Written from a European perspective, this revised edition introduces the first year student to basic microeconomics, macroeconomics and EC institutions and economic policy. The microeconomics section includes an applied chapter covering transport and the environment, as well as privatization and regulation. The macroeconomics section assumes an open economy approach, analyzes key aggregates from a variety of perspectives, and discusses EC economic policies and issues facing developing countries. The text features starred sections for more difficult or optional material; boxed case studies and examples drawn from Europe; short chapters to aid modular syllabuses; integrated questions; key definitions and summaries; and a statistical sources appendix. The book is designed for use with WinEcon institutional (UK) software.