This is the revised and enlarged edition of an introduction to economics for the general public. Inaddition to being updated, Basic Economics has also become more internationalized by includinginformation from more countries around the world, because the basic principles of economics arenot confined by national borders. The fact that the first edition of this book has already beentranslated into Japanese and Polish suggests that others recognize this as well. While most chapter titles remain the same, their contents have changed considerably, reflecting the experiences of manydifferent peoples and cultures.Basic Economics has two main purposes. The first is to show certain general principles whichapply in any economy-whether capitalist, socialist, feudal, or whatever. Another equally important purpose is to get the reader to look at economic policies and economic systems in terms of theincentives they create, rather than simply the goals that they proclaim. This means that consequencesmatter more than intentions-and not just the immediate consequences. The longer run repercussionsof any economic policy need to be considered by the public, especially because so many publicofficials may not look beyond the next election.This book was written both for the general public and for students in introductory economicscourses. It has none of the graphs, equations, or statistical tables usually found in economics books. Nor does it use the technical jargon of economists. What I have learned after many years of teachingand writing about economics is that there are highly intelligent people who want to understand moreabout the way the economy works, but who have no interest in the paraphernalia of the economics profession. This book is written for such people.Many other kinds of people may also find Basic Economics useful, including journalists whooften comment on economic issues without having any background in the subject. Even scholarswith Ph.D.s in other fields are often uninformed or misinformed about economics, though thatseldom deters them from having and voicing opinions on economic issues.Most of us are necessarily ignorant of many complex fields, from botany to brain surgery. As aresult, we simply do not attempt to operate in, or comment on, those fields. However, every voter and every politician that they vote for affects economic policies. They cannot opt out of economicissues.Their only options are to be informed or not informed when making their choices. BasicEconomics is intended to make it easy for them to be informed.The basic principles of economics are not hard to understand but they are easy to forget,especially amid the heady rhetoric of politics and the media.The vivid examples used throughout this book make these principles indelible, in a way thatgraphs and equations may not.In keeping with the nature of Basic Economic as an introduction to economics for the general public, the usual footnotes or end-notes are left out.However, those who wish to check up on some of the surprising facts they will learn about herecan find the sources listed at the end of the book. That will also be a place for those who simplywish to find other books and articles to read, in order to explore further on some subject that theyfind intriguing. For instructors who are using Basic Economics as a textbook in their courses, someessay questions have been added at the back of the book.These questions may also be useful to parents who are homeschooling their children.