What is economics? -- The economic problem -- How markets work -- Demand and supply -- Elasticity -- Efficiency and equity -- Government actions in markets -- Global markets in action -- Households? choices -- Utility and demand -- Possibilities, preferences, and choices -- Firms and markets -- Organizing production -- Output and costs -- Perfect competition -- Monopoly -- Monopolistic competition -- Oligopoly -- Market failure and government -- Public choices and public goods -- Economics of the environment -- Factor markets, inequality, and uncertainty -- Markets for factors of production -- Economic inequality -- Uncertainty and information -- Monitoring macroeconomic performance -- Measuring GDP and economic growth -- Monitoring jobs and inflation -- Macroeconomic trends -- Economic growth -- Finance, saving, and investment -- Money, the price level, and inflation -- The exchange rate and the balance of payments -- Macroeconomic fluctuations -- Aggregate supply and aggregate demand -- Expenditure multipliers: the keynesian model -- U.S. inflation, unemployment, and business cycle -- Macroeconomic policy -- Fiscal policy -- Monetary policy.