Part I Preliminaries. 1 What Is Economics? 2 Scarcity, Choice, and Economic Systems. Part II Markets and Prices. 3 Supply and Demand. 4 Working with Supply and Demand. 5 Elasticity. Part III Microeconomic Decision Makers. 6 Consumer Choice. 7 Production and Cost. 8 How Firms Make Decisions: Profit Maximization. Part IV Product Markets. 9 Perfect Competition. 10 Monopoly. 11 Monopolistic Competition and Oligopoly. Part V Labor, Capital, and Financial Markets. 12 Labor Markets. 13 Capital and Financial Markets. Part VI Efficiency, Government, and the Global Economy. 14 Economic Efficiency and the Competitive Ideal. 15 Government's Role in Economic Efficiency. 16 Comparative Advantage and the Gains from International Trade.