PART I: THE BASICS OF ECONOMIC ANALYSIS. 1. Introduction. 2. Production Possibilities and Opportunity Costs. 3. Demand and Supply. PART II: THE MICROECONOMICS OF PRODUCT MARKETS. 4. Elasticity. 5. Happiness, Utility, and Consumer Choice. 6. Price Ceiling and Price Floors. 7. Entrepreneurship and Business Ownership. PART III: THE MICROECONOMICS OF PRODUCT MARKETS. 8. Costs of Production. 9. Maximizing Profit. 10. Identifying Markets and Market Structure. 11. Price and Output in Monopoly, Monopolistic Competition, and Perfect Competition. 12. Price and Output Determination under Oligopoly. 13. Antitrust Regulation. 14. Externalities, Market Failure, and Public Choice. PART IV: THE MICROECONOMICS OF FACTOR MARKETS. 15. Wage Rates in Competitive Labor Markets. 16. Wages and Employment: Monopsony and Labor Unions. 17. Interest, Rent, and Profit. 18. Income Distribution and Poverty. PART V: EMPLOYMENT, INFLATION, AND FISCAL POLICY. 19. Aggregate Demand and Aggregate Supply. 20. Gross Domestic Product Accounting. 21. Consumption and Investment. 22. Equilibrium National Income. 23. Fiscal Policy: Coping with Inflation and Unemployment. 24. Long-Run Economic Growth and Business Cycles. PART VI: MONEY, BANKING, AND MONETARY POLICY. 25. Money. 26. Money Creation and the Banking System. 27. The Federal Reserve System and Monetary Policy. PART VII: GOVERNMENT AND THE MACROECONOMY. 28. Can Government Really Stabilize the Economy?. 29. Government Spending. 30. Financing Government: Taxes and Debt. PART VIII: THE WORLD ECONOMY. 31. International Trade. 32. Exchange Rates, Balance of Payments, and International Debt. 33. The Economic Problems of Less-Developed Economies. Practice Test Answer Key. Glossary. Index.