Economic Concepts and Applications: The Contemporary New Zealand Environment

The fifth edition of ECONOMIC CONCEPTS AND APPLICATIONS continues to echo the great nineteenth-century economist, Alfred Marshall, who said that economics is 'a study of mankind in the ordinary business of life'. Economics, at its core, is about making decisions: the course of study chosen by a student; the job chosen by a job seeker; the goods purchased by a consumer; the crops planted by a farmer; the pricing decisions of a producer; a government's decision to raise or lower taxes - all are economic decisions and have economic consequences. Some decisions have little impact on the economy, while others can have a global impact. This text aims to help the reader apply economic concepts and models to the real world. The fifth edition of this popular textbook covers economic concepts, theories and models required by students of introductory economics courses. The author seeks to show students how economic tools can be used to understand the economic forces present in our daily lives. Global warming and globalisation are examples of contemporary issues raised for discussion. The text has a clear flow of essential economic principles and uses appendices to elaborate on more technical content.