Introduction to Information, Risk, and Insurance
	16.1 The Problem of Imperfect Information and Asymmetric Information
	16.2 Insurance and Imperfect Information
	Key Terms
	Key Concepts and Summary
	Self-Check Questions
	Review Questions
	Critical Thinking Questions
	Problems
Chapter 17  Financial Markets
	Introduction to Financial Markets
	17.1 How Businesses Raise Financial Capital
	17.2 How Households Supply Financial Capital
	17.3 How to Accumulate Personal Wealth
	Key Terms
	Key Concepts and Summary
	Self-Check Questions
	Review Questions
	Critical Thinking Questions
	Problems
Chapter 18  Public Economy
	Introduction to Public Economy
	18.1 Voter Participation and Costs of Elections
	18.2 Special Interest Politics
	18.3 Flaws in the Democratic System of Government
	Key Terms
	Key Concepts and Summary
	Self-Check Questions
	Review Questions
	Critical Thinking Questions
	Problems
Chapter 19  International Trade
	Introduction to International Trade
	19.1 Absolute and Comparative Advantage
	19.2 What Happens When a Country Has an Absolute Advantage in All Goods
	19.3 Intra-Industry Trade between Similar Economies
	19.4 The Benefits of Reducing Barriers to International Trade
	Key Terms
	Key Concepts and Summary
	Self-Check Questions
	Review Questions
	Critical Thinking Questions
	Problems
Chapter 20  Globalization and Protectionism
	Introduction to Globalization and Protectionism
	20.1 Protectionism: An Indirect Subsidy from Consumers to Producers
	20.2 International Trade and Its Effects on Jobs, Wages, and Working Conditions
	20.3 Arguments in Support of Restricting Imports
	20.4 How Governments Enact Trade Policy: Globally, Regionally, and Nationally
	20.5 The Tradeoffs of Trade Policy
	Key Terms
	Key Concepts and Summary
	Self-Check Questions
	Review Questions
	Critical Thinking Questions
	Problems
Appendix A The Use of Mathematics in Principles of Economics
Appendix B Indifference Curves
Appendix C Present Discounted Value
Answer Key
	Chapter 1
	Chapter 2
	Chapter 3
	Chapter 4
	Chapter 5
	Chapter 6
	Chapter 7
	Chapter 8
	Chapter 9
	Chapter 10
	Chapter 11
	Chapter 12
	Chapter 13
	Chapter 14
	Chapter 15
	Chapter 16
	Chapter 17
	Chapter 18
	Chapter 19
	Chapter 20
	References
Index