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Essentials of Economics
Philip E. T. Lewis
R. Glenn Hubbard
Pearson Australia
www.pearson.com.au
Printed in Malaysia
ISBN 9780655702870
1 2 3 4 5 25 24 23 22 21
Index 719
Detailed Contents
About the authors xvii
Reviewers xviii
Preface xix
Part 1 Introduction 1
Chapter 1 Economics: foundations and ideas 2
Three key economic ideas 4
People are rational 4
Economic models 9
The role of assumptions in economic models 10
Conclusion 15
An inside look Jobs are changing, and fast. Here’s what
the VET sector (and employers) need to do to keep up.
16
Chapter summary and problems 18
Chapter 1 Appendix 22
Formulas 30
Appendix Problems 32
Economic growth 39
Conclusion 49
An inside look Expansion and production mix at
BMW 50
Chapter summary and problems 52
Conclusion 81
An inside look Eminent mobility 82
Chapter summary and problems 84
Chapter 3 Appendix 90
Conclusion 121
An inside look When do flight prices drop? 123
Chapter summary and problems 125