If you want to get to grips with the basics of economics and understand a subject that affects British citizens on a daily basis, then look no further thanEconomics For Dummies. This easy to understand guide takes you through the world of economics from understanding micro- and macroeconomics to demystifying complex topics such as capitalism and recession.

This updated edition walks you through the history, principles and theories of economics as well as breaking down all the complicated terminology, leaving you clued up on economics in no time.

Getting to grips explore the science of economics and how people deal with scarcity

Keeping an eye on it learn all about macroeconomics and how economists keep track of everything

Watch patterns emerge understand why monitoring consumer behaviour is vital and all you need to know about microeconomics

Your recession guide expert advice on recessions and a detailed look at why they occur

Open the book and find:

Why you should care about economics and how it affects you

Tools to help you understand a recession

A guide to seductive economic fallacies

All you need to know on monetary and fiscal policies

How supply and demand can be made easy

Why it's vital to track consumer choices

An in-depth look at a profit-maximising firm and the core of capitalism

Guidance on property rights and wrongs

Learn to:

Look through economic history and spot the trends

Understand micro- and macroeconomics

Get to grips with consumer behaviour and its influence on the economy

Spot the signs of a recession and see how economic decisions affect you

Peter Antonioni is a Senior Teaching Fellow in the Department of Management, Science and Innovation at University College London. He has worked in both the academic and private sectors as an economist.Sean Masaki Flynn, PhD, is an Assistant Professor of Economics.

Introduction 1

Part I: Economics: The Science of How People Deal with Scarcity 7

Chapter 1: What Does Economics Study? And Why Should You Care? 9

Chapter 2: Cake or Ice Cream? Tracking Consumer Choices 25

Chapter 3: Producing the Right Stuff in the Right Way to Maximise Human Happiness 39

Part II: Macroeconomics: The Science of Economic Growth and Stability 63

Chapter 4: Measuring the Macroeconomy: How Economists Keep Track of Everything 65

Chapter 5: Inflation Frustration: Why More Money Isnt Always a Good Thing 89

Chapter 6: Understanding Why Recessions Happen 111

Chapter 7: Fighting Recessions with Monetary and Fiscal Policy 141

Part III: Microeconomics: The Science of Consumer and Firm Behaviour 169

Chapter 8: Supply and Demand Made Easy 171

Chapter 9: Getting to Know Homo Economicus, the Utility-Maximising Consumer 197

Chapter 10: The Core of Capitalism: The Profit-Maximising Firm 217

Chapter 11: Why Economists Love Free Markets and Competition 243

Chapter 12: Monopolies: How Badly Would You Behave If You Had No Competition? 269

Chapter 13: Oligopoly and Monopolistic Competition: Middle Grounds 291

Chapter 14: Property Rights and Wrongs 315

Chapter 15: Market Failure: Asymmetric Information and Public Goods 329

Part IV: The Part of Tens 345

Chapter 16: Ten (Or so) Famous Economists 347

Chapter 17: Ten Seductive Economic Fallacies 355

Chapter 18: Ten Economic Ideas to Hold Dear 363

Appendix: Glossary 369

Index 377