When it comes drawing on economic principles to explain current realities, there is no one readers trust more than Paul Krugman and Robin Wells. With more and more instructors in all types of schools using Krugman's signature storytelling style to help them introduce the fundamental principles of economics to all kinds of students.

PART I: WHAT IS ECONOMICS Intro The Ordinary Business of Life 1. First Principles 2. Economic Models: Trade-offs and Trade 25 3. Appendix Graphs in Economics PART II: SUPPLY AND DEMAND 4. Consumer and Producer Surplus 5. Price Controls and Quotas: Meddling with Markets 6. Elasticity PART III: INDIVIDUALS AND MARKETS 7. Taxes 8. International Trade PART IV: ECONOMICS AND DECISION MAKING 9. Decision Making by Individuals & Firms 9.1. Appendix Toward a Fuller Understanding of Present Value* PART V: THE CONSUMER 10 The Rational Consumer 10.1 Appendix Consumer Preferences and Consumer Choice PART VI: THE PRODUCTION DECISION 11. Behind the Supply Curve: Inputs and Costs 12. Perfect Competition and the Supply Curve PART VII: MARKET STRUCTURE AND THE SUPPLY CURVE 13. Monopoly 14. Oligopoly 15. Monopolistic Competition and Product Differentiation PART VIII: MICROECONOMICS AND PUBLIC POLICY 16. Externalities 17. Public Goods & Common Resources 18. The Economics of the Welfare PART IX: FACTOR MARKETS & RISK 19. Factor Markets and the Distribution of Income 19.1. Appendix Indifference Curve Analysis of Labor Supply 20. Uncertainty, Risk, and Private Information Solutions to "Check Your Understanding" Questions Glossary Index