This new seventh edition of the book offers extensive discussion of information uncertainty and game theory. It contains over a hundred examples illustrating the applicability of economic analysis not only to mainline economic topics but also issues in politics history biology the family and many other areas. These discussions generally describe recent research published in scholarly books and articles giving students a good idea of the scientific work done by professional economists. In addition at appropriate places the text provides 'applications' representing more extended discussions of selected topics including rationing in wartime (Chapter 5) import quotas (Chapter 7) alleged monopolistic suppression of inventions (Chapter 9) minimum wage laws (Chapter 11) the effects of Social Security upon saving (Chapter 15) fair division of disrupted property (Chapter 16) and whether individuals should pay ransom to a kidnapper (Chapter 17).

1. The nature and scope of economics; 2. Working tools; 3. Utility and preference; 4. Consumption and demand; 5. Applications and extensions of demand theory; 6. The business firm; 7. Equilibrium in the product market - competitive industry; 8. Monopolies cartels and networks; 9. Product quality and product variety; 10. Competition among the few: oligopoly and strategic behavior; 11. Dealing with uncertainty - the economics of risk and information; 12. The demand for factor services; 13. Resource supply and factor-market equilibrium; 14. Exchange transaction costs and money; 15. The economics of time; 16. Welfare economics: the market and the state; 17. Government politics and conflict.