CONTENTS
Part One Introduction to Economics
CHAPTER 1 Introduction to Economics
Application 1.1: To Work or Not to Work
Application 1.2: Does Money Buy Happiness?
Application 1.3: OK, What Are They?
Up for Debate: Should St. Louis County, Missouri, Impose Mandatory Trash Pickup and Recycling?
Words, Graphs, and Mathematical Equations
Scarcity, Model Building, and Graphs
Test Your Understanding: Production Possibilities
Macroeconomics and Microeconomics
Critical Thinking Case 1: Difficult Choices in the Extreme
Direct and Inverse Relationships
CHAPTER 2 Economic Decision Making and Economic Systems
Scarcity, the Basic Economic Decisions, and Economic Systems
Economic Systems and the Basic Economic Decisions
Traditional or Agrarian Economies
Economic Decisions in a Traditional Economy
The Operation of a Market Economy
Economic Decisions in a Market Economy
Government Intervention in a Market Economy: A Mixed Economy
Economic Decisions in a Planned Economy
Test Your Understanding: Economic Decision Making and the Circular Flow
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