contents

Introduction to the student and teacher;
Introduction;
1. The foundations of economics;
Section 1. Microeconomics:
2. Competitive markets: demand and supply;
3. Elasticities;
4. Government intervention;
5. Market failure;
6. The theory of the firm I: production, costs, revenues and profit;
7. The theory of the firm II: market structures;
Section 2. Macroeconomics:
8. The level of overall economic activity;
9. Aggregate demand and aggregate supply;
10. Macroeconomic objectives I: low unemployment, low and stable rate of inflation;
11. Macroeconomic objectives II: economic growth and equity in the distribution of income;
12. Demand-side and supply-side policies;
Section 3. International Economics:
13. International trade;
14. Exchange rates and the balance of payments;
15. Economic integration and the terms of trade;
Section 4. Development Economics:
16. Understanding economic development;
17. Topics in economic development;
18. Foreign sources of finance and foreign debt;
19. Consequences of economic growth and the balance between markets and intervention;
Glossary;
Index;
Acknowledgements.