Economic Way of Thinking

The economic way of thinking — is one of the most popular courses in the world on economic theory. The book describes not only the basic principles of micro and macroeconomic analysis but also demonstrates a way of thinking that allows the reader to apply these principles as a tool. Basic concepts of the science, such as demand and supply, efficiency, exchange and comparative advantage, opportunity costs, competition and monopoly, pricing, and many others are explained through simple and accessible examples. The authors analyze various economic systems, helping readers determine the role of the state in modern society, the causes of poverty and wealth of nations, and present the general principles of the functioning of market systems.