Economics, far from being the dismal science, offers us valuable lessons that can be applied to our everyday experiences. At its heart, economics is the science of choice and a study of economic principles allows us to achieve a more informed understanding of how we make our choices; whether these choices occur in our everyday life, our work environment, or at the national or international level.
This two-volume text represents a common sense approach to basic macroeconomics. Volume one, Elements and Principles, delivers clear statements of essential economic principles, supported by easy to understand examples, and uncluttered by extraneous material; the goal is to provide a concise read- able primer that covers the substance of macroeconomic theory. The text looks at opportunity cost; the rationale for trade and exchange rates; the economist’s basic demand and supply model; the efficient operation of competitive markets;important tools used to measure the macroeconomy.