A presentation of economics in plain language. A presentation of economics in plain, straightforward language, without the jargon, graphs, or equations that dominate most other economic writings. This book is aimed at people with no previous study of the subject, namely the general public and beginning students in economics. Basic Economics illustrates economic principles with vivid examples from countries around the world, to make those principles memorable in a way that technical jargon or mathematical presentations may not. The fifth edition includes a new chapter on the reasons for large differences of income and wealth between nations. It also examines some popular explanations of these differences that will not stand up under scrutiny. This chapter, and the chapter on the history of economics itself, give the beginning student a larger context for understanding the role of economics.--From publisher description.