Made for first- and second-year economics and commerce students. It defines the core concepts of micro- and macroeconomics in plain language and ends with a formula sheet you can use when revising for exams.

What's inside:

• Macro KPIs: GDP, GSP, nominal vs real GDP, the GDP deflator, unemployment, underemployment, CPI, types of inflation

• Supply and demand: curves, equilibrium, surpluses and shortages, the AD/AS model, supply shocks, stagflation

• Elasticity and types of goods: elastic vs inelastic, perfect and unit elasticity, substitutes and complements

• Market structures: monopoly, duopoly, oligopoly, monopolistic competition, perfect competition

• Efficiency and resources: productive, allocative and dynamic efficiency, the tragedy of the commons

• Consumer and production theory: utility, marginal product, diminishing returns, economies and diseconomies of scale

• Information economics: asymmetric information, adverse selection, moral hazard, signalling, screening, externalities

• Labour economics: participation, human capital, efficiency wage theory, labour market tightness

• Government policy: fiscal and monetary policy, QE, open market operations, crowding out, balance of payments

• International trade: exchange rates, imports and exports, CIF/FOB, protectionism, globalisation

• Formula sheet: growth rate, unemployment rate, participation rate, four elasticity formulas, the MPC multiplier, AC/AFC/AVC/MC/MR