PARTI: WHAT IS ECONOMICS? Introduction: The Ordinary Business of Life First Principles Economic Models: Trade-offs and Trade Appendix: Graphs in Economics PART II: SUPPLY AND DEMAND Supply and Demand Price Controls and Quotas: Meddling with Markets Consumer and Producer Surplus Elasticity PART III: INDIVIDUALS AND MARKETS Taxes International Trade PART IV: ECONOMICS AND DECISION MAKING Making Decisions PART V: THE CONSUMER The Rational Consumer Appendix: Consumer Preferences and Consumer Choice PART VI: THE PRODUCTION DECISION Behind the Supply Curve: Inputs and Costs Perfect Competition and the Supply Curve PART VII: MARKET STRUCTURE: BEYOND PERFECT COMPETITION Monopoly Oligopoly Monopolistic Competition and Product Differentiation PART VIII: MICROECONOMICS AND PUBLIC POLICY Externalities Public Goods and Common Resources The Economics of the Welfare State PART IX: FACTOR MARKETS AND RISK Factor Markets and the Distribution of Income Appendix: Indifference Curve Analysis of Labor Supply Uncertainty, Risk, and Private Information