best possible account of both theory and practice of the subject.The book provides the student with a thorough grounding in all the theoretical components of a first course in economics, supported with world-wide case studies. Learning aids such as chapter summaries, topics for review, discussion questions and a glossary of economic terms all help to guide thestudent through the course, whilst a lively four-colour text design, and over three hundred annotated figures present information in a stimulating format. A range of ancillary products to accompany the text are available on the OUP website.New to this edition:All material reworked for simplicity of language and argument. A new introductory chapter emphasises the basic co-ordinating function of the price system and the importance of property rightsMany more global examples and data charts, including international comparisons of inflation and unemployment and discussions of issues like the Asia crisis, problems in Japan, the UK minimum wage debate and the EU stability and Growth pactUp-to-date case studies used throughout to illustrate economic conceptsLarge section on modern theories of wages includes items such as internal labour markets and the pay of superstarsMore material on firms' behaviourComplete rewrite in National Income accounts and balance of payments accounts to conform to new international standard accounting frameworkRewrites monetary policy to reflect the modern understanding of interest rates rather than the quantity of money as the Bank's control variableThe first policy chapter is built around the key modern distinctions between rivalrous and non-rivalrous, and appropriable and non-appropriable goods

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