Economics for

Today
Second edition

Instructor's Manual

Clevo Wilson
Level 7, 80 Dorcas Street
South Melbourne Victoria 3205

Email highereducation@thomsonlearning.com.au
Website http://www.thomsonlearning.com.au

Copyright © 2006 Nelson Australia Pty Limited.

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Editor: Andrea Cally
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Developmental editor: Liz Male
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Thomson Learning Australia.
CONTENTS
Part 1 Introduction to economics
Chapter 1 Introducing the economic way of thinking 1
Appendix to Chapter 1: Applying graphs to economics 7
Chapter 2 Production possibilities and opportunity cost 11
Chapter 3 Market demand and supply 21
Chapter 4 Markets in action 29
Part 2 Microeconomic fundamentals
Chapter 5 Elasticity of demand and supply 36
Chapter 6 Production costs 43
Part 3 Market structure
Chapter 7 Perfect competition 50
Chapter 8 Monopoly 57
Chapter 9 Monopolistic competition and oligopoly 62
Chapter 10 Labour markets and microeconomic reform 68
Part 4 Macroeconomic fundamentals
Chapter 11 Measuring the size of the economy 75
Chapter 12 Business cycles and economic growth 81
Chapter 13 Inflation and unemployment 86
Part 5 Macroeconomic theory and policy
Chapter 14 A simple model of macro economy 92
Chapter 15 The monetary and financial system 100
Chapter 16 Macroeconomic policy I: monetary policy 107
Chapter 17 Macroeconomic policy II fiscal policy 113
Part 6 Further aspects of international
economics
Chapter 18 International trade and finance 119