Revised edition of the authors' Economics, 2015.

Introduction to economics and the economy -- Limits, alternatives, a nd choices -- The market system and the circular flow -- Price, quantit y, and efficiency -- Demand, supply, and market equilibrium -- Market f ailures : public goods and externalities -- Government's role and gover nment failure -- Consumer behavior -- Elasticity -- Utility maximizatio n -- Behavioral economics -- Microeconomics of product markets -- Busin esses and the costs of production -- Pure competition in the short run -- Pure competition in the long run -- Pure monopoly -- Monopolistic co mpetition and oligopoly -- Microeconomics of resource markets and gover nment -- The demand for resources -- Wage determination -- Rent, intere st, and profit -- Natural resource and energy economics -- Public finan ce : expenditures and taxes -- Microeconomic issues and policies -- Ant itrust policy and regulation -- Agriculture : economics and policy -- I ncome inequality, poverty, and discrimination -- Health care -- Immigra tion -- Gdp, growth, and instability -- An introduction to macroeconomi cs -- Measuring domestic output and national income -- Economic growth -- Business cycles, unemployment, and inflation -- Macroeconomic models and fiscal policy -- Basic macroeconomic relationships -- The aggregat e expenditures model -- Aggregate demand and aggregate supply -- Fiscal policy, deficits, and debt -- Money, banking, and monetary policy -- M oney, banking, and financial institutions -- Money creation -- Interest rates and monetary policy -- Financial economics -- Extensions and iss ues -- Extending the analysis of aggregate supply -- Current issues in macro theory and policy -- International economics -- International tra de -- The balance of payments, exchange rates, and trade deficits -- Gl ossary -- Index.