First Principles of Economics

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Oxford University Press, 1992 - Economics - 532 pages
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Presents an introduction to economics. Meant for A-level candidates, this book offers priority to providing explanations of basic economic principles, with the aid of diagrams. It is also aimed at those preparing for the economics examinations of the major professional bodies, and for first year undergraduates without A-level economics.
 

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Contents

How Economists Work
26
ELEMENTARY MICROECONOMICS
36
Demand Income and Other Determinants
46
Supply
53
Elasticity of Demand and Supply
62
Market Price Determination
72
How to Use Supply and Demand Analysis
94
INTERMEDIATE MICROECONOMICS
110
Changes in National Income
291
Government and the Circular Flow
300
Income Fluctuations and Fiscal Policy
310
The Balance of Payments and National Income
322
Money and the Price Level
334
Banks and the Supply of Money
346
INTERMEDIATE ECONOMICS
354
Money Interest and National Income
364

Business Decisions
125
The Productivity of Factors of Production
134
Costs of Production
142
The ProfitMaximizing Firm and Perfect Competition
152
Monopoly
161
Imperfect Competition
172
Competitive Factors Markets
185
Labour and Capital
196
International Trade
208
Government and Microeconomic Policy
223
ELEMENTARY MACROECONOMICS
240
The Circular Flow and National Income Accounting
254
Consumption and Investment
269
Equilibrium National Income
283
The Bank of England and Monetary Policy
372
Aggregate Demand and Aggregate Supply
388
Economic Growth and Development
399
Employment and Unemployment
420
Inflation
430
Macroeconomic Policy in a Closed Economy
441
Exchange Rates
460
ExchangeRate Regimes
471
Macroeconomic Policy in an Open Economy
480
Macroeconomic Controversies
496
Graphs in Economics
504
The Derivation of Elasticity of Demand at a Point on a Demand Curve
511
Answers to EndofChapter Questions
517
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