Foundations of Economics

A truly engaging and accessible writing style is combined with relevant up-to-date examples and clear explanations, to provide real world context for students with no prior knowledge of economics. Carefully designed questions, reflection points, and "put into practice" boxes allow the reader to build their knowledge of the subject, and apply their learning throughout. Comprehensively revised and updated to take into account economic developments since the publication of the previous edition in March 2011. This includes changes resulting from the ongoing financial crisis and more coverage of emerging market economies. New to this edition Revised chapter structure in the macroeconomic section improves navigation between subjects. Increased connections built in to the text enhance relationships between key topics and ensure students understand how core subjects link together. The number of end of chapter questions has increased, and a new 'assignment question' at the end of every chapter ensures students are able to apply their learning and demonstrate their understanding of key concepts. A new economic policy feature at the end of each part asks the reader to advise the government on key contemporary issues, and evaluate real-world debates. More coverage of developing economies and the impact of globalization. Fully revised and updated throughout to take into account developments in the subject since the publication of the previous edition in March 2011. This includes changes resulting from the financial crisis. 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' questions Readership: The book is aimed at undergraduate and foundation level students taking an Economics module, primarily on business and management degree programmes.