The text seeks to teach introductory students the core economic concepts without overwhelming them with details. It introduces a list of core principles, then reinforces them by illustrating and applying each principle in several contexts.

Part 1 Introduction: thinking like an economist; some common pitfalls for decision makers; comparative advantage - the basis for exchange; supply and demand - an introduction; microeconomics. Part 2 Competition and the invisible hand: demand - the benefit side of the market; perfectly competitive supply - the cost side of the market; efficiency and exchange; the quest for profit and the invisible hand. Part 3 Market imperfections: monopoly and other forms of imperfect competition; thinking strategically; externalities and property rights; the economics of information. Part 4 Labour markets and the public sector: labour markets; the economics of public policy; public goods and taxation; income redistribution; macroeconomics. Part 5 Introduction to macro and measuring the economy: macroeconomics - the birds-eye view of the economy; measuring economic activity - GDP and unemployment; measuring the price level and inflation. Part 6 The long run: economic growth, productivity and living standards; workers, wages and unemployment in the modern economy; saving and capital formation; money, financial markets and the federal reserve. Part 7 The short run: short-term economic fluctuations - an introduction; aggregate demand and output in the short run; stabilizing aggregate demand - the role of the fed; inflation and aggregate supply. Part 8 The international economy: international trade and capital flows; exchange rates and the open economy.