Authoritative, yet accessible to all, the revised and fully updated edition of this leading introductory textbook is essential reading for A-level economics students. The book is divided into five main sections: 1. Markets and Models Includes: economic systems, the price system, supply and demand. 2. Market Failure and Governments Inlcudes : government intervention in the economy, environmental and welfare issues, income distribution. 3. The National Economy (Introductory macroeconomics) Includes: national income accounting, aggregate supply and demand, money and financial institutions. 4. Microeconomic Theory Includes: consumer choice, pricing and output decisions, rent, interest and profits. 5. Economic Issues and Policies Includes: growth, competition, monetary policy and inflation, economic development.