A Digest of Economics

This book introduces you to Economics. It clearly explains Economics and its basic concepts like want, scarcity, choice, scale of preference, and opportunity cost. It shows you how to study Economics.

It analyzes the tools for economic analysis. It throws light on the tables, graphs, charts, mean, mode, median and range.

It appraises the economic systems like capitalism, socialism and mixed economy. It sheds light on how to solve the basic economic problems in different economic systems.

It evaluates production. It discusses the agents of production like land, capital, labour and entrepreneur. It casts light on diminishing returns.

It shows how to organize businesses like the sole proprietorship, partnership, private limited liability company, public limited liability company and co-operative society.

It analyzes population. It identifies the factors that affect the rise and fall of population. It explores the population census.

It explains the labour market. It casts light on the efficiency of labour. It highlights the factors that affect the size of labour force. It shows why wages differ. It discusses unemployment.

It discusses agriculture. It explains the several systems of agriculture. It shows the importance of agriculture to economic development.

It explains industrialization. It identifies the factors that influence the location of industries. It appraises the localization of industries. It analyzes the strategies of industrialization.

It sheds light on demand. It analyzes the factors that affect demand. It discusses the types of demand. It identifies the types of elasticity of demand.

It throws light on supply. It analyzes the factors that affect supply. It highlights the types of supply. It discusses the price elasticity of supply.

It explains how to determine the prices of goods and services in perfect and imperfect markets. It casts light on the minimum and maximum price legislations.

It discuses the financial institutions like the central bank, commercial bank, mortgage banks, stock exchange, insurance company, money market and capital market.

It sheds light on money. It analyzes the types and qualities of money. It explores the price level. It discusses inflation and deflation.

It explains the objectives of public finance. It analyzes the sources of government revenue. It evaluates the types of tax. It explores the principles of revenue allocation.

It examines national income. It explains the gross domestic product, gross national product, net national product and per capita income. It shows you how to measure the national income.

It highlights the economies of the Asian Tigers like Hong Kong, Singapore, South Korea and Taiwan. It draws some economic lessons from them.

It examines international trade. It analyzes the problems of international trade. It appraises comparative advantage. It identifies the tools used for controlling international trade. It explores the methods of correcting a balance of payments deficit.

And it lays emphasis on the international economic organizations like the International Monetary Fund, the World Bank, the European Union, the Economic Community of West African States and the Organization of Petroleum Exporting Countries.