Introduction : Ten principle of economics : How people make decisions ; how people interact ; How the economy as a whole works : Thinking like an economist ; The Economist as scientist ; The Economist as policy adviser ; Why economists disagree : Interdepence and the gains from trade ; A Parable for the modern economy ; Comparative advantage: the driving force of specialization ; Applications of comparative advantage -- How markets work : The Market forces of supply and demand ; Markets and competition ; Demand ; Supply ; Supply and demand together ; Conclusion: how prices allocate resources : Elasticity and its application ; The Elasticity of demand ; The Elasticity of supply ; Three applications of supply, demand, and elasticity : Supply, demand, and government policies ; controls on prices ; Taxes -- Markets and welfare : Consumers, producers, and the efficiency of markets ; Consumer surplus ; Producer surplus ; Market efficiency ; Conclusion: market efficiency and market failure : Application: the costs of taxztion ; The Deadweight loss of taxation ; The Determinants of the deadweight loss ; Deadweight loss and tax revenue as taxes vary : Application: international trade ; The Determinants of trade ; The Winners and losers from trade ; The Arguments for restricting trade -- The Data of macroeconomics : Measuring a nation's income ; The Economy's income and expenditure ; The Measurement of GDP ; The Components of GDP ; Real versus nominal GDP ; Is GDP a good measure of economic well-being? : Measuring the cost of living ; The Consumer price index ; Correcting economic variables for the effects of inflation -- The Real economy in the long run : Production and growth ; Economic growth around the world ; Productivity: its role and determinants ; Economic growth and public policy ; Conclusion: the importance of long-run : Saving, investment, and the financial system ; Financial institutions in the U.S. economy ; Saving and investment in the national income accounts ; The Market for loanable funds : The Basic tools of finance ; Present value: measuring the time value of money ; Managing risk ; Asset valuation : Unemployment ; Identifying unemployment ; job search ; Minimum-wage laws ; Unions and collective bargaining ; The Theory of efficiency wages -- Money and prices in the long run : The Monetary system ; The Meaning of money ; The Federal reserve system ; Banks and the money supply ; The Fed's tools of monetary control : Money growth and inflation ; The classical theory of inflation ; The Costs of inflation

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