Name: Economics By Geoffrey Whitehead (BSc(Econ))
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Economics Summary

Economics: Made Simple by Geoffrey Whitehead (BSc(Econ))

Economics: Made Simple, 14th Edition covers all the basic aspects of the economic organization of free-enterprise societies, with special reference to Great Britain's position in the European Community. The book tackles the production, distribution, and exchange of goods and services, both within a country and internationally. The text also discusses the basic ideas on production; the factors, scale, and location of production; and the types of business units. The theory of price determination, the money system, the importance of the distribution theory, and the theory of international trade are also discussed. The book describes macroeconomics and the problems associated with it; national income; the development of economic theory; and money, monetary policy, and monetarism. The part played by governments in controlling abuses, promoting social progress, and managing prosperity and the historical development of Economics are considered as well. Students reading books on Economics as a liberal study and practicing economists will find the book useful.

About Geoffrey Whitehead (BSc(Econ))

Geoff Whitehead is one of the original Made Simple authors and has sold over 2 million Made Simple books. Before writing full-time he was Head of Professional Studies at Thurrock College, and he now runs a small business consultancy for one of the main publishers of account books. With day-to-day advice at a grass roots level he is still 'keeping it simple' for 350,000 book-keepers using the system each year.

Preface Section 1: Introduction 1 Some Basic Ideas 1.1 What is Economics? 1.2 'Wants' and 'Utilities' 1.3 The Production of Utilities 1.4 The Factors of Production 1.5 The Organization of Production 1.6 Consumption and Production 1.7 Scarcity and Choice 1.8 Cost and Opportunity Cost 1.9 'Free' Economies, 'Controlled' Economies and 'Mixed' Economies 1.10 Summary of Chapter 1 Exercises Set 1Section 2: Production 2 Basic Ideas on Production 2.1 What Does an Economist Understand by 'Production'? 2.2 The Three Classes of Production 2.3 Direct Production and Indirect Production 2.4 Specialization and the Division of Labor 2.5 The Disadvantages of Specialization 2.6 Limitations to the Division of Labor 2.7 Production and Welfare 2.8 The Pattern of Production in an Advanced Economy 2.9 Summary of Chapter 2 Exercises Set 2 3 The Factors of Production 3.1 Introduction 3.2 The Factors of Production-Land 3.3 The Factors of Production-Labor 3.4 The Factors of Production-Capital 3.5 Is the Entrepreneur a Factor of Production? 3.6 Combining the Factors of Production 3.7 The Environmental Closed Cycle of Production 3.8 Summary of Chapter 3 Exercises Set 3 4 The Types of Business Unit 4.1 Introduction 4.2 Types of Business Unit 4.3 Sole-trader Enterprises 4.4 Partnerships 4.5 Limited Partnerships 4.6 The Private Limited Company and the Public Limited Company 4.7 Non-profitmaking Units 4.8 The Public-enterprise Sector of the Economy 4.9 Summary of Chapter 4 Exercises Set 4 5 The Scale of Production 5.1 The Plant, the Firm and the Industry 5.2 Size of Production Units 5.3 Economies of Scale 5.4 Diseconomies of Scale 5.5 The Optimum Firm 5.6 Small-scale Business Units 5.7 The Advantages and Disdavantages of Small-scale Production 5.8 Combination of BusinesVs Units 5.9 Returns to Scale 5.1 Summary of Chapter 5 Exercises Set 5 6 The Location of Production 6.1 The Theory of Location 6.2 Causes of Location 6.3 Industrial Inertia 6.4 The Drift to the South-east in Great Britain 6.5 Localization of Production 6.6 Summary of Chapter 6 Exercises Set 6Section 3: The Theory of Price Determination 7 Basic Ideas of Demand 7.1 Definition of Demand 7.2 The Conditions of Demand 7.3 A Personal Demand Schedule 7.4 A Composite Demand Schedule 7.5 The General Demand Curve 7.6 Extensions and Contractions of Demand 7.7 Regressive Demand Curves 7.8 Choosing a 'Basket of Goods'-Marginal Utility as the Basis of Demand 7.9 Summary of Chapter 7 Exercises Set 7 8 Basic Ideas of Supply 8.1 Definition of Supply 8.2 Factors Affecting Supply 8.3 Individual Supply Schedules 8.4 A Composite Supply Schedule 8.5 A General Supply Curve 8.6 Extensions, Contractions, and Changes in Supply 8.7 Regressive Supply Curves 8.8 Deciding to Supply-Marginal Cost and Marginal Revenue as the Basis of the Firm's Output 8.9 Summary of Chapter 8 Exercises Set 8 9 How Price is Decided in Perfect Markets 9.1 Equilibrium in the Markets 9.2 Demand and Supply Schedules in Equilibrium 9.3 Diagrammatic Presentation of Equilibrium Price 9.4 Changes in Price under the Influence of Changes in Demand and Supply 9.5 The Demand Curve for the Firm and for the Industry 9.6 The Effect of Price on Firms in Competitive Industries 9.7 When Will a Firm with Specific Assets Leave the Industry? 9.8 Summary of the 'Laws' of Demand and Supply 9.9 Summary of Chapter 9 Exercises Set 9 10 Elasticity of Demand and Supply 10.1 Definition of Elasticity 10.2 The Price Elasticity of Demand 10.3 Five Typical Cases of Price Elasticity of Demand 10.4 Total Revenue and the Elasticity of Demand 10.5 What Determines the Elasticity of Demand? 10.6 The Importance of Elasticity of Demand 10.7 Income Elasticity of Demand 10.8 Cross Elasticity of Demand 10.9 The Price Elasticity of Supply 10.10 Price Fluctuations and Price Elasticity of Demand and Supply 10.11 Summary of Chapter 10 Exercises Set 10 11 Competitive Markets-The Institutions Where Price is Decided 11.1 Definition 11.2 Competitive Markets in Great Britain 11.3 Methods of Dealing 11.4 Specialists who Promote Perfection in the Markets 11.5 Speculators and the Commodity Markets 11.6 'Spot' Markets and 'Futures' Markets 11.7 Hedges-Shelter from the Bitter Economic Winds 11.8 The Economic Status of Speculation 11.9 OPEC and Similar Groupings 11.10 Summary of Chapter 11 Exercises Set 11 12 Monopoly, Oligopoly and Monopolistic Competition 12.1 What is Monopoly? 12.2 Monopolists are Subject to the Authority of the Consumer 12.3 The Demand Curve and the Marginal-revenue Curve of a Monopolist 12.4 Where will a Monopolist Cease Production and hence Determine Price? 12.5 The Monopolist and the Elasticity of Demand 12.6 What is Oligopoly? 12.7 Oligopoly and the Kinked Demand Curve 12.8 What is Monopolistic Competition? 12.9 The Characteristics of Monopolistic Competition 12.10 Determination of Prices under Monopolistic Competition 12.11 Conclusions about Monopolistic Competition 12.12 Summary of Chapter 12 Exercises Set 12 13 Further Aspects of Demand and Supply 13.1 Introduction 13.2 Interrelated Demands 13.3 Interrelated Supply 13.4 The Revealed Preference Theory 13.5 The Theory of Choice-Indifference-curve Analysis 13.6 Price Controls 13.7 Market Price and Normal Price 13.8 Supply Curves 13.9 Discriminating Monopoly 13.10 Summary of Chapter 13 Exercises Set 13Section 4: Exchanging the Fruits of Production 14 Exchange and Money 14.1 Specialization and Exchange 14.2 Exchange by Barter 14.3 The Functions of Money 14.4 Exchanging Surpluses through the Money System 14.5 The Characteristics of Money 14.6 Types of Money 14.7 Convertible Currencies 14.8 The Value of Money 14.9 An Index of Prices 14.10 Summary of Chapter 14 Exercises Set 14 15 The Distribution of Wealth-Rewards to Factors 15.1 The Importance of Distribution Theory 15.2 David Ricardo 15.3 John Stuart Mill 15.4 Rewards to Factors 15.5 The Market for Factors 15.6 The Demand for Factors-a Derived Demand 15.7 The Marginal Productivity Theory of Factor Prices-the Demand Side 15.8 The Marginal Productivity Theory of Factor Prices-the Supply Side 15.9 Criticisms of the Marginal Productivity Theory 15.10 The Rewards to Factors-Definitions 15.11 Economic Rent-How the Idea Started 15.12 Rents, Quasi-Rent, and Elasticity of Supply 15.13 Are Rents Price-determining or Price-determined? 15.14 Summary of Chapter 15 Exercises Set 15 16 Rewards to Factors-Rent 16.1 Rent-the Reward to Land 16.2 The Demand for Land 16.3 The Supply of Land 16.4 The Price of Land 16.5 Elasticity of Supply of Land-Rent of Situation 16.6 Office Rents in the United Kingdom 16.7 Summary of Chapter 16 Exercises Set 16 17 Rewards to Factors-Wages 17.1 Wages-the Reward to Labor 17.2 Wage-rates and Earnings 17.3 Money Wages and Real Wages 17.4 Early Theories about Wages 17.5 The Marginal Productivity Theory of Wages 17.6 The Bargaining Theory of Wages 17.7 'Economic Rent' and Wages 17.8 Wage Drift 17.9 Equal Pay Legislation 17.10 Summary of Chapter 17 Exercises Set 17 18 Rewards to Factors-Interest 18.1 Interest-the Reward to Capital 18.2 Collecting Capital-the Institutional Investor 18.3 The Supply of Loanable Funds 18.4 The Demand for Loanable Funds 18.5 The Rate of Interest 18.6 The Loanable Funds Theory of Interest 18.7 Summary of Chapter 18 Exercises Set 18 19 Profit-The Reward for Bearing Uncertainty 19.1 Uncertainty 19.2 The Risks of Business 19.3 The Reward for Bearing Uncertainty 19.4 Elements of Profit 19.5 The Functions of Profit in a Free-enterprise System 19.6 Abuse of the Profit System 19.7 Summary of Chapter 19 Exercises Set 19 20 The Financial Institutions 20.1 Introduction 20.2 The Bank of England 20.3 The Money Market 20.4 Commercial Banks 20.5 Merchant Banks 20.6 Discount Houses 20.7 The Foreign-exchange Market 20.8 The Capital Market 20.9 The Stock Exchange 20.10 Summary of Chapter 20 Exercises Set 20 Section 5: The Theory of International Trade 21 International Trade 21.1 Why Trade with Foreign Countries? 21.2 The Principle of Comparative Advantage 21.3 The Idea of Alternative Costs 21.4 The Law of Comparative Costs 21.5 An Example of Specialization in International Trade 21.6 Reasons why Nations never Specialize Completely 21.7 The Terms of Trade 21.8 The Volume of World Trade 21.9 Summary of Chapter 21 Exercises Set 21 22 The Balance of Payments 22.1 Introduction 22.2 Paying for Imports 22.3 UK Balance of Payments 22.4 The Balance of Visible Trade 22.5 The Balance of Invisible Trade 22.6 Capital Items 22.7 A Disequilibrium in the Balance of Payments 22.8 Summary of Chapter 22 Exercises Set 22 23 The Balance of Payments and the Exchange Rate Mechanism 23.1 Introduction 23.2 Curing a Disequilibrium on the Balance of Payments 23.3 Solving the Weakness of a Currency 23.4 Elasticities and the Devaluation of a Currency 23.5 The International Monetary Fund (IMF) 23.6 Summary of Chapter 23 Exercises Set 23 24 The Free-Trade Areas 24.1 Limited Free Trade 24.2 Bilateral and Multilateral Trade 24.3 The General Agreement on Tariffs and Trade (GATT) 24.4 The General Pattern of Free-Trade Areas 24.5 The Sterling Area 24.6 The European Community (EC) 24.7 The European Free Trade Area (EFTA) 24.8 'Trade-Diverting' Effects of Free-trade Areas 24.9 Summary of Chapter 24 Exercises Set 24 Section 6: Macroeconomics 25 What is Macroeconomics? 25.1 Introduction 25.2 The Problems of Macroeconomics Exercises Set 25 (Revision Questions on Microeconomics) 26 The National Income 26.1 Definition 26.2 Why Measure the National Income? 26.3 Factors Affecting the Size of a Nation's Income 26.4 National Income Statistics 26.5 Using Total Expenditure for Calculating National Income 26.6 Using Factor Incomes for Calculating National Income 26.7 Using the National Output for Calculating National Income 26.8 Difficulties in Calculating National Income 26.9 Uses and Limitations of National Income Statistics 26.10 Summary of Chapter 26 Exercises Set 26 27 The Development of Economic Theory 27.1 Theory and Practice 27.2 Mercantilism 27.3 Classical Economics 27.4 Introduction to Keynesian Economics 27.5 Keynes and the Rate of Interest 27.6 The National Income Equilibrium Diagram 27.7 Flows of Money Round the Economy 27.8 Managing Prosperity-the Nature of the Problem 27.9 Summary of Chapter 27 Exercises Set 27 28 Money, Monetary Policy and Monetarism 28.1 Changing Concepts of the Importance of Money 28.2 The Money Supply 28.3 Monetary Policy 1945-70 28.4 Monetary Policy 1971-90 28.5 Monetarism and Monetarist Policy to Cure Inflation 28.6 Supply-side Economics 28.7 Controlling the Monetary Sector of the Economy 28.8 Conclusions about Monetarist Policies 28.9 Summary of Chapter 28 Exercises Set 28 29 Public Finance 29.1 The Public Sector of the Economy 29.2 Adam Smith's Canons of Taxation 29.3 Tax Structure of the UK 29.4 The Budget as an Instrument of Economic Management 29.5 The National Debt 29.6 The Incidence of Taxation 29.7 Summary of Chapter 29 Exercises Set 29 30 The Future of Economics 30.1 The Greeks had a Word for it 30.2 A Liberal Study 30.3 No Longer a Dismal Science Index

Additional information

Sku

GOR002977383

ISBN 13

9780750605267

ISBN 10

075060526X

Title

Economics: Made Simple by Geoffrey Whitehead (BSc(Econ))

Author

Geoffrey Whitehead (BSc(Econ))

Condition

Used - Very Good

Binding type

Paperback

Publisher

Elsevier Science & Technology

Year published

19920427

Number of pages

446

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N/A

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Note

This is a used book - there is no escaping the fact it has been read by someone else and it will show signs of wear and previous use. Overall we expect it to be in very good condition, but if you are not entirely satisfied please get in touch with us

Economics Geoffrey Whitehead (BSc(Econ))

Economics by Geoffrey Whitehead (BSc(Econ))

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Economics Summary

Economics: Made Simple by Geoffrey Whitehead (BSc(Econ))

About Geoffrey Whitehead (BSc(Econ))

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