Foundations of Economics

• The only text written specifically for the non-specialist market meaning it is easier for students to understand and apply their learning.
• It takes an applied approach, relating theory to practice throughout so students can see the relevance of their learning.
• Key terms are applied, rather than merely defined, to show how they work in practice, giving students a greater understanding and appreciation of the subject.
• There is an online visual and audio walk-through of key concepts so students can be sure they understand the most important aspects of foundation economics.

New to this edition

• Added focus on key topics students struggle with, such as elasticity and game theory, and detailed step-by-step explanations. This will be complemented by screen capture software and an audio soundtrack on the ORC.
• Added content on financial markets, game theory, the global financial environment, economics of multinational corporations and balance of payments.
• Shorter and more streamlined to allow greater focus on key areas.
• Four chapters shorter than previous edition to allow greater focus on key areas. Chapters 16 (Integration and Competition Policy), 17 (Business Objectives), 33 (Developing Economies) and 34 (Globalisation) have been pared down or merged with other chapters as necessary in line with reviewer feedback.

Readership: Undergraduate and foundation students taking an Economics module.

Andrew Gillespie, Andrew Gillespie is Head of Business Studies and Accounts at d'Overbroek's College, Oxford, and a visiting lecturer at Oxford Brookes University, Oxford.

Part 1: Microeconomics
1: What is economics?
2: The production possibility frontier (PPF)
3: Demand
4: The elasticity of demand
5: Supply
6: Market equilibrium
7: The free market system
8: Intervening in the market system
9: Costs: short run and long run
10: Revenues, costs and profits
11: Perfect competition
12: Monopoly
13: Oligopoly
14: Monopolistic competition and non-price competition
15: Barriers to entry and price discrimination
16: Business objectives
17: The labour market
Part 2: Macroeconomics
18: Introduction to macroeconomics
19: Equilibrium in the economy
20: National income and the standard of living
21: Economic growth and the economic cycle
22: Aggregate demand, aggregate supply, and the price level
23: Consumption
24: Investment
25: Fiscal policy
26: Unemployment
27: Money and monetary policy
28: Inflation
29: International trade, balance of payments, and protectionism
30: Exchange rates