Dear Reader,
The purpose of this publication is to introduce you to basic economic concepts and to help you apply this knowledge to real-world examples. I hope that after reading this book, you will be able to explain interesting events, observations and facts about the economy, evaluate the effect of microeconomic policies, and analyze firms’ and consumers’ choices. I hope that the problems and the examples will help you develop analytical, critical thinking, and decision-making skills, which will be beneficial in other disciplines and in the workplace.
Finally, I hope that you will enjoy learning from this book as much as I enjoyed writing it for you.
Thank you,
Stefani Milovanska-Farrington
To my parents and grandparents, for their unconditional love and encouragement when I succeed and when I fail. To my husband, for his love and support, and for believing in me more than I believe in myself. To my daughter, for being the sweetest reason for everything I do, for always being able to make me smile, and for all the hugs she gives every day. I love you, and I always will.
Stefani Milovanska-Farrington obtained her PhD in economics from the University of South Florida in 2018. She has won nine mathematical contests, one cooking and one poetry contest, and has completed graduate school with a CGPA of 4.00. Her research interests include Microeconomics, Labor, Family, Health and Education economics, but her passion has always been teaching. She has published articles in academic journals including Economics and Human Biology, Journal of Family and Economic Issues, Education Economics, Research in Economics, and others.