Introduction
About the Authors
Preface
Tools for Learning
Acknowledgements
Section 1: Opening Story
Module 1: The Study of Economics
Module 2: Models and the Circular Flow
Module 3: The Production Possibility Frontier Model
Module 4: Comparative Advantage and Trade
Business Case: Efficiency, Opportunity Cost, and the Logic of Lean Production
Summary
Key Terms
Problems
Section 2: Opening Story
Module 5: Demand
Module 6: Supply and Equilibrium
Module 7: Changes in Equilibrium
Business Case: The Chicago Board of Trade
Summary
Key Terms
Problems
Section 3: Opening Story
Module 8: Income Effects, Substitution Effects, and Elasticity
Module 9: Interpreting Price Elasticity of Demand
Module 10: Other Elasticities
Business Case: The Chicago Board of Trade
Summary
Key Terms
Problems
Section 4: Opening Story
Module 11: Consumer and Producer Surplus
Module 12: Efficiency and Markets
Business Case: StubHub Shows Up The Boss
Summary
Key Terms
Problems
Section 5: Opening Story
Module 13: Price Controls (Ceilings and Floors)
Module 14: Quantity Controls (Quotas)
Module 15: Taxes
Business Case: Medallion Financial: Cruising Right Along
Summary
Key Terms
Problems
Section 6: Opening Story
Module 16: Gains from Trade
Module 17: Supply, Demand, and International Trade
Business Case: Li & Fung: From Guangzhou to You
Summary
Key Terms
Problems
Section 7: Opening Story
Module 18: Making Decisions
Module 19: Behavioral Economics
Module 20: Maximizing Utility
Business Case: Citi Puts Card Holders inControl
Summary
Key Terms
Problems
Section 8: Opening Story
Module 21: The Production Function
Module 22: Firm Costs
Module 23: Long-Run Costs and Economies of Scale
Business Case: Kiva Systems' Robots versus Humans
Summary
Key Terms
Problems
Section 9: Opening Story
Module 24: Introduction to Market Structure
Module 25: Perfect Competition
Module 26: Graphing Perfect Competition
Module 27: Long-Run Outcomes in Perfect Competition
Business Case: TheFind Finds the Cheapest Price
Summary
Key Terms
Problems
Section 10: Opening Story
Module 28: Monopoly in Practice
Module 29: Monopoly and Public Policy
Module 30: Price Discrimination
Business Case: Newly Emerging Markets
Summary
Key Terms
Problems
Section 11: Opening Story
Module 31: Oligopoly
Module 32: Game Theory
Module 33: Oligopoly in Practice
Module 34: Monopolistic Competition
Module 35: Product Differentiation and Advertising
Business Case: Virgin Atlantic Blows the Whistle ...
Summary
Key Terms
Problems
Section 12: Opening Story
Module 36: Externalities
Module 37: Externalities and Public Policy
Module 38: Public Goods and Common Resources
Module 39: The Economics of the Welfare State
Business Case: A Tale of Two Research Clusters
Summary
Key Terms
Problems
SECTION 13: Opening Story
Module 40: Factor Markets
Module 41: Marginal Productivity Theory
Module 42: The Market for Labor
Business Case: Alta Gracia: Can Fair Trade Work?
Summary
Key Terms
Problems
SECTION 14: Opening Story
Module 43: The Cost-Minimizing Input Combination
Module 44: The Time Value of Money
Module 45: The Economics of Information
Summary
Key Terms
Problems
APPENDIX A