Principles of Economics 4th Australian Edition By John Sloman; Keith Norris; Dean Garrett
Print ISBN: 9781486005581, 1486005586
eText ISBN: 9781486005956, 1486005950
By: John Sloman; Keith Norris; Dean Garrett
Publisher: P.Ed Australia
Print ISBN: 9781486005581, 1486005586
eText ISBN: 9781486005956, 1486005950
Edition: 4th
Copyright year: 2014
preface
to the student
Welcome to this introduction to economics. Whether you are planning to study economics beyond this level, or whether this will be your only exposure to this
fascinating subject, we hope that you will find the book enjoyable and that it will give
you some insight into the economy in which you live and the economic forces that
shape all our lives.
Although you have probably never studied the subject before, you will almost
certainly know quite a lot of economics already. After all, you make economic decisions
virtually every day of your life. Every time you go shopping, you are acting as an
‘economist’, deciding what to buy with your limited amount of money. And it is not just
with decisions about buying that we act as economists. How much to work (something
that students are increasingly forced to do nowadays), how much to study, and even
how much time to devote to various activities during the course of the day are all, in
a way, economic choices.
To satisfy us as consumers, goods and services have to be produced. We therefore
study the behaviour of firms and what governs the decisions they make. How will
the decisions of big businesses differ from those of small firms? How will the degree
of competition affect the extent to which we gain or lose from the activities of firms?
Events in recent years have also forcefully demonstrated the importance to us of how the economy functions. In 2008 what began as a problem in one part of the financial
system of the United States caused huge disruptions to the whole United States economy
and then to most other countries in both the industralised and the developing world.
These effects were still being felt in 2013. In Europe, for example, most countries were
experiencing slow or negative economic growth and high unemployment.
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