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Economic Concepts and Applications
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 econom

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