There exists a plethora of literature that attempt to simplify economic principles and concept for
everyday life, mostly disaggregated into text suitable for pre-undergraduate level or undergraduate.
Unlike previous books, this Economics book is unique in that it is a fusion of an Introduction to
Microeconomics and Principles of Macroeconomic theories and models have been
simplified to enhance comprehension and thus, made it easy for readers to relate to their daily
economic activities.
The clarity and simplicity of the text make it suitable for pre-undergraduate and undergraduate-level students. The authors hold the belief that a good quality book should stand the test of time
and serve as a manual to guide everyday living, that is exactly what this book has been designed
to achieve.
The book commences with an Introduction to Microeconomics. In the first part of this section,
the text leads the reader to the foundation of economics and some key concepts that project the
scientific nature of economics. Several theories and assumptions are merged together to provide
the reader with a very good understanding of the nature of economics. The book further brings
clarity by introducing various modes of resource allocation and key terminologies to ensure that
the beginner has a good appreciation of what economics is. The section continues with the concept
of price theory by examining buyers’ and sellers’ behaviour in the market in two separate partial
equilibrium analyses. The book utilises the elasticity concept to offer a detailed appreciation and
precision in evaluating determinants of price theory. An in-depth examination of the consumers’
and producers’ behaviour is presented in the theory of consumer behaviour and production theory
respectively. The first section ends with the market structure.
The second part of this book is dedicated to Macroeconomic Principles. The book uses the
simplified circular flow model to demonstrate the operations of an economy. An account of a
nation’s income is undertaken using product, output and expenditure approaches with emphasis
on the suitability of the approach based on their merits and demerits. Using the Keynesian model,
the book demonstrates how a nation’s income is determined. It demonstrates the role of
government in addressing the shortcoming in the market economy and presents the multiplier
effects in the determination of aggregate expenditure for an economy. This is followed by
a discussion on monetary policy and banking and major financial markets, inflation and
unemployment. The rest of the section provides a detailed appreciation of international trade theories
and ways by which government finances its budget.
