This streamlined text is specifically tailored to suit one semester courses. Drawing from the strength of the established Jackson and McIver content, this text offers business students the key principles essential to an understanding of fundamental economic challenges. The text has been updated to consider those parts of the Australian economy that have been transformed in recent years and the increased emphasis on global competition in the economic environment. It successfully strikes a balance between the academic rigour that instructors demand and the simplicity that students need. Totally new cases and boxed examples emphasise application of economic principles. Primarily concerned with 'mainstream' economics, the text recognises the ideology of market capitalism and acknowledges criticism of the mainstream approach, allowing students to form their own views about the faults and limitations of mainstream ideas. Increased discussion of economic data and cases equips students with the tools to critically assess economic debates in both the public and private sectors, as well as recognise the human interest aspects of economic concepts. The visual presentation throughout the text is clear and engaging, especially with regard to figures and graphs, ensuring that the learning process is an enjoyable one.