Contents
Economics for Business
Rationale
In economics, business is the social science of managing people to organize and maintain collective productivity toward accomplishing particular creative and productive goals, usually to generate revenue.
The etymology of "business" refers to the state of being busy, in the context of the individual as well as the community or society. In other words, to be busy is to be doing commercially viable and profitable work.
The term "business" has at least three usages, depending on the scope — the general usage (above), the singular usage to refer to a particular company or corporation, and the generalized usage to refer to a particular market sector, such as "the record business," "the computer business," or "the business community" -- the community of suppliers of goods and services.
The singular "business" can be a legally-recognized entity within an economically free society, wherein individuals organize based on expertise and skills to bring about social and technological advancement.
With some exceptions, (such as cooperatives, non-profit organizations and (typically) government institutions), in predominatly capitalist economies, businesses are formed to earn profit and grow the personal wealth of their owners.
In other words, the owners and operators of a business have as one of their main objectives the receipt or generation of a financial return in exchange for their work — that is, the expense of time, energy, and money.
However, the exact definition of business is disputable as is business philosophy; for example, most Marxists use "means of production" as a rough synonym for "business." Socialists advocate either government, public, or worker ownership of most sizable businesses.
- Types of businesses
- Limited and Unlimited Liability
- Organization
- Business and government
- Capital
- Intellectual property
- Business and management
- Exit plans
Learning Outcomes
After completing the programme the student should be able to:
1. Define the problem of scarcity, opportunity cost, the functioning of free market, command and mixed economies and the difference between macroeconomics and microeconomics.
2. Describe and interpret the basic theory of consumer behaviour and demand including the concept of utility, the law of diminishing marginal utility, the distinction between Giffen, inferior and normal goods, the distinction between substitute and complementary goods, the difference between individual and market demand, and the notion and measurement of elasticity (own-price, cross and income elasticity).
3. Employ the theory of supply from a fundamental understanding of costs; define the difference between the short-run and the long-run; differentiate between fixed, sunk and variable costs; derive marginal, average and total costs; understand the nature and relevance of economies and diseconomies of scale and the concept of elasticity of supply.
4. Describe the application of supply and demand analysis to the working of markets both in equilibrium and disequilibrium, including examination of the effects of price restrictions, quotas, subsidies and taxation.
5. Examine the effect of different markets’ structures (perfect competition, monopoly, monopolistic competition and oligopoly) upon the conduct (particularly pricing policy) and performance of profit maximising and non-profit maximising (sales revenue, market share and managerial utility maximising) business organisations, and give examples of the forms and effects of government intervention in this area.
6. Understand how exchange rates are determined, the main alternative exchange rate regimes and their advantages and disadvantages. Explain the rationale for international trade agreements and organisations (e.g. the World Trade Organisation), tariffs, quotas and other measures of trade protectionism.
7. Evaluate national income as a measure of societal well being and derive it through its various methods of measurement. Explain the main components of National Income Accounts (Consumption, Investment, Government Expenditure and Foreign Trade.)
8. Explain the determination of the equilibrium levels of national income in terms of the simple Keynesian macroeconomic model.
9. Describe the functions of money and the role of the banking system in the creation of money. Explain the relationship between the money supply, growth and inflation.
10. Understand and interpret the main objectives of government macroeconomic policy and the rationale for the various policies used to achieve these objectives. Employ the aggregate supply and demand model to analyse the likely effects of fiscal and monetary policy upon output, employment, the price level, and the balance of payments.
11. Explain the fundamental principles of comparative advantages and specialisation and their relevance to international trade. Explain the terms of trade, balance of trade and balance of payments accounts.
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Teaching and Learning Resources
Economic Concepts and Systems
Tutorials
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek οἰκονομία (oikonomia, "management of a household, administration") from οἶκος (oikos, "house") + νόμος (nomos, "custom" or "law"), hence "rules of the house(hold)".[1] Current economic models emerged from the broader field of political economy in the late 19th century. A primary stimulus for the development of modern economics was the desire to use an empirical approach more akin to the physical sciences.[2]
Economics aims to explain how economies work and how economic agents interact. Economic analysis is applied throughout society, in business, finance and government, but also in crime,[3] education,[4] the family, health, law, politics, religion,[5] social institutions, war,[6] and science.[7] At the turn of the 21st century, the expanding domain of economics in the social sciences has been described as economic imperialism.[8]
Common distinctions are drawn between various dimensions of economics. The primary textbook distinction is between microeconomics, which examines the behavior of basic elements in the economy, including individual markets and agents (such as consumers and firms, buyers and sellers), and macroeconomics, which addresses issues affecting an entire economy, including unemployment, inflation, economic growth, and monetary and fiscal policy. Other distinctions include: between positive economics (describing "what is") and normative economics (advocating "what ought to be"); between economic theory and applied economics; between mainstream economics (more "orthodox" dealing with the "rationality-individualism-equilibrium nexus") and heterodox economics (more "radical" dealing with the "institutions-history-social structure nexus");[9] and between rational and behavioral economics.
Supply and Demand. Price and Income Elasticity
Tutorials
Readings
Supply and demand is an economic model of price determination in a market. It concludes that in a competitive market, the unit price for a particular good will vary until it settles at a point where the quantity demanded by consumers (at current price) will equal the quantity supplied by producers (at current price), resulting in an economic equilibrium of price and quantity.
The four basic laws of supply and demand are:[1]
- If demand increases and supply remains unchanged, then it leads to higher equilibrium price and quantity.
- If demand decreases and supply remains unchanged, then it leads to lower equilibrium price and quantity.
- If supply increases and demand remains unchanged, then it leads to lower equilibrium price and higher quantity.
- If supply decreases and demand remains unchanged, then it leads to higher price and lower quantity.
- The graphical representation of supply and demand
- Microeconomics
- Other markets
- Empirical estimation
- Macroeconomic uses of demand and supply
- History
- Criticisms
Introduction
Income elasticity of demand measures the relationship between a change in quantity demanded and a change in income.
The basic formula for calculating the coefficient of income elasticity is:
Percentage change in quantity demanded of good X divided by the percentage change in real consumers' income
Normal Goods
Normal goods have a positive income elasticity of demand so as income rise more is demand at each price level. We make a distinction between normal necessities and normal luxuries (both have a positive coefficient of income elasticity).
Necessities have an income elasticity of demand of between 0 and +1. Demand rises with income, but less than proportionately. Often this is because we have a limited need to consume additional quantities of necessary goods as our real living standards rise. The class examples of this would be the demand for fresh vegetables, toothpaste and newspapers. Demand is not very sensitive at all to fluctuations in income in this sense total market demand is relatively stable following changes in the wider economic (business) cycle.
Luxuries on the other hand are said to have an income elasticity of demand > +1. (Demand rises more than proportionate to a change in income). Luxuries are items we can (and often do) manage to do without during periods of below average income and falling consumer confidence. When incomes are rising strongly and consumers have the confidence to go ahead with “big-ticket” items of spending, so the demand for luxury goods will grow. Conversely in a recession or economic slowdown, these items of discretionary spending might be the first victims of decisions by consumers to rein in their spending and rebuild savings and household financial balance sheets.
Many luxury goods also deserve the sobriquet of “positional goods”. These are products where the consumer derives satisfaction (and utility) not just from consuming the good or service itself, but also from being seen to be a consumer by others.
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Market Structures. Market Capitalism
Tutorials
Readings
In economics, market structure (also known as the number of firms producing identical products).
Monopolistic competition, also called competitive market, where there are a large number of firms, each having a small proportion of the market share and slightly differentiated products.
Oligopoly, in which a market is dominated by a small number of firms that together control the majority of the market share.
Duopoly, a special case of an oligopoly with two firms.
Oligopsony, a market where many sellers can be present but meet only a few buyers.
Monopoly, where there is only one provider of a product or service.
Natural monopoly, a monopoly in which economies of scale cause efficiency to increase continuously with the size of the firm. A firm is a natural monopoly if it is able to serve the entire market demand at a lower cost than any combination of two or more smaller, more specialized firms.
Monopsony, when there is only one buyer in a market.
Perfect competition is a theoretical market structure that features unlimited contestability (or no barriers to entry), an unlimited number of producers and consumers, and a perfectly elastic demand curve.
The imperfectly competitive structure is quite identical to the realistic market conditions where some monopolistic competitors, monopolists, oligopolists, and duopolists exist and dominate the market conditions. The elements of Market Structure include the number and size distribution of firms, entry conditions, and the extent of differentiation.
These somewhat abstract concerns tend to determine some but not all details of a specific concrete market system where buyers and sellers actually meet and commit to trade. Competition is useful because it reveals actual customer demand and induces the seller (operator) to provide service quality levels and price levels that buyers (customers) want, typically subject to the seller’s financial need to cover its costs. In other words, competition can align the seller’s interests with the buyer’s interests and can cause the seller to reveal his true costs and other private information. In the absence of perfect competition, three basic approaches can be adopted to deal with problems related to the control of market power and an asymmetry between the government and the operator with respect to objectives and information: (a) subjecting the operator to competitive pressures, (b) gathering information on the operator and the market, and (c) applying incentive regulation.
See also
- Economics
- Microeconomics
- Macroeconomics
- Industrial organization
- List of marketing topics
- List of management topics
- List of economics topics
- List of accounting topics
- List of finance topics
Market Intervention. Financial Institutions
Tutorials
Readings
A market economy is an economy in which the prices of goods and services are determined in a free price system.[1] This is often contrasted with a state-directed or planned economy. Market economies can range from hypothetically pure laissez-faire variants to an assortment of real-world mixed economies, where the price system is under some state control or at least heavily regulated. In mixed economies, state-directed economic planning is not as extensive as in a planned economy. In the real world, market economies do not exist in pure form, as societies and governments regulate them to varying degrees rather than allow full self-regulation by market forces.[2][3] The term free-market economy is sometimes used synonymously with market economy,[4] but, as Ludwig Erhard once pointed out, this does not preclude an economy from having social attributes opposed to a laissez-faire system. The term used by itself can be somewhat misleading. For example, the United States constitutes a mixed economy (substantial market regulation, agricultural subsidies, extensive government-funded research and development, Medicare/Medicaid), yet at the same time it is foundationally rooted in a market economy.
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Different perspectives exist as to how strong a role the government should have in both guiding the market economy and addressing the inequalities the market produces. This is evidenced by the current lack of consensus on issues such as central banking, and welfare.
It is also possible to envision an economic system based on independent producers, cooperative, democratic worker ownership and market allocation of final goods and services; the self-managed market economy is one of several proposed forms of market socialism.
In financial economics, a financial institution is an institution that provides financial services for its clients or members. Probably the most important financial service provided by financial institutions is acting as financial intermediaries. Most financial institutions are highly regulated by government.
Broadly speaking, there are three major types of financial institutions:[1]
1. Deposit-taking institutions that accept and manage deposits and make loans, including banks, building societies, credit unions, trust companies, and mortgage loan companies
2. Insurance companies and pension funds; and
3. Brokers, underwriters and investment funds.
- International financial institutions
- Bank
- Credit union
- Financial economics
- Savings and loan association
- Consumer Credit Act 1974 (UK law)
- Non-bank financial institution
- References
Money and Interest. Financial Deregulation
Tutorials
Readings
An interest rate is the rate at which interest is paid by a borrower for the use of money that they borrow from a lender. For example, a small company borrows capital from a bank to buy new assets for their business, and in return the lender receives interest at a predetermined interest rate for deferring the use of funds and instead lending it to the borrower. Interest rates are normally expressed as a percentage of the principal for a period of one year[1].
Interest rates targets are also a vital tool of monetary policy and are taken into account when dealing with variables like investment, inflation, and unemployment.
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Deregulation is the removal or simplification of government rules and regulations that constrain the operation of market forces.[1] Deregulation does not mean elimination of laws against fraud or property rights but eliminating or reducing government control of how business is done, thereby moving toward a more laissez-faire, free market. It is different from liberalization, where more players enter in the market, but continues the regulation and guarantee of consumer rights and maximum and minimum prices. An example of Deregulation would be Financial Deregulation.
International Trade. Balance of Payments. Exchange Rate
Tutorials
Readings
Balance of payments (BOP) accounts are an accounting record of all monetary transactions between a country and the rest of the world.[1] These transactions include payments for the country's exports and imports of goods, services, financial capital, and financial transfers. The BOP accounts summarize international transactions for a specific period, usually a year, and are prepared in a single currency, typically the domestic currency for the country concerned. Sources of funds for a nation, such as exports or the receipts of loans and investments, are recorded as positive or surplus items. Uses of funds, such as for imports or to invest in foreign countries, are recorded as negative or deficit items.
When all components of the BOP accounts are included they must sum to zero with no overall surplus or deficit. For example, if a country is importing more than it exports, its trade balance will be in deficit, but the shortfall will have to be counter-balanced in other ways – such as by funds earned from its foreign investments, by running down central bank reserves or by receiving loans from other countries.
While the overall BOP accounts will always balance when all types of payments are included, imbalances are possible on individual elements of the BOP, such as the current account, the capital account excluding the central bank's reserve account, or the sum of the two. Imbalances in the latter sum can result in surplus countries accumulating wealth, while deficit nations become increasingly indebted. The term "balance of payments" often refers to this sum: a country's balance of payments is said to be in surplus (equivalently, the balance of payments is positive) by a certain amount if sources of funds (such as export goods sold and bonds sold) exceed uses of funds (such as paying for imported goods and paying for foreign bonds purchased) by that amount. There is said to be a balance of payments deficit (the balance of payments is said to be negative) if the former are less than the latter.
Under a fixed exchange rate system, the central bank accommodates those flows by buying up any net inflow of funds into the country or by providing foreign currency funds to the foreign exchange market to match any international outflow of funds, thus preventing the funds flows from affecting the exchange rate between the country's currency and other currencies. Then the net change per year in the central bank's foreign exchange reserves is sometimes called the balance of payments surplus or deficit. Alternatives to a fixed exchange rate system include a managed float where some changes of exchange rates are allowed, or at the other extreme a purely floating exchange rate (also known as a purely flexible exchange rate). With a pure float the central bank does not intervene at all to protect or devalue its currency, allowing the rate to be set by the market, and the central bank's foreign exchange reserves do not change.
Historically there have been different approaches to the question of how or even whether to eliminate current account or trade imbalances. With record trade imbalances held up as one of the contributing factors to the financial crisis of 2007–2010, plans to address global imbalances have been high on the agenda of policy makers since 2009.
- Composition of the balance of payments sheet
- Imbalances
- Balancing mechanisms
- History of balance of payments issues
- Currency crisis
- Exchange rate regime
- Foreign exchange reserves
- History of money
- IMF Balance of Payments Manual
- Sovereign default
- Sterilization (economics)
- Sudden stop (economics)
- Notes and citations
- Further reading
- International Trade: Free Trade Agreements
- FITA's Really Useful Sites for International Trade Professionals
Income, Expenditure and Product
Tutorials
Readings
The National Income and Product Accounts (NIPA) are part of the national accounts of the United States. They are produced by the Bureau of Economic Analysis of the Department of Commerce. They are one of the main sources of data on general economic activity in the United States.
They use double-entry accounting to report the monetary value and sources of output produced in the country and the distribution of incomes that production generates. Data are available at the national and industry levels.
Seven summary accounts are published, as well as a much larger number of more specific accounts. The first summary account shows Gross Domestic Product (GDP) and its major components. The table summarizes national income on the left (debit, revenue) side and national product on the right (credit, expense) side of a two-column accounting report. Thus the left side gives GDP by the income method, and the right side gives GDP by the expenditure method. The GDP is given on the bottom line of both sides of the report. GDP must have the same value on both sides of the account. This is because income and expenditure are defined in a way that forces them to be equal (see accounting identity). We show the 2003 table later in this article; we present the left side first for convenient screen display.
The U.S. report (updated quarterly) is available in several forms, including interactive, from links on the Bureau of Economic Analysis (BEA) NIPA ([1]) page. International norms for national accounting methods are given by the United Nations System of National Accounts. The NIPAs are prepared by the staff of the Directorate for National Economic Accounts within the BEA. The source data largely originate from public sources, such as government surveys and administrative data, and they are supplemented by data from private sources, such as data from trade associations (BEA 2008: 1-6).
- Aggregation problem
- Macroeconomics
- National accounts
- United Nations System of National Accounts
- Measures of national income and output
- Classification of Individual Consumption by Purpose
- References
- United States, Bureau of Economic Analysis, A Guide to the National Income and Product Accounts of the United States
- United States, Bureau of Economic Analysis, 2008, Concepts and Methods of the National Product Accounts of the United States,
- Google - public data: GDP and Personal Income of the U.S. (annual): Taxes on Production and Imports
- Google - public data: GDP and Personal Income of the U.S. (annual): Taxes on Production and Imports less Subsidies
Structural Change. Labour Force
Tutorials
Readings
Structural change of an economy refers to a long-term widespread change of the fundamental structure, rather than microscale or short-term output and employment. For example, a subsistence economy is transformed into a manufacturing economy, or a regulated mixed economy is liberalized. A current structural change in the world economy is globalization.
Fisher (1939)[1] and Clark (1940)[2] look at patterns in changes in sectoral employment. The logic of their arguments being that patterns of production are functions of the level of income and that resource and production shifts are an integral part of development. The major determinant of these shifts is the income elasticity of demand. Goods or sectors for which there is a high income elasticity of demand will grow in importance as income grows. Countries start with their production dominated by primary production, then secondary activities start to dominate and finally the tertiary sector dominates.
Structural change can be initiated by policy decisions or permanent changes in resources, population or the society. The downfall of communism, for example, is a political change that has had far-reaching implications on the economies dependent on the state-run Soviet economy. Structural change involves obsolescence of skills, vocations, and permanent changes in spending and production resulting in structural unemployment.
Short-term economical challenges can be managed with short-term fiscal or monetary policy decisions, and fluctuations are expected to even out in a few years. Managing structural change requires long-term investments such as education, and reforms aimed at increasing labor mobility. The Trade Adjustment Assistance is an example of such a program.[3]
In economics, a labor force or labour force is a region's combined civilian workforce, including both the employed and unemployed.[1]
Normally, the labor force of a country (or other geographic entity) consists of everyone of working age (typically above a certain age (around 14 to 16) and below retirement (around 65) who are participating workers, that is people actively employed or seeking employment. People not counted include students, retired people, stay-at-home parents, people in prisons or similar institutions, people employed in jobs or professions with unreported income, as well as discouraged workers who cannot find work.
Inflation
Tutorials
Readings
In economics, inflation is a rise in the general level of prices of goods and services in an economy over a period of time.[1] When the general price level rises, each unit of currency buys fewer goods and services. Consequently, inflation also reflects an erosion in the purchasing power of money – a loss of real value in the internal medium of exchange and unit of account in the economy.[2][3] A chief measure of price inflation is the inflation rate, the annualized percentage change in a general price index (normally the Consumer Price Index) over time.[4]
Inflation's effects on an economy are various and can be simultaneously positive and negative. Negative effects of inflation include a decrease in the real value of money and other monetary items over time, uncertainty over future inflation may discourage investment and savings, and high inflation may lead to shortages of goods if consumers begin hoarding out of concern that prices will increase in the future. Positive effects include ensuring central banks can adjust nominal interest rates (intended to mitigate recessions),[5] and encouraging investment in non-monetary capital projects.
Economists generally agree that high rates of inflation and hyperinflation are caused by an excessive growth of the money supply.[6] Views on which factors determine low to moderate rates of inflation are more varied. Low or moderate inflation may be attributed to fluctuations in real demand for goods and services, or changes in available supplies such as during scarcities, as well as to growth in the money supply. However, the consensus view is that a long sustained period of inflation is caused by money supply growing faster than the rate of economic growth.[7][8]
Today, most mainstream economists favor a low, steady rate of inflation.[9] Low (as opposed to zero or negative) inflation may reduce the severity of economic recessions by enabling the labor market to adjust more quickly in a downturn, and reduce the risk that a liquidity trap prevents monetary policy from stabilizing the economy.[10] The task of keeping the rate of inflation low and stable is usually given to monetary authorities. Generally, these monetary authorities are the central banks that control the size of the money supply through the setting of interest rates, through open market operations, and through the setting of banking reserve requirements.[11]
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Macroeconomic Policy
Tutorials
- Macroeconomic management in Australia
- The Fiscal Policy
- The Monetary Policy
- Prices and Incomes Policy
- External Policy
Readings
Government Macroeconomic Policy
In this chapter we consider the ways in which government economic policies can be used to achieve aims such as low inflation, stable growth and high levels of employment.
Is there a need for macroeconomic policy?
A central issue in macroeconomics is whether or not markets, left alone, automatically bring about long run economic equilibrium. If the free operation of market forces eventually resulted in a full employment level of national income with stable prices and economic growth, there would be no need for government intervention in the macro economy - no need for fiscal monetary exchange rate and supply side policies. The reality is that all governments intervene through their macroeconomic policies in a bid to achieve certain policy objectives and improve the overall performance of the economy.
Main Objectives of Government Economic Policy
- Sustained economic growth
- Stable prices (low inflation)
- A high level of employment
- A rise in average living standards
- Sustainable position on the balance of payments
- Sound government finances
Demand Management
Demand management occurs when the government attempts to influence the level and growth of AD hence the levels of national income, employment, rate of inflation, growth and the balance of payments position
Reflationary policies seek to increase AD and raise the level of planned expenditure at or near the level of potential GDP
Deflationary policies decrease AD in the event of aggregate demand running ahead of AS and posing inflationary risks or leading to an unsustainable deficit on the balance of payments
We will focus on fiscal and monetary policies as the main instruments of demand management
The Main Problems of Managing the Macroeconomy
The government’s task of managing the economy is made difficult by several factors some of which are discussed below:
Inaccurate economic data: All of the main macroeconomic indicators are subject to a margin of error. They rely on statistical data collected from tax returns and surveys and data is often revised many months after its first release
Conflicting policy objectives: A policy of stimulating aggregate demand may reduce unemployment in the short term but initiate a period of higher inflation and exacerbate the current account of the balance of payments. Choices have to be made between objectives i.e. there exist trade-offs between them
Selecting the right policy instrument: Each macroeconomic objective requires a separate policy instrument: The usual ‘rule of thumb’ is that one main policy instrument should be assigned to one policy objective. So, for example, interest rates might be assigned as the main instrument for keeping control of inflation, whilst fiscal policy instruments such as changes to the tax system might be allocated to achieving some supply-side objectives such as increasing the labour supply, boosting incentives, raising investment and increasing productivity. There are quite deep-rooted disagreements between some economists (who belong to different ‘schools of thought’) as to which policies are most effective to meet a certain objective
Uncertain time lags when running a policy: Changes in economic policies are subject to uncertain time lags e.g. a change in interest rates is estimated to take some 18-24 months to work its way fully through the whole economy to filter through to a change in prices. The length of the time lags can change over the years as the reactions of consumers and businesses to policy measures alters
External shocks: Unexpected external shocks to economy such as the events surrounding Sept 11th 2001 or unexpected volatility in exchange rates and commodity prices can upset economic forecasts and take the economy some distance from the expected path. The Government might under-estimate or exaggerate the potential impact of an economic shock to either the demand or supply-side of the economy and therefore apply too little or too much of a policy response.
Changes in direct and indirect taxes have an impact on people’s disposable incomes –
this feeds through to the wider economy and affects demand, growth and employment
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Economic Development and Growth
Tutorials
Readings
Economic development is a term that generally refers to the sustained, concerted effort of policymakers and community to promote the standard of living and economic health in a specific area. Such effort can involve multiple areas including development of human capital, critical infrastructure, regional competitiveness, environmental sustainability, social inclusion, health, safety, literacy, and other initiatives. Economic development differs from economic growth. Whereas economic development is a policy intervention endeavor with aims of economic and social well-being of people, economic growth is a phenomenon of market productivity and rise in GDP. Consequently, as economist Amartya Sen points out: “economic growth is one aspect of the process of economic development.” [1]
- Business cluster
- Constitutional economics
- Development economics
- Economic growth
- FORGE Program
- Infrastructure
- Metropolitan economy
- Private Sector Development
- Public capital
- References
In economics, economic growth is defined as the increasing capacity of the economy to satisfy the wants of the members of society. Economic growth is enabled by increases in productivity, which lowers the inputs (labor, capital, material, energy, etc.) for a given amount of output.Lowered costs increase demand for goods and services. Economic growth is also the result of new products and services.
- Economic growth versus the business cycle
- Economic growth per capita
- Measuring economic growth
- The power of annual growth
- Historical growth
- Origins of the concept
- Various theories on economic growth
- Inequality and Economic growth
- Finance and Economic Growth
- Institutions and Growth
- Human Capital and Growth
- Quality of life
- Negative effects of economic growth
- Prominent growth economists
Case Studies
Recommended Texts
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Economics
For Business Economics for Business, second edition is based on the highly successful first edition and has been revised and updated for the current economic conditions in Australia and the Asia/Pacific region. Specifically written for students of introductory economics in vocational and postgraduate programs, this edition takes a more applied approach, bringing economics to life to enhance student understanding. Check the availability and buy your books from our Bookshop |
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Statistics
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Essentials
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Resources
Downloadable Lecture Notes