The author, Prof. Dr. Herbert Sperber, teaches economics as well as banking and international financial management at the Nürtingen-Geislingen University of Economics and Environment. He heads the Institute for Economics and Finance. Professor Sperber is the author of the well-known textbook "Understanding Economics." The work, published in its fourth edition in 2012, provides a comprehensive and well-founded insight into the field of economics. The book covers topics such as financial crises, recession, unemployment, tax burden, oil prices, and interest rate developments. Economic issues affect us all. News about the economy, inflation rates, national debt, the monetary policy of the European Central Bank, the stock market, or the dollar exchange rate dominate newspapers, television, and the internet. Understanding the fundamental relationships of economics helps us better comprehend the world we live in.