Thinking like an economist -- Some common pitfalls for decision makers -- Comparative advantage : the basis for exchange -- Supply and demand : an introduction -- Macroeconomics : the bird's-eye view of the economy -- Measuring economic activity : GDP and unemployment -- Measuring the price level and inflation -- Economic growth, productivity, and living standards -- Workers, wages, and unemployment in the modern economy -- Saving and capital formation -- Financial markets, money, and the Federal Reserve -- Short-term economic fluctuations : an introduction -- Aggregate demand and output in the short run -- Stabilizing aggregate demand : the role of the Fed -- Inflation, aggregate demand, and aggregate supply -- International trade and capital flows -- Exchange rates and the open economy.