Economics: Principles and Applications

This book gives students taking introductory economics and principles of macroeconomics an insight into the understanding of the basic concepts in economics. This book gives basic guidelines to understanding concepts in economics and applies its principles through examination of various current events happening in today's global economy. Exercises and conceptual problems at the end of each chapter assess the students comprehension of the core concepts. There is also an added online component to the book that students and teachers can use as exercises and supplements to support instruction.

Coverage of the topics include opportunity costs, demand/supply analysis, cost and market structure on the microeconomics side. The bulk of the book content is macroeconomics which includes concept like national income accounting, inflation, unemployment, fiscal and monetary policies and international economics. It also includes current events such as the recent financial crisis and Eurocrisis that is incorporated in some relevant chapters. The study of economics is relevant to all aspects of our lives. It is the study of human behavior and the consequences of our choices. It is also the study of how the global economic system works.