Economics, 3rd Edition

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iii

BRIEF CONTENTS

About the authors 

ix

Preface 

x

Supplements 

xi

Acknowledgements 

xiii

PART 1  

Introduction to economics 

1

1 

Ten principles of economics 

1

2 

Thinking like an economist 

17

PART 2  

Supply and demand: How  

markets work 

41

3 

The market forces of supply and demand 

41

4 

Elasticity and its applications 

72

5 

Background to demand: The theory of consumer 

choice 

102

6 

Background to supply: Firms in competitive 

markets 

134