Authors James D. Gwartney, Richard L. Stroup, Russell S. Sobel, and David MacPhers, believe that a course on principles of economics should focus on the power and relevance of the economic way of thinking. It is this belief and corresponding writing approach that has made UNDERSTANDING ECONOMICS one of South-Western's most solid and enduring texts. Throughout this text, the authors integrate applications and real-world data in an effort to make the basic concepts of economics come alive for the reader.



Table of Contents:



Part 1. The economic way of thinking

Chapter 1. The economic approach

Chapter 2. Some tools of the economist

Part 2. Markets and government

Chapter 3. Supply, demand, and the market process

Chapter 4. Supply and demand : applications and extensions

Chapter 5. Difficult cases for the market, and the role of government

Chapter 6. The economics of collective decision making

Part 3. Core Macroeconomics

Chapter 7. Taking the nation's economic pulse

Chapter 8. Economic fluctuations, unemployment, and inflation

Chapter 9. An introduction to basic macroeconomic markets

Chapter 10. Working with our basic aggregate demand and aggregate supply model

Chapter 11. Keynes and the evolution of macroeconomics

Chapter 12. Fiscal policy

Chapter 13. Money and the banking system

Chapter 14. Modern macroeconomics and monetary policy

Chapter 15. Stabilization policy, output, and employment

Chapter 16. Economic growth and the Wealth of Nations

Part 4. International economics

Chapter 17. Gaining from international trade

Chapter 18. International finance and the foreign exchange market

Part 5. Core Microeconomics

Chapter 19. Consumer choice and elasticity

Chapter 20. Costs and the supply of goods

Chapter 21. Price takers and the competitive process

Chapter 22. Price-searcher markets, withlow entry barriers

Chapter 23. Price-searcher markets with high entry barriers

Chapter 24. The Supply of and demand for productive resources

Chapter 25. Earnings, productivity, and the job market

Chapter 26. Investment, the capital market, and the wealth of nations

Chapter 27. Income inequality and poverty



Appendix A General Business and Economic Indicators for the United States

Appendix B Answers to selected critical analysis questions

Glossary

Index