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Unit One 1

Text:What Is Economics? 2

Additional Text:The Economic Problem 7

Unit Two 13

Text:Demand and Supply 14

Additional Text:Utility and Consumer Choice 24

Unit Three 30

Text:Price Elasticities of Demand and Supply 31

Additional Text:The Factors Influencing the Price Elasticities of Demand and Supply 40

Unit Four 46

Text:Cost of Production 47

Additional Text:Economies and Diseconomies of Scale 56

Unit Five 62

Text:Monopoly 63

Additional Text:Perfect Competition 72

Unit Six 78

Text:Oligopoly 79

Additional Text:Monopolistic Competition 87

Unit Seven 92

Text:Gross Domestic Product 93

Additional Text:Two Alternative Approaches of Measuring GDP 102

unit Eight 110

Text:Economic Growth 111

Additional Text:Sources of Economic Development 120

Unit Nine 127

Text:Inflation 128

Additional Text:Unemployment 138

Unit Ten 142

Text:Money and Banking 143

Additional Text:The U.S.Central Bank:The Federal Reserve System 150

Unit Eleven 156

Text:Foreign Exchange and Exchange Rate 157

Additional Text:The Effects of Exchange Rates on the Economy 164

Unit Twelve 170

Text:The Balance of Payments 171

Additional Text:International Monetary Systems 181

Unit Thirteen 191

Text:Fiscal and Monetary Policy 192

Additional Text:Lags in the Economy's Response to Monetary and Fiscal Policy 202

Unit Fourteen 208

Text:Role of Government in the Economy 209

Additional Text:Government's Policies Toward Externalities 217

Appendix Ⅰ Answers to Exercises 222

Appendix Ⅱ Chinese Translation of the Texts 244