Foundations of EconomicsAssuming no prior knowledge of economics, this exciting new text focuses on the basic principles of micro and macroeconomics, giving the reader the tools to analyse any economic situation. The book is filled with topical examples that bring the subject to life, helping to show the relevance of economics to real life situations such as why house prices are so high in the UK or the benefits of spending an extra hour on your assignment. This book will give the reader a solid foundation in order to understand the business environment or it can serve as the building blocks for further study in economics and business. The content is broken into short bite sized units and the theory is illustrated throughout with topical examples and short case studies. There are a variety of pedagogical features throughout that allow readers to reflect on their learning and apply their understanding. |
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abnormal profits aggregate demand aggregate supply amount average cost Bank Centre at www.oxfordtextbooks.co.uk/orc/gillespie_econ consumer surplus consumers consumption countries currency customers demand curve demand for labour earned Economics in context economy effect efficient elasticity of demand employees equal equilibrium example exchange rate exports extra cost factors fall Figure firms fixed costs free market globalisation higher households impact important increase industry inelastic inflation interest rates investment Key learning points lead less long run marginal cost marginal revenue means million money supply monopoly national income occurs oligopoly Online Resource Centre opportunity cost organisations perfect competition pounds price and output price discrimination price elasticity production possibility frontier profit maximising quantity demanded quantity supplied Quantity units read this unit reduce sector sell shift social marginal supply and demand supply curve surplus total costs total revenue trade unemployment variable costs wage rate www.oxfordtextbooks.co.uk/orc/gillespie_econ for test