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Recession, depression, inflation, deflation, exchange rates, interest rates, monetary policy, fiscal policy, balance of payments deficit, budget deficit, competition, collusion, monopoly, oligopoly – what do these and other economic concepts and issues mean? Are they linked? If so, how? Why are they important?Understanding the economy explains the key economic concepts and issues and the linkages between them in a straightforward, practical and non-technical way. A question-and-answer format is used and all the everyday questions people ask about the economy are answered. In the process, a variety of economic concepts are defined and explained, making the book particularly useful as a quick reference (eg to settle arguments).Understanding the economy is also an ideal text for once-off non-technical courses for students who must or want to obtain a basic understanding of key economic concepts and relationships without enrolling for a formal mainstream course in economics.