The professors and lecturers who authored these chapters committed themselves to producing a relevant, easy-to-read, up-to-date textbook on economics—and that’s exactly what they did. The book is suitable for students' first course in economics, whether in undergraduate or master’s programmes.
The thirty-four chapters, covering subjects in microeconomics and macroeconomics, include practical instruction in the fascinating discipline of economics.
The book features case studies and review questions, designed to stimulate students’ critical thinking and problem-solving. The case studies chronicle real-life situations and predicaments faced by companies, entrepreneurs, and economists.
The authors include faculty members from public and private universities across Malaysia, all of whom have extensive teaching and research experience. Their goal was to write a textbook which is exciting and beneficial. Students will judge whether they succeeded.
ISBN 978-967-13440-7-1 (Hardback) – Contents in 4-colour
ISBN 978-967-13440-8-8 (Paperback) – Contents in 4-colour
PART 1: WHAT IS ECONOMICS? | |
Chapter 1 Basic Concept of Economics | 1 |
Chapter 2 The Economic Problem | 11 |
PART 2: HOW MARKETS WORK | |
Chapter 3 Demand and Supply | 23 |
Chapter 4 Elasticity and Its Application | 45 |
Chapter 5 Supply, Demand and Government Policies | 63 |
Chapter 6 Consumer Surplus, Producer Surplus and Market Efficiency | 81 |
PART 3: HOUSEHOLDS' CHOICES | |
Chapter 7 The Theory of Consumer Choice | 95 |
Chapter 8 Uncertainty and Asymmetric Information | 107 |
PART 4: FIRMS AND MARKETS | |
Chapter 9 The Cost of Production | 117 |
Chapter 10 Perfect Competition | 133 |
Chapter 11 Monopoly | 151 |
Chapter 12 Monopolistic Competition | 167 |
Chapter 13 Oligopoly | 177 |
PART 5: FACTOR MARKETS | |
Chapter 14 Demand and Supply in Factor Market | 195 |
Chapter 15 Income Inequality and Poverty | 217 |
PART 6: PUBLIC SECTOR | |
Chapter 16 Externalities | 235 |
Chapter 17 Public Goods and Common Property Resources | 247 |
PART 7: MACROECONOMIC OVERVIEW | |
Chapter 18 Introduction to Macroeconomics | 257 |
Chapter 19 Measuring National Output and National Income | 269 |
Chapter 20 Monitoring Unemployment and Inflation | 289 |
Chaptee 21 Productivity and Long-run Growth | 315 |
PART 8: THE CORE OF MACROECONOMIC THEORY | |
Chapter 22 Aggregate Expenditure and Equilibrium | 323 |
Chapter 23 Fiscal Policy | 341 |
Chapter 24 Monetary Policy | 361 |
Chapter 25 Money Demand and the Equilibrium Interest Rate | 371 |
Chapter 26 Aggregate Demand in the Goods and Money Market | 381 |
Chapter 27 Aggregate Supply and the Equilibrium Price Level | 391 |
Chapter 28 Understanding Malaysia's Economy and Labour Market | 407 |
PART 9: THE MACROECONOMICS OF OPEN ECONOMIES | |
Chapter 29 Openness in Goods and Financial Markets | 439 |
Chapter 30 The Goods Market in an Open Economy | 459 |
Chapter 31 Trade Barriers | 469 |
Chapter 32 Exchange Rate Regimes | 491 |
PART 10: FUTHER MACROECONOMICS ISSUES | |
Chapter 33 The Middle Income Trap | 509 |
Chapter 34 Financial Crises | 525 |
Index | 549 |
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