The Principles of Economics (Marshall)

The Principles of Economics by Alfred Marshall outline how individuals and societies make choices about using limited resources to satisfy needs and wants. It emphasizes the balance between supply and demand, where prices are determined by how much of a good people want and how much is available. The book also covers concepts like costs, value, competition, and market behavior, explaining how these factors influence economic outcomes. Essentially, Marshall’s principles help us understand why markets work the way they do and how economic decisions are made, providing a foundation for analyzing how resources are allocated efficiently in a society.