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Welcome to the revised and updated edition of Economics Simplified. As its title suggests, this book is written for those who are embarking on a study of Economics subject. Since the introduction of this book in 1981, it has successfully established itself as a text book suitable for both school and college students. It meets the requirements of most professional examinations and also provide preliminary reading for university students. The growth of commercial and industrial enterprises have become a fundamental factor in the economic progress of our country. These days, most of the individuals are associated with commercial operations in one way or the other and keeping that in mind, I have included some topics in this revised edition to be used for general reading by people from all walks of life as the study of Economics can help them improve the quality of their lives by understanding the current economic developments, economic problems and policies. It can also be very useful for teachers who would like to get comprehensive knowledge of economics as a subject. This book also gives an insight of human behaviour as it is a man (human being) who can be a buyer and/or seller; producer and/or consumer; saver and/or investor; employer or worker. Economic studies the part played by money in human affairs. It is about getting and spending of money; how people earn a living and what sort of living they earn; how money affects their
way of life and their outlook on life. It is intended that the reader will find this book to be both an interesting educational resource and a guide to examination success.
The attempt has been made to cover as completely as possible the syllabus of the subjects of Economic Theory and Applied Economics. It is hoped that accountants, secretaries and other professional students, who have to take Economics in their examinations will find the book a useful aid to better understanding of the subject. The language used in this book is simple and easy to understand. In this book, various aspects of Economic Theory have been explained with the help of schedules and diagrams in a most simple way.
The state of the economy of the country directly affects the lives of people. The main purpose of the study of Economies is to enable the individuals to know the nature of economic problems and apply this knowledge for solving these problems. At present, various economic problems like inflation, unemployment, unfair distribution of resources and over-population have become a big challenge to the existence and welfare of human beings. The proper understanding of Economics is of great importance these days. Therefore, this book is intended primarily to cater for the needs of students of Economics at all levels.
We have taken great care to ensure the accuracy in the preparation of this book. However, if you feel that it contains any error which may be caused by misprint or otherwise, we welcome your suggestions and constructive opinions for further improvement of this book.