Rev. ed. of: An introduction to positive economics. 8th ed. 1995.

Includes bibliographical references.

How to Use This Book; Economic Issues and Concepts; Methods; Part I: Introduction to the market economy; Dem and, Supply and Price; Elasticity of Demand and Supply; Price Theory in Action; Part II: Consumers and producers; What Determines Demand? I: Marginal Utility Theory; What Determines Demand? II: Indifference Theory; Firms, cost, and profits; Perfect Competition; Monopoly; Imperfect Competition; Risk and Uncertainty; Consumer and Producer Theory in Action; Part III: How income is earned; How Income is Generated; The Income of Labour; Capital, Land, and Natural Resources; Factor Market Theory in Action; Part IV: The government in the economy; Market Success and Market Failure; Government Success and Government Failure; Part V: Modelling the economy as a whole; Macroeconomics and Measurement; A Basic Model of the Determination of GDP; GDP in an Open Economy With Government; GDP and the Price Level in the Short Run; GDP and the Price Level in the Long Run; Part VI: Macro policy in a monetary economy; Macro Policy in a Monetary Economy; The Role of Money in Macroeconomics; Monetary and Fiscal Policy and the Business Cycle; The Balance of Payments and Exchange Rates; Macroeconomic Policy in an Open Economy; Part VII: Global economic issues; Inflation; Employment and Unemployment; Economic Growth; Growth in Developing Countries; International Trade; Global Macroeconomics in Action.

This text provides the student with a thorough grounding in all the theoretical components of a first course in economics, supported with world-wide case studies. Learning aids such as chapter summaries, topics for review and discussion questions all help to guide the student through.