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.