Economics Theory in Action - Fourth Edition

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This textbook brings the subject of economics to life, addressing current and often controversial issues that affect us all, such as inflation, fair wages, and the Euro's viability. It employs a unique case-study approach, with twenty carefully selected cases that enhance understanding of economic analysis and its real-world applications. For instance, concepts like supply, demand, and elasticity are illustrated through the case of the stock market, while oligopoly is explored via European airline pricing. The fourth edition has been extensively revised to reflect recent developments, including the aftermath of September 11th and the integration of former communist nations into the EU. Each chapter has been updated, featuring a new case on oil prices to explain monopoly theory. The key case-study method allows students to see the practical application of theoretical concepts, while balanced coverage of microeconomic and macroeconomic issues is provided. End-of-chapter discussion questions and summaries reinforce learning, supported by a comprehensive glossary. The text is ideal for non-specialist students in introductory economics courses and serves as a supplementary resource for more specialized studies. Ken Heather, a Senior Lecturer at Portsmouth University, brings his expertise to this engaging and informative work.