An updated edition of the authoritative resource on the realities of the modern economyPeople have always had an interest in how the economy works, and that interest has only been magnified as a result of the Great Recession. Economics, Third Edition: Making Sense of the Modern Economy takes complex concepts and makes them easy to understand, presenting the concepts in the context of today\`s economic environment. Details the sources of economic growth, and the role of central banksExplains both macro and microeconomicsAnalyzes why the recession of 2008 happened and how it was dealt with, as well as its short- and long-term effects Free of jargon and with few charts or tables to sort through and pore over, \`Economics, Third Edition\` helps everyone from students to statesmen quickly and easily grasp how the economy really works in the real world, and how it affects our daily lives.