Economics 10th edition ( Theory and Practice )
Authors: Patrick J. Welch, Gerry F. Welch
Details of the book:
This book is a classic in the course of 'Survey of economics', and is an excellent guide for students as well as a brilliant aide for teachers of the course. The book takes care of all introductory issues, terms, concepts as well as their relationships with modern institutions. It helps a student of the subject get a well rounded idea of both macro and micro economics. True to its name, Economics: Theory and Practice, helps student understand the abstract concepts and then observe and comprehend their real life effects, thus realizing the nitty-gritty of major economic decisions and their repercussions, especially those that affect the quality of life.
The book contains the following:
At the beginning the author provides and introduction to the subject. This portion includes topics like decision making in the economic sector, systems of the economy, supply and demand as well as price determination. Next, macro and microeconomics are dealt with in depth. For e.g. the problems associated with and the targets of macroeconomics, its foundations, the role of governments, monetary and fiscal policies and theories etc. including creation of money, different views and models of macroeconomics. Next, in microeconomics, all sectors from household to businesses are covered. Analysis of market structures, cost, production, benefits, maximization of cost, role of governments in this sector, distribution and inequality in income are explained. Finally, international trade, finance and economy are analyzed in the final segment.