Principles of Economics

Written with liberal arts and general education students in mind, Principles of Economics: An Incentives- and Examples-Based Approach to the Consequences of Economic Decisions is designed to introduce students to foundational concepts in economics. The text uses examples that are relevant and thought-provoking to provide students with a solid understanding of the basics of economic theory and applications. The book is divided into three sections. Section 1 is dedicated to foundational knowledge with chapters that explore incentives and scarcity, supply and demand, market control, price elasticity, revenue, and tax burden. Section 2 explores rational and irrational human behavior, firm production, market structure, and game theory. Section 3 speaks to national income, price, money, and engaging in global trade. These chapters contain information on gross domestic product, the consumer price index, business cycles, unemployment, fiscal and monetary policy, the North American Free Trade Agreement (NAFTA), and more. Approachable and effective, Principles of Economics helps students explore the basic concepts that make up the very core of modern economics. The text is well suited for undergraduate courses in economics and business.