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Principles of Economics, Grace Lee, Malaysia Context

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Grace Lee Hooi Yean | Lim Hock Eam | Evan Lau | Audrey Siah Kim Lan | Koong Seow Shin | Sophia Loh Soo Fun | Law Siong Hook | Santhi Ramanathan | Tai Shzee Yew |  Lim Shiau Mooi | Rusmawati Said  | Sentot Imam Wahjono |  Jacqueline Liza Fernandez |  Zulkornain Yusop | Yong Chen Chen  | Aidil Rizal Shahrin  | Ratneswary Rasiah | Tajul Ariffin Masron  | Mohd Naseem Niaz Ahmad

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.

Table of Contents

PART 1: WHAT IS ECONOMICS?
Chapter 1 Basic Concept of Economics
Chapter 2 The Economic Problem
PART 2: HOW MARKETS WORK
Chapter 3 Demand and Supply
Chapter 4 Elasticity and Its Application
Chapter 5 Supply, Demand and Government Policies
Chapter 6 Consumer Surplus, Producer Surplus and Market Efficiency
PART 3: HOUSEHOLDS' CHOICES
Chapter 7 The Theory of Consumer Choice
Chapter 8 Uncertainty and Asymmetric Information
PART 4: FIRMS AND MARKETS
Chapter 9 The Cost of Production
Chapter 10 Perfect Competition
Chapter 11 Monopoly
Chapter 12 Monopolistic Competition
Chapter 13 Oligopoly
PART 5: FACTOR MARKETS
Chapter 14 Demand and Supply in Factor Market
Chapter 15 Income Inequality and Poverty
PART 6: PUBLIC SECTOR
Chapter 16 Externalities
Chapter 17 Public Goods and Common Property Resources
PART 7: MACROECONOMIC OVERVIEW
Chapter 18 Introduction to Macroeconomics
Chapter 19 Measuring National Output and National Income
Chapter 20 Monitoring Unemployment and Inflation
Chaptee 21 Productivity and Long-run Growth
PART 8: THE CORE OF MACROECONOMIC THEORY
Chapter 22 Aggregate Expenditure and Equilibrium
Chapter 23 Fiscal Policy
Chapter 24 Monetary Policy
Chapter 25 Money Demand and the Equilibrium Interest Rate
Chapter 26 Aggregate Demand in the Goods and Money Market
Chapter 27 Aggregate Supply and the Equilibrium Price Level
Chapter 28 Understanding Malaysia's Economy and Labour Market
PART 9: THE MACROECONOMICS OF OPEN ECONOMIES
Chapter 29 Openness in Goods and Financial Markets
Chapter 30 The Goods Market in an Open Economy
Chapter 31 Trade Barriers
Chapter 32 Exchange Rate Regimes
PART 10: FUTHER MACROECONOMICS ISSUES
Chapter 33 The Middle Income Trap
Chapter 34 Financial Crises
Index

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