Economics

Providing an introduction to modern economics, this work illuminates problems and issues in the field, and features Reading Between the Lines sections, which examine news articles, helping students to interpret daily events.

Part 1 The Scope of Economics

1 What is Economics?

2 The Economic Problem

Part 2 How Markets Work

3 Demand and Supply

4 Elasticity

5 Efficiency and Equity

6 Markets in Action

7 Utility and Demand

8 Possibilities, Preferences and Choices

Part 3 Firms and Markets

9 Organising Production

10 Output and Costs

11 Perfect Competition

12 Monopoly

13 Monopolistic Competition and Oligopoly

Part 4 Government in the Economy

14 Government Regulation and Competition Policy

15 Externalities

16 Public Goods and Common Resources

17 Demand and Supply in Factor Markets

18 Economic Inequality and Redistribution

Part 5 Macroeconomic Basics

19 A First Look at Macroeconomics

20 Measuring GDP, Inflation and Growth

21 Employment, Unemployment and Full Employment

22 Aggregate Supply and Aggregate Demand

23 Expenditure Multipliers

Part 6 Macroeconomic Policy

24 Fiscal Policy

25 Money

26 Monetary Policy

27 Fiscal and Monetary Policy Interactions

28 Inflation

29 Long-Term Economic Growth

30 Macroeconomic Policy Challenges

Part 7 Globalisation and the International Economy

31 Trading with the World

32 International Finance

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Table of Contents