Elementary Concepts: An Introduction to Basic Economic Theory

Elementary Concepts: An Introduction to Basic Economic Theory acts as both an introduction to elementary economics and as a sturdy revision guide for high school students taking AP Economics and IB Economics. It was written by a student with the intention of giving candidates a more concise version of topics covered in microeconomics and macroeconomics modules in economics courses, but may be useful for similar courses or in the personal pursuit of knowledge. This book contains information written in a crisp tone, outlining economic theories, market structures, and government strategies in easy terms. A quick read, the book covers: • Demand and Supply, Market Equilibrium, and Market Efficiency • Market Structures: Monopolies, Monopolistic Competition, Oligopolies, and the Theory of Perfect Competition • Market Failure and the Use of Government Intervention • Elasticities • Aggregate Demand and Aggregate Supply • Measuring Economic Activity from a Wider Perspective • Macroeconomic Objectives • Theories of Government Policies and Their Practices