This textbook is carefully designed to provide the reader with a good understanding of the fundamental concepts of economics. The writing is lucid and at the student's level. There are twenty-nine "one-concept" chapters. Each chapter is suitably short, highlighting one economic principle. The student can study one concept and be reinforced by the learning process before proceeding to another chapter. Self review exercises conclude each chapter. The one-concept chapters also provide organizational flexibility for the instructor. The text is well integrated to show the relationship among the basic concepts and to offer a comprehensive overview of economics. There are six modules: The Economic Problem; Price Determination; Behind the Supply Curve; Level of Income; Money; and Trade.
The Economic Problem: The Meaning of Economics; Production Possibilities; Economic Systems; Price Determination: Demand; Supply; Market Equilibrium; Price Elasticity; Behind the Supply Curve: Diminishing Returns; Cost; Revenue; Profit; Perfectly Competitive Supply; Monopoly; Imperfect Competition; Demand for Inputs; The Level of Income: Unemployment and Inflation; Gross Domestic Product; Price Indexes; Business Cycles; Consumption and Investment; Macro Equilibrium; Government; Fiscal Policy; Money: Money; Monetary Tools; Money and the Level of Income; Economic Policy; Trade: Trade without Money; Trade with Money.