PART 1 INTRODUCTION 1
CHAPTER 1 Ten principle of economics 3
CHAPTER 2 Thinking like an economist 19
CHAPTER 3 Interdependence and the gains from trade 47

PART 2 How markets work 61
CHAPTER 4 The market force of supply and demand 63
CHAPTER 5 Elasticity and Its appliciation 89
CHAPTER 6 Supply, Demand, and Government Policies 113

PART 3 Markets and welfare 135
CHAPTER 7 Consumers, Producersm and the efficiency of markets 137
CHAPTER 8 Appliciations: The cost of taxation 159
CHAPTER 9 Appliciations: International Trade 177

PART 4 The economics of the publics sector 201
CHAPTER 10 Externalities 203
CHAPTER 11 Public goods and common resources 223
CHAPTER 12 The design of the tax system 241

PART 5 Firm behavior and the organization of industry 265
CHAPTER 13 The costs of the production 267
CHAPTER 14 Firms in competitive markets 289
CHAPTER 15 Monopoly 311
CHAPTER 16 Oligopoly 345
CHAPTER 17 Monopolistic competition 373

PART 6 The economics of labor markets 391
CHAPTER 18 The markets for the factors of production 393
CHAPTER 19 Earnings and discrimination 413
CHAPTER 20 Income Inequality and povety 431

PART 7 Topics for future study 453
CHAPTER 21 The Theory of Consumer choice 455
CHAPTER 22 Frontiers of microeconomics 483

PART 8 The data of macroeconomics 505
CHAPTER 23 Measuring a Nation's Income 507
CHAPTER 24 Measuring the cost of living 529

PART 9 The real economy in the long run 547
CHAPTER 25 Production and growth 549
CHAPTER 26 saving, investment and the financial system 575
CHAPTER 27 The basic tool of finance 597
CHAPTER 28 unemployment 613

PART 10 Money and prices in the long run 639
CHAPTER 29 The monetary system 641
CHAPTER 30 Money growth and inflation 661

PART 11 The macroeconomics of open economies 689
CHAPTER 31 Open-economy macroeconomics : basic concepts 691
CHAPTER 32 A macroeconomic theory of the open Economy 715

PART 12 Short-run Economic fluctuations 737
CHAPTER 33 Aggregate demand and aggregate supply 739
CHAPTER 34 The infuence of monetary and fiscal policy on aggregate demand 777
CHAPTER 35 The short-run tradeoff between inflation and unemployment 801

PART 13 Final thoughts 831
CHAPTER 36 Five debates over macroeconomic policy