“Economics in Plain English,” by David Mayer (an economics education consultant), is ideal for those who wish to acquire a fundamental understanding of economic concepts. The book is a glossary of more than 300 economics terms, divided among ten chapters. Each chapter includes a chapter overview and focuses on a specific economic topic. Terms are alphabetized within each chapter, with each term having three subsections: what it is, how it works, and how it is used. The “how it works” subsection supplies the main narrative, with clear and sufficient explanations. The book also contains an index.

The book adequately tackles the fields of microeconomics (market interaction between consumers and businesses) and macroeconomics (economy as a whole), beginning with a high-level account of micro- and macroeconomic terms. Thereafter, the book transitions to several microeconomic topics, like the types of costs that businesses incur when producing goods and how output is affected by varying levels of capital investment and labor. Forms and aspects of competition are examined, including monopolies and oligopolies, horizontal and vertical mergers, copyrights and patents, and antitrust laws. Also addressed are external costs and benefits of markets to society, such as positive (e.g., vaccines) and negative (e.g., pollution) externalities, regulations, and subsidies. A chapter on resource markets pertains to the interaction between workers and employers, covering issues such as unions, collective bargaining, strikes, arbitration, and lockouts.

The second half of the book focuses on macroeconomic concepts, starting with economic measures such as gross domestic product (GDP), consumer price index (CPI), inflation, and unemployment. The author also discusses the economic flow of money (e.g., via banks, brokers, and investment banks), investment vehicles (e.g., stocks, bonds, mutual funds, exchange-traded funds, cryptocurrency), and risk types (e.g., credit, investment). From a policy economics perspective, the author examines the role of central banks (especially the Federal Reserve) and the economic impact of monetary (central bank) and fiscal (government) policies. International trade concepts are also considered, including absolute vs. competitive advantage, exchange rates, free trade, and barriers to trade (e.g., tariffs, quotas). A final chapter on income inequality includes the ways it is measured and how it is affected by economic growth and taxes (e.g., progressive vs. regressive).

“Economics in Plain English” is suited for those who want to obtain a broad conceptual understanding of economics and the effect that it has on individuals, businesses, and society. It will also help readers better understand the current economic environment and how it is influenced by monetary and fiscal policy decisions.

[My special thanks to Adams Media (Simon & Schuster) and NetGalley for an advance reader’s copy of this book.]