Avoiding excessive reliance on formal mathematical derivations, this book presents concepts intuitively through examples drawn from familiar contexts. The authors introduce a well-articulated short list of core principles and reinforce them by illustrating and applying each in numerous contexts.

Includes index.

Preface --pt. 1. Introduction -- 1. Thinking like an economist -- 2. Comparative advantage : the basis for exchange -- 3. Supply and demand : an introduction -- pt. 2. Macroeconomics : issues and data -- 4. Macroeconomics : the bird's-eye view of the economy -- 5. Measuring economic activity : GDP and unemployment -- 6. Measuring the price level and inflation -- pt. 3. The economy in the long run -- 7. Economic growth, productivity, and living standards -- 8. Workers, wages and unemployment in the modern economy -- 9. Saving and capital formation -- 10. Money, prices, and the Federal Reserve -- 11. Financial markets and international capital flows -- pt. 4. The economy in the short run -- 12. Short-term economic fluctuations : an introduction -- 13. Spending and outputs in the short run -- 14. Stabilizing the economy : the role of the Fed -- 15. Inflation, aggregate supply, and aggregate demand -- 16. The practice and pitfalls of macroeconomic policy -- pt. 5. The international economy -- 17. Exchange rates and the open economy-- 18. International trade -- Glossary -- Index.