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 scientific study 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 or in our work environment.
This two-volume text represents a common sense approach to basic microeconomics. Volume one, Fundamentals of Exchange, delivers clear statements of essential economic principles and models of exchange, with easy to understand examples. The underlying goal is to provide a concise readable primer that covers the fundamentals of microeconomic theory. The text looks at the assumption of rationality; the need for choice; opportunity cost; the rationale for interpersonal and international exchange;the meaning of economic efficiency in the competitive and re- stricted markets; applications of elasticity; and develops and expands the economist’s basic demand and supply model.