In Economics Made Easy, the author, David SH Ng, discusses economic concepts step by step, keeping technical jargon to a minimum. This book is presented in an easy-to-read format and is not heavy for beginners. Covers the basics of economics in a simple and straightforward way. David presents economics in simple language to make it easier for students to read and understand. The size of the book is small, which makes it easily portable. The coverage is adequate and suitable for introductory economics courses and generally for those who are interested in economics.
The book included six parts in two sections: four parts in the Microeconomics section and two parts in the Macroeconomics section. The introduction defines the economy, the factors of production and emphasizes the basis of the theme which is scarcity. It presents the main problems of the economy and explains how the different economic systems of the world solve their basic economic problems. The author uses a simple diagram to illustrate the production possibility curve.
In Chapters 2-4, the author discusses demand, supply, pricing, elasticity, and government intervention with simple data tables, diagrams, and clear examples. The author also uses standard mathematical tools to explain elasticity in Chapter 3 and utility theory in Chapters 5 through 6. Chapters 7 through 8 engage the student in a comparative study of short- and long-term costs. The author examines the different environments in which companies operate in the real world in Chapters 9-12. Chapter 13 will give readers some ideas about the labor market and how to determine the optimal factor. Throughout these chapters, the author uses data tables, diagrams, and examples to illustrate cost, revenue, and profit that maximize output and input.
In the Macroeconomics section, Chapters 14 to 16 deal with national income. The author uses diagrams, flowcharts, and simple mathematical equations to explain equilibrium input and develop readers’ understanding of the concepts. The author presents chapters on money, banking, fiscal policy, monetary policy, unemployment, and inflation in an easily understandable and well-organized manner. These chapters cover the essential content of macroeconomics and each chapter is broken down in a structured and orderly way. The author uses an integrative approach and the combination of content makes the reading more interesting. For example, it has reduced the repetition of content on banking, monetary policy and inflation. He uses an integrative approach in Chapter Seven, where he illustrates the difference between accounting profit and economic profit. Integrated economics and accounting learning makes the lesson more motivating during the learning process.
In chapter fifteen, students are asked to derive the consumption function, draw the equilibrium income diagram, calculate the size of the multiplication, and compare the characteristics of a recession with a boom. The combination of these skills will help students understand economics in relation to real-world situations. For example, if students can understand the determinants of consumption, they will also be able to better understand the fluctuation of national income.
International trade was discussed in chapter 22 onwards. Some illustrations and worked examples are provided in the comparative advantage analysis. Informative and well presented, this 160+ page book is a good read. One of my favorite things about this book is the author’s ability to tell readers what the topic is about and present it in an easy-to-understand way to get readers’ attention. In conclusion, I think this book is suitable for beginning tertiary education students taking economics courses and for those who are interested in economics as we actually live in a world of economics.
