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Principles of Economics Essentials You Always Wanted To Know
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Principles of Economics Essentials You Always Wanted To Know
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- Learn economics in a simplified manner
- Discover the ten guiding principles of economics
- Understand the nuances of demand and supply
- Gain knowledge about different market structures with global examples
- Know everything about firm theories and cost structures
- Get insights into macroeconomics and the role of aggregate demand
Get an all-encompassing guide to the world of economics
Principles of Economics Essentials You Always Wanted To Know is a complete yet compact for anyone wanting to learn the fundamentals of economics. It equips readers not only with theoretical knowledge but also practical tips and strategies. The book’s conversational tone and easy-to-understand language help readers grasp complex concepts with ease.
The book is especially beneficial for someone wanting to understand how the principles of economics can be applied to real-life decision-making in business, life, and policy making.
The complex concepts in this book are simplified to their easiest essentials and explained with practical examples from all over the world, which makes it suitable for students beginning to pursue the subject academically. On the other hand, the practical tips and usable explanations aim to benefit professionals looking to learn more about economics.
The quiz questions at the end of every chapter help readers test their knowledge. The book also includes readily usable downloadable templates for professionals in the field.
This book is part of the Self-Learning Management Series designed to help students, managers, career switchers, and entrepreneurs learn essential management lessons.
Pages: 242 pages
Paperback (ISBN): 9781636512334
eBook (ISBN): 9781636512341
Hardback (Color): 9781636512358
Trim Size: 5.5” x 8.5”
Category: Business & Economics
Author: Cledwyn Fernandez, Vibrant Publishers
1. An Introduction to the World of Economics
1.1 The Ten Principles of Economics
1.2 Conclusion
Quiz
Chapter Summary
2. Demand, Supply, and the Market Equilibrium
2.1 What is a Market?
2.2 How Markets Determine How Much to Produce, and at What Price to Produce Goods
2.3 Equilibrium in the Market
2.4 Comparative Statics
2.5 Are Price Movements Always Unambiguous?
2.6 Conclusion
Quiz
Chapter Summary
3. Elasticity And Price Controls
3.1 Elasticity
3.2 Factors Affecting Elasticity
3.3 Perfectly Elastic and Inelastic Demand and Supply
3.4 Cross-Price Elasticity of Demand and Supply
3.5 Market Failures and Price Mechanisms
3.6 Market Implications of Elasticity
Quiz
Chapter Summary
Case Study
4. Consumer Behavior
4.1 The Budget Constraint
4.2 Consumer Preferences
4.3 Consumer Equilibrium
4.4 Concluding Remarks and Practical Applications
Quiz
Chapter Summary
5. Theory of the Firm—Production
5.1 The Theory of the Firm
5.2 The Production Function
5.3 Isoquants
5.4 Isoquants and Types of Inputs
5.5 Returns to Scale
5.6 Concluding Remarks
Quiz
Chapter Summary
6. Cost
6.1 Introduction
6.2 Types of Costs
6.3 Relation Between Marginal Cost and Average Cost: Zones Along the Cost Function
6.4 The Long-Run Cost Curve
6.5 Concluding Remarks
Quiz
Chapter Summary
7. Markets I—Perfect Competition
7.1 Characteristics of a Perfectly Competitive Market
7.2 Price Discovery for a Perfectly Competitive Market
7.3 Profit Maximization Principle
7.4 Shut-Down Condition
7.5 Exit Conditions for a Firm
7.6 Concluding Remarks
Quiz
Chapter Summary
Case Study
8. Markets II—Monopoly: The Good, Bad, and the Ugly
8.1 Introduction
8.2 Monopoly
8.3 How do Monopolies Price Their Products?
8.4 Monopoly Power
8.5 Social Cost of a Monopoly
8.6 Price Discrimination
8.7 Conclusion
Quiz
Chapter Summary
9. Markets III—Game Theory and Oligopolistic Markets
9.1 Game Theory and Oligopoly Markets
9.2 How Cooperation Works
9.3 Simultaneous Versus Sequential Games
9.4 Cheap Talk and Empty Threats
9.5 First-Mover Advantage
9.6 Conclusion
Quiz
Chapter Summary
10. Macroeconomics: It’s the Economy, Stupid
10.1 The Circular Economy
10.2 Injection and Leakages
10.3 National Income
10.4 Conclusion
Quiz
Chapter Summary
11. Aggregate Demand: The Building Blocks of an Economy
11.1 Introduction
11.2 The Keynesian Economy and the Role of the Aggregate Demand
11.3 Conclusion
Quiz
Chapter Summary
12. Fiscal and Monetary Policy: The Toolkit for the Economy
12.1 Fiscal Policy
12.2 Fiscal Policy and the Aggregate Demand Curve
12.3 Monetary Policy and the Role of the Central Bank
12.4 Policy Mix and Lag Effect
12.5 The Aggregate Supply Curve
12.6 Conclusion
Quiz
Chapter Summary
Glossary
Bibliography
Cledwyn Fernandez is a seasoned economist and, professor. He has experience in both academics and policy think tanks. He works in the area of development economics and public policy, closely aligned with issues around financial inclusion, labor markets, development financing, and policy evaluation. Cledwyn holds a Ph.D. in Economics and is a gold medallist in M.A. in Economics.
Vibrant Publishers is focused on presenting the best texts for learning about technology and business as well as books for test preparation. Categories include programming, operating systems and other texts focused on IT. In addition, a series of books helps professionals in their own disciplines learn the business skills needed in their professional growth.
Vibrant Publishers has a standardized test preparation series covering the GMAT, GRE and SAT, providing ample study and practice material in a simple and well organized format, helping students get closer to their dream universities.
The Self-Learning Management Series is designed to help students, new managers, career switchers, and entrepreneurs learn essential management lessons and covers every aspect of business, from HR to Finance to Marketing to Operations across any and every industry. Each book includes basic fundamentals, important concepts, and standard and well-known principles as well as practical ways of application of the subject matter.
This book consists of 12 chapters highlighting three important aspects of economics, that is, the consumer, the producer, and the market. It illustrates all the basics of micro and macroeconomic theories that provide a way for economists to analyze and predict the behavior of financial markets and the economy.
The chapters inside this book highlight the above information with examples, which will help the readers understand the concepts in a better way. The way this book is written encourages the reader to finish it at a stretch. Many examples and relations are drawn not just from mathematics or statistics but also from aesthetic literature. This book goes beyond the conventional understanding of the meaning of economics and does an excellent job of it.
-- Dr. Raj Seshadri, Professor,
Jawaharlal Business School, Palakkad.
Did you sleep your way through economics class like so many others? Now it's time to fill in those missing economic ideas to you can better understand today's world. This book will do the trick.
-- Mike Michelsen
Net Galley reviewer
Freelance Writer
The book was well laid out and easy to follow. The content was informed and up to date. It was easy to use and well designed.
-- Jack Wiley
Academic Dean of Instruction, Trinidad State College, Alamosa Colorado
There are ten principles of economics chosen by the author to develop into a comprehensive in-depth overview of economics. It is all there and each chapter stands pretty well on its own. There are a few very minor glitches in the book. The novice may have trouble keeping in mind the principles since they are not enumerated initially nor numbered in the chapters. Also, the novice may be taken aback somewhat to learn that to an economist a curve is sometimes depicted as a straight line. Minor discrepancies like this should in no way detract the potential reader from reading this book. It is sound, standard economics. The best portions of the book may be the examples of the principles with current realistic situations that reinforce those principles. This is a good book and worth reading. Even those who have not always wanted to know the principles will learn the importance of economics in the world by reading this book. Definitely worth four stars.
-- Gilbert R. Demange
M. D, M. B. A.
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The way economic principles are broken down in this book is ideal for beginners. I used it as supplementary material during my undergrad and found the examples very relatable to real-world situations. A few more diagrams would make it even better.
I loved how beginner-friendly this book is. It takes a practical approach and connects theory with daily life, making it easier to grasp. Its definitely a go-to book for students who want to build a strong foundation in economics.
Whether youre a student or just curious about how economies function, this book is a solid pick. Its easy to follow, has a logical flow, and covers all the essential concepts. Great for quick reference or exam prep.
I was never comfortable with economics until I read this book. The authors did a great job of making every topic approachable, even for someone without a background in the subject. The summaries at the end of each chapter were very helpful.
This book is a gem for anyone looking to grasp the core ideas of economics without diving into dense textbooks. It simplifies complex theories while still maintaining academic depth. I especially appreciated the sections on market equilibrium and government intervention.
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