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 fourth edition offers increased coverage of European and international issues, including more comparative examples between the UK and other global economies and two new sections on the role of the European Central bank and on austerity. To further build the accessibility of the book more step-by-step numerical examples have been included to demonstrate the application of theory, as well as additional real-world case studies of varied lengths, including some longer end of chapter cases that enable students to test and apply their understanding in more detail. 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: - A regularly updated author's blog provides discussion of current economic issues allowing you to place your learning in context. - Revise each unit using the multiple choice questions designed to enhance your understanding and flag up any gaps in your knowledge. - Visual walkthroughs talk you through key concepts. - Additional advanced material helps you to build upon your knowledge of the topics discussed in the textbook. - Test your understanding of key micro and macroeconomics terms with the interactive flashcard glossaries. - An additional online chapter on business strategy provides material on broader business issues, such as PESTEL and SWOT analysis. - Useful web links have been included to aid research and understanding. - Comprehensive solutions to the 'put it into practice' questions. For registered lecturers: - Use the adaptable PowerPoint slides as the basis for lecture presentations, or as hand-outs in class. - A comprehensive Instructor's manual includes answers to the end-of-unit questions together with suggestions for activities, and answers to the Case Study, Put into Practice, and Economics in Context boxes. - A customizable bank of questions is available to download and test your students.