| Preface | |
| Contributors | |
| 1 | The Nature and Method of Economics | 1 |
| 2 | The Economizing Problem | 21 |
| 3 | Understanding Individual Markets: Demand and Supply | 39 |
| 4 | Pure Capitalism and the Market System | 58 |
| 5 | The Mixed Economy: Private and Public Sectors | 74 |
| 6 | The United States in the Global Economy | 96 |
| 7 | Demand and Supply: Elasticities and Applications | 119 |
| 8 | Consumer Behavior and Utility Maximization | 138 |
| 9 | The Costs of Production | 156 |
| 10 | Price and Output Determination: Pure Competition | 177 |
| 11 | Price and Output Determination: Pure Monopoly | 204 |
| 12 | Price and Output Determination: Monopolistic Competition | 226 |
| 13 | Price and Output Determination: Oligopoly | 240 |
| 14 | Production and the Demand for Resources | 261 |
| 15 | The Pricing and Employment of Resources: Wage Determination | 278 |
| 16 | The Pricing and Employment of Resources: Rent, Interest, and Profits | 299 |
| 17 | Government and Market Failure: Public Goods, the Environment, and Information Problems | 315 |
| 18 | Public Choice Theory and Taxation | 338 |
| 19 | Antitrust, Regulation, and Industrial Policy | 359 |
| 20 | Agriculture: Economics and Policy | 380 |
| 21 | Income Inequality and Poverty | 398 |
| 22 | The Economics of Health Care | 418 |
| 23 | Labor Market Issues: Unionism, Discrimination, and Immigration | 436 |
| 24 | International Trade | 457 |
| 25 | Exchange Rates, the Balance of Payments, and Trade Deficits | 481 |
| 26 | Russia: An Economy in Transition | 508 |
| Answers to Key Questions | A-1 |
| Glossary | G-1 |
| Index | I-1 |