Common Sense Economics: What Everyone Should Know About EconomicsSummaryCommon Sense Economics: What Everyone Should Know About Wealth and Prosperity, written by James Gwartney , Richard Stroup, Dwight Lee, and Tawni Ferrarini, explains the fundamentals of economics and how it works in all aspects of our lives, from the role of government to personal credit cards and savings. This book was written in clear language so that the audience can understand and comprehend the vast amount of information in its condensed dimension. The authors' intended audience for this book appears to be those who wish to learn the mechanics of the economy, including economic growth and stability. Gwartney separates his book into four parts: Part I, Twelve Key Elements of Economics, Part II Seven Major Sources of Economic Progress, Part Three Economic Progress and the Role of Government, and Part IV Twelve Key Elements of Practical Personal Finance. Despite its size, only 190 pages, the authors address the basic concepts of economics by also applying them at a political level and to decision-making in matters of personal finance. These basic concepts include scarcity, gains from trade, marginal decision making, profit management, income growth, and Adam Smith's invisible hand theories are all discussed in the first part of the book; Allowing readers to understand the concepts, Gwartney applies the same concepts to wealth creation and the importance of competition, private property, open trade, monetary stability, and lower taxes. This book educates its audience by evaluating our economy and government mechanisms without the overwhelming display of charts, formulas, and graphs; that you would normally see in a textbook allow...... half of the paper ...... Year. US News & World Report. http://www.usnews.com/news/articles/2013/10/01/student-loan-default-rates-rise-for-sixth-year. Accessed April 3, 2014.Bradley, Anne. 2013. Biblical Foundations of Economic Principles: Four Essentials of Economic Progress. Institute for Faith, Work and Economy. http://blog.tifwe.org/four-essential-elements-of-economic-progress/ accessed April 3, 2014.Gwartney, James D., Stroup, Richard L., Lee, Dwight R., Ferrarini, Tawni H 2010. Common Sense Economics: What Everyone Should Know About Wealth and Prosperity. New York: St. Martin's Press.Turabian, Kate L. 2013. A Chicago-Style Writer's Handbook of Research Papers, Theses, and Dissertations for Students and Researchers. Chicago: The University of Chicago Press.Education. 2014. The White House. http://www.whitehouse.gov/issues/education. Accessed April 3, 2014.