Part One Basic concepts: the fundamentals of economics; appendix - how to read graphs; markets and government in a modern economy; basic elements of supply and demand. Part Two Microeconomics - supply, demand and product markets: applications of supply and demand; demand and consumer behaviour; appendix - geometrical analysis of consumer equilibrium; production and business organization; analysis of costs; appendix - production, cost theory and decisions of the firm; analysis of perfectly competitive markets; imperfect competition and its polar case of monopoly; oligopoly and monopolistic competition; uncertainty and game theory. Part Three Factor markets - land, labour, capital: how markets determine incomes; the labour market; land and capital. Part Four Applied microeconomics - international trade, government and the environment: comparative advantage and protectionism; appendix - markets and economic efficiency; government taxation and expenditure; promoting more efficient markets; protecting the environment; efficiency versus equality - the big tradeoff.