In its third edition, Economic Literacy: Basic Economics with An Attitude, explains the logic, language, and worldview of economic theory while maintaining the engaging and accessible style that has made earlier editions so successful. While covering the fundamentals of the discipline, the author also includes a wide range of new material focusing on the structure, causes and results of the 'Great Recession'. From microeconomics and macroeconomics to the composition of international and domestic economies, Economic Literacy also makes the key distinction between economics as an academic discipline and the economy as a practical reality. By analyzing this crucial difference, the book encourages students to think critically about the distinctive viewpoint proposed by academic economics and its influence on politics and culture. Using this approach, readers will be enabled to understand both current affairs and professional economics literature, making this book uniquely beneficial for students both practically and theoretically. Never grim, often witty, and frequently insightful into our turbulent financial times, Economic Literacy's third edition is a must for students of economics everywhere.
List of Figures
List of Tables
Preface
Acknowledgments
Introduction 1
The Organization of the Book 8
I MICROECONOMICS AND THE THEORY OF MARKETS
1 Demand and Supply 13
Demand 13
Income and Wealth 15
Prices of Other Goods 15
Tastes 16
Expectations 16
Supply 17
Prices of Inputs 18
Technology 18
Expectations 18
Market Equilibrium 23
Case 1 26
Case 2 26
Case 3 28
Case 4 28
Elasticity 35
Sales Taxes 44
Case 5 46
Case 6 47
2 The Theory of the Firm, Market Strutures, Factor Markets, and the Distribution of Income 49
Perfect Competition 54
Market Failure 58
Monopoly 61
Price Discrimination 63
Monopolistic Competition 64
Oligopoly 67
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