ABSTRACT
This introduction presents an overview of the key concepts discussed in the subsequent chapters of this book. The book explores that economics is the study of how people manage their resources to meet their needs and enhance their well-being. It describes traditional economic indicators like growth, income, inflation, and unemployment clearly affect our well-being. The book shows how a particular variable changes over time; bar graphs showing data for different sections of the population or different industries; and bar graphs showing international comparisons. It explores Gross Domestic Product, is a measure of the total value of goods and services produced in a country. The book discusses that the inflation rate is a measure of the average increase in prices between one year and the next and it is measured by the change in the Consumer Price Index. It also discusses that the “gender wage gap” is the difference in median earnings between men and women who work full time.
