econ contents - Preface Introduction PART I Introduction to...

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Preface xxvi i Introduction PART I Introduction to Economics 1 (100) 1-The Scope and Method of Economics 1 (22) WHY STUDY ECONOMICS? 2 (4) To Learn a Way of Thinking 2 (2) To Understand Society 4 (1) To Understand Global Affairs 4 (1) To Be an Informed Voter 5 (1) THE SCOPE OE ECONOMICS 6 (1) Microeconomics and Macroeconomics 6 (1) The Diverse Fields of Economics 7 (1) THE METHOD OF ECONOMICS 7 (1) Further Exploration The Fields of Economics 8 (6) Theories and Models 9 (3) Economic Policy 12 (2) News Analysis An Economic Recovery for the United States in 2005? 14 (1) An Invitation 15 (8) Summary 15 (1) Review Terms and Concepts 15 (1) Problem Set 16 (1) Appendix: How to Read and Understand Graphs 16 (7) 2-The Economic Problem: Scarcity and Choice 23 (20) Scarcity, Choice, and Opportunity Cost 24 (12) Scarcity and Choice in a One-Person Economy 24 (1) Scarcity and Choice in an Economy of Two or More 25 (3) The Production Possibility Frontier 28 (5) Comparative Advantage and the Gains from Trade 33 (2) The Economic Problem 35 (1) Economic Systems 36 (2) Command Economies 36 (1) Laissez-Faire Economies: The Free Market 36 (2) News Analysis Investing in Central and Eastern Europe 38 (1) Mixed Systems, Markets, and Governments 38 (1) Looking Ahead 39 (4) Summary 39 (1) Review Terms and Concepts 40 (1) Problem Set 40 (3) Demand, Supply, and Market Equilibrium 43 (28) Firms and Households: The Basic Decision-Making Units 43 (1) Input Markets and Output Markets: The Circular Flow 44 (2) Demand in Product/Output Markets 46 (9)
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Demand 46 (1) Price and Quantity Demanded: The Law of Demand 47 (2) Other Determinants of Household Demand 49 (2) Shift of Demand versus Movement Along a Demand Curve 51 (3) From Household Demand to Market Demand 54 (1) Supply in Product/Output Markets 55 (5) Price and Quantity Supplied: The Law of Supply 55 (2) Other Determinants of Supply 57 (1) Shift of Supply versus Movement Along a Supply Curve 57 (2) From Individual Supply to Market Supply 59 (1) Market Equilibrium 60 (5) Excess Demand 60 (2) Excess Supply 62 (1) Changes in Equilibrium 63 (2) Demand and Supply in Product Markets: A Review 65 (1) Looking Ahead: Markets and the Allocation of Resources 65 (1) News Analysis Supply and Demand in the News: 2003 66 (5) Summary 67 (1) Review Terms and Concepts 68 (1) Problem Set 68 (3) Demand and Supply Applications and Elasticity 71 (30) The Price System: Rationing and Allocating Resources 71 (5) Price Rationing 71 (2) Constraints on the Market and Alternative Rationing Mechanisms 73 (3) News Analysis Oil Prices in 2003 Hit $40 76 (2) Prices and the Allocation of Resources 77 (1) Price Floors 78 (1) Supply and Demand Analysis: An Oil Import Fee 78 (2) Supply and Demand and Market Efficiency 80 (4) Consumer Surplus 80 (1) Producer Surplus 81 (1) Competitive Markets Maximize the Sum of Producer and Consumer Surplus 82 (1) Potential Causes of Deadweight Loss from Under-and Overproduction 83
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econ contents - Preface Introduction PART I Introduction to...

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