Principles of Economics (Alfred Marshall)

Alfred Marshall’s "Principles of Economics" is a foundational text in economic theory. It introduces key concepts such as supply and demand, elasticity, and the importance of consumer behavior. Marshall emphasizes the role of marginal utility—how the additional satisfaction from consuming one more unit of a good affects demand. He is known for developing the idea of the "representative firm" and illustrating how market equilibrium is achieved. His work laid the groundwork for microeconomics, guiding practical applications in understanding how markets operate and how individual choices impact the economy.