Economic Terms and Concepts: Introduction to the Fascinating World of Economics, Hermann Gnüchtel

Economic Terms and Concepts: An Introduction to the Fascinating World of Economics
This compilation, prepared by a retired businessman, introduces the reader to the world of economics in a novel manner. Using everyday language, it seeks to define and explain the basic concepts of human cooperation and social organization such as economic production and its factors, the division of labor, capital, money, and many others. In contrast to standard dictionaries of economics and standard American textbooks, this booklet does not lose sight of the individual, who is forever valuing, choosing, and acting. There is no national economy, no GNP, and no macroeconomy, only individuals, millions of them, who associate and cooperate with each other.

Booklet (pp. 57)