Foundations of Economics

Abstract

Foundations of Economics splits economics into two sections: microeconomics and macroeconomics. Under microeconomics, chapters cover the production possibility frontier (PPF), demand, behavioural economics, elasticity of demand, supply, and market equilibrium. This part of the book also looks at the free-market system, intervening in the market system, costs, revenues, profits, monopoly, and oligopoly. Finally, the first part touches on monopolistic competition,non-price competition, and the labour market. The second part moves on to the macroeconomic sphere. Included here are chapters on equilibrium, national income, the standard of living, influences on aggregate demand, and government objectives. This part also covers topics such as unemployment, money, inflation, trade, and government policies.

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