Economics 2nd Edition: Har Wai Mun, Wee Chu Kok, Lee Hui Shan, Chin Mui Yin, Yong Chen Chen, Ho Lee Peng and Looi Kah Yee (2016)

This book is written in seventeen chapters, and is designed to provide students with a basic understanding of economics, including both microeconomics and macroeconomics. The book caters to first-level undergraduate students.

The first chapter offers readers an overall picture of economics, while the subsequent eight chapters cover various concepts, theories and issues in the study of microeconomics. The final eight chapters discuss concepts and principles central to macroeconomics.


ISBN 978-967-12649-9-7 (Hardback)
ISBN 978-967-13440-0-2 (Paperback)

About the Authors

Har Wai Mun is a senior lecturer in Economics at Universiti Tunku Abdul Rahman (UTAR). He received his Bachelor’s and Master’s degrees in Economics from the National University of Malaysia (UKM). His writings have been published online, and in magazines, newspapers, journals and books.

Wee Chu Kok is a Senior Lecturer and Associate Dean in the Faculty of Accountancy, Finance and Business at Kolej Universiti Tunku Abdul Rahman (TARUC), in Kuala Lumpur. He has been teaching for seventeen years, and has been actively involved in his university’s curriculum design, lesson planning, assessment design and quality assurance process. Mr. Wee received his Bachelor and Master degrees from the University of Malaya. Currently he is a Ph.D. candidate whose focus is Behavioural Economics.

Lee Hui Shan is a lecturer at Universiti Tunku Abdul Rahman (UTAR). She holds a Bachelor of Science (Hons) degree in Actuarial Science and a Master’s in Business Administration (Finance). Ms. Lee has industrial experience, working in Risk Management for a multinational financial institution. Her ideas and writings have been presented in conferences and published in journals. Hui Shan’s areas of research are financial and economic development, corporate finance, and risk management.

Mui-Yin Chin is a Senior Lecturer in the Faculty of Accountancy, Finance and Business, Tunku Abdul Rahman University College, Malaysia. She holds a Ph.D. in Economics from University of Malaya. Dr. Chin specialises in the field of international trade. Her current research interests include international trade and foreign direct investment.

Chen-Chen Yong is senior lecturer at the Department of Economics, Faculty of Economics and Administration (FEA), University of Malaya. A graduate of the Universiti Putra Malaysia. She has researched in the areas of international trade, human capital and behavioural economics. She has also involved in international collaborated research work with the International Labour Organization (ILO) and the Institute of Labour Market Information and Analysis (ILMIA).

Ho Lee Peng is formerly a lecturer in Department of Economics, Universiti Tunku Abdul Rahman. She obtained her Bachelor and Master Degree in Economics from University of Malaya in 1999 and 2002. In September 2004, she finished the degree of Master of Economics and Econometrics at University of Nottingham, United Kingdom. Her research interests are in the areas of applied econometrics and macroeconomics. She is currently residing in Singapore.

Looi Kah Yee is a former lecturer of economics at the Universiti Tunku Abdul Rahman and researcher at The Centre for Poverty and Development Studies at Faculty of Economics and Administration, University of Malaya and KW Associate Planners Sdn Bhd. She received her Bachelor and Master degree in economics from the University of Malaya in 2001 and 2004 respectively. Her research areas focused mainly on economic development issues concerning economic growth, income disparities, poverty, social exclusion, public policy, labour market and labour policy. She has also involved in research areas related to economic analysis, strategic analysis and planning, business models, financial structure and human capital development. She currently works in private sector for a construction firm in the areas of business and management including operation management, finance, human resource, taxation and business development.

Table of Contents


Chapter 1 Principles of Economics    1
Chapter 2 Demand, Supply and Market Equilibrium 21
Chapter 3 Market Efficiency and Elasticity 43
Chapter 4 Consumer Preference, Behaviour and Choice69
Chapter 5 The Production Process of Firm 87
Chapter 6 Market Structure: Perfect Competition    101
Chapter 7 Market Structure: Monopoly 117
Chapter 8 Market Structure: Monopolistic Competition 133
Chapter 9 Market Structure: Oligopoly 143
Chapter 10 Introduction to Macroeconomics 161
Chapter 11 Measuring National Output and National Income 179
Chapter 12 Aggregate Expenditure and Equilibrium Output195
Chapter 13 Money Markets and Banking 215
Chapter 14 Fiscal and Monetary Policy237
Chapter 15 Aggregate Demand - Aggregate Supply Model251
Chapter 16 International Trade and Exchange Rate267
Chapter 17 Economic Growth 289

Instructors Supplements

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