PREFACES 1
A Note from the Publisher 1
A Golden Birthday 1
Preface 1
Economics and the Internet 1
PART ONE BASIC CONCEPTS 1
CONTENTSS 1
A NOTE FROM THE PUBLISHERS 1
A COLDEN BIRTHDAYS 1
CONTENTS IN BRIEF 1
BASIC CONCEPTS 1
PART ONES 1
ECONOMICS AND THE INTERNETS 1
Chapter 1 The Fundamentals of Economics 3
A.Introduction 3
Chapter 1 The Fundamentals of Economics 3
B.The Three Problems of Economic Organization 8
Market, Command, and Mixed Economies 8
C.Society's Technological Possibilities 9
Appendix 1 How to Read Graphs 18
Appendix 1 How to Read Craphs 18
Chapter 2 The Shifting Boundary between Markets and Government 25
Chapter 2 The Shifting Boundary between Markets and Government 25
Introduction 26
A. What is a Market? 26
B. Trade, Money and Capital 31
C. The Economic Role of Government 34
Chapter 3 Basic Elements of Supply and Demand 43
Chapter 3 Basic Elements of Supply and Demand 43
A. The Demand Schedule 44
Volatile Markets 44
B. The Supply Schedule 48
C. Equilibrium of Supply and Demand 51
PART TWO MICROECONOMICS: SUPPLY, DEMAND,AND PRODUCT MARKETS 61
MICROECONOMICS: SUPPLY, DEMAND, AND PRODUCT MARKETS 61
PART TWO 61
Chapter 4 Applications of Supply and Demand 63
Chapter 4 Applications of Supply and Demand 63
A. Elasticity of Demand and Supply 64
B. Applications to Current Economic Issues 71
Chapter 5 Demand and Consumer 80
Chapter 5 Demand and Consumer Behavior 80
APPends 5 Geometrical Analysis of Consumer Equilibrium 96
Appendix 5 Geometrical Analysis of Consumer Equilibrium 96
Chapter 6 Production and for Business Organization 102
A. Theory of Production and Marginal Products 102
Chapter 6 Production and Business Organization 102
B. Business Organizations 110
Chapter 7 Analysis of Costs 115
A. Economic Analysis of Costs 115
Chapter 7 Analysls of Costs 115
B. Economic Costs and Business Accounting 124
C. Opportunity Costs 127
Appendix 7 Production, Cost Theory, and Decisions of the Firm 132
Chapter 8 The Behavior of Perfectly Competitive Markets 137
A. Supply Behavior of the Competitive Firm 137
Competitive Markets 137
B. Supply Behovior in Competitive Industries 142
C. SPecial Cases of Competitive MarketS 145
D. Efficiency and Equity of Competitive Markets 148
Chapter 9 Imperfect Competition and Its Polar Case of Monopoly 154
Polar Case of Monopoly 154
A. Patterns of Imperfect Competition 154
B. Marginal Revenue and Monopoly 161
Chapter 10 Oligopoly and Monopolistic Competition 170
A. Behavior of Imperfect Competitors 170
Chapter 10 Oligopoly and Monopolistic Competition 170
B. Control, Innovation, and Information 177
C. A Balance Sheet on Imperfect Competition 181
Chapter 11 Uncertainty and Came Theory 188
Chapter 11 Uncertainty and Game Theory 188
A. Economics of Risk and Uncertainty 189
B. Game Theory 196
for Discussion 205
PART THREE FACTOR MARKETS: LAND, LABOR, CAPITAL,AND INCOME DISTRIBUTION 207
PART THREE 207
FACTOR MARKETS: LAND, LABOR, CAPITAL, AND INCOME DISTRIBUTION 207
A. Income and Wealth 209
Chapter 12 How MarketS Determine Incomes 209
Chapter 12 How Markets Determine Incomes 209
B. Input by Marginal Productivity 213
A. Fundamentals of Wage Determination 225
Chapter 13 The Labor Market 225
Chapter 13 The Labor Market 225
B. The American Labor Movement 235
C. Discrimination by Race and Gender 240
Chapter 14 Land and Capital 248
A. Land and Rent 248
Chapter 14 Land and Capital 248
B. Capitol and Interest 251
Chapter 15 Markets and Economic Efficiency 265
Chapter 15 Markets and Economic Efficiency 265
A. Effciency of Perfect Competition 265
B. Qualifications 273
PART FOUR COVERNMENT's ROLE IN THE ECONOMY 279
COVERNMENT'S ROLE lN THE ECONOMY 279
Chapter 16 Government Taxation and Expenditure 281
Chapter 16 Covernment Taxation and Expenditure 281
A. Government Control of the Economy 282