Includes index

Front Cover; Title Page; Copyright Page; About the Authors; Brief Contents; Contents; Preface; Part 1 Introduction to Economics; 1 The Scope and Method of Economics; Why Study Economics?; To Learn a Way of Thinking; Economics in Practice Rainfall and Schooling in India; Economics in Practice Majoring in Economics Makes You Less Vulnerable to a Recession!; To Understand Society; To Be an Informed Citizen; The Scope of Economics; Microeconomics and Macroeconomics; Economics in Practice How Italian Is a Ferrari?; The Diverse Fields of Economics; The Method of Economics; Theories and Models Economics in Practice Does Your Part-time Job Affect Your Academic Performance?Economic Policy; An Invitation; Economic Skills and Economics as a Career; Summary; Review Terms and Concepts; Problems; Critical Thinking Questions; Appendix: How to Read and Understand Graphs; 2 The Economic Problem: Scarcity and Choice; Scarcity, Choice, and Opportunity Cost; Scarcity and Choice in a One-Person Economy; Scarcity and Choice in an Economy of Two or More; Economics in Practice Frozen Foods and Opportunity Costs; The Production Possibility Frontier; The Economic Problem Economics in Practice Changing Consumption Patterns in ChinaEconomic Systems and the Role of Government; Command Economies; Laissez-Faire Economies: The Free Market; Mixed Systems, Markets, and Governments; Looking Ahead; Summary; Review Terms and Concepts; Problems; 3 Demand, Supply, and Market Equilibrium; Firms and Households: the Basic Decision-making Units; Input Markets and Output Markets: the Circular Flow; Demand in Product/output Markets; Changes in Quantity Demanded Versus Changes in Demand; Price and Quantity Demanded: the Law of Demand; Other Determinants of Household Demand Economics in Practice Have You Bought This Textbook?Economics in Practice People Drink Tea on Rainy Days; Shift of Demand Versus Movement Along a Demand Curve; From Household Demand to Market Demand; Supply in Product/output Markets; Price and Quantity Supplied: the Law of Supply; Other Determinants of Supply; Shift of Supply Versus Movement Along a Supply Curve; From Individual Supply to Market Supply; Market Equilibrium; Excess Demand; Excess Supply; Market Equilibrium with Equations; Changes in Equilibrium; Economics in Practice Quinoa Economics in Practice "Shrinkflation" During Festive SeasonsLooking Ahead: Markets and the Allocationof Resources; Summary; ReviewTerms and Concepts; Problems; 4 Demand and Supply Applications; The Price System: Rationing and Allocating Resources; Price Rationing; Constraints on the Market and Alternative Rationing Mechanisms; Economics in Practice Why Do I Have to Pay More for My Food? the Truth Behind the Flood Crises; Prices and the Allocation of Resources; Price Floor; Supply and Demand Analysis: Tariffs (Tax); Economics in Practice The Price Mechanism at Work for Shakespeare

For two-semester courses in the principles of economics. An introduction to the functioning of the economy and the power and breadth of economics Reviewers tell us that Case/Fair/Oster is one of the all-time bestselling principles of economics texts because they trust it to be clear, thorough, and complete. Readers of Principles of Economics, 13th Edition come away with a basic understanding of how market economies function, an appreciation for the things they do well, and a sense of things they do poorly. With the latest research and added exercises, students begin to learn the art and scie.