Table of Contents

The Economic Problem: The Meaning of Economics; Methods; Production Possibilities; Economic Systems; Price Determination: Demand; Supply; Market Equilibrium; Price Elasticity; Behind the Supply Curve: Diminishing Returns; Cost; Revenue; Profit; Perfectly Competitive Supply; Monopoly; Imperfect Competition; Demand for Inputs; Measuring the Economy: Unemployment and Inflation; Gross Domestic Product; Price Indexes; Business Cycles; The Level of Income: Consumption and Investment; Macro Equilibrium; Government; The Keynesian Cross; Fiscal Policy; Money: Money; Monetary Tools; Money and the Level of Income; Economic Policy; Trade: Trade without Money; Trade with Money.

About the Author

Arleen Hoag has been teaching economics in Owens Community College since 1973. The authors have over 60 years of experience in teaching introductory economics combined. John Hoag has been teaching economics at the department of economics, Bowling Green State University since 1972. He has been the chair of the department since 1993.