Economics is a social science concerned with the production, distribution, and consumption of goods and services. It studies how individuals, businesses, governments, and nations make choices on allocating resources to satisfy their wants and needs, trying to determine how these groups should organise and coordinate efforts to achieve maximum output.
Our daily lives are surrounded by economics, even if we do not always realise it. This book aims to cover the main aspects of economics which need to be learnt. The book will also be useful for the general reader who comes across these terms on the television, newspapers and magazines. The dictionary gives concise explanations of the terms used in daily life. Profiles of some economists and abbreviations used in the economies and currencies around the world are also given.