Economic concepts and applications : the contemporary New Zealand environment /
James Stewart and Keith Rankin.
- Fourth edition.
- 478 pages : colour illustrations ; 26 cm
Includes bibliographical references (page 452) and index.
Part One: Resources and sustainability -- 1. Allocating resources to maximise human welfare -- 2. Governments, markets and economic performance -- Part Two: The price mechanism -- 3. Demand and supply -- 4. Elasticity and its application -- Part Three: Theory of the firm -- 5. Costs of production -- 6. Market structure and the revenue of a firm -- 7. Business decision-making strategy -- Part Four: Market failure and government intervention -- 8. Allocative efficiency in a pure market economy -- 9. Social goods and externalities Exercises -- 10. Government intervention -- Part Five: The macroeconomic environment -- 11. Circular flow of a nation's economy -- 12. Prices, economic activity and living standards -- 13. The labour market -- 14. Aggregate demand and aggregate supply -- 15. Money and financial markets --Part Six: Macroeconomic policy -- 16. Monetary policy -- 17. Fiscal policy -- 18. The public sector in New Zealand -- Part Seven: The environment of international trade -- 19. Benefits and costs of international trade -- 20. Balance of payments: a country's balance sheet -- 21. Foreign exchange market -- 22. New Zealand's development in a globalising economy.
"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."--Back cover.
Written for: "students studying introductory courses on the New Zealand economy; [and] New Zealand Diploma in Business students of The Economic Environment 520"--Back cover.