Part 1 Introduction to Economics1 What is economics? 2 Thinking like an economist Part 2 Supply and Demand: How markets work3 The market forces of supply and demand 4 Elasticity and its applications 5 Background to demand: Consumer choices 6 Background to supply: Firms in competitive markets Part 3 Markets, efficiency and welfare 7 Consumers, producers and the efficiency of markets 8 Supply, demand and government policies Part 4 The economics of the public sector 9 The tax system Part 5 Inefficient market allocations 10 Public goods, common resources and merit goods 11 Market failure and externalities 12 Information and behavioural economics Part 6 Firm behaviour and market structures 13 Firms' production decisions 14 Market structures I: Monopoly 15 Market structures II: Monopolistic competition 16 Market structures III: OligopolyPart 7 Factor markets 17 The economics of factor markets Part 8 Inequality18 Income inequality and povertyPart 9 Trade19 Interdependence and the gains from trade Macroeconomics prologuePart 10 The data of macroeconomics 20 Measuring a nation's well-being21 Measuring the cost of living Part 11 The real economy in the long run22 Production and growth 23 Unemployment Part 12 Interest rates, money and prices in the long run 24 Saving, investment and the financial system 25 The basic tools of finance26 Issues in Financial Markets 27 The monetary system 28 Money growth and inflation Part 13 The macroeconomics of open economies 29 Open-economy macroeconomics: Basic concepts 30 A macroeconomic theory of the open economy Part 14 Short-run economic fluctuations 31 Business cycles 32 Keynesian economics and IS-LM analysis 33 Aggregate demand and aggregate supply34 The influence of monetary and fiscal policy on aggregate demand 35 The short-run trade-off between inflation and unemployment 36 Supply-side policies Part 15 International macroeconomics 37 Common currency areas and European monetary union 38 The financial crisis and sovereign debt List of formulas