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Economics exerts a considerable impact on everyday life. Yet, economic theory is often communicated as removed and difficult with little relation to real-life situations. Understanding Economics shows that this is not the case. In so doing, the book presents an accessible and alternative introduction to economics. The book is designed to ilustrate the usefulness, versatility and relevance of economics. The author conveys how economics is concerned with a broad range of diverse issues, from economic systems as a whole, to particular issues, such as family planning, the stock market, pricing of shares or the non-market allocatin of education and blood. The work provides an alternative view of traditional issues as well as an analysis of areas not normally convered.
The key topics include: *Time - throughout time is presented as akey theme, with an emphasis on risk and uncertainty; *Institutional rules, such as laws and customs; *Market and non-market allocation; *Internal working of households, business firms and non-profit organizations; *Investment analysis with an illustration of investment decision-making techniques and risk uncertainty in different contexts; Understanding Econonics is userffriendly in both style and content and requires minimal proir knowledge of economics or mathematics.