Principles of Economics, 11th Edition

Intended primarily for Principles of Economics courses, this text also provides practical content to current and aspiring industry professionals.

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Reviewers tell us that Case/Fair/Oster is one of the all-time bestselling POE texts because they trust it to be clear, thorough and complete.¿¿ Case/Fair/Oster¿readers also come away¿with a basic understanding of how market economies function, an appreciation for the things they do well, and a sense of things they do poorly.¿ Readers begin to learn the art and science of economic thinking and begin to look at some policy and even personal decisions in a different way.

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PART I Introduction to Economics 1

1 The Scope and Method of Economics 1

2 The Economic Problem: Scarcity and Choice 25

3 Demand, Supply, and Market Equilibrium 47

4 Demand and Supply Applications 79

5 Elasticity 97

 

PART II The Market System: Choices Made by Households and Firms 100

6 Household Behavior and Consumer Choice 121

7 The Production Process: The Behavior of Profit-Maximizing Firms 147

8 Short-Run Costs and Output Decisions 167

9 Long-Run Costs and Output Decisions 189

10 Input Demand: The Labor and Land Markets 215

11 Input Demand: The Capital Market and the

Investment Decision 233

12 General Equilibrium and the Efficiency of Perfect Competition 253

 

PART III Market Imperfections and the Role of Government 269

13 Monopoly and Antitrust Policy 269

14 Oligopoly 293

15 Monopolistic Competition 313

16 Externalities, Public Goods, and Social Choice 329

17 Uncertainty and Asymmetric Information 353

18 Income Distribution and Poverty 367

19 Public Finance: The Economics of Taxation 389

 

PART IV Concepts and Problems in Macroeconomics 409

20 Introduction to Macroeconomics 409

21 Measuring National Output and National Income 420

22 Unemployment, Inflation, and Long-Run Growth 441

 

PART V The Core of Macroeconomic Theory 457

23 Aggregate Expenditure and Equilibrium Output 459

24 The Government and Fiscal Policy 477

25 The Money Supply and the Federal Reserve System 501

26 Money Demand and the Equilibrium Interest Rate 525

27 The Determination of Aggregate Output, the Price Level, and the Interest Rate 541

28 Policy Effects and Costs Shocks in the AS/AD Model 559

29 The Labor Market In the Macroeconomy 571

 

PART VI Further Macroeconomics Issues 593

30 Financial Crises, Stabilization, and Deficits 593

31 Household and Firm Behavior in the Macroeconomy: A Further Look 611

32 Long-Run Growth 635

33 Alternative Views in Macroeconomics 649

PART VII The World Economy 663

34 International Trade, Comparative Advantage, and Protectionism 663

35 Open-Economy Macroeconomics: The Balance of Payments and Exchange Rates 685

36 Economic Growth in Developing and Transitional Economies 713

Glossary

Index

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