Principles of economics

Many new case studies, covering topics as wide-ranging as the Asian economic crisis, the UK minimum wage, the new National Standard Accounting Framework and pay of superstars have been introduced to illustrate key concepts. In addition, learning aids such as discussion questions, chapter summaries, review topic lists, over three hundred annotated figures and a thorough glossary help the student understand the material. Students requiring an introduction to economics that is simultaneously thorough, lively, and well presented will be well served by this book.

For all 1st year undergraduate courses in Principles of Economics or Introduction to Economics as part of an economics degree, a business studies degree, or the economics component of a joint degree. Also MBA students taking a one-year (rather than short) course in economics.

Contents

How to Use This Book
Economic Issues and Concepts
Methods

Part I: Introduction to the market economy

Demand, Supply and Price
Elasticity of Demand and Supply
Price Theory in Action

Part II: Consumers and producers

What Determines Demand' I: Marginal Utility Theory
What Determines Demand' II: Indifference Theory
Firms, cost, and profits
Perfect Competition
Monopoly
Imperfect Competition
Risk and Uncertainty
Consumer and Producer Theory in Action

Part III: How income is earned

How Income is Generated
The Income of Labour
Capital, Land, and Natural Resources
Factor Market Theory in Action

Part IV: The government in the economy

Market Success and Market Failure
Government Success and Government Failure

Part V: Modelling the economy as a whole

Macroeconomics and Measurement
A Basic Model of the Determination of GDP
GDP in an Open Economy With Government
GDP and the Price Level in the Short Run
GDP and the Price Level in the Long Run

Part VI: Macro policy in a monetary economy

Macro Policy in a Monetary Economy
The Role of Money in Macroeconomics
Monetary and Fiscal Policy and the Business Cycle
The Balance of Payments and Exchange Rates
Macroeconomic Policy in an Open Economy

Part VII: Global economic issues

Inflation
Employment and Unemployment
Economic Growth
Growth in Developing Countries
International Trade
Global Macroeconomics in Action

Glossary
Index