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Part 1 Basic concepts: the fundamentals of economics; the shifting boundary between markets and government; basic elements of supply and demand. Part 2 Microeconomics: supply, demand, and product markets; applications of supply and demand; demand and consumer behaviour; production and business organization; analysis of costs; the behaviour of perfectly competitive markets; imperfect competition and its polar case monopoly; oligopoly and monopolistic competition; uncertainty and game theory. Part 3 factor markets and the distribution of income: how markets determine incomes; the labour market; land and capital; markets and economic efficiency. Part 4 Economic policies of state and market; government taxation and expenditure; curbing market power; protecting the environment; efficiency versus equality - the big trade off. Part 5 Macroeconomics - the study of growth and business cycles; overview of macroeconomics; measuring economic activity; consumption and investment; business cycles and the theory of aggregate demand; the multiplier model; money and commercial banking; central banking and monetary policy. Part 6 Economic growth and macroeconomic policy: the process of economic growth; the challenge of economic development (moved to integrate with growth theory); unemployment and the foundation of aggregate supply; ensuring price stability; open economy macroeconomics (new chapter); A - foreign trade and economic activity, B - interdependence in the global economy; the Warring schools of macroeconomics; policies for growth and stability. Part 7 International trade and the world economy; international trade and exchange rates; comparative advantage and protectionism; managing the global economy.