Elementary economics / by John A. Nordin and Virgil Salera

The development of responsible citizenship continues to be our major goal in this second edition as it was in the first. The general nature of our treatment of economic problems is unchanged, though our own observations and those of others have suggested certain rearrangements in the order of presentation of the subject matter. Fairly extensive substantive changes have also been made in the chapters dealing with national income, prices, banks, wages, eco nomic stabilization, social security, and international economics.

The first chapter on the national income is now confined to ex planation of the meaning and significance of the central concepts. All explanation of forces determining equilibrium national income is postponed until money and banking problems have been intro duced. In this edition money and banking material appears rela tively late- just before an understanding of it is required in dealing with problems of economic stability.

In the chapters on price determination, additional summaries are now included to facilitate the retention of general principles. The perfectly competitive industry is discussed and there is an appendix on resource use by a perfect competitor operating two enterprises and subject to capital rationing.