When it comes to explaining fundamental economic principles by drawing on current economic issues and events, no one is more effective than Nobel laureate and New York Times columnist Paul Krugman and co-author, Robin Wells. In this modular text, Krugman and Wells’ signature storytelling style helps readers understand economic concepts in the real world. Instead of long, traditional chapters of traditional length, this version presents brief modules, each focused on one topic and easy to read in one sitting.

The new edition is available as an Achieve online course that offers the best value and price.

Section 1: Basic Economic Concepts
Module 1: The Study of Economics
Module 2: Models and the Production Possibility Frontier
Module 3: Comparative Advantage and Trade
Module 4: The Circular Flow Diagram
Section 1A: Graphing Appendix

Section 2: Supply and Demand
Module 5: Demand
Module 6: Supply and Equilibrium
Module 7: Changes in Equilibrium

Section 3: Market Efficiency and Government Policy
Module 8: Consumer and Producer Surplus
Module 9: Efficiency and Markets
Module 10: Price Controls (Ceilings and Floors)

Section 4: Elasticity and Law of Demand
Module 11: Defining and Measuring Elasticity
Module 12: Interpreting Price Elasticity of Demand
Module 13: Other Elasticities
Module 14: The Benefits and Costs of Taxation

Section 5: International Trade
Module 15: Gains from Trade
Module 16: Supply, Demand, and International Trade

Section 6: Economics and Decision Making
Module 17: Making Decisions
Module 18: Behavioral Economics
Module 19: Maximizing Utility

Section 7: Production and Costs
Module 20: The Production Function
Module 21: Firm Costs
Module 22: Long-Run Costs and Economies of Scale

Section 8: Market Structure and Perfect Competition
Module 23: Introduction to Market Structure
Module 24: Perfect Competition
Module 25: Graphing Perfect Competition
Module 26: Long-Run Outcomes in Perfect Competition

Section 9: Monopoly
Module 27: Monopoly in Practice
Module 28: Monopoly and Public Policy
Module 29: Price Discrimination

Section 10: Oligopoly and Monopolistic Competition
Module 30: Oligopoly
Module 31: Game Theory
Module 32: Monopolistic Competition
Module 33: Product Differentiation and Advertising

Section 11: Market Failure and the Role of Government
Module 34: Externalities
Module 35: Externalities and Public Policy
Module 36: Public Goods and Common Resources

Section 12: Factor Markets and the Distribution of Income
Module 37: Factor Markets
Module 38: Marginal Productivity Theory
Module 39: The Market for Labor
Module 40: The Economics of the Welfare State