Foundations of Economics

Is there more the government could do to help the UK economy grow faster? What will happen to house prices in the future? Is competition good for consumers? An understanding of economics will not just help you to understand the world around you, it will also help you to make sense of the issues that directly affect you. Foundations of Economics is an essential introduction to the subject designed specifically with undergraduate students in mind. The author's highly accessible and engaging writing style is combined with a wealth of questions, examples, reflection points, and case studies to ensure students fully understand key topics, and are able to develop and apply their knowledge throughout. The book is divided into two clear parts to help students navigate and connect the main principles of economics. Part one focuses on microeconomics and individual markets, by analysing topics such as demand, supply, costs, competition, and the free market. This ensures students have a sound grasp of the key microeconomic theories underpinning the subject. The second part of the book then tackles macroeconomic issues and the wider economy, by exploring contemporary topics including fiscal policy, unemployment, inflation, economic growth, and international trade. The third edition offers an increased number of questions at the end of every chapter, as well as assignment questions designed to further strengthen and expand students' understanding of key topics. Fully updated case studies and economics in context boxes illustrate the practical application of economics, and emphasise how this relates to everyday life in an international context. The book offers a wealth of carefully designed learning tools to build a sound knowledge of economics in a step-by-step approach. Both accessible and comprehensive, this is must-read textbook for those looking to understand more about a subject that has a real and significant impact on our day-to-day lives. Foundations of Economics is accompanied by a fully integrated Online Resource Centre, offering a range of supporting materials for students and registered lecturers. For students: - Visual walkthroughs of key concepts - Author blog - Comprehensive solutions to 'put it into practice' questions from the book - MCQs - Advanced material - Flashcard glossaries - Additional chapter on business strategy - Web links - Additional 'advise the government' questions For registered lecturers: - PowerPoint slides - Instructor's manual - Test bank - Guide to 'advise the government' questionsPART 1: MICROECONOMICS ; 1. What is economics? ; 2. The production possibility frontier (PPF) ; 3. Demand ; 4. Elasticity of demand ; 5. Supply ; 6. Market equilibrium ; 7. The free market system ; 8. Intervening in the market system ; 9. Costs: Short run and long run ; 10. Revenues, costs, and profits ; 11. Perfect competition ; 12. Monopoly ; 13. Oligopoly ; 14. Monopolistic competition and non-price competition ; 15. The labour market ; PART 2: MACROECONOMICS ; 16. Introduction to macroeconomics ; 17. Equilibrium in the economy ; 18. National income and the standard of living ; 19. Aggregate demand, aggregate supply, and the price level ; 20. Consumption ; 21. Investment ; 22. Fiscal policy ; 23. Money and monetary policy ; 24. Economic growth and the economic cycle ; 25. Unemployment ; 26. Inflation ; 27. Exchange rates ; 28. International trade, balance of payments, and protectionism ; 29. Protectionism and globalization