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• Title Page
• Copyright Page
• Brief Contents
• About the Authors
• Contents
• Preface
• Reviewers
• Part 1 Introduction
• Chapter 1 Getting Started
• Chapter Checklist
• 1.1 Definition and Questions
• Scarcity
• Economics Defined
• What, How, and For Whom?
• Can the Pursuit of Self-Interest Be In the Social Interest?
• Checkpoint 1.1
• 1.2 The Economic Way of Thinking
• A Choice Is a Tradeoff
• Cost: What You Must Give Up
• Benefit: What You Gain
• Rational Choice
• How Much? Choosing at the Margin
• Choices Respond to Incentives
• Checkpoint 1.2
• 1.3 Economics as a Life Skill
• Economics as a Decision Tool
• Economics as a Social Science
• Economics as an Aid To Critical Thinking
• Checkpoint 1.3
• Chapter Summary
• Chapter Checkpoint
• Appendix: Making and Using Graphs
• Basic Idea
• Interpreting Data Graphs
• Interpreting Graphs Used In Economic Models
• The Slope of a Relationship
• Relationships Among More Than Two Variables
• Appendix Checkpoint
• Eye on the Benefit and Cost of School
• Did You Make the Right Decision?
• Eye on the Past
• Adam Smith and the Birth of Economics as a Social Science
• Eye on Your Life
• Your Time Allocation
• Chapter 2 The U.S. and Global Economies
• 2.1 What, How, and for Whom?
• What Do We Produce?
• How Do We Produce?
• For Whom Do We Produce?
• Checkpoint 2.1
• 2.2 The Global Economy
• The People
• The Economies
• What In The Global Economy
• How In The Global Economy
• For Whom in the Global Economy
• Checkpoint 2.2
• 2.3 The Circular Flows
• Households and Firms
• Markets
• Real Flows and Money Flows
• Governments
• Governments in the Circular Flow
• Circular Flows In the Global Economy
• Checkpoint 2.3
• Chapter Summary
• Chapter Checkpoint
• Eye on the U.S. Economy
• What We Produce
• Eye on the Past
• Changes in What We Produce
• Eye on the U.S. Economy
• Changes in How We Produce in the Information Economy
• Eye on the Dreamliner
• Who Makes The Dreamliner?
• Eye on the Global Economy
• Differences in How We Produce
• Eye on your Life
• The U.S. and Global Economies in Your Life
• Eye on the Past
• Growing Government
• Eye on the Global Economy
• The Ups And Downs In International Trade
• Chapter 3 The Economic Problem
• 3.1 Production Possibilities
• Production Possibilities Frontier
• How the PPF Illustrates Scarcity and Its Consequences
• Checkpoint 3.1
• 3.2 Opportunity Cost
• The Opportunity Cost of a Smartphone
• Opportunity Cost and the Slope of the PPF
• Opportunity Cost Is a Ratio
• Increasing Opportunity Costs are Everywhere
• Your Increasing Opportunity Cost
• Checkpoint 3.2
• 3.3 Economic Growth
• Checkpoint 3.3
• 3.4 Specialization and Trade
• Absolute Advantage and Comparative Advantage
• Comparative Advantage: A Model
• Achieving Gains From Trade
• The Economy’s Production Possibilities Frontier
• Checkpoint 3.4
• Chapter Summary
• Chapter Checkpoint
• Eye on Your Life
• Your Production Possibilities Frontier
• Eye on the Environment
• Is Wind Power Free?
• Eye on the U.S. Economy
• Expanding Our Production Possibilities
• Eye on the Global Economy
• Hong Kong’s Rapid Economic Growth
• Eye on the U.S. Economy
• No One Knows How to Make a Pencil
• Eye on Your Life
• Your Comparative Advantage
• Chapter 4 Demand and Supply
• Chapter Checklist
• 4.1 Demand
• The Law of Demand
• Demand Schedule and Demand Curve
• Individual Demand and Market Demand
• Changes in Demand
• Change in Quantity Demanded Versus Change in Demand
• Checkpoint 4.1
• 4.2 Supply
• The Law of Supply
• Supply Schedule and Supply Curve
• Individual Supply and Market Supply
• Changes in Supply
• Change in Quantity Supplied Versus Change in Supply
• Checkpoint 4.2
• 4.3 Market Equilibrium
• Price: A Market’s Automatic Regulator
• Predicting Price Changes: Three Questions
• Effects of Changes in Demand
• Effects of Changes in Supply
• Effects of Changes in Both Demand and Supply
• Checkpoint 4.3
• Chapter Summary
• Chapter Checkpoint
• Eye on Your Life
• Understanding and Using Demand and Supply
• Eye on the Global Economy
• The Markets for Cocoa and Chocolate
• Eye on the Price of Coffee
• Why Did the Price of Coffee Rise in 2014?
• Part 2 A Closer Look at Markets
• Chapter 5 Elasticities of Demand and Supply
• Chapter Checklist
• 5.1 The Price Elasticity of Demand
• Percentage Change in Price
• Percentage Change in Quantity Demanded
• Comparing the Percentage Changes in Price and Quantity
• Elastic and Inelastic Demand
• Influences on the Price Elasticity of Demand
• Computing the Price Elasticity of Demand
• Interpreting the Price Elasticity of Demand Number
• Elasticity Along a Linear Demand Curve
• Total Revenue and the Price Elasticity of Demand
• Checkpoint 5.1
• 5.2 The Price Elasticity of Supply
• Elastic and Inelastic Supply
• Influences on the Price Elasticity of Supply
• Computing the Price Elasticity of Supply
• Checkpoint 5.2
• 5.3 Cross Elasticity And Income Elasticity
• Cross Elasticity of Demand
• Income Elasticity of Demand
• Checkpoint 5.3
• Chapter Summary
• Chapter Checkpoint
• Eye on the Global Economy
• Price Elasticities of Demand
• Eye on Elasticity at the Coffee Shop
• What Do You Do When Starbucks Raises the Price of a Latte?
• Eye on the U.S. Economy
• Two Applications of the Price Elasticity of Demand
• Eye on Your Life
• Your Price Elasticities of Demand
• Chapter 6 Efficiency and Fairness of Markets
• Chapter Checklist
• 6.1 Allocation Methods and Efficiency
• Resource Allocation Methods
• Using Resources Efficiently
• Checkpoint 6.1
• 6.2 Value, Price, and Consumer Surplus
• Demand and Marginal Benefit
• Consumer Surplus
• Checkpoint 6.2
• 6.3 Cost, Price, and Producer Surplus
• Supply and Marginal Cost
• Producer Surplus
• Checkpoint 6.3
• 6.4 Are Markets Efficient?
• Marginal Benefit Equals Marginal Cost
• Total Surplus Is Maximized
• The Invisible Hand
• Market Failure
• Sources of Market Failure
• Alternatives to the Market
• Checkpoint 6.4
• 6.5 Are Markets Fair?
• It’s Not Fair If the Rules Aren’t Fair
• It’s Not Fair If the Result Isn’t Fair
• Compromise
• Checkpoint 6.5
• Chapter Summary
• Chapter Checkpoint
• Eye on the U.S. Economy
• The Invisible Hand and e-Commerce
• Eye on Price Gouging
• Should Price Gouging Be Illegal?
• Eye on Your Life
• Allocation Methods, Efficiency, and Fairness
• Part 3 How Governments Influence the Economy
• Chapter 7 Government Actions in Markets
• Chapter Checklist
• 7.1 Price Ceilings
• A Rent Ceiling
• Are Rent Ceilings Efficient?
• Are Rent Ceilings Fair?
• If Rent Ceilings Are So Bad, Why Do We Have Them?
• Checkpoint 7.1
• 7.2 Price Floors
• The Minimum Wage
• Is the Minimum Wage Efficient?
• Is the Minimum Wage Fair?
• If the Minimum Wage Is So Bad, Why Do We Have It?
• Checkpoint 7.2
• 7.3 Production Quotas
• Production Quota: An Example
• Checkpoint 7.3
• Chapter Summary
• Chapter Checkpoint
• Eye on the U.S. Economy
• Minimum Wages and Employment
• Eye on Price Regulation
• Minimum Wages and Employment
• Eye on the Global Economy
• Production Quotas
• Eye on Your Life
• Price Ceilings and Price Floors You Encounter
• Chapter 8 Taxes
• Chapter Checklist
• 8.1 Taxes on Buyers and Sellers
• Tax Incidence
• Taxes and Efficiency
• Tax Burden
• Incidence, Inefficiency, and Elasticity
• Incidence, Inefficiency, and the Elasticity of Demand
• Incidence, Inefficiency, and the Elasticity of Supply
• Checkpoint 8.1
• 8.2 Income Taxes and Social Security Taxes
• The Effects of the Income Tax
• The Social Security Tax
• Checkpoint 8.2
• 8.3 Fairness and the Big Tradeoff
• The Benefits Principle
• The Ability-to-Pay Principle
• Ability to Pay and Tax Progressivity
• The Big Tradeoff and Alternative Tax Proposals
• Checkpoint 8.3
• Chapter Summary
• Chapter Checkpoint
• Eye on the U.S. Economy
• Taxes in the United States Today
• Eye on Congress
• Does Congress Decide Who Pays the Taxes?
• Eye on The Past
• The Origins and History of the U.S. Income Tax
• Eye on Your Life
• Tax Freedom Day
• Eye on the U.S. Economy
• The Progressive Income Tax
• Chapter 9 Global Markets in Action
• Chapter Checklist
• 9.1 How Global Markets Work
• International Trade Today
• What Drives International Trade?
• Why the United States Imports T-Shirts
• Why the United States Exports Airplanes
• Checkpoint 9.1
• 9.2 Winners, Losers, and Net Gains from Trade
• Gains and Losses from Imports
• Gains and Losses from Exports
• Checkpoint 9.2
• 9.3 International Trade Restrictions
• Tariffs
• Import Quotas
• Other Import Barriers
• Export Subsidies
• Checkpoint 9.3
• 9.4 The Case Against Protection
• Three Traditional Arguments for Protection
• Four Newer Arguments for Protection
• Why Is International Trade Restricted?
• Checkpoint 9.4
• Chapter Summary
• Chapter Checkpoint
• Eye on the U.S. Economy
• U.S. Exports and Imports
• Eye on Globalization
• Who Wins and Who Loses from Globalization?
• Eye on The Past
• The History of U.S. Tariffs
• Eye on Your Life
• International Trade
• Part 4 Market Failure and Public Policy
• Chapter 10 Externalities
• Chapter Checklist
• Externalities in our Daily Lives
• Negative Production Externalities
• Positive Production Externalities
• Negative Consumption Externalities
• Positive Consumption Externalities
• 10.1 Negative Externalities: Pollution
• Private Costs and Social Costs
• Production and Pollution: How Much?
• Establish Property Rights
• Mandate Clean Technology
• Tax or Cap and Price Pollution
• Checkpoint 10.1
• 10.2 Positive Externalities: Education
• Private Benefits and Social Benefits
• Government Actions in the Face of External Benefits
• Checkpoint 10.2
• Chapter Summary
• Chapter Checkpoint
• Eye on Your Life
• Externalities in Your Life
• Eye on the U.S. Economy
• U.S. Air Pollution Trends
• Eye on Climate Change
• How Can We Limit Carbon Emissions?
• Chapter 11 Public Goods and Common Resources
• Chapter Checklist
• 11.1 Classifying Goods and Resources
• Excludable
• Rival
• A Fourfold Classification
• Checkpoint 11.1
• 11.2 Public Goods and the Free-rider Problem
• The Free-Rider Problem
• The Marginal Benefit from a Public Good
• The Marginal Cost of a Public Good
• The Efficient Quantity of a Public Good
• Private Provision: Underproduction
• Public Provision: Efficient Production
• Obstacles to Efficient Public Provision
• Checkpoint 11.2
• 11.3 The Tragedy of the Commons
• Unsustainable Use of a Common Resource
• Inefficient Use of a Common Resource
• Using The Commons Efficiently
• Checkpoint 11.3
• Chapter Summary
• Chapter Checkpoint
• Eye on the Past
• Is a Lighthouse a Public Good?
• Eye on Your Life
• A Student’s Free-Rider Problem and a Market Solution
• Eye on the U.S. Infrastructure
• Should America Spend More on Transportation Infrastructure?
• Eye on the Past
• The Commons of England’s Middle Ages
• Eye on the Global Economy
• The North Atlantic Cod Tragedy of the Commons
• Eye on the Global Economy
• ITQs Work
• Chapter 12 Common Resources Private Information and Healthcare Markets
• Chapter Checklist
• 12.1 The Lemons Problem and Its Solution
• A Market for Used Cars with a Lemons Problem
• A Used-Car Market with Dealers’ Warranties
• Checkpoint 12.1
• 12.2 Information Problems in Insurance Markets
• Insurance Markets
• Asymmetric Information in Insurance
• Screening in Insurance Markets
• Separating Equilibrium With Screening
• Checkpoint 12.2
• 12.3 The Economics of Healthcare
• Healthcare Market Failure
• Alternative Public Choice Solutions
• A Reform Idea?
• Checkpoint 12.3
• Chapter Summary
• Chapter Checkpoint
• Eye on the Market for Used Cars
• How Do You Avoid Buying a Lemon?
• Eye on the U.S. Economy
• Insurance in the United States
• Eye on the U.S. Economy
• Healthcare in the United States: A Snapshot
• Eye on the Global Economy
• Healthcare Expenditures and Health Outcomes
• Eye on Your Life
• Signaling Your Ability
• Part 5 A Closer Look at Decision Makers
• Chapter 13 Consumer Choice and Demand
• Chapter Checklist
• 13.1 Consumption Possibilities
• The Budget Line
• A Change in the Budget
• Changes in Prices
• Prices and the Slope of the Budget Line
• Checkpoint 13.1
• 13.2 Marginal Utility Theory
• Total Utility
• Marginal Utility
• Graphing Tina’s Utility Schedules
• Maximizing Total Utility
• Finding an Individual Demand Curve
• Checkpoint 13.2
• 13.3 Efficiency, Price, and Value
• Consumer Efficiency
• The Paradox of Value
• Checkpoint 13.3
• Chapter Summary
• Chapter Checkpoint
• Appendix: Indifference Curves
• An Indifference Curve
• Marginal Rate of Substitution
• Consumer Equilibrium
• Deriving the Demand Curve
• Appendix Checkpoint
• Eye on the U.S. Economy
• Relative Prices on the Move
• Eye on The Past
• Jeremy Bentham, William Stanley Jevons,and the Birth of Utility
• Eye on song downloads and Streaming
• How Much Would You Pay for a Song?
• Eye on Your Life
• Do You Maximize Your Utility?
• Chapter 14 Production and Cost
• Chapter Checklist
• 14.1 Economic Cost and Profit
• The Firm’s Goal
• Accounting Cost and Profit
• Opportunity Cost
• Economic Profit
• Checkpoint 14.1
• Short Run and Long Run
• 14.2 Short-Run Production
• Total Product
• Marginal Product
• Average Product
• Checkpoint 14.2
• 14.3 Short-Run Cost
• Total Cost
• Marginal Cost
• Average Cost
• Why the Average Total Cost Curve Is U-Shaped
• Cost Curves and Product Curves
• Shifts in the Cost Curves
• Checkpoint 14.3
• 14.4 Long-Run Cost
• Plant Size and Cost
• The Long-Run Average Cost Curve
• Checkpoint 14.4
• Chapter Summary
• Chapter Checkpoint
• Eye on Your Life
• Your Average and Marginal Grades
• Eye on Retailers’ Costs
• Which Store Has the Lower Costs: Walmart or 7-Eleven?
• Part 6 Prices, Profits, and Industry Performance
• Chapter 15 Perfect Competition
• Chapter Checklist
• Market Types
• Perfect Competition
• Other Market Types
• 15.1 A Firm’s Profit-maximizing Choices
• Price Taker
• Revenue Concepts
• Profit-Maximizing Output
• Marginal Analysis and the Supply Decision
• Temporary Shutdown Decision
• The Firm’s Short-Run Supply Curve
• Checkpoint 15.1
• 15.2 Output, Price, and Profit in the Short Run
• Market Supply in the Short Run
• Short-Run Equilibrium in Normal Times
• Short-Run Equilibrium in Good Times
• Short-Run Equilibrium in Bad Times
• Checkpoint 15.2
• 15.3 Output, Price, and Profit in the Long Run
• Entry and Exit
• The Effects of Exit
• Change in Demand
• Technological Change
• Is Perfect Competition Efficient?
• Is Perfect Competition Fair?
• Checkpoint 15.3
• Chapter Summary
• Chapter Checkpoint
• Eye on Record Stores
• Where Have All the Record Stores Gone?
• Eye on Your Life
• The Perfect Competition That You Encounter
• Chapter 16 Monopoly
• Chapter Checklist
• 16.1 Monopoly and How It Arises
• No Close Substitute
• Barrier to Entry
• Monopoly Price-Setting Strategies
• Checkpoint 16.1
• 16.2 Single-Price Monopoly
• Price and Marginal Revenue
• Marginal Revenue and Elasticity
• Output and Price Decision
• Checkpoint 16.2
• 16.3 Monopoly and Competition Compared
• Output and Price
• Is Monopoly Efficient?
• Is Monopoly Fair?
• Rent Seeking
• Checkpoint 16.3
• 16.4 Price Discrimination
• Price Discrimination and Consumer Surplus
• Profiting by Price Discriminating
• Perfect Price Discrimination
• Price Discrimination and Efficiency
• Checkpoint 16.4
• 16.5 Monopoly Regulation
• Efficient Regulation of a Natural Monopoly
• Second-Best Regulation of a Natural Monopoly
• Checkpoint 16.5
• Chapter Summary
• Chapter Checkpoint
• Eye on the U.S. Economy
• Information-Age Monopolies
• Eye on the U.S. Economy
• Airline Price Discrimination
• Eye on Microsoft
• Are Microsoft’s Prices Too High?
• Eye on Your Life
• Monopoly in Your Everyday Life
• Chapter 17 Monopolistic Competition
• Chapter Checklist
• 17.1 What is Monopolistic Competition?
• Describing Monopolistic Competition
• Identifying Monopolistic Competition
• Checkpoint 17.1
• 17.2 Output and Price Decisions
• The Firm’s Profit-Maximizing Decision
• Profit Maximizing Might Be Loss Minimizing
• Long Run: Zero Economic Profit
• Monopolistic Competition and Perfect Competition
• Is Monopolistic Competition Efficient?
• Checkpoint 17.2
• 17.3 Innovation and Advertising
• Design and Quality Decision
• Advertising
• The Demand for Advertising
• The Supply of Advertising
• Equilibrium and Efficiency in the Advertising Market
• Checkpoint 17.3
• Chapter Summary
• Chapter Checkpoint
• Eye on the U.S. Economy
• Examples of Monopolistic Competition
• Eye on Smartphones
• Which Smartphone?
• Eye on Your Life
• Some Selling Costs You Pay
• Chapter 18 Oligopoly
• Chapter Checklist
• 18.1 What is Oligopoly?
• Small Number of Firms
• Barriers to Entry
• Identifying Oligopoly
• Checkpoint 18.1
• 18.2 The Oligopolists’ Dilemma
• Monopoly Outcome
• Perfect Competition Outcome
• Other Possible Cartel Breakdowns
• The Oligopoly Cartel Dilemma
• Checkpoint 18.2
• 18.3 Game Theory
• What is a Game?
• The Prisoners’ Dilemma
• The Duopolists’ Dilemma
• The Payoff Matrix
• Advertising and Research Games in Oligopoly
• Repeated Games
• Is Oligopoly Efficient?
• Checkpoint 18.3
• 18.4 Antitrust Law
• The Antitrust Laws
• Three Antitrust Policy Debates
• Recent Antitrust Showcase: The United States Versus Microsoft
• Merger Rules
• Checkpoint 18.4
• Chapter Summary
• Chapter Checkpoint
• Eye on the U.S. Economy
• Examples of Oligopoly
• Eye on the Global Economy
• The OPEC Global Oil Cartel
• Eye on Your Life
• A Game You Might Play
• Eye on the Wireless Oligopoly
• Is Four Too Few?
• Eye on the U.S. Economy
• No Wireless Service Merger
• Part 7 Incomes and Inequality
• Chapter 19 Markets for Factors of Production
• 19.1 The Demand for a Factor of Production
• Value of Marginal Product
• A Firm’s Demand for Labor
• A Firm’s Demand for Labor Curve
• Checkpoint 19.1
• Changes in the Demand for Labor
• 19.2 Labor Markets
• The Supply of Labor
• Influences on the Supply of Labor
• Competitive Labor Market Equilibrium
• Labor Unions
• Checkpoint 19.2
• 19.3 Capital and Natural Resource Markets
• Capital Markets
• Land Markets
• Nonrenewable Natural Resource Markets
• Checkpoint 19.3
• Chapter Summary
• Chapter Checkpoint
• Eye in the Coach
• Why Is a Coach Worth $7 Million?
• Eye on Your Life
• Job Choice and Income Prospects
• Eye on the Global Economy
• Oil and Metal Prices
• Chapter 20 Economic Inequality
• Chapter Checklist
• 20.1 Measuring Economic Inequality
• Lorenz Curves
• Inequality Over Time
• Poverty
• Economic Mobility
• Checkpoint 20.1
• 20.2 How Economic Inequality Arises
• Human Capital
• Discrimination
• Financial and Physical Capital
• Entrepreneurial Ability
• Personal and Family Characteristics
• Checkpoint 20.2
• 20.3 Income Redistribution
• How Governments Redistribute Income
• The Scale of Income Redistribution
• Why We Redistribute Income
• The Major Welfare Challenge
• Checkpoint 20.3
• Chapter Summary
• Chapter Checkpoint
• Eye on the Global Economy
• Global Inequality
• Eye on Inequality
• Who Are the Rich and the Poor?
• Eye on the U.S. Economy
• Does Education Pay?
• Eye on the U.S. Economy
• Sex and Race Earnings Differences
• Eye on Your Life
• What You Pay and Gain Through Redistribution
• Glossary
• Index
• Credits
• Back Cover