The fifth edition of Mastering Economics has been completely revised and
updated. It takes the student through the strengths and weaknesses of the market economy,
the role of the government in the economy and the UK's relationship with the European
Union especially with regard to adopting the single currency.
Care has been taken in selecting and explaining such economic theory considered
essential to policy decisions. Each chapter is introduced with a summary of objectives and
ends with self-test questions with answers given at the end of the book.
Table of Contents
PART 1: INTRODUCTION
Solving the Problem of Scarcity
PART 2: PRIVATE-SECTOR PRODUCTION
The Operation of the Market Economy
Demand
Supply (i) The Structure of Industry
Supply (ii) Costs and Profitability
PART 3: FACTORS OF PRODUCTION AND THEIR REWARD
The Determination of Factor Rewards
Labour and Wages
Capital, Land and Entrepreneurship
PART 4: THE GOVERNMENT AND THE ALLOCATION OF RESOURCES
Making the Most of Limited Resources
Monopoly and Imperfect Competition
The Provision of Goods and Services by the Public Sector
PART 5: THE ENVIRONMENT
Externalities and Cost-Benefit Analysis
Protecting the Environment
PART 6: MONEY AND FINANCIAL INSTITUTIONS
Money and Financial Markets
Clearing Banks
The Bank of England
PART 7: THE GOVERNMENT'S OVERALL MANAGEMENT OF THE ECONOMY
Outline of Government Management Policy
Measuring the Level of Activity: National Income Calculations
Unemployment
The Level of Output and Aggregate Demand: the Keynesian Explanation
The Relationship of the Price Level and the Level of Employment
Government Policy to Control Inflation
Balanced Regional Development
Economic Growth
Public Finance
PART 8: INTERNATIONAL TRADE
The Nature of International Trade
Foreign Currency Exchange Rates
Balance of Payments Stability
The European Union
432 pages, Paperback
