Sunday, August 15, 2010


Authors:             Colin G. Bamford and
                          Stephen Munday
Published:           2002
Publisher:            Heinemann 
Paperback:         128 pages
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Readers in India:

This concise undergraduate level textbook intends to  provide introduction to markets for the first-time students of economics. It has seven chapters.
Chapter One looks at the nature of markets and clearly brings out  the fact that operation of markets is at the core of economics and all type of markets are just a meeting place of  buyers and sellers, consumers and producers to trade and exchange goods and services.
Chapter Two explains the concept of demand and its relationship with price in any type of market.
Chapter Three discusses the elasticities of demand.
Chapters Four introduces the concept of supply, and discusses the relationship between supply and prices, the other influences on supply, and the factors affecting the elasticity of supply.
Chapter Five analyses price determination and market equilibrium.
Chapter Six presents several examples drawn from labor, money, foreign exchange, housing and agricultural markets to demonstrate how they operate.
Chapter Seven discusses how the markets are organized and stresses the difference between market theory and the reality on account of concentration of control in the hands of a small number of producers.

A very lucidly written text supported by lots of real world examples. Packs in a lot of stuff in a slim volume of just over 120 pages.
If you want to know the basics of  market ecomonics, this is the first book you should read.

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