PART 1: What Is Economics? Introduction: The Covid-19 Economy 1. First Principles 2. Economic Models: Trade-offs and Trade Appendix: Graphs in Economics PART 2: Supply and Demand 3. Supply and Demand Appendix: The Algebra of Demand, Supply, and Equilibrium 4. Consumer and Producer Surplus 5. Price Controls and Quotas: Meddling with Markets 6. Elasticity Appendix: The Algebra of Elasticity PART 3: Individuals and Markets 7. Taxes 8.

International Trade PART 4: Economics and Decision Making 9. Decision Making by Individuals and Firms Appendix: How to Make Decisions Involving Time: Understanding Present Value PART 5: The Consumer 10. The Rational Consumer Appendix: Consumer Preferences and Consumer Choice PART 6: The Production Decision 11. Behind the Supply Curve: Inputs and Costs Appendix: Inverse Relationships Between Productivity and Cost 12. Perfect Competition and the Supply Curve 13. Monopoly PART 7: Market Structure - Beyond Perfect Competition 14. Oligopoly 15. Monopolistic Competition and Product Differentiation PART 8: Microeconomics and Public Policy 16.

Externalities 17. Public Goods and Common Resources 18. The Economics of the Welfare State PART 9: Factor Markets and Risk 19. Factor Markets and the Distribution of Income Appendix: Indifference Curve Analysis of Labour Supply 20. Uncertainty, Risk, and Private Information Additional Sections Solutions to Check Your Understanding Questions Glossary Index.