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Written primarily for business majors, this is a refined and mature, yet up-to-date, text that gives students a thorough grounding in economic principles and theories. It continues to introduce business students to key principles essential to an understanding of fundamental economic problems. Students are introduced to a number of alternative viewpoints, enabling them to form their own views about the benefits and limitations of economic ideology, and to actively analyse economic debates in both the public and private sectors. It is a text that reflects the economic environment that tomorrow's business manager will face. It has updated data throughout, with some new case studies included. The 'Practising Economist' feature encourages students to analyse and interpret statistical information for use in the business everyday. Data has been updated throughout the text. Students are encouraged to think about Australia's relative economic characteristics, both globally and within the region, to help capture the international dimensions of economic data and analysis. New case studies have been included.