Economics is the 'study of how society uses its scarce
resources' or, more snappily, 'the science of choices'
that helps people make decisions about how to use such scarce
things as land, labour, raw materials, capital, entrepreneurial
spirit and time. An understanding of economics can therefore help
people in politics and public service, in business and the
professions, and even in their private life make decisions that
will produce the results they are seeking to achieve.This book is a
clear and lively guide to the essentials of economics, with entries
that stretch from A to Z and cover such topics, terms and jargon
as: Animal spirits, Barter, Cannibalise, Dumping, Economic man,
First-mover advantage, Gresham's Law, Hypothecation,
Inequality, J-curve, Kleptocracy, Lump of labour fallacy, Money
illusion, New economy, Opportunity cost, Positional goods,
Queueing, Random walk, Satisficing, Tragedy of the commons,
Utility, Value at risk, Winner-takes-all markets, X-efficiency,
Yield gap and Zero-sum game.
There couldn't be a better time for these business guides from The Economist - They're a handy guide, with some dry humour and stern disapproval thrown it to stop things getting too dull - These are interesting and excellent reference guides to those interested in the markets, or who own shares. Anybody who thinks they have nothing to learn from these is asking for trouble, or raised eyebrows at the very leastA" - Jeremy Hazlehurst, City AM.
Matthew Bishop is The Economist's New York Bureau Chief.
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