OVERVIEW

• Comprehensive title that focuses on theory followed by applications; strong in quantitative aspects
• New chapter-end appendix on Global Warming and the Repeated Prisoners’ Dilemma Game
• New exhibits on the topics like Cobb-Douglas Production Function, Labor Share of National Income and Market-based Instruments in India
• Updated coverage of topics like Substitution Effect and Income Effect, Innovation and Information, Occupational Wage Differentials in India, Wage Inequalities in India, and Gross Capital Formation in India
• Thoroughly updated Indian economic data across the chapters

? Part 1 Basic Concept
? Chap 1. The Central Concepts of Economics
? Chap 2. The Modern Mixed Economy
? Chap 3. Basic Elements of Supply and Demand

? Part 2 Microeconomics: Supply, Demand, and Product Markets
? Chap 4. Supply and Demand: Elasticity and Applications
? Chap 5. Demand and Consumer Behavior
? Chap 6. Production and Business Organization
? Chap 7. Analysis and Costs
? Chap 8. Analysis of Perfectly Competitive Markets
? Chap 9. Imperfect Competition and Monopoly
? Chap 10. Competition Among the Few
? Chap 11. Economics of Uncertainty

? Part 3 Factor Markets: Labor, Land, and Capital
? Chap 12. How Markets Determine Incomes
? Chap 13. The Labor Market
? Chap 14. Land, Natural Resources, and the Environment
? Chap 15. Capital, Interest, and Profits


? Part 4 Applications of Economic Principles
? Chap 16. Government Taxation and Expenditure
? Chap 17. Efficiency vs. Equality: The Big Trade-off
? Chap 18. International Trade


? Part 5 Macroeconomics: Economic Growth and Business Cycles
? Chap 19. Overview of Macroeconomics
? Chap 20. Measuring Economic Activity
? Chap 21. Consumption and Investment
? Chap 22. Business Cycles and Aggregate Demand
? Chap 23. Money and the Financial System
? Chap 24. Monetary Policy and the Economy


? Part 6 Growth, Development, and the Global Economy
? Chap 25. Economic Growth
? Chap 26. The Challenge of Economic Development
? Chap 27. Exchange Rates and the International Financial System
? Chap 28. Open-Economy Macroeconomics

? Part 7 Unemployment, Inflation, and Economic Policy
? Chap 29. Unemployment and the Foundations of Aggregate Supply
? Chap 30. Inflation
? Chap 31. Frontiers of Macroeconomics
? Glossary of Terms
? Index