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Part 1 Introduction 1. Thinking Like an Economist 2. Comparative Advantage: The Basis for Exchange 3. Supply and Demand: An Introduction Part 2 Competition and the Invisible Hand 4. Elasticity 5. Demand: The Benefit Side of the Market 6. Perfectly Competitive Supply: The Cost Side of the Market 7. Efficiency and Exchange 8. The Quest for Profit and the Invisible Hand Part 3 Market Imperfections 9. Monopoly and Other Forms of Imperfect Competition 10. Thinking Strategically 11. Externalities and Property Rights 12. The Economics of Information Part 4 Economics of Public Policy 13. Labor Markets, Poverty, and Income Distribution 14. The Environment, Health, and Safety 15. Public Goods and Tax Policy Part 5 International Trade 16. International Trade and Trade Policy Part 6 Macroeconomics: Issues and Data 17. Macroeconomics: The Bird’s-Eye View of the Economy 18. Measuring Economic Activity: GDP and Unemployment 19. Measuring the Price Level and Inflation Part 7 The Long Run 20. Economic Growth, Productivity, and Living Standards 21. Workers, Wages, and Unemployment in the Modern Economy 22. Saving and Capital Formation 23. Money, Prices, and the Federal Reserve 24. Financial Markets and International Capital Flows Part 8 The Short Run 25. Short-term Economic Fluctuations: An Introduction 26. Aggregate Demand and Output in the Short Run 27. Stabilizing Aggregate Demand: The Role of the Fed 28. Inflation and Aggregate Supply Part 9 The International Economy 29. Exchange Rates and the Open Economy