Various multi-media supplements are available to supplement the text.

Includes bibliographical references and index.

An introduction to economics and the economy
The nature and method of economics
The economizing problem
Individual markets: demand and supply
The market system
The U.S. economy: private and public sectors
The United States in the global economy
Macroeconomic measurement and basic concepts
Measuring domestic output and national income
Introduction to economic growth and instability
Basic macroeconomic relationships
Macroeconomic models and fiscal policy
The aggregate expenditures model
Aggregate demand and aggregate supply
Fiscal policy
Money, banking, and monetary policy
Money and banking
How banks and thrifts create money
Monetary policy
Long-run perspectives and macroeconomic debates
Extending the analysis of aggregate supply
Economic growth
Deficits, surpluses, and the public debt
Disputes over macro theory and policy
Microeconomics of product markets
Elasticity of demand and supply
Consumer behavior and utility maximization
The costs of production
Pure competition
Pure monopoly
Monopolistic competition and oligopoly
Technology, R & D, and efficiency
Microeconomics of resource markets
The demand for resources
Wage determination
Rent, interest, and profit
Microeconomics of government
Government and market failure
Public choice theory and the economics of taxation
Microeconomic issues and policies
Antitrust policy and regulation
Agriculture: economics and policy
Income inequality and poverty
Labor market institutions and issues: unionism, discrimination, and immigration
The economics of health care
International economics and the world economy
International trade
Exchange rates, the balance of payments, and trade deficits

This widely used textbook offers a comprehensive introduction to economics, covering fundamental principles and real-world applications. It explains how individuals, businesses, and governments make decisions to allocate scarce resources to satisfy unlimited wants. The book addresses key economic problems such as scarcity, choice, and opportunity cost, while exploring both microeconomic and macroeconomic topics.

Key concepts include supply and demand, market structures, labor markets, inflation, unemployment, fiscal and monetary policy, economic growth, and international trade. The text also integrates current economic issues and policy debates, helping readers connect theory with practical policy-making.

Designed for introductory college courses, the book balances clarity with rigor, using examples, graphs, and problem sets to engage students and reinforce learning.

eng