Economics is the "study of how society uses its scarce resources" or, more snappily, "the science of choices" that helps people make decisions about how to use such scarce things as land, labour, raw materials, capital, entrepreneurial spirit and time. An understanding of economics can therefore help people in politics and public service, in business and the professions, and even in their private life make decisions that will produce the results they are seeking to achieve. For anyone who wants a better understanding of this far from dismal science, which has such a powerful influence on world affairs, business and the way we live, this clear and entertaining guide will prove invaluable.Following an introductory essay on how economics is at a crossroads as a result of the global financial crisis, the A-Z explains everything from Absolute advantage and Adaptive expectations, through Laffer curve and Leading indicators, all the way to Yield gap and Zero-sum game.
