A Primer on Microeconomics

by Thomas Beveridge
published by Business Expert Press, 2013
Ref BEP1566
 

A Primer on MicroeconomicsEconomics is far from a ‘dismal science’ argues Thomas Beveridge, the author of this primer. Instead, it offers valuable lessons that can be applied to our everyday experiences.

Beveridge believes that at its heart, economics is the science of choice: a better understanding of economic principles gives us greater insights into the choices we make in our personal and professional lives.

The author takes a common sense approach to basic microeconomics. His aim is to provide a concise, readable text that covers the substance of microeconomic theory supported by easy-to-understand examples. The book is suitable for all students, but particularly those within a business school setting, including those starting an advanced business degree.

‘Economics surrounds us,’ writes the author. ‘It fills the airwaves, our daily lives, our hopes and dreams. I hope this book will ignite a passion for economics that will blaze for a lifetime.’

The primer explores a number of topics including the efficient operation of competitive markets and what may cause them to fail; the benefits from trade; profit maximization; the consequences of choice; and the implications of imperfect competition.

The author has also written A Primer on Macroeconomics, Business Expert Press, 2013.

Thomas Beveridge adds:

My primary objective in writing the Primer was to provide students with a readable guide to microeconomic principles, using demand and supply in competitive markets as the central tool.  From talking with students over many years, I was aware that many become lost in ‘the diagrams’, lose heart, and convince themselves that economics is unpleasant, unrealistic, or unnecessary and that, to defeat this pitfall, a steady, unified, and common-sense approach, exploring real-world applications, is required. 

Of course, although competition and the ‘invisible hand’ can generate beneficial outcomes, students need to be aware of corrective actions when the market mechanism malfunctions, and these policy options, and more, are covered in the book.  Throughout, my aim was to have the reader ‘think through’ and apply concepts to his or her own life experiences.

Purchase individual chapters from the book

About the author

Thomas Beveridge is an Economics Instructor at Durham Technical Community College, North Carolina, US. 

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