Books Title: “Principles of Economics Mankiw 7th Edition” PDF Free Download
“Principles of Economics Mankiw 7th Edition” is revolved around various fundamental concepts and principles regarding economics including demand, supply, inflation and role of government to balance economic factors. This book was originally published in 1997 by “Harcourt”. By genre it belongs to Business and Economic book. It contains 887 total pages.
Books Author: “N. Gregory Mankiw”
“N. Gregory Mankiw” is the professor of economics in Harvard University. He was born in Feb, 03, 1958. His most popular books are “Principles of Economics”, “principles of microeconomics” and “Macroeconomics: Canadian Edition”.
Introduction of “Principles of Economics Mankiw 7th Edition”
In “Principles of Economics Mankiw 7th Edition” we learn various fundamental concepts related to economics. Which include supply, demand, inflation and factors affecting economic growth. This book also identifies and discusses different types of marketplaces and the ways in which they operate. We can also understand how government policies and global trade trends can influence the economy of a country.
Principles of economics explores how desires and preferences of the consumers are linked to the bigger economic picture in a given marketplace and how it can be influenced to shape the overall economic growth. This book also explains how various factors impact the economy and how these factors can be managed by governments and other market players in order to gain their desired results.
Summary of “Principles of Economics Mankiw 7th Edition”
Principles of economics revolves around four parts including introduction to economics, microeconomics, macroeconomics and international economics. Some of the most fundamental concepts in economics are scarcity and choice. Due to limited resources like money, time and other resources, many businesses as well as consumers face various challenges. In these circumstances, it becomes difficult for them to get their desired results.
They have to prioritize what is most important for them from various choices that they have. One of the renowned economics called Adam Smith gave the concept of invisible hand. It is more like a magic that happens to every consumer when they are trying to get what they want. In this situation, every person tries to get the best deal for themselves. So, in a marketplace if huge number of people desire for the same thing, its price usually goes up. On the other hand, if there is less demand for a certain product, its price usually goes down.
Microeconomics always focuses on individual decisions including the behavior of companies and the marketplace while macroeconomics studies and analyzes the bigger picture such as the entire economy of a country. It also includes inflation unemployment and overall growth. Demand shows how much people desire for something. It also gives an idea about the purchasing power of the consumers and if they can afford to buy certain products and services.
Supply depends on how much of what a business makes can it sell. Both the demand and supply are like finding the right price and right quantity where everyone is happy. Markets and efficiency are like huge places where people and businesses buy and sell their products. When everyone can easily access the marketplace, it is called perfectly competitive. Sometimes, we can observe only one company selling everything and that is called monopoly. We can also observe that sometimes the government steps in and imposes different types of taxes that you have to pay. On the other hand, government also gives subsidies on things for the sake of efficiency in the marketplace.
In production and cost, many companies try to make products with the least possible cost. In this way, they also prefer smart workers, latest machinery and new technology. They do not care much about their profits but they want to produce products efficiently. This book also discusses about product prices and market structure. In a monopoly marketplace, there is only one seller and they can fix a price which is usually too high. In an oligopoly, only few players can influence the price. National income measurement includes GDP (Gross Domestic Product).
It is more like a calculator that adds up the money a country makes from selling in a year. This is an important factor because it helps us to understand how well our country is doing economically. Furthermore, jobs and prices and interlinked with each other. When too many people are jobless and prices rise too fast, it can calculate how stable our economy is. In these situations, every country tries its best to balance between people having jobs and prices staying reasonable so that everyone can get their desired outcomes.
This book explores the economic ups and downs. It discusses booms where everything is super busy and exciting while recessions are like quiet and tough times. Understanding these sorts of ups and downs can help us in taking care of the economy and making sure it grows well and stays healthy. In fiscal and monetary policies, governments impose various sorts of taxes in its monetary policies which sets the interest rates with the aim to balance and stabilize the economy and promote growth. International trade and sharing products and services is important for every country through which various countries buy and sell products to each other.
In this way, free trade can promote efficiency but it also has a lot of disturbing consequences. It explores the exchange rates and balance of payments. Exchange rates relates to the value of currencies with respect to other countries while the balance of payment is the difference between the incomes and expenditures of a country in the international trade. International finance and global issues are also discussed in this book. International finance deals with market flows while global issues deal with climate change and development plans that require international cooperation.
“N. Gregory Mankiw” adopts a clear and concise writing style in his book “Principles of Economics Mankiw 7th Edition”. He prefers to elaborate all complicated concepts of economic in an understandable way. He uses too much simple language that is accessible to all audiences. He also defines friendly tone and real life examples to make this book more relatable to readers. “N. Gregory Mankiw” in this book focuses on those ideas which are more related to the student’s daily lives. He defines many of economic principles and shows that how they apply in the real world. He also encourage the readers to elaborate the subjects further. “N. Gregory Mankiw” also encourages the readers think critically about economic related issues. Furthermore he avoids all complex vocabularies and extra jargons throughout the book.
“Principles of Economics Mankiw 7th Edition” had received general mixed feedbacks from its readers and critics alike. This book was venerated for its engaging writing style, comprehensive coverage of economical concepts and student’s friendly features. While many of other readers argue that it is oversimplified and lack of in-depth analysis. It has sold over 2 million copies since its publication and it also has been translated into 20 different languages worldwide.
Conclusion of “Principles of Economics Mankiw 7th Edition”
Principles of economics gives numerous lessons including factors affecting the desires of consumers, how markets move and the fundamental concepts associated with the international trade. This book is just like a roadmap that can help you identify and understand the desires of consumers, trades in various marketplaces and the international economic policies.
It explores various concepts and details about economics that can help the reader understand the most fundamental and basic realities. This book is recommended for people who are interested in learning about global economics and how marketplaces operate. The book is particularly helpful for those students and professionals in the field of economics and finance who want to get a basic grasp of the important economics a global trade concepts.