Essentials of Economics, 7th. ed.

Abstract

Welcome to this introduction to economics. Whether you are planning to study economics beyond this level, or whether this will be your only exposure to this fascinating subject, we hope that you will find the book enjoyable and that it will give you some insight into the economy in which you live and the economic forces that shape all our lives. Although you have probably never studied the subject before, you will almost certainly know quite a lot of economics already. After all, you make economic decisions virtually every day of your life. Every time you go shopping, you are acting as an ‘economist’: deciding what to buy with your limited amount of money. And it is not just with decisions about buying that we act as economists. How much to work (something that students are increasingly forced to do nowadays), how much to study, even how much time to devote to various activities during the course of the day, are all, in a way, economic choices.