The book presents concepts intuitively using examples drawn from familiar contexts. It relies throughout on a well articulated shortlist of 12 core principles which are reinforced by real-world examples. Review questions, exercises and problems encourage students to apply these principles in a variety of contexts.

The text encourages students to become “economic naturalists”, people who employ basic economic principles to understand and explain what they observe in the world around them. The “economic naturalist” approach helps students develop concepts and illustrates their applications in a real world setting.

Features of this edition:

• Including an extended chapter on oligopoly theory within the microeconomics section
• Core Principles emphasised throughout the text to reinforce key ideas
• An Active Learning Approach, with exercises, review questions and problems in every chapter, encourage students to apply their knowledge as they work through the topics