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| Note: Each chapter concludes with a Chapter Summary and Questions and Problems | |
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| Exploring Economics What is Economics About? | |
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| Microeconomics versus | |
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| Macroeconomics Economic | |
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| Theories and Reality Equity vs | |
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| Efficiency Key Ideas of Economics | |
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| Choice and Scarcity Force Tradeoffs | |
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| Opportunity Costs Dominate | |
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| Our Lives Rational Behavior Requires | |
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| Thinking at the Margin People Follow Incentives | |
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| Markets are Efficient Government | |
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| Must Deal with Market Failure | |
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| Information is Important Specialization and Trade | |
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| Improve Our Lives Productivity | |
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| Determines Our Standard of Living | |
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| Government can Smooth the Fluctuations in the Overall Economy | |
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| Appendix: Working with Graphs and Formulas | |
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| Production, Economic Growth and Trade Basic | |
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| Economic Questions and Production | |
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| Basic Economic Questions Resources, Production and Efficiency | |
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| Production Possibilities and Economic Growth Specialization, Comparative Advantage, and Trade Absolute and Comparative Advantage | |
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| The Gains from Trade Limits on Trade and Globalization | |
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| Is There a Moral Dimension to Economic Growth? | |
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| Supply and Demand Markets | |
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| The Price System Demand | |
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| The Relationship Between Quantity Demanded and Price | |
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| The Law of Demand The Demand Curve Market | |
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| Demand Curves Determinants of Demand Changes in Demand Versus Changes in Quantity | |
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| Demanded Supply | |
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| The Relationship Between Quantity | |
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| Supplied and Price The Law of Supply | |
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| The Supply Curve Market Supply Curves | |
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| Determinants of Supply Changes in Supply Versus Changes in Quantity Supplied | |
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| Market Equilibrium Moving to a New Equilibrium: Changes in Supply and Demand Putting Supply and | |
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| Demand to Work Excess Grape Supply and Two-Buck Chuck Trek Bicycles and Lance Armstrong | |
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| Market Efficiency, Market Failure, and Government Intervention | |
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| Markets and Efficiency Efficient | |
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| Market Requirements | |
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| The Discipline of Markets Consumer and Producer Surplus: A Tool for Measuring Economic | |
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| Efficiency Market Failures | |
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| Accurate Information is Not Widely Available: Asymmetric Information | |
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| Problems with Property Rights | |
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| Contract Enforcement Is Problematical | |
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| There Are Significant External Costs or Benefits: Externalities | |
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| Competitive Markets do Not Prevail: Monopoly Power Government Controlled Prices Price Ceilings Price Floors Taxes and Deadweight Loss Who Is Watching Your Money? Bank Regulation and Information Problems | |
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| Elasticity Elasticity of Demand | |
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| Elasticity as an Absolute Value Measuring | |
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| Elasticity with Percentages Elastic and Inelastic Demand | |
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| Determinants of Elasticity Computing Price Elasticities | |
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| Elasticity and Total Revenue Other Elasticities of Demand | |
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| Elasticity of Supply Time and Price | |
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| Elasticity of Supply Taxes and Elasticity | |
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| Elasticity of Demand and Tax Bur | |