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1.Fundamentals of Economic Analysis
Scarce Resources
Production Possibilities
Functions of Economic Systems
2.Demand, Supply, Market Equilibrium, and Welfare Analysis
Demand
Supply
Market Equilibrium
Welfare Analysis
3.Elasticity, Microeconomic Policy, and Consumer Theory
Elasticity
Microeconomic Policy and Applications of Elasticity
Consumer Choice
4.The Firm, Profit, and the Costs of Production
Firms, Opportunity Costs, and Profits
Production and Cost
5.Market Structures, Perfect Competition, Monopoly, and Things Between
Perfect Competition
Monopoly
Monopolistic Competition
Oligopoly
6.Factor Markets
Factor Demand
Least-Cost Hiring of Multiple Inputs
Factor Supply and Market Equilibrium
Imperfect Competition in Product and Factor Markets
7.Public Goods, Externalities, and the Role of Government
Public Goods and Spillover Benefits
Pollution and Spillover Costs
Income Distribution and Tax Structures
8. Macroeconomic Measures of Performance
The Circular Flow Model
Accounting for Output and Income
Inflation and the Consumer Price Index
Unemployment
9.Consumption, Saving, Investment, and the Multiplier
Consumption and Saving
Investment
The Multiplier Effect
10.Aggregate Demand and Aggregate Supply
Aggregate Demand
Aggregate Supply
Macroeconomic Equilibrium
The Trade-off Between Inflation and Unemployment
11.Fiscal Policy, Economic Growth, and Productivity
Expansionary and Contractionary Fiscal Policy
Difficulties of Fiscal Policy
Economic Growth and Productivity
12.Money, Banking, and Monetary Policy
Money and Financial Assets
Fractional Reserve Banking and Money Creation
Monetary Policy
13.International Trade
Comparative Advantage and Gains from Trade
Balance of Payments
Foreign Exchange Rates
Trade Barriers
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