Economics / Hyman, David N.

Includes index.

Introduction to Economics -- Economics: What It's All About -- Production Possibilities and Opportunity Cost -- Supply and Demand: Markets and the Price System -- Market Transactions: Basic Supply and Demand Analysis -- Using Supply and Demand Analysis -- The Price System: Free Markets and the Economy -- Product Markets: Microeconomic Analysis -- Elasticity of Supply and Demand -- Consumer Choice and the Theory of Demand -- The Business Firm: A Prologue to the Theory of Market Supply -- Production and Cost -- The Profit-Maximizing Firm and Market Supply -- Long-Run Supply in Competitive Markets -- Monopoly -- Monopolistic Competition and Oligopoly -- Government as a Regulator in Markets and as a Provider of Services: Microeconomic Analysis Antitrust Policy and Regulation of Markets -- Market Failure and the Role of Government in Allocating Resources -- Externalities and the Environment: Policy Analysis -- The Economics of Special-Interest Groups: Subsiding Agriculture and Industries -- Public Choice, Government Spending, and Taxes -- Input Markets and Incomes: Microeconomic Analysis Input Markets and the Demand for Resources -- Labor Markets, Labor Productivity, and Personnel Management -- Imperfectly Competitive Input Markets: Labor Unions, Monopsony, and Bilateral Monopoly -- Interest, Rents, and Profit -- The Distribution of Income and the Economics of Poverty -- Introduction to Macroeconomic Concepts Gross National Product and the Performance of the National Economy -- Business Cycles, Unemployment, and Economic Growth -- The Price Level and Inflation -- Aggregate Demand/Aggregate Supply -- Aggregate Demand and Aggregate Supply -- Using Aggregate Demand-Aggregate Supply Analysis to Understand Economic Fluctuations and Growth -- Keynesian Analysis of Aggregate Purchases -- Keynesian Analysis of Macroeconomic Equilibrium -- Money, Financial Markets, and Macroeconomic Equilibrium -- The Functions of Money -- The Banking System -- The Federal Reserve System and Its Influence on Money and Credit -- Stabilizing the Economy -- Stabilization of the Economy through Monetary Policy -- Stabilization of the Economy through Fiscal Policy -- The Federal Budget Deficit and the National Debt -- Issues in Stabilization Policy: Inflation versus Unemployment and Rational Expectations -- International Economic Issues -- International Trade, Productivity, and the Economics of Less Developed Countries -- The Economics of Foreign Exchange and the Balance of International Trade -- Socialism and the Centrally Planned Economy.

Today more than ever, the study of economics is a vital components of any student's education. Knowledge of economic principles is essential for success in dealing with day-to-day affairs in the modern world. The purpose of this text is to explain how the U.S and world economies function and hoe their daily operation affects the reader.