The scope and method of economics -- The economic problem: scarcity and choice -- Demand, supply, and market equilibrium -- Demand and supply applications -- Elasticity -- 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 -- Monopoly and antitrust policy -- Oligopoly -- Monopolistic competition -- Externalities, public goods, and common resources -- Uncertainty and asymmetric information -- Income distribution and poverty -- Public finance: the economics of taxation -- Introduction to macroeconomics -- Measuring national output and national income -- Unemployment, inflation, and long-run growth -- Aggregate expenditure and equilibrium output -- The government and fiscal policy -- Money, the federal reserve, and the interest rate -- The determination of aggregate output, the price level, and the interest rate -- Policy effects and cost shocks in the AS/AD model -- The labor market in the macroeconomy -- Financial crises, stabilization, and deficits -- Household and firm behavior in the macroeconomy: a further look -- Long-run growth -- Alternative views in macroeconomics -- International trade, comparative advantage, and protectionism -- Open-economy macroeconomics: the balance of payments and exchange rates -- Economic growth in developing economies -- Critical thinking about research