Principles of Economics
Grade Equivalents
| 🇺🇸 United States | College Freshman |
| 🇬🇧 United Kingdom | University Year 1 |
| 🇮🇳 India | B.A./B.Sc. Year 1 |
| 🇳🇬 Nigeria | University Year 1 |
| 🇿🇦 South Africa | University Year 1 |
| 🇦🇺 Australia | University Year 1 |
| 🇨🇦 Canada | University Year 1 |
About This Textbook
This textbook covers the scope and sequence of a two-semester introductory economics course, progressing from microeconomics to macroeconomics. Using conversational language and real-world examples, it explores supply and demand, consumer choices, market structures, labor markets, poverty and inequality, monetary and fiscal policy, international trade, and globalization.
Table of Contents
Welcome to Economics! — Choice in a World of Scarcity — Demand and Supply — Labor and Financial Markets — Elasticity — Consumer Choices — Production, Costs, and Industry Structure — Perfect Competition — Monopoly — Monopolistic Competition and Oligopoly — Monopoly and Antitrust Policy — Environmental Protection and Negative Externalities — Positive Externalities and Public Goods — Labor Markets and Income — Poverty and Economic Inequality — Information, Risk, and Insurance — Financial Markets — Public Economy — The Macroeconomic Perspective — Economic Growth — Unemployment — Inflation — The International Trade and Capital Flows — The Aggregate Demand/Aggregate Supply Model — The Keynesian Perspective — The Neoclassical Perspective — Money and Banking — Monetary Policy and Bank Regulation — Exchange Rates and International Capital Flows — Government Budgets and Fiscal Policy — The Impacts of Government Borrowing — Macroeconomic Policy Around the World — International Trade — Globalization and Protectionism