Introductory economics

Introductory Economics deals with the national economy as a whole—macroeconomics, in terms of inflation and unemployment. The book also discusses individual economic decision-makers—microeconomics, in view of the problems of scarcity and choice. Macroeconomics uses the market model of demand and supply as a tool to analyze the causes of, and present some cures for modern economic ailments. The text examines the economics of government fiscal policies with the framework of an aggregate demand and supply model. The book compares monetary policy and fiscal policy, explains the monetarist model of economic activity, and also investigates the roles of money, credit, interest rates. These economic activities have international consequences such as in trade, exchange rates, and on prevailing and future national economic policies. In microeconomics, the book focuses on the economics of exchange, the market mechanisms that increase the gains from trade, and the problems of choice facing consumers and producers in a competitive market. The text also tackles the problems found in resource markets (labor, natural resources, energy), in market failure, as well as analyzes the role of government. Economists, sociologists, students of economics or business, general readers interested in real-world economics, and policy makers involved in national economic development will find the book valuable. Content: Front Matter, Page iii Copyright, Page iv Preface, Pages xiii-xv 1 - Macroeconomic Problems, Pages 3-22 2 - Supply and Demand, Pages 23-55 3 - The Problem of Unemployment, Pages 57-77 4 - Understanding Inflation, Pages 79-103 5 - Measuring Economic Activity, Pages 107-120 6 - Aggregate Demand, Pages 121-142 7 - Aggregate Supply and the Economy, Pages 143-174 8 - Fiscal Policy, Pages 175-207 9 - Money and Banking, Pages 211-233 10 - Money, Credit, and the Economy, Pages 235-262 11 - Monetary Versus Fiscal Policy, Pages 263-283 12 - The Monetarists, Pages 285-305 13 - International Trade, Pages 309-330 14 - The Foreign Exchange Market, Pages 331-355 15 - International Economics, Pages 357-375 16 - Problems, Goals, and Trade-Offs, Pages 377-392 17 - Scarcity and Choice, Pages 395-409 18 - Specialization and Exchange, Pages 411-427 19 - Demand and Supply: The Micro Side, Pages 429-454 20 - Markets at Work, Pages 455-479 21 - Consumer Choice, Pages 483-513 22 - Production and Cost, Pages 515-537 23 - Producer Choice: Monopoly, Pages 539-555 24 - Producers in Competitive Markets, Pages 557-572 25 - Imperfect Competition, Pages 573-593 26 - Labor Markets, Pages 597-616 27 - Capital and Natural Resource Markets, Pages 617-635 28 - Energy Markets, Pages 637-651 29 - Free Market Choice, Pages 655-676 30 - Market Failures: Externalities, Pages 677-697 31 - Market Failures: Monopolies, Pages 699-714 32 - Scarcity and Choice: The Poverty Problem, Pages 715-731 Suggestions for Further Reading, Pages 733-738 Glossary, Pages 739-749 Answers to “Test Yourself”, Pages 751-754 Index, Pages 755-773