Law and economics are both subjects that address human behavior and the process of choice. Law provides the infrastructure of economic activity, and economic activity fuels the need for law. Therefore, it is not surprising that lawyers use economic concepts in practice, and economic ideas influence the opinions of judges. Consequently, lawyers need to develop an understanding of core economic concepts if they hope to compete in the contemporary legal marketplace. This requires an understanding of concepts like choice, risk, efficiency, cost and benefit analysis, externalities, transaction costs, value, and supply and demand, among others. Law and Economics: An Introductory Toolkit for Lawyers offers the tools needed to learn these concepts and to build a vocabulary in business and economics. The book can be used on its own or as a supplement for a variety of courses. It also provides an ideal introduction for business school and other non-law school users.

Book highlights include: Clear organization based on twelve frequently referenced Core Concepts; Core Concepts that include references to important Ancillary Concepts; Explanations of concepts that help to enhance business and economics vocabulary; Straightforward illustrations and examples to aid in comprehension; A glossary of common terms; and A structure that is flexible enough to be read cover to cover or by Core Concept in any order.