Economics For Dummies, 3rd Edition (For Dummies (Business & Personal Finance))

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Economics For Dummies, 3rd Edition (For Dummies (Business & Personal Finance))

Economics For Dummies, 3rd Edition (For Dummies (Business & Personal Finance))

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remember This icon alerts you that I’m explaining a fundamental economic concept or fact that you would do well to stash away in your memory for later.

Both monopolies (firms that are the only sellers in their industries) and collusive oligopolies (industries with only a few firms that coordinate their activities) can possess monopoly power. jpg\" width=\"441\" height=\"400\" />

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Several prerequisites must be fulfilled before perfect competition and free markets can work properly and generate the socially optimal output level.Economists assume that people work toward maximizing their utility, or happiness, and firms act to maximize profits. Producers determine supply, consumers determine demand, and their interaction in markets determines what gets made and how much it costs.

This book gives you everything you need to understand our rapidly evolving economy—as well as the economic fundamentals that never change. Limited resources, or scarcity, is at the heart not only of economics but also of ecology and biology. With the simple explanations in this book, you’ll master key topics like supply and demand, consumer behavior, and how governments and central banks attempt to avoid—or at least ameliorate—business downtu I have learned a lot from this book about the basic theory, formulas, ideas and key principles and may choose to study this in the future.They look at what they have and what they can do with it and take steps to make sure that if they can’t have everything, they’ll at least have as much as possible. For this reason, Chapter 17 also covers how and why monetary and fiscal policy are constrained in their effectiveness.

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In the absence of externalities (costs or benefits that fall on persons not directly involved in an activity), the market equilibrium quantity, q*, is also the socially optimal output level. Although not a complete description of human choice behavior, this model generally makes accurate predictions.p>","authors":[{"authorId":10202,"name":"Sean Masaki Flynn","slug":"sean-masaki-flynn","description":"

Sean Flynn, PhD, is an associate professor of economics at Scripps College in Claremont, California. A lot of economics books, including ones of this kind which aim to be comprehensive and all encompassing somehow, when I read them tend to provoke real skeptical responses. You’ll understand much more about people, the government, international relations, business, and even environmental issues.

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