The Calvin K. Kazanjian Economics Foundation 

White Star Education Foundation 

Charles Koch Foundation 

Schmidt Futures 

Leon Lowenstein Foundation, Inc. 

William Marsh Rice University 

The Maxfield Foundation
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CONTENTS

Preface

1

CHAPTER 1
Welcome to Economics!
Introduction

9

9

1.1 What Is Economics, and Why Is It Important?

10

1.2 Microeconomics and Macroeconomics

15

1.3 How Economists Use Theories and Models to Understand Economic Issues

16

1.4 How To Organize Economies: An Overview of Economic Systems

18

Key Terms

24

Key Concepts and Summary

24

Self-Check Questions

25

Review Questions

25
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