Two veteran economists team up to provide an overview of basic economic principles in this textbook for students, business executives, and entrepreneurs. Kaela B. Mulenga and Francis L. Mupakati explore basic economic concepts and theories, clearly communicating their ideas in essay-type model answers that highlight how banks, free trade, inflation, and more affect the economy. The textbook reveals the logic economists use and the educated assumptions they make when conducting economic analyses pertaining to real-world scenarios. It provides a detailed overview of the free market enterprise system as well as a glossary of essential economic terms. The authors answer questions such as: ¿ What are the major features of a free market economy? ¿ What factors affect the elasticity of supply? ¿ How does the market determine the equilibrium of price? In today's fast-paced digital information age, one must possess the tools to make sense of what's happening. Get the knowledge you need to respond to business challenges with this important resource.