The focus of this textbook is on understanding fundamental economic relationships and the economic developments in the Federal Republic of Germany. The fifth edition of the textbook has been completely redesigned and centers on basic economic knowledge as it is taught in most bachelor's degree programs. The introduction, national accounts, as well as the sections on microeconomics and macroeconomics have been updated and further developed. The contribution on fiscal policy, "National Financial and Economic Policy," has been newly included, and the article on "Monetary Theory and Policy," which reflects the latest developments in this area, replaces the previous section on "Money and Currency.".