PART 1: Introduction 1. Thinking Like an Economist 2. Comparative Advantage 3. Supply and Demand PART 2: Macroeconomic: Issues and Data 4. Macroeconomics: The Bird’s-Eye View of the Economy 5. Measuring Economic Activity: GDP and Unemployment 6. Measuring the Price Level and Inflation 137 PART 3: The Economy in the Long Run 7. Economic Growth, Productivity, and Living Standards 8. The Labor Market: Workers, Wages, and Unemployment 9. Saving and Capital Formation 10. Money, Prices, and the Federal Reserve 11. Financial Markets and International Capital Flows PART 4: The Economy in the Short Run 12. Short-Term Economic Fluctuations: An Introduction 13. Spending and Output in the Short Run 14. Stabilizing the Economy: The Role of the Fed 15. Aggregate Demand, Aggregate Supply, and Inflation PART 5: The International Economy 16. International Trade and Trade Policy 17. Exchange Rates and the Open Economy