Unit One 1
Text:What Is Economics? 2
Additional Text:The Economic Problem 7
Unit Two 13
Text:Demand and Supply 14
Additional Text:Utility and Consumer Choice 24
Unit Three 30
Text:Price Elasticities of Demand and Supply 31
Additional Text:The Factors Influencing the Price Elasticities of Demand and Supply 40
Unit Four 46
Text:Cost of Production 47
Additional Text:Economies and Diseconomies of Scale 56
Unit Five 62
Text:Monopoly 63
Additional Text:Perfect Competition 72
Unit Six 78
Text:Oligopoly 79
Additional Text:Monopolistic Competition 87
Unit Seven 92
Text:Gross Domestic Product 93
Additional Text:Two Alternative Approaches of Measuring GDP 102
unit Eight 110
Text:Economic Growth 111
Additional Text:Sources of Economic Development 120
Unit Nine 127
Text:Inflation 128
Additional Text:Unemployment 138
Unit Ten 142
Text:Money and Banking 143
Additional Text:The U.S.Central Bank:The Federal Reserve System 150
Unit Eleven 156
Text:Foreign Exchange and Exchange Rate 157
Additional Text:The Effects of Exchange Rates on the Economy 164
Unit Twelve 170
Text:The Balance of Payments 171
Additional Text:International Monetary Systems 181
Unit Thirteen 191
Text:Fiscal and Monetary Policy 192
Additional Text:Lags in the Economy's Response to Monetary and Fiscal Policy 202
Unit Fourteen 208
Text:Role of Government in the Economy 209
Additional Text:Government's Policies Toward Externalities 217
Appendix Ⅰ Answers to Exercises 222
Appendix Ⅱ Chinese Translation of the Texts 244