Author Box
Articles Categories
All Categories
Articles Resources

Book Review: Economics Made Easy by David S.H. Ng (ISBN: 983-834-095-2)

December 16, 2010 | Comments: 0 | Views: 90

In Economics Made Easy, the author, David S. H. Ng discusses economic concepts step-by-step, keeping the technical jargon to a minimum. This book is presented in an easy to read format and it is not heavy for beginners. It covers the basic economics concepts in a simple and straight forward manner. David presents economics in simple language in order to facilitate reading and understanding of the students. The size of the book is small, thus making it easily portable. The coverage is appropriate and it is suitable for introductory economics courses and generally for those who are interested in Economics.

The book comprises six parts in two sections -- four parts in the Microeconomics section and two parts in the Macroeconomics section. The introduction defines economics, factors of production and emphasizes the basis of the subject that is scarcity. It lays out the main problems of economics and explains how different economic systems in the world solve their basic economic problems. The author uses a simple diagram to illustrate the production possibility curve.

In chapters 2 to 4, the author discusses demand, supply, price determination, 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 to 6. Chapters 7 to 8 engage the learner in a comparative study of short-run and long-run costs. The author examines the different environments in which firms operate in the real world in chapters 9 to 12. Chapter 13 will give readers some ideas of the labour market and how to determine the optimum factor. Throughout these chapters, the author uses data tables, diagrams and examples to illustrate cost, revenue, profit maximizing output and input.

In the Macroeconomics section, chapters 14 to 16 deal with national income. The author uses diagrams, flowchart and simple mathematical equations to explain the equilibrium income and develop readers' understanding of 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 the macroeconomics and each chapter breaks down in a structured and orderly way. The author uses integrative approach and combination of contents makes the reading more interesting. For example, he has reduced repetition of contents in topics of banking, monetary policy and inflation. He uses integrative approach in chapter seven where he illustrates the difference between accounting profit and economic profit. The integrated learning of economics and accounting 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 multiplier and compare the characteristics of a recession with a boom. Combination of these skills will help students to understand economics in relation to real-world situations. For example, if the students can understand determinants of consumption, then he or she can also understand the fluctuation in national income better.

International trade was discussed in chapter 22 onwards. Some illustrations and worked examples in comparative advantage analysis are provided. Informative and well presented, this book of over 160 pages, on the whole, is a good read. One of my favorite things about this book is the author's ability to tell readers what the subject is all about and present it in easily understood manner to engage the readers' attention. In conclusion, I believe this book is suitable for beginning tertiary students taking courses in economics and those who are interested in economics as we actually live in a world of economics.

Jane Huey is a teacher in Malaysia. She teaches Economics, Mathematics and Music.

Source: EzineArticles
Was this Helpful ?

Rate this Article

Article Tags:

Basic Economics




Integrative Approach

Rather than blame others, take personal responsibility to reduce our dependence on oil by using less of petroleum derived products. Repeatedly we are hearing about oil spills, rising prices on oil

By: Kyles Humphrey l News & Society > Energy l October 17, 2012 lViews: 234

Traditional analysis of debt and deleveraging (the process where households, corporations and governments are forced to reduce their overall debt) is often biased and incomplete. Opinions of how to

By: Ben Esget l News & Society > Economics l August 11, 2012 lViews: 296

In this high paced digital age, it's easy to become displaced from the people and places around you. However, it's important to support your community and your neighbors who live in it, and work hard

By: Monai Gupta l News & Society > Politics l July 11, 2012 lViews: 332

In a bold, unpredictable move, President Obama declared on Monday his desire to extend the Bush-era tax cuts for all but the highest-income earners, by which he means anyone richer than Al and Peg

By: Scott Spiegel l News & Society > Politics l July 10, 2012 lViews: 228

Bipartisanship isn't always sweet. Especially when it comes to the politics of sugar.

By: Larry M. Elkin l News & Society > Politics l July 09, 2012 lViews: 237

In a direct reflection of the financial market's currently unsteady nature, the wholesale energy markets tumbled to a four-month low at the end of May. The bearish market was thanks to the continuing

By: Graham N Paul l News & Society > Energy l July 09, 2012 lViews: 222

Traditional analysis of debt and deleveraging (the process where households, corporations and governments are forced to reduce their overall debt) is often biased and incomplete. Opinions of how to

By: Ben Esgetl News & Society > Economicsl August 11, 2012 lViews: 296

There has been a trend for many governments around the world to augment national budgetary resources by incurring debt. This debt is raised through deficit budgets supplemented by quantitative

By: Ashok Malhotral News & Society > Economicsl April 25, 2012 lViews: 242

Not long ago, I had the opportunity to discuss economic philosophy with something that was less-than-human. Now you might think that this is a negative, but I assure you it isn't. Nevertheless, when

By: Lance Winslowl News & Society > Economicsl April 25, 2012 lViews: 191

The economy suffers when banks concentrate on collecting fees rather than deposits. And on making trades rather than loans.

By: Larry M. Elkinl News & Society > Economicsl April 24, 2012 lViews: 208

Anyone on a budget can benefit using money saving tips. With the uncertain political and economic climate, it pays to turn over a few stones.

By: George Wul News & Society > Economicsl April 23, 2012 lViews: 225

This article discusses the need for having a long-term food supply as part of an emergency preparedness plan during uncertain economic times. No more than ever, this is an issue that needs to be

By: Ashley Buenol News & Society > Economicsl April 22, 2012 lViews: 190

Discuss this Article

comments powered by Disqus