Simplified Real-World Economics

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A Practical Guide for Managers and Small Business Owners
Michael C. Thomsett
Softcover, 6×9, 312 pages
ISBN: 978-1-60427-167-6
November 2019

ISBN: 978-1-60427-167-6 Categories: ,


Small business owners, entrepreneurs, and many managers and engineers involved in the development, production, sales, marketing, or distribution of products all need a basic understanding of economics. Yet most struggle with economic concepts and are ill equipped to make good economic decisions at work or to manage their own economic lives effectively. Even many highly experienced and financially trained professionals struggle with economic concepts and how to apply them.

This problem stems from the fact that the vast majority of books and courses available on economics are too heavily entrenched in complex unproven academic theory, political ideologies, and myths rather than proven historical facts. These other books also have little to no practical real-world application.

Simplified Real-World Economics, by financial guru and best-selling author Michael Thomsett, dispels the myths and explains microeconomics and macroeconomics in an easy-to-understand manner. It’s supported by dozens of real-world examples from history and the author’s own first-hand experience, giving it the authenticity that too many books lack.

This book is designed with the practical application of economic concepts in mind to help managers, engineers involved in product development, small business owners, and entrepreneurs make better professional decisions. In addition, it will also help readers more effectively manage their own economic lives.

Key Features

  • Discusses economic principles and concepts without declining into the complexity or unproven academic theory found in most other books on the topic
  • Describes the science of economics in non-technical terms transforming a complex technical topic into a discipline that readers, and not just those seeking a degree in economics, can understand and actually use
  • Illustrates major economic principles as applied in the real world
  • Explains economics from a practical and business point of view
  • Provides a practical context to real-life management situations involving textbook economics
  • Uses recent situations in the news to demonstrate why and how business professionals need and use economics every day

About the author(s)

With a career that’s spanned more than 40 years, financial guru and best-selling author Michael Thomsett is always in high demand. He is a frequent speaker at financial seminars and conventions around the world and an instructor, trainer, coach, and blogger

Michael is one of the world’s best-selling authors of options investment educational books, having written more than a dozen on the topic. Most notably, Getting Started in Options has sold over 350,000 copies worldwide. He has written a total of over 90 books on a wide variety of topics in the fields of investing, real estate, finance, business, and management. Michael has also authored a vast array of published articles for dozens of business, trade, and professional magazines as well as for peer-reviewed academic journals. He has been a guest on numerous financial television programs including ABC, CNN, and Fox News.

Michael Thomsett currently lives near Nashville, Tennessee.

Table of Contents

Introduction: What Do We Really Know About “Economics?”

Part I – Introductory Topics

Chapter 1: Basic Economics – Wants and Needs

Chapter 2: Managing Scarcity – Decisions

Chapter 3: Common Economic Myths

Part II – Microeconomics

Chapter 4: Supply and Demand – How Markets Work

Chapter 5: The Microeconomics Business Cycle

Chapter 6: Production and Output

Chapter 7: Price and Elasticity

Chapter 8: Substitutes and Complements

Chapter 9: Factor Markets

Chapter 10: Marginal Analysis

Chapter 11: Market Equilibrium

Chapter 12: Organizations: Perfect Competition

Chapter 13: Competition and Economic Game Theory

Chapter 14: Market Structures

Part III – Macroeconomics

Chapter 15: Gross Domestic Product

Chapter 16: Unemployment and Labor Force Participation

Chapter 17: Inflation and Recession

Chapter 18: The Macroeconomics Business Cycle

Chapter 19: Consumption Versus Savings

Chapter 20: The Role of Government