Learn the basics of economics and keep up to date on our ever-changing economy

Whether youre studying economics in high school or college, or youre just interested in taking a peek into the complexities of how money moves,Economics For Dummiesis the go-to reference that transforms complex economic concepts into easy-to-understand reading. With the simple explanations in this book, youll master key topics like supply and demand, consumer behavior, and how governments and central banks attempt to avoidor at least amelioratebusiness downturns and recessions. Plus, youll learn whats going on these days with inflation, interest rates, labor shortages, and the Federal Reserve. Studying for an exam? This Dummies guide has your back, with online practice and chapter quizzes to help you get the score you need. Its time to recon econ, the Dummies way.

Economics For Dummies is an approachable reference book for students, as well as an informative guide for anyone interested in learning more about todays economy.

Sean Masaki Flynn, PhD, is an assistant professor of economics at Scripps College, where he also serves as the chairman of the economics department. Dr.??Flynn has been a guest expert on NPR and has been interviewed for articles on Forbes.com. Hes the coauthor of the worlds best-selling economics textbook.

Introduction 1

Part1: Economics: The Science of How People Deal with Scarcity 5

Chapter 1: What Economics Is and Why You Should Care 7

Chapter 2: Cookies or Ice Cream? Exploring Consumer Choices 23

Chapter 3: Producing Stuff to Maximize Happiness 37

Part 2: Microeconomics: The Science of Consumer and Firm Behavior 59

Chapter 4: Supply and Demand Made Easy 61

Chapter 5: Introducing Homo Economicus, the Utility-Maximizing Consumer 87

Chapter 6: The Core of Capitalism: The Profit-Maximizing Firm 105

Chapter 7: Why Economists Love Free Markets and Competition 129

Chapter 8: Monopolies: Bad Behavior When Competition Is Lacking 155

Chapter 9: Oligopoly and Monopolistic Competition: Middle Grounds 177

Part 3: Applying the Theories of Microeconomics 195

Chapter 10: Property Rights and Wrongs 197

Chapter 11: Asymmetric Information and Public Goods 209

Chapter 12: Internet Economics: Networks and Platforms 225

Chapter 13: Behavioral Economics: Investigating Irrationality 245

Part 4: Macroeconomics: The Science of Economic Growth and Stability 263

Chapter 14: How Economists Measure the Macroeconomy 265

Chapter 15: Inflation Frustration: Why More Money Isnt Always Good 285

Chapter 16: Understanding Why Recessions Happen 303

Chapter 17: Fighting Recessions with Monetary and Fiscal Policy 329

Chapter 18: Grasping Origins and Effects of Financial Crises 359

Part 5: The Part of Tens 369

Chapter 19: Ten Seductive Economic Fallacies 371

Chapter 20: Ten Economic Ideas to Hold Dear 379

Chapter 21: Ten (Or So) Super-Famous Economists 383

Chapter 22: Ten (Or So) Recent Nobel Laureates in Economics 391

Glossary 397

Index 405