Economics

Economics: Made Simple, 14th Edition covers all the basic aspects of the economic organization of free-enterprise societies, with special reference to Great Britain's position in the European Community. The book tackles the production, distribution, and exchange of goods and services, both within a country and internationally. The text also discusses the basic ideas on production; the factors, scale, and location of production; and the types of business units. The theory of price determination, the money system, the importance of the distribution theory, and the theory of international trade are also discussed. The book describes macroeconomics and the problems associated with it; national income; the development of economic theory; and money, monetary policy, and monetarism. The part played by governments in controlling abuses, promoting social progress, and managing prosperity and the historical development of Economics are considered as well. Students reading books on Economics as a liberal study and practicing economists will find the book useful.

Autorentext

Geoff Whitehead is one of the original Made Simple authors and has sold over 2 million Made Simple books. Before writing full-time he was Head of Professional Studies at Thurrock College, and he now runs a small business consultancy for one of the main publishers of account books. With day-to-day advice at a grass roots level he is still 'keeping it simple' for 350,000 book-keepers using the system each year.

Inhalt

Preface
Section 1: Introduction
1 Some Basic Ideas
1.1 What is Economics?
1.2 'Wants' and 'Utilities'
1.3 The Production of Utilities
1.4 The Factors of Production
1.5 The Organization of Production
1.6 Consumption and Production
1.7 Scarcity and Choice
1.8 Cost and Opportunity Cost
1.9 'Free' Economies, 'Controlled' Economies and 'Mixed' Economies
1.10 Summary of Chapter 1
Exercises Set 1
Section 2: Production
2 Basic Ideas on Production
2.1 What Does an Economist Understand by 'Production'?
2.2 The Three Classes of Production
2.3 Direct Production and Indirect Production
2.4 Specialization and the Division of Labor
2.5 The Disadvantages of Specialization
2.6 Limitations to the Division of Labor
2.7 Production and Welfare
2.8 The Pattern of Production in an Advanced Economy
2.9 Summary of Chapter 2
Exercises Set 2
3 The Factors of Production
3.1 Introduction
3.2 The Factors of Production-Land
3.3 The Factors of Production-Labor
3.4 The Factors of Production-Capital
3.5 Is the Entrepreneur a Factor of Production?
3.6 Combining the Factors of Production
3.7 The Environmental Closed Cycle of Production
3.8 Summary of Chapter 3
Exercises Set 3
4 The Types of Business Unit
4.1 Introduction
4.2 Types of Business Unit
4.3 Sole-trader Enterprises
4.4 Partnerships
4.5 Limited Partnerships
4.6 The Private Limited Company and the Public Limited Company
4.7 Non-profitmaking Units
4.8 The Public-enterprise Sector of the Economy
4.9 Summary of Chapter 4
Exercises Set 4
5 The Scale of Production
5.1 The Plant, the Firm and the Industry
5.2 Size of Production Units
5.3 Economies of Scale
5.4 Diseconomies of Scale
5.5 The Optimum Firm
5.6 Small-scale Business Units
5.7 The Advantages and Disdavantages of Small-scale Production
5.8 Combination of BusinesVs Units
5.9 Returns to Scale
5.1 Summary of Chapter 5
Exercises Set 5
6 The Location of Production
6.1 The Theory of Location
6.2 Causes of Location
6.3 Industrial Inertia
6.4 The Drift to the South-east in Great Britain
6.5 Localization of Production
6.6 Summary of Chapter 6
Exercises Set 6
Section 3: The Theory of Price Determination
7 Basic Ideas of Demand
7.1 Definition of Demand
7.2 The Conditions of Demand
7.3 A Personal Demand Schedule
7.4 A Composite Demand Schedule
7.5 The General Demand Curve
7.6 Extensions and Contractions of Demand
7.7 Regressive Demand Curves
7.8 Choosing a 'Basket of Goods'-Marginal Utility as the Basis of Demand
7.9 Summary of Chapter 7
Exercises Set 7
8 Basic Ideas of Supply
8.1 Definition of Supply
8.2 Factors Affecting Supply
8.3 Individual Supply Schedules
8.4 A Composite Supply Schedule
8.5 A General Supply Curve
8.6 Extensions, Contractions, and Changes in Supply
8.7 Regressive Supply Curves
8.8 Deciding to Supply-Marginal Cost and Marginal Revenue as the Basis of the Firm's Output
8.9 Summary of Chapter 8
Exercises Set 8
9 How Price is Decided in Perfect Markets
9.1 Equilibrium in the Markets
9.2 Demand and Supply Schedules in Equilibrium
9.3 Diagrammatic Presentation of Equilibrium Price
9.4 Changes in Price under the Influence of Changes in Demand and Supply
9.5 The Demand Curve for the Firm and for the Industry
9.6 The Effect of Price on Firms in Competitive Industries
9.7 When Will a Firm with Specific Assets Leave the Industry?
9.8 Summary of the 'Laws' of Demand and Supply
9.9 Summary of Chapter 9
Exercises Set 9
10 Elasticity of Demand and Supply
10.1 Definition of Elasticity
10.2 The Price Elasticity of Demand
10.3 Five Typical Cases of Price Elasticity of Demand
10.4 Total Revenue and the Elasticity of Demand
10.5 What Determines the Elasticity of Demand?
10.6 The Importance of Elasticity of Demand
10.7 Income Elasticity of Demand
10.8 Cross Elasticity of Demand
10.9 The Price Elasticity of Supply
10.10 Price Fluctuations and Price Elasticity of Demand and Supply
10.11 Summary of Chapter 10
Exercises Set 10
11 Competitive Markets-The Institutions Where Price is Decided
11.1 Definition
11.2 Competitive Markets in Great Britain
11.3 Methods of Dealing
11.4 Specialists who Promote Perfection in the Markets
11.5 Speculators and the Commodity Markets
11.6 'Spot' Markets and 'Futures' Markets
11.7 Hedges-Shelter from the Bitter Economic Winds
11.8 The Economic Status of Speculation
11.9 OPEC and Similar Groupings
11.10 Summary of Chapter 11
Exercises Set 11
12 Monopoly, Oligopoly and Monopolistic Competition
12.1 What is Monopoly?
12.2 Monopolists are Subject to the Authority of the Consumer
12.3 The Demand Curve and the Marginal-revenue Curve of a Monopolist
12.4 Where will a Monopolist Cease Production and hence Determine Price?
12.5 The Monopolist and the Elasticity of Demand
12.6 What is Oligopoly?
12.7 Oligopoly and the Kinked Demand Curve
12.8 What is Monopolistic Competition?
12.9 The Characteristics of Monopolistic Competition
12.10 Determination of Prices under Monopolistic Competition
12.11 Conclusions about Monopolistic Competition
12.12 Summary of Chapter 12
Exercises Set 12
13 Further Aspects of Demand and Supply
13.1 Introduction
13.2 Interrelated Demands
13.3 Interrelated Supply
13.4 The Revealed Preference Theory
13.5 The Theory of Choice-Indifference-curve Analysis
13.6 Price Controls
13.7 Market Price and Normal Price
13.8 Supply Curves
13.9 Discriminating Monopoly
13.10 Summary of Chapter 13
Exercises Set 13
Section 4: Exchanging the Fruits of Production
14 Exchange and Money
14.1 Specialization and Exchange
14.2 Exchange by Barter
14.3 The Functions of Money
14.4 Exchanging Surpluses through the Money System
14.5 The Characteristics of Money
14.6 Types of Money
14.7 Convertible…