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Contents
PART 1: INTRODUCTION TO ECONOMICS
The Scope and Method of Economics
The Economic Problem: Scarcity and Choice
Demand, Supply, and Market Equilibrium
Demand and Supply Applications
Elasticity
PART 2: THE MARKET SYSTEM
Household Behavior and Consumer Choice
The Production Process: The Behavior of Profit-Maximizing Firms
Short-Run Costs and Output Decisions
Long-Run Costs and Output Decisions
Input Demand: The Labor and Land Markets
Input Demand: The Capital Market and the Investment Decision
General Equilibrium and the Efficiency of Perfect Competition
PART 3: MARKET IMPERFECTIONS AND THE ROLE OF GOVERNMENT
Monopoly and Antitrust Policy
Oligopoly
Monopolistic Competition
Externalities, Public Goods, and Common Resources
Uncertainty and Asymmetric Information
Income Distribution and Poverty
Public Finance: The Economics of Taxation
PART 4: THE WORLD ECONOMY
International Trade, Comparative Advantage, and Protectionism
Economic Growth in Developing Economies
PART 5: METHODOLOGY
Critical Thinking about Research