Preface

What is Economic Theory?

Thinking Like Economists

The Forces of the Market: Supply and Demand

Background of Demand: Consumer Choices

Background of Supply: The Production Costs of the Firm

Background of Supply: Firms in Competitive Markets

Consumers, Producers, and the Efficiency of Markets

Supply, Demand, and Government Policies

Public Goods, Common Resources, and Merit Goods

Market Failure and Externalities

Market Structures I: Monopoly

Market Structures II: Monopolistic Competition

Market Structures III: Oligopoly

Market Structures IV: Contestable Markets

The Economics of Factor Markets

Income Inequality and Poverty

Interdependence and the Benefits of Trade

Economics of Information & Behavioral Economics

Heterodox Theories in Economics

Glossary

Index of Terms

Mathematical Formulas