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Economic Concepts and Applications

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This book is suitable for all students studying introductory courses on the New Zealand economy as well as New Zealand Diploma in Business students of The Economic Environment 520. Although completely revised and restructured, the central theme of this fourth edition of Economic Concepts and Applications continues to echo the observation of the great nineteenth-century economist, Alfred Marshall, that Economics is 'a study of mankind in the ordinary business of life.' In all aspects of life, economic concepts are applied to the process of decision making: the course of study chosen by a student; the choice of employment of a job seeker; the mix of goods purchased by a consumer; the crops planted by a farmer; the pricing decisions of a producer, supplier or retailer; a government's decision to raise or lower taxes; or a central bank's decision to increase the cost of borrowing. Decisions of an economic nature are happening everywhere and at all levels of society. Some decisions have little impact on the economy, while others can have an enormous, global impact. This text aims to make this reality clear to the reader.
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Table of Contents

Part One: Resources and sustainability -- Part Two: The price mechanism -- Part Three: Theory of the firm -- Part Four: Market failure and government intervention -- Part Five: The macroeconomic environment -- Part Six: Macroeconomic policy -- Part Seven: The environment of international trade

About the Author

James Stewart is a senior lecturer in economics for both degree- and diploma-level courses in the Unitec Business School (UBS) in Auckland. Keith Rankin is a lecturer in economics for both degree - and diploma-level courses in the Unitec Business School (UBS) in Auckland.

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