Cover; Half Title; Title Page; Copyright Page; Brief Contents; Table of Contents; Note on Electronic Materials; Preface; About the Author; Part 1 Introduction; Chapter 1 Scarcity and Choice; What Is Economics; Microeconomics; Macroeconomics; The Economic Way of Thinking; Every Choice Has a Cost; People Make Better Choices by Thinking at the Margin; Rational Self-Interest; Economic Models; Positive Versus Normative Economics; Scarcity; Scarcity and Opportunity Cost; The Opportunity Cost of Attending College; Opportunity Costs and Choices; The Production Possibilities Curve and Opportunity Cost. Economic InefficiencyThe Law of Increasing Opportunity Cost; Economic Growth; Economic Decline; Innovation, Economic Growth, and the American Economy; Economic Growth: Trade-Offs Between Current and Future Consumption; Production Possibilities Applications; Opportunity Cost of National Security; Economic Sanctions Against Iran; Chapter Summary; Key Terms and Concepts; Self-Test: Multiple-Choice Questions; Study Questions and Problems; Exploring Further 1.1: A Primer on Tables and Graphs; Movements Along the Study Time-Grade Line; Slope of the Study Time-Grade Line. Shifts in the Study Time-Grade LinePart 2: The Microeconomy; Chapter 2 Market Transactions: Demand and Supply Analysis; Markets; Demand; The Demand Curve and the Law of Demand; What Explains the Low of Demond?; Changes in Demand: Demand Shifters; Demand Theory Applications; GM Offers Deep Discounts to Bolster Volt Sales; Yankees Slash Prices of Top Tickets to Fill Seats at New Park; Supply; The Supply Curve and the Law of Supply; Oil Firms Squeeze More Crude from Wells; Changes in Supply: Supply Shifters; Demand, Supply, and Equilibrium; Shifts in Demand and Supply. Contemporary Applications of Demand and SupplyBike Competition Puts the Brakes on Schwinn; What Drives Gasoline Prices?; Rising Health Care Costs Harm Households; Reducing America's Dependence on Oil; Chapter Summary; Key Terms and Concepts; Self-Test: Multiple-Choice Questions; Study Questions and Problems; Chapter 3 Demand and Supply Applications; Price Elasticity of Demand; Determinants of Price Elasticity of Demand; Availability of Substitutes; Proportion of Income; Time; Price Elasticity of Demand and Total Revenue; Cigarette Tax Raised to Increase Government Revenue. Colleges Hike Tuition Used to Offset Cutbacks in State Aid to Higher EducationPittsburgh Pirates Underestimate Fan Reaction: Ticket Price Hike Was Wrong; U.S. Postal Service Boosts Rates to Increase Revenue; Price Ceilings and Price Floors; Rent Controls Make Housing More Affordable; Should Federal Interest-Rate Ceilings Be Imposed on MasterCard and Visa?; U.S. Farmers Reap Subsidies from the Government; Chapter Summary; Key Terms and Concepts; Self-Test: Multiple-Choice Questions; Study Questions and Problems; Chapter 4 Production and the Costs of Production; The Short Run and the Long Run.

The new edition of this popular text combines a clear, concise presentation of basic micro- and macroeconomic theory with up-to-date coverage of the U.S. economic recovery as well as international issues. The author's treatment of current debates over banking regulation, fiscal issues, and other hot topics is always well-balanced. Many students in an introductory economics course are non-majors, so Carbaugh keeps things light and friendly and uses lots of applications to hold the reader's interest