Principles of Economics

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Case & Fair, present a very precise and simplified microeconomic model first, before introducing all the exceptions and subtleties of a more complex economic world. Only after this simplified model is developed, do the authors give a thorough treatment of market imperfections, externalities, public finance, and international economics. (A detailed summary of this approach can be found in the preface). Features Presents a very precise and simplified microeconomic model first, before introducing all the exceptions and subtleties of a more complex economic world. A detailed summary about simple demand and supply to aggregate demand & supply approach can be found in the preface. Updated and expanded end of chapter material. Table Of Contents PART I: INTRODUCTION TO ECONOMICS. The Scope and Method of Economics. The Economic Problem: Scarcity and Choice. Demand, Supply, and Market Equilibrium. Demand and Supply Applications . Elasticity PART II: FOUNDATIONS OF MICROECONOMICS: CONSUMERS AND FIRMS. Household Behavior and Consumer Choice The Production Process: The Behavior of Profit-Maximizing Firms. Short-Run Costs and Output Decisions. Long-Run Costs and Output Decisions. Input Demand: The Labor and Land Markets. Input Demand: The Capital Market and the Investment Decision. General Equilibrium and the Efficiency of Perfect Competition PART III: MARKET IMPERFECTIONS AND THE ROLE OF GOVERNMENT. Monopoly and Antitrust Policy. Monopolistic Competition and Oligopoly. Externalities, Public Goods, Imperfect Information, and Social Choice. Income Distribution and Poverty. Public Finance: The Economics of Taxation. PART IV: CONCEPTS AND PROBLEMS IN MACROECONOMICS. Introduction to Macroeconomics. Measuring National Output and National Income. Long-Run and Short-Run Concerns: Growth, Productivity, Unemployment, and Inflation. PART V: THE GOODS AND MONEY MARKETS. Aggregate Expenditure and EquilibriumOutput. The Government and Fiscal Policy. The Money Supply and the Federal Reserve System. Money Demand, the Equilibrium Interest Rate, and Monetary Policy. PART VI: MACROECONOMIC ANALYSIS. Money, the Interest Rate, and Output: Analysis and Policy. Aggregate Demand, Aggregate Supply, and Inflation. The Labor Market, Unemployment, and Inflation. Macroeconomic Issues and Policy. The Stock Market and the Economy. Household and Firm Behavior in the Macroeconomy: A Further Look. Long-Run Growth. Debates in Macroeconomics: Monetarism, New Classical Theory, and Supply-Side Economics. PART VII: THE WORLD ECONOMY. International Trade, Comparative Advantage, and Protectionism Open-Economy Macroeconomics: The Balance of Payments and Exchange Rates. Globalization. Economic Growth in Developing and Transitional Economies.